🚨 JUST NOW: Uniswap Labs, the corporation behind crypto’s largest decentralized exchange, has just received a Wells notice from the SEC. The Uniswap founder stated: “I’m not surprised. Just annoyed, disappointed, and ready to fight.” SOURCE: X (Twitter)
Emotions in crypto swung from extreme greed to extreme fear, then back to greed, all within 24 hours. Market volatility spiked during the announcement of the CPI data, causing a flash dip for Bitcoin and altcoins. The market rebounded several hours after the announcement, and BTC climbed to above $70k. Many traders got liquidated on both sides. Luckily, there was bullish news as well.
Market Updates
Both Bitcoin Shorts And Longs Get Liquidated
On April 9th, Bitcoin (BTC) exceeded $72k, liquidating over $102M in short positions. The following day was a rollercoaster for crypto prices, mainly triggered by the Federal Reserve's announcement of Consumer Price Index (CPI) data, which revealed a rise in U.S. inflation to 3.5% - higher than the anticipated 3.4% and the previous rate of 3.2%.
This news caused Bitcoin's value to fall to $67.5k, which led to the liquidation of long positions. Despite this, Bitcoin recovered, resulting in a total liquidation of $70 million within the last 24 hours. On the positive side, Reuters reported that Hong Kong could approve the country's first Bitcoin ETFs later next week, joining the race against the U.S. for institutional crypto adoption.
Monad Raises $225 Million. Yet Crypto Still Far From Peak Investment Interest
Monad Labs, the developer of Ethereum-compatible Layer-1 blockchain Monad, has secured $225 million in a funding round. Paradigm led the round that saw participation from Electric Capital, Coinbase Ventures, Castle Island Ventures, GSR Ventures, and Greenoaks. Monad's founder emphasized that the Layer-1 isn't just replicating Ethereum's code. Instead, they're building a new Ethereum Virtual Machine (EVM) from scratch. Unlike Ethereum's sequential processing, this new system leverages parallelization for faster processing and achieves instant block finality.
While Monad's recent fundraising has generated hype, the overall investment in crypto remains significantly lower than in 2021 ($36.4 billion) and 2022 ($22.04 billion). For now, the funds raised in 2024 amount to $2.63 billion. That is comparable to the same Jan-Apr period of 2023 ($2.79 billion). With 20 days remaining in April, there's still a chance to surpass these numbers.
$600 Million Was Bridged Out Of Ethereum Last 30 Days
Cross-chain activity data from the Wormhole DeFi bridge scanner reveals that nearly $600 million has been transferred from the Ethereum network to other Layer-1 and Layer-2 blockchains in the last 30 days. The primary recipients of these transfers were Sui and Solana, which have received $263.5 million and $227.7 million, respectively.
Conversely, Ethereum has seen an inflow of $354 million, with the most contributions coming from Sui ($167 million) and Solana ($141 million). This increase in activity was likely due to airdrop farmers seeking to secure a juicier allocation of $W tokens.
BONUS
Yesterday the CEO of LunarCrush, the leading social media intelligence tool for the crypto industry, stated that retail interest in crypto is 'quite low' compared to the last bull run. The StacksOnChain research shows the same, as Google search volume for both cryptocurrency and Bitcoin are below 50% of their peak values. Despite Bitcoin breaking all-time highs, retail is still sleeping.
MORE BITE-SIZED STACKS
ETFs/Institutions
- Defiance Files For An ETF That Is 2X Short MicroStrategy
- SEC Delays Decision For Spot Bitcoin ETF Options Trading
- Wealth Manager WPC Owns 3,471 Shares Of The Fidelity ETF
- Japanese Public Company Stock Up 90% After Adding BTC Strategy
DeFi
- Layer-2 Chain Base Generated Over $20M In Revenue In March 2024
- Solana Developers Aim To Fix Network's Failed Transactions By April 15
- EigenLayer Went Live On The Ethereum Mainnet On Apr 09
- Circle's USD Stablecoin Now Available on Ethereum zkSync
- 1 In 6 New Base Memecoins Are Scams, 91% Have Vulnerabilities
- Frax Finance to Allocate $250M Ethena's USDe to a New Liquidity Pool
- SushiSwap Team Under Fire For Proposed Treasury Takeover
Research Reports
- Franklin Templeton: EugenLayer The Blackhole for Ethereum?
- Glassnode's Finance Bridge: Approaching the Halving
- Paxos: PayPal Stablecoin Circulation Dropped 38% In March
Crypto Courtroom
- Filecoin Core Team Under Investigation by Chinese Police
- Crypto Trader's $110M Mango Market Maneuver on Trial
- YouTuber Declines '7 figure' Sponsorships After FTX Scandal
Misc
- Arthur Hayes Thinks BTC's Price Could Drop In The Second Half Of April
- Ads on Etherscan Linked to Large-Scale Phishing Campaign
- Fintech Funding Falls To Lowest Levels Since 2017
- Arkham Accuses Competitors Of Spreading 'False Token Sell-Off Rumors'
- Bitcoin Needs to Breach $80K Mark to Keep Mining Profitable After Halving
Yields, Airdrops & Degen Plays
- Earning 4-5 Figures From Airdrops For Just Bridging?
- Move-To-Earn Protocol StepN Announces $30M Airdrop For Users
- Airdrop April Continues as Solana NFT Platform Tensor Launches Token
Tweets For Thought
DISCLAIMER: This content is for informational purposes only. It is not intended as financial advice or any form of recommendation for investment strategies. The information provided should not be relied upon in making any financial decisions. Always conduct your own research and exercise caution when dealing with financial matters.