Crypto Market Highlights April 14, 2022

Crypto Market Highlights: General News

  • Bitcoin bounces to near $41K after crypto sentiment gauge hits 6-week lows. BTC climbed to local highs of $40,965 on Bitstamp as trading began on April 13, its best in over 24 hours. After a frustrating rangebound period, volatility to the upside was a relief for support levels previously in danger of collapsing. Traders, however, were not overly optimistic, having eyed lower entry levels for a potential long position.
  • Coinbase is being accused of insider trading. A few days ago, Coinbase has dropped a list of 50 tokens that might be listed in Q2 2022. However, many tokens in Coinbase’s list make the crypto community raise eyebrows when they first heard, such as Honey (HONEY), Index Cooperative (INDEX), Jupiter (JUP), Kromatika (KROM), Student Coin (STC),… or the case of a seemingly “dead” project like Big Data Protocol (BDP). Cobie, a well-known crypto celebrity, exposed an ETH address that purchased hundreds of thousands of dollars worth of tokens featured on the Coinbase list just 24 hours before it was released. As a result, the public began to suspect Coinbase of participating in insider trading.
  • Luna Foundation Guard (LFG) has added another $100 million in bitcoin to its wallet, according to Terra CEO Do Kwon. LFG’s wallet presently includes roughly $1.7 billion in BTC, $549.82 million in other USD-denominated stablecoins, and $4,22 million in Terra. The wallet has a total of 42,410 bitcoins. In terms of total holdings, the LFG wallet is the 19th largest. Luna will also have the second-largest bitcoin wallet after Binance’s cold wallet if it achieves its objective of acquiring $10 billion in bitcoin.
  • Cardano will allow USDT & USDC to run on its mainnet Soon, BTC and ETH will be allowed later. The first-ever USDC transaction on Cardano mainnet is here. First, the user is able to migrate their Ethereum based ERC20 assets to Milkomeda sidechain via the Nomad bridge (audited via Quantstamp) using Metamask. Milkomeda itself is an EVM based side chain of Cardano — supporting the ERC20 tokens stored for the user (for example on their Flint wallet or again using Metamask). A gateway will lock these ERC-20 tokens and then issue Cardano native equivalents of these tokens onto the Cardano blockchain. This can be done via the Flint wallet.
  • Elephant Money, a decentralized “yield farming” mechanism on the BNB Chain that uses the native token ELEPHANT and the stablecoin TRUNK, has had its reserve stolen. Elephant Money has been the target of a price manipulation attempt that began with borrowed WBNB. The attacker minted TRUNK stablecoin and redeemed it for more WBNB and BUSD in a range of events. It resulted in a $4 million gain for attackers per cycle and a rise in the ELEPHANT price. This attack was carried out several times, and according to Elephant Money, a total of $11.2 million in equivalent has been permanently lost.
  • China’s Internet Financial Association, China Banking Association, and China Securities Association said they want to “resolutely curb” the tendency for NFTs to be financialized and securitized, as well as limit the risk of illegal financial activities involving the tokens. Two of these three self-governing institutions said about a year ago that their members are prohibited from doing business with crypto businesses, kicking off one of China’s most significant crackdowns yet. Only a few days later, the country’s top administrative body, the State Council, called for a crackdown on crypto mining and trade.
  • The town of Sorradino in Argentina’s Santa Fe Province could begin to mine crypto in a bid to raise the money needed for its rail infrastructure upgrade. Its mayor doesn’t see any risk in mining the digital currencies that can be sold immediately. The town of 6000 people has already purchased six graphics cards and will be buying a mining rig in the near future. According to Sorradino’s mayor Juan Pio Drovetta, the initiative to mine cryptocurrencies was supported by the local community.
  • The hacker behind Ronin’s record $655 million hacks appears to have moved tens of millions of dollars worth of stolen ETH through Tornado Cash in the last week. Activity from the hacker’s main address reveals that over 21,000 ether was transferred to several wallets in multiple transactions. According to data, the fund was then transferred to the private exchange Tornado Cash, Ronin hacker appeared to have made many trades of 100 ether each from all of those wallets. At current prices, the funds transferred to Tornado Cash are worth up to $65 million.
  • Binance has hired Stéphanie Cabossioras from France’s Autorité des Marchés Financiers (AMF), marking the latest instance of a cryptocurrency exchange recruiting employees from a financial regulator. According to her LinkedIn profile, Cabossioras was the AMF’s deputy general counsel until March. On Wednesday, she is scheduled to speak for Binance at the Paris Blockchain Week Summit on the topic of “leveraging blockchain to prevent crime.” Cabossioras is now a Binance employee.
  • Apple has posted an opening for a new crypto-related legal position. The company is hiring senior counsel with legal experience in blockchain and digital assets to work with the Apple Pay and Wallet team. The individual would become part of the Product Legal group in New York and support “identity initiatives for the Apple Pay and Wallet team.” In the job description, the firm says that the employee would be responsible for supporting and advising a wide variety of matters relating to Apple Pay and wallet. This includes feature/technology research and development, licensing, intellectual property, and regulatory proposals and compliance.
  • Polygon has pledged $20 million to a series of community initiatives, including funding projects that utilize technology to combat climate change. As the first step, Polygon is buying $400,000 worth of high-quality and traceable BCT and MCO2 carbon credits, the equivalent of roughly 90,000 tons of CO2 emissions. The blockchain platform will then selectively retire the offsets within the carbon token pools that meet the highest standards for additionality and positive environmental impact.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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