Bitcoin

Spot

<div class="wublock">
 <div dir="auto" class="body markup">
 <div class="captioned-image-container">
 <figure>
 <div class="image2-inset"><picture>
 <source type="image/webp" srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg 1456w" sizes="100vw">
 <img src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg" width="1456" height="619" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:619,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:457676,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null}" class="sizing-normal" alt srcset="https://substackcdn.com/image/fetch/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg 424w, https://substackcdn.com/image/fetch/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg 848w, https://substackcdn.com/image/fetch/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg 1272w, https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F280af40e-916d-4f4b-8e4a-72ed0e759f47_2500x1063.jpeg 1456w" sizes="100vw" fetchpriority="high"> 
 </picture>
 <div class="image-link-expand">
 <svg xmlns="//www.w3.org/2000/svg" width="20" height="20" viewbox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 "><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line>
 </svg>
 </div>
 </div>
 </figure>
 </div>
 1. BlackRock’s Bitcoin Spot ETF Achieves 70 Consecutive Days of Net Inflows link
 BlackRock is very pleased with the performance of its Bitcoin spot ETF (IBIT). Since its launch in January of this year, IBIT ETF has attracted funds continuously for over 70 days, making it one of the most successful exchange-traded funds in history, with current assets under management exceeding $18 billion. This fund represents 24% of BlackRock’s total ETF liquidity, which comprises 1,000 ETFs globally.
 It is worth noting that this Thursday, Bitcoin spot ETFs experienced a total net outflow of $218 million. Fidelity’s ETF FBTC saw a net outflow of $22.61 million in a single day, while Valkyrie’s ETF BRRR saw a net outflow of $20.16 million, marking the first net outflow for FBTC and BRRR.
 2. Post Bitcoin Halving, Average Production Cost Estimated at Approximately $53,000; Miners May Shift Focus to Artificial Intelligence link
 According to the latest report from CoinShares, following the Bitcoin halving, miners are facing significantly increased costs, with electricity and overall expenses nearly doubling. It is estimated that the average production cost of Bitcoin is around $53,000. Mining companies may shift focus towards the artificial intelligence (AI) sector, attempting to reduce costs through optimizing energy expenses and mining efficiency. However, the potential returns from repurposing obsolete mining equipment into AI applications could be higher. Mining enterprises like BitDigital, Hive, and Hut 8 have already generated revenue from the AI sector.
 3. Reuters: SEC Expected to Reject Ethereum Spot ETF Application link
 Four sources familiar with the matter indicated that the U.S. Securities and Exchange Commission (SEC) is expected to reject applications for Ethereum spot ETFs from issuers and other companies following recent meetings. These sources, who participated in the meetings, described the recent discussions with the SEC as one-sided, with agency staff not delving into substantive details regarding the proposed products. This contrasts sharply with the intensive and detailed discussions that occurred in the weeks leading up to the SEC’s approval of a Bitcoin spot ETF in January.
 Meanwhile, whales continue to acquire ETH. According to monitoring by LookIntoChain, the address associated with Justin Sun purchased an additional 21,547 ETH (approximately $67.5 million) on Thursday. Since April 8th, Justin Sun has acquired a total of 176,117 ETH (approximately $559.7 million) at an average price of $3,172 per ETH.
 4. US Presidential Candidate Robert Kennedy: Proposes Allocating Entire US Budget to Blockchain link
 Last Sunday, U.S. presidential candidate Robert F. Kennedy Jr. expressed that blockchain technology can play a crucial role in improving government transparency, advocating for a transformation of the federal budget into Web3. Kennedy stated, “I will put the entire U.S. budget on the blockchain so that every American can see every budget item in the entire budget 24 hours a day.”
 5. Swiss Bitcoin Advocates Launch Nationwide Referendum to Include Bitcoin in National Asset Reserves link
 Bitcoin advocates in Switzerland have initiated a national referendum urging the Swiss National Bank (SNB) to include Bitcoin in the country’s national asset reserves. The success of this referendum launch depends on obtaining signatures from 100,000 eligible Swiss citizens. If this threshold is met, Swiss nationals will vote on the proposed amendment. However, the entire process could take up to five years to complete.
 6. ConsenSys Countersues SEC After Receiving Wells Notice link
 Consensys disclosed in a lawsuit that it received a Wells notice from the SEC on April 10, accusing MetaMask of operating as an unlicensed broker-dealer. Consensys’ lawsuit against the SEC and its five commissioners argues that the SEC should not be allowed to expand its jurisdiction arbitrarily and regulate the future of the internet by incorrectly categorizing ETH as a security. The company seeks a federal court declaration that ETH is not a security, asserting that any investigation into ConsenSys based on the premise that ETH is a security would violate the company’s Fifth Amendment rights and the Administrative Procedure Act.
 7. US Department of Justice: Binance Founder and Former CEO CZ Sentenced to Three Years in Prison link
 The U.S. Department of Justice announced on Wednesday that Binance founder and former CEO CZ should serve a three-year prison sentence for aiding the cryptocurrency exchange in violating federal sanctions and anti-money laundering laws. According to the terms of his plea agreement, CZ initially faced a maximum of 18 months in prison. The Department of Justice argued in its filing on Tuesday that “the scope and consequences of CZ’s misconduct are significant,” thus justifying the upward departure. CZ’s defense documents claim that he was unaware and was never explicitly informed of specific transactions involving criminal funds at Binance; therefore, he should receive probation instead of imprisonment.
 Afterward, CZ issued an apology letter, expressing the need to establish necessary compliance measures at Binance and looking forward to supporting biotechnology startups and young people in the future. In addition to the apology letter, there are 161 other letters of support seeking leniency from CZ’s family members, friends including his sister, He Yi, CZ’s ex-wife, and child, as well as former U.S. Ambassador to China Max S. Baucus, Morgan Stanley Managing Director Sean Yang, and members of ruling families from the United Arab Emirates.
 8. Binance Faces Securities Violations Lawsuit in Canada link
 Despite Binance’s announcement of exiting Canada in May 2023, local authorities continue to investigate the exchange. The Ontario Superior Court of Justice issued a motion for certification of a class action against Binance on April 19, alleging that it sold cryptocurrency derivatives to retail investors without being registered. The Ontario Securities Commission (OSC) has confirmed that investigations into Binance are ongoing.
 9. Morgan Stanley May Allow Brokers to Recommend Clients Purchase Bitcoin Spot ETFs link
 Two sources familiar with Morgan Stanley’s plans suggest that the firm may allow its 15,000 brokers to recommend clients purchase a spot Bitcoin ETF. The company is currently laying the groundwork for this initiative through a request for proposal process, which includes assessing risk tolerance requirements and limitations on allocation and trading frequency. However, the sources could not provide a timeline for when this policy change might occur. Major brokerage firms including Morgan Stanley, Merrill Lynch, and Wells Fargo began offering spot Bitcoin ETFs in January, but initially limited these to active purchases, requiring clients to proactively contact their advisors.
 10. a16z Crypto CTO Eddy Lazzarin Criticizes Memecoins Fiercely link
 a16z crypto CTO Eddy Lazzarin strongly criticizes Memecoins: Memecoins have shifted public, regulatory, and entrepreneurial perceptions of cryptocurrency. At best, they resemble a risky casino or a series of false promises masking a gambling venue. This deeply impacts the behavior of applications, regulators/lawmakers, and builders. Considering external factors, they may even be net-negative. I’m here to establish new networks that power a fundamentally stronger internet. In addition to disrupting the long-term vision of cryptocurrency that many of us are committed to, Memecoins lack technological interest.
 Fundraising
 <ul>
 <li>Movement Labs is developing an Ethereum Layer 2 solution and has completed a $38 million financing round. link</li>
 <li>Aligned Layer, developed by EigenLayer, has completed a $20 million Series A financing round. link</li>
 <li>Bitcoin <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> infrastructure Runes and its SatScreener announced the completion of a $500,000 seed funding round. link</li>
 <li>Lambda Finance, a Bitcoin ecosystem stablecoin protocol, has completed a $1.8 million angel financing round. link</li>
 <li>Shiba Inu raised $12 million in token financing for the development of Layer 3. link</li>
 <li>Blockchain game studio InfiniGods has announced the completion of an $8 million Series A financing round. link</li>
 <li>CARV has completed a $10 million Series A financing round, led by Tribe Capital and IOSG Ventures. link</li>
 <li>Tevaera announced a $5 million financing led by Laser Digital. link</li>
 <li>Decentralized AI development platform Prime Intellect announced the completion of a $5.5 million seed financing round. link</li>
 <li>Wallet developer Turnkey announced the completion of a $15 million Series A financing round. link</li>
 <li>Shared security project Othentic completed a $4 million seed financing round. link</li>
 <li>Fintech startup Midas announced the completion of a $45 million financing round led by Portage. link</li>
 <li>Web3 gaming platform Puffverse announced a $3 million financing round led by Animoca Brands. link</li>
 <li>Spotlight completed a $2 million Pre-Seed financing round led by Folius Ventures. link</li>
 <li>Natix Network recently raised $4.6 million in its financing round. link</li>
 <li>Anichess announced a $1.8 million financing round led by Sfermion and Amber Group. link</li>
 <li>Web3 social protocol PairedWorld announced a $1.5 million financing round. link</li>
 </ul>
 Learn more, check out crypto-fundraising.info.
 Follow us Twitter: https://twitter.com/WuBlockchain Telegram: https://t.me/wublockchainenglish
 </div>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/wublockchain-weekly-sec-expected-to-reject-ethereum-spot-etf-consensys-sues-sec-cz-trial-is-approaching-and-top10-news-tbt86669.html">https://thebittimes.com/wublockchain-weekly-sec-expected-to-reject-ethereum-spot-etf-consensys-sues-sec-cz-trial-is-approaching-and-top10-news-tbt86669.html</a>

WuBlockchain Weekly: SEC Expected to Reject Ethereum Spot ETF, ConsenSys Sues SEC, CZ trial is approaching and Top10 News

TheBitTimes

Other articles published on Apr 26, 2024

Crypto Biz: X payment system, Block moves into Bitcoin mining, and more

Top 10 Cryptos To Invest In 2024; BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, SHIB, as BlockDAG Caps...

How High Will Dogecoin Rally This Bull Run? Indicator Points to DOGE’s Unstoppable Targets

Tate’s Bugatti (TATEBUG) Launches on Solana, Poised to Rally 7,400% as it Challenges Shiba Inu an...

4.Machine Learning in Decentralized Finance (DeFi)

Ripple vs. SEC: Judge Netburn Advances XRP Lawsuit with New Scheduling Order

Join our free newsletter for daily crypto updates!