Crypto Labs Market Watch for Apr. 1st
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1. Bitcoin price edges toward Q2 at $70K with all-time highs a key focus
Bitcoin needs to retain $69,000 into the multiple BTC price candle closes this weekend, says analysis.
Bitcoin returned to $70,000 after the March 29 daily close as traders counted down the final hours of a roaring Q1.
Fed’s Powell reinforces “careful” position on rate cuts
Data showed old all-time highs at $69,000 forming tentative BTC price support into the weekend.
Bitcoin gained around $1,000 in the latter part of the day, seemingly aided by comments from Jerome Powell, Chair of the United States Federal Reserve.
Speaking in an interview at the Macroeconomics and Monetary Policy Conference in San Francisco, California, Powell appeared cool on both inflation and the economic outlook.
The Fed, he stressed, was not in a hurry to enact Interest rate cuts — a key event for risk assets.
“Growth is strong right now, the labor market is strong right now and inflation has been coming down,” he said.
“We can and we will be careful about this decision — because we can be.”
2. Base sets record high DEX volume day, surpassing $1B
Most of the trading activity took place on Uniswap, which accounted for 64.3% of the volume, followed by Aerodrome Finance at 9.7% and SharkSwap at 7.8%.
Coinbase Ethereum layer-2 network Base has shattered its trading volume record within a 24-hour on decentralized exchanges (DEX), jumping approximately 25% compared to the previous day and surpassing the $1 billion mark.
On March 30, Base recorded $1.21 billion in DEX trading volume, up 25% from the previous day’s $959.63 million, according to Dune data.
Most of the trading activity occurred on Uniswap, which accounted for 64.3% of the volume, followed by Aerodrome Finance at 9.7% and SharkSwap at 7.8%.
3. Web3 startups flock to accelerators as crypto enthusiasm surges
Investment activity in Web3 gaming has steadily increased recently.
Some Web3 startups are turning to accelerator programs as crypto enters a new bull market and investors look to get involved in the
Accelerator programs offer mentorship and guidance in return for early equity. For example, United States-based Y Combinator counts several crypto firms, such as Coinbase and OpenSea, among its alumni.
On March 26, Andreessen Horowitz (a16z) revealed the lineup for its spring 2024 crypto startup accelerator. The 25 startups will undergo a 10-week mentorship program in London led by the a16z crypto team.
Operating partner Jason Rosenthal shared a list featuring projects including Farcaster infrastructure, decentralized food delivery and zero-knowledge passport authentication. Startups in a16z’s accelerator get $500,000 from the firm in exchange for 7% equity. Alumni include Flashbots and Phantom.
On Nov. 9, 2023, the Avalanche Foundation and Ava Labs introduced the first group of startups in its accelerator, Codebase. The program will see investments ranging from $500,000 to $1 million for startups.
4. SEC’s spot Ether ETF concerns unfounded, Consensys asserts
Consensys highlighted that Ethereum boasts a larger developer community than Bitcoin and operates on a fully transparent and public blockchain.
Consensys addressed the United States Securities and Exchange Commission’s inquiry about potential fraud and manipulation risks related to Ethereum’s proof-of-stake (PoS) system, particularly concerning spot Ether exchange-traded funds (ETFs).
In a comment letter submitted to the regulatory agency, Consensys, the blockchain and Web3 software development company responsible for the popular MetaMask wallet, stated that concerns about fraud and manipulation are baseless.
Consensys explained in a blog post:
“In fact, Ethereum’s PoS implementation meets and even exceeds the security of Bitcoin’s proof-of-work (PoW), which underlies Bitcoin-based ETFs that have already been approved for trading by the SEC.”
The Ethereum infrastructure firm highlighted Ethereum’s advantages — quicker block finality than Bitcoin, a division of responsibilities between proposers and attesters to deter stakeholder dominance, higher attack costs, penalties for validator rule violations, and superior environmental sustainability compared to Bitcoin.
5. UK court freezes over $8M of Craig Wright’s assets
The judge endorsed a “worldwide freezing order” by the Crypto Open Patent Alliance to address its total court expenses amounting to 6.7 million British pounds ($8.4 million).
A United Kingdom court has approved the freezing of 6.7 million British pounds ($8.4 million) of Craig Wright’s assets to prevent him from evading court expenses.
The decision was made after Wright transferred some of his assets outside of the U.K. after a court verdict debunked his claim to be Satoshi Nakamoto, the founder of Bitcoin
BTC. According to a U.K. court document, this prompted him to shift shares of his London firm, RCJBR Holding, to a Singaporean entity on March 18. Judge James Mellor stated:
“Understandably, that gave rise to serious concerns on COPA’s part that Dr Wright was implementing measures to seek to evade the costs and consequences of his loss at trial.”
The judge endorsed a “worldwide freezing order” by the Crypto Open Patent Alliance (COPA) to address its total court expenses amounting to 6.7 million British pounds ($8.4 million).
Crypto Labs Team
April 1st, 2024
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