Crypto Labs Market Watch for Mar. 30th
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1. Crypto Biz: Exchanges face new legal issues, Goldman Sachs’ clients eye crypto, and more
This week’s Crypto Biz explores crypto exchanges renewed challenges, BlackRock’s Bitcoin ETF inflows, Goldman Sachs’ clients returning to crypto, and Mastercad’s forecasts for remittances in Latin America.
Crypto exchanges are facing a new wave of regulatory hurdles worldwide, with the United States Department of Justice (DOJ) indicting KuCoin and its founders on March 26 for allegedly operating an unlicensed money-transmitting business and violating the Bank Secrecy Act (BSA).
The charges coincide with a civil enforcement case by the U.S. Commodity Futures Trading Commission (CFTC), alleging multiple violations by the exchange. The DOJ claims KuCoin handled over $5 billion in suspicious and criminal funds.
Staying in the United States, another setback hit Coinbase on March 27. District Judge Katherine Failla denied the exchange’s motion to dismiss a lawsuit from the U.S. Securities and Exchange Commission (SEC), arguing that similar transactions have previously been considered securities transactions. Coinbase sought an order to drop the case, challenging the SEC’s authority over crypto exchanges.
In the Philippines, the financial regulator decided to block local users’ access to Binance on March 25, citing concerns over the firm’s unlicensed operations in the country. According to the agency, the exchange offered leveraged trading services and crypto savings accounts to local users without licenses.
Meanwhile, in Russia, Binance’s successor, CommEx, has officially announced that it is shutting down operations and has halted deposits. The company acquired Binance’s Russian business for an undisclosed amount in September 2023.
Along with the exchanges’ challenges, this week’s Crypto Biz explores BlackRock’s Bitcoin exchange-traded fund (ETF) inflows, Goldman Sachs’ clients returning to crypto, SWIFT’s central bank digital currency (CBDC) trials, and Mastercard’s forecasts for remittances in Latin America.
2. Grayscale introduces crypto investment fund that prioritizes staking rewards
Investors must have assets under management exceeding $1.1 million or a net worth over $2.2 million to qualify for Grayscale’s Dynamic Income Fund.
Grayscale Investments has announced an investment fund tailored to sophisticated clients eager to expose their portfolios to income generated from staking cryptocurrency tokens.
According to a recent statement, the Grayscale Dynamic Income Fund is only available to clients with more than $1.1 million assets under management or a net worth of more than $2.2 million.
The fund intends to convert staking rewards into United States dollars weekly, with distributions planned quarterly for investors. Additionally, Grayscale claims that careful analysis will be conducted to select the proof-of-stake (PoS) tokens included in the fund’s portfolio.
“Grayscale manages the complexity of staking and unstaking multiple tokens as each token has its own individual timelines and requirements to be staked and unstaked.”
The main priority of the fund is to maximize staking income from the assets, with capital growth as a secondary focus, according to Grayscale.
3. Crypto hacking losses decline in Q1 2024 — Immunefi
The report identifies 46 hacking incidents and 15 cases of fraudulent activities.
The cryptocurrency industry saw a 23% decline in losses due to hacking and scams in the first quarter of 2024 compared to 2023, according to a March 28 research report by blockchain security firm Immunefi.
According to the report, the total amount lost to hacking and fraud incidents in Q1 of 2024 amounted to approximately $336.3 million, down from $437.5 million in the same quarter of 2023.
The report identifies 46 hacking incidents and 15 cases of fraudulent activities.
With nearly $100 billion of total value locked in Web3 protocols, decentralized finance (DeFi) platforms remain a significant target for hackers, accounting for all of the exploits identified by Immunefi in Q1, compared to zero for centralized finance platforms.
4. $1B of US Treasurys tokenized, Base TVL doubles in a month: Finance Redefined
The real-world asset tokenization trend is heating up, fueled by BlackRock’s first tokenized asset fund, “BUIDL,” which joined 16 other tokenized government securities funds in the last week.
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
Over $1 billion of United States Treasurys have been tokenized on Ethereum, Polygon, Solana and other blockchains amid a growing trend of real-world asset tokenization.
A U.S. judge has ruled that Coinbase’s self-custody crypto wallet doesn’t make it a broker, which lawyers say is a “significant setback” for the U.S. Securities and Exchange Commission (SEC) and a boon for DeFi.
Coinbase’s layer-2 platform Base has recently benefitted from the memecoin frenzy, with its total value locked (TVL) on-chain doubling in a month.
5. Bitcoin’s 2023–2024 growth rate has it on track to surpass Microsoft within a year
After Microsoft, all that’s left is gold. But Bitcoin will need a price point north of $800,000 to climb that mountain.
Bitcoin has had a banner year so far in 2024. It reached a new all-time high price of $73,679 on March 13, and in the time since, it’s hung around the $70,000 threshold — putting it up more than 140% over the same time last year.
When Bitcoin eached its 2024 peak (so far) and new all-time high, it briefly surpassed silver as the eighth most valuable commodity in the world by market capitalization.
Related: Bitcoin price nails new $73.6K all-time high as ETFs eat away at supply
In the current market situation, if one could fast-forward another year under the exact same growth rate, Bitcoin would reach a price of approximately $170,574 by the beginning of April 2025. This would put it ahead of silver today, as well as Amazon, Alphabet (Google), Saudi Aramco, Nvidia and Microsoft to take the second-place spot on CompaniesMarketcap’s list of the top 100 commodities by capitalization.
While this number only holds water when imagining a scenario where Bitcoin grows and the rest of the market remains static, today’s market capitalizations can be used as a measuring stick for what Bitcoin’s potential future growth could look like.
Crypto Labs Team
March 30th, 2024
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