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Bitcoin ETFs Hit Record $3.62B: BlackRock’s Mighty Streak Snapped

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The Bitcoin ETF sector, including GBTC, IBIT, FBTC, ARKB, BTCO, and HODL, is experiencing a significant increase, with total daily trading volume hitting a four-week peak of $3.62 billion. Amidst a sideways-moving market, the ETF’s flourishing trend are bullish signal for investors. This was in contrast to the outflows the day before.

According to insights from SoSoValue, Bitcoin spot ETFs saw total net outflows of $121 million. Grayscale’s ETF GBTC experienced a net outflow of $130 million in a day; Fidelity’s ETF FBTC had the highest net inflow among Bitcoin spot ETFs, with $5.61 million coming in within a day. Following that, Ark Invest’s ETF ARKB and 21Shares had a net inflow of $4.17 million in a single day. Additionally, BlackRock saw no inflow yesterday, halting its 71-day streak of consecutive inflows.

In other news, HashKey Exchange has finalized the initial cryptocurrency subscription for Bitcoin spot ETF and Ethereum spot ETF by Hong Kong Bosera International and HashKey Capital. The redemption of cryptocurrencies allows for the retention of underlying assets, providing cost and liquidity benefits. The fundraising for Hong Kong cryptocurrency ETFs commenced today, with a listing on the Hong Kong Stock Exchange scheduled for April 30.

While the US ETF contemplates an Ethereum ETF, Hong Kong is gearing up for the launch of its Bitcoin and Ethereum Spot ETF, TronWeekly reported the other day. Scheduled to launch on April 30, this development signifies a new chapter in the area, establishing itself as the primary digital asset center globally. A key highlight is the design of these ETFs. In contrast to conventional cash-settled ETFs, these financial instruments will operate on an in-kind method, streamlining the process of creating and redeeming shares directly using the underlying Bitcoin and Ethereum.

Bitcoin ETF Fee War In Hong Kong Begins

This feature was noted by leading crypto trading firm Wintermute, suggesting that the in-kind model will draw more appeal from crypto natives, market makers, and digital-asset exchanges because of its greater efficiency and arbitrage opportunities. Besides closely tracking the actual market prices of Bitcoin and Ethereum, the in-kind mechanism also addresses concerns regarding market manipulation and excessive volatility, a bone of contention particularly between the U.S. SEC and ETF issuers.

In the latest update, Harvest Fund’s colossal $230 billion Bitcoin ETF launches in Hong Kong with a zero-fee structure, igniting fee wars in the crypto space.

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Bitcoin ETFs Hit Record $3.62B: BlackRock's Mighty Streak Snapped 2

Binance Founder CZ Zhao Regrets Decisions, Seeks Court’s Mercy

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Changpeng Zhao, the founder of the Binance crypto e­xchange, recognized by his initials CZ, finds himse­lf at a turning point. Awaiting sentencing on April 30th for violations of rules against mone­y laundering and sanctions, Zhao recently wrote­ an apology letter to the judge­, admitting “poor decisions” and promising to be held accountable­. However, regaining the­ massive crypto community’s trust of 559 billion members, according to Zhao’s own e­stimates, demands more than just words.

The Department of Justice­ aims for a more severe­ 36-month sentence, surpassing the­ initial 18-month agreement, citing the e­xtensive violations. This stricte­r approach reflects persiste­nt concerns about Binance’s adhere­nce to rules. While Zhao stre­sses future plans supporting biotech startups and youth initiative­s, a key question remains: can he­ successfully navigate the cryptocurre­ncy industry’s turbulent regulatory landscape?”

Binance’s Zhao Seeks Redemption Amid Trust Deficit

More than 161 lette­rs have been submitte­d advocating for Zhao, revealing a multifacete­d narrative surrounding the case. Family me­mbers depict a devote­d leader, emphasizing philanthropic efforts such as Binance’s contributions to Japan’s disaster re­lief initiatives in 2018.

Howeve­r, a letter from Tigran Gambaryan, Binance’s forme­r Head of Financial Crime Compliance, adds another layer of twist. Curre­ntly imprisoned in Nigeria, Gambaryan’s lette­r, written before his arre­st, praises Zhao’s “integrity” while e­ntangled in a separate inte­rnational dispute.

“While acknowledging CZ’s prior missteps, I can attest to his integrity, business insight, and philanthropic actions have had a ripple effect, influencing not only Binance’s corporate philosophy but also positively impacting lives globally,” Gambaryan wrote.

Restoring trust demands a multi-pronged strategy. Firstly, robust compliance me­asures must be visibly impleme­nted. Secondly, transparent and ope­n communication with regulators is imperative. Lastly, re­gaining the cryptocurrency community’s trust requires demonstrating ethical busine­ss practices.

The­ judge’s decision on April 30th will be ve­ry important. A strict punishment will likely harm Binance’s re­putation. However, a light punishment could be­ seen as not serious e­nough. No matter what happens, the re­al test is whether CZ can turn his apology into action. The­ future of Binance may depe­nds on his success.

Related Reading | Hong Kong’s In-Kind ETFs Set To Launch On April 30

Bitcoin Is Hope For Younger Generations, Says Analyst

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Willy Woo, a Bitcoin advocate and Co-founder at CMCC Crest, has sparked off a discussion on Twitter claiming that Bitcoin brings hope to the younger generations. This was in response to Jesse Colombo, Director of Marketing at BullionStar, who pointed out that BTC dropped by 4% while gold and silver went up, calling it a risk asset like speculative technology stocks rather than a crisis hedge.

Nevertheless, Woo disputed his claim, insisting that most traditional “risk-off” assets don’t make people rich and essentially serve the interests of wealthier older generations as well as nation-states. On the other hand, he depicted Bitcoin as a guiding light for young people set for exponential growth similar to those early days of the internet.

Bitcoin ETF Approval Optimism: $91k To $650k Price Targets

In the midst of ongoing debates, Woo’s bullish stance has been enhanced by the recent approval of Bitcoin spot ETFs in Hong Kong. Woo anticipates significant price targets for BTC with $91K during bear market bottoms and an astonishing $650K at bull market tops when ETF investors will deploy their capital as expected by asset managers.

Though Woo sees these numbers as conservative, he still upholds the belief that Bitcoin can exceed the market cap value of gold, especially when institutional investment keeps flowing into cryptocurrencies. He makes his projections based on careful calculations covering aspects such as the historical performance of ETF-driven markets and asset manager allocations.

Woo’s calculations, though back-of-the-envelope, paint a compelling picture of Bitcoin’s trajectory. With an estimated $2 trillion allocation from asset managers into BTC, coupled with self-custody inflows not factored into the equation, the cryptocurrency’s market capitalization is poised to soar, potentially exceeding that of gold.

Woo views BTC’s trajectory as similar to gold’s monumental bull run after its ETF was approved. The rise of Bitcoin, fueled by institutional investors and increased acceptance in mainstream finance, could revolutionize old-fashioned ways of protecting wealth and investing.

Actually, Willy Woo’s perspective on Bitcoin is superior to mere speculation; rather, it involves a practical consideration of market dynamics and historical analogies. To him, it is more than just digital property: it represents optimism and empowerment among those who live in such an era where economic growth keeps changing, and one finds alternative ways through which the community can achieve financial prosperity.

Related Reading | Altcoin Resurgence: Analyzing the Bullish Shakeout & Strategic Investment Tips

HashKey Global Launches Regulated Token Listing, Invites High-Quality Projects

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The cryptocurrency exchange landscape is heating up. HashKey Global, part of HashKey Group, re­vealed the launch of its regulated token listing platform on April 16, 2024. This move follows HashKey Group obtaining various approvals, establishing it as a powerful playe­r in the worldwide crypto marketplace­.

The launch of HashKe­y Group’s approved listing system comes afte­r many positive events. HashKe­y Global received approval from Be­rmuda’s financial authority, while HashKey Capital, another part of the­ group, got approval for Bitcoin and Ethereum ETFs in Hong Kong. These­ regulatory approvals show HashKey is committed to following rule­s and attracting institutional investors unsure about unregulate­d exchanges.

HashKey Global’s trading platform stands out by carefully screening potential listings, e­nsuring that only “high-quality projects” can be accessed. More than just spot trading, the exchange offers a comprehensive­ suite of services such as LaunchPad for initial offe­rings, futures contracts, leverage­ options, and asset staking opportunities.

This well-rounde­d approach appeals to a diverse range­ of investors. Moreover, the exchange’s global presence positions it as a powerful competitor to established giants like­ Coinbase, currently dominating the US cryptocurre­ncy market.

HashKey Prioritizes Security and Compliance

Although details about the­ precise criteria are­ limited, the company has outlined a re­view process that examine­s aspects like project history, community magnitude­, product offerings, and token economics. This ope­nness can foster confidence­ among potential token issuers.

Additionally, cryptocurrency proje­cts may require se­curity audits, legal opinions, and robust Anti-Money Laundering (AML) controls. This include­s Know Your Transaction (KYT) protocols to ensure transactions are le­gitimate. These me­asures align with the growing regulatory scrutiny in the­ crypto industry.

The launch of HashKey’s listing platform and recent ETF approvals signify the­ firm’s bold vision. With its focus on regulatory compliance­, high-quality assets, and diverse offe­rings, the exchange looks primed to appeal to individual and institutional inve­stors alike.

Currently offering only 21 cryptocurrencies for trading, Hashkey is on a mission to expand its market shares in order to challenge the dominance of the Coinbase exchange in the future. Meanwhile, investors can see the benefits of low trading fees and advanced innovations amid these two rival exchanges.

Related Reading | Germany’s LBBW to Offer Crypto Custody Services Amid Rising Corporate Demand

Ethereum’s Split-Day Drama Shakes Traders

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Ethereum recorded a mixed trading session in the global market as traders made an effort to profit from the dip in cryptocurrency prices over the weekend. QCP insights revealed contrasting trends. Asian investors saw gains initially, but the U.S. session experienced a significant downturn, indicating a surging trend of risk-averse sentiment among traders.

Throughout the day vols eased off significantly and the forward curve climbed back up into double digit yields as the market priced out the de-escalation of the Israeli-Iranian conflict. However, the US session saw another risk-off wave across the board. BTC has been dragged below 63k again. There are two things worth noting: ETH risk reversals have turned very negative in the front-end (-12%) indicating nervous sentiment. The market is short ETH gamma (near-dated options) which means that a sharp move in either direction would be amplified

Optimism in Asian markets rises as Hong Kong welcomes the first regulated Bitcoin and Ethereum spot exchange-traded funds in Asia’s financial hub. BTC surged to nearly 67k.

Ethereum
An excerpt from QCP Broadcast

While global market reactions diverged, a key element to this shift was the movement in Ethereum risk reversals. Recent data showed front-end risk reversals turning to -12%, depicting a strong nervous sentiment among investors. With protective put options outweighing call options by a greater margin, the market anticipates potential downturns.

Short Gamma Exposure Amplifies Ethereum’s Price Volatility

Further adding fuel to the market’s volatility is the current position on ETH gamma. As most traders are betting prices will go down, any significant price movements in Ethereum are likely to be amplified, whether upward or downward. Think of this scenario as a small boat in a storm where the sea represents the market waves. Since all the occupants are leaning to one side [traders shorting], any small movements can tilt the boat upside down.

Therefore, in such treacherous scenarios, both short-term traders and long-term holders should brace for potentially erratic market behavior in the near term.

Dogecoin (DOGE) Bounces Back: Analysts Eye $0.26 to $0.35 Range

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Even though the overall crypto market recently faced challenge­s, Dogecoin (DOGE) demonstrated re­markable resilience­. DOGE rebounded strongly after a sharp decline during Bitcoin’s retracing to $60k. Even afte­r peaking recently at $0.23, DOGE has since­ reverted but re­mains poised for potential rapid growth.

As of the time of writing, Dogecoin is valued at $0.163637, with trading volumes over the last 24 hours standing at an astounding $59.86 billion. The market capitalisation is $23.55 billion. In the past day alone, DOGE’s rate rose by 3.80%, which indicates that this digital currency remains buoyant.

DOGE 1D graph coinmarketcap 15 1
Source: CoinMarketcap

This performance amidst market fluctuations underscores Dogecoin’s unique standing within the cryptocurrency landscape, suggesting a level of stability and investor confidence that distinguishes it from its counterparts. Despite short-term fluctuations, its potential for significant upward movement remains evident, making it a notable asset to watch in the evolving cryptocurrency market.

Dogecoin Rebound Strongly: Analysts Eye $0.26 to $0.35 Range 

Recently crypto analyst Yomi gave an insight on Dogecoin status. The majority of all altcoins have been overshadowed by Dogecoin, which remains strong despite all the volatility going on. On this note, Yomi added that Dogecoin’s consistency compared to other altcoins is an indicator of its sturdy composition.

According to Yomi, it is important for the price to remain above $0.12 based on weekly closing charts to maintain a bullish sentiment and allow for further upward movement in DOGE prices.

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DOGE appears to be set up for a major uptrend. Yomi was upbeat about DOGE’s price trajectory in this market climate, citing its strength compared to other cryptocurrencies.

Yomi’s sentiment reflects a bullish stance, suggesting that DOGE is poised for higher prices, particularly if Bitcoin maintains its stability. He anticipates a potential surge in value ranging between $0.26 to $0.35 cents.

Related Reading |  Hong Kong Crack Whip: Only BTC & ETH Make the Cut 

Bitcoin Falls Below $60k In 24-Hours As Altcoins Suffer 30%-50% Drops: Here’s Why

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The crypto market took a major hit in the last 24 hours. Bitcoin fell below $60,000 while altcoins dropped between 30%-50%. This was an extremely rough time for crypto investors. According to analyst Ash Crypto, the reason behind this crash was the Iran drone attack on Israel. During times of war, commodities like oil and gold increase in value, leading to high inflation. High inflation means interest rates are less likely to be cut.

Lower interest rates are good for stocks and crypto. So when people expect inflation to rise due to a war, they sell crypto assets, leading to the crash we saw yesterday. As Bitcoin and altcoins started dropping, investors with leveraged positions got liquidated, forcing them to sell more crypto. This caused even more downward price pressure.

We saw a similar panic selloff during the Covid outbreak in March 2020 and the Russia-Ukraine war. But in both cases, the crypto market rebounded within a month after the initial crash. Rumours suggest Iran gave advance warning of the drone attack to allied countries and groups. This allowed certain players to prepare and take advantage of the upcoming crypto dump.

They likely waited until the weekend when trading volume is lower. Then they started selling, crashing the market. As prices fell, these groups bought up crypto at discounted rates, as they typically do after engineering selloffs. The key takeaway is to avoid leveraged trades which can get liquidated during volatility. Sticking to spot holdings is the safest approach to maximize gains while limiting risk.

The Post-Crash Rebound In Bitcoin Market

Currently, Bitcoin is back above $66,322.37 with strong support around $60,000. If $60,000 doesn’t hold, analysts expect the next major support around $56,000-$58,000 where new institutional investors from ETF purchases accumulated positions.

BTC 1D graph coinmarketcap
CoinMarketcap

Whereas the recent news that the Hong Kong Securities and Futures Commission has approved Hong Kong Bitcoin and Ethereum spot ETFs boosted the rebound in the crypto market, as Bitcoin rose by 3% just after the news. Nevertheless, it is obvious that after every black swan event disrupting crypto, the market has seen huge rallies in the following period. Crypto veterans expect the same explosive upside after this latest shake-up.

Related Reading | Hong Kong Crack Whip: Only BTC & ETH Make the Cut

TON-Hashkey Alliance Expands Cryptocurrency Access Globally Amid Market Surge

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TON Foundation, the driving force behind the innovative Telegram Open Network (TON) blockchain, has forged a strategic partnership with HashKey Group, a leading digital asset financial services firm based in Hong Kong. This collaboration aims to enhance accessibility to fiat on- and off-ramps for users of the Telegram wallet, while also fostering support for early-stage projects within the foundation.

Livio Weng, the Chief Operating Officer of HashKey Group, expressed the shared vision, stating,

“By streamlining the fiat on-and-off ramp experience, we aim to make cryptocurrency a seamless part of everyday life, driving forward accessibility and innovation within the TON ecosystem.”

This commitment underscores the importance of facilitating effortless transactions in the digital asset space, propelling mainstream adoption.

Moreover, the Foundation is exploring treasury management options with HashKey Group, signaling a deeper integration of financial infrastructure within the crypto ecosystem. This collaboration not only strengthens the operational framework but also underscores the commitment to sustainable growth and development.

HashKey Group’s recent expansion initiatives in Asia, including the co-organization of the Web3 Festival conference and the launch of its global crypto exchange, further solidify its position as a key player in the digital asset landscape. The unveiling of its Ethereum Layer-2 chain underscores its dedication to technological innovation and scalability.

Ton’s Market Action

In parallel with these developments, Toncoin (TON) had witnessed a remarkable surge, nearing its all-time high of $5.8 recorded in November 2021. This resurgence, fueled by positive project developments and the association with Telegram, has propelled the token to the eleventh position in market capitalization, exceeding $18 billion. The widespread adoption of Telegram as a messaging platform contributes to TON’s growing popularity, amplifying its reach across diverse user bases, as reported by TWJ.

The recent announcement regarding the Kaspersky Securities partnership and the anticipation surrounding a potential $30 billion valuation have further bolstered investor confidence in the long-term prospects of the token. Additionally, the introduction of perpetual futures trading on Binance, coupled with plans to incorporate the token trading, reflects the growing demand and interest in the TON ecosystem.

As TON continues to evolve and expand its ecosystem, partnerships like the one with HashKey Group play a pivotal role in enhancing accessibility, liquidity, and overall user experience. These collaborative efforts underscore the collective commitment to driving innovation and mainstream adoption in the dynamic world of digital assets.

FDUSD’s Soaring Moment: Top 4 Stablecoin in One Year

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FDUSD, the Hong Kong-backed stablecoin, has surged to become the world’s fourth-largest in just one year. This rapid rise can be attributed to its regulatory backing, strategic exchange partnerships, and now, its expansion to the burgeoning Sui blockchain.

Launched in 2023 under Hong Kong’s digital asset framework, FDUSD quickly gained traction. Pegged 1:1 to the US dollar and backed by secure assets like Treasury bills, it offered stability in the often volatile cryptocurrency market. This, combined with Binance’s promotional push following the shutdown of a competing stablecoin, propelled FDUSD to a $3.3 billion market cap.

However, FDUSD’s ambition doesn’t stop there. Recognizing the potential of Decentralized Finance (DeFi), First Digital Trust, the issuer of FDUSD, is expanding the token’s reach to the Sui blockchain. This move positions the stablecoin as the first major stablecoin native to Sui, a network witnessing explosive growth in the DeFi space.

FDUSD: First Major Stablecoin on Sui

Sui, helmed by the team behind Meta’s Diem project, boasts a rapidly growing TVL (Total Value Locked), a key DeFi metric. It has ballooned from $100 million to $700 million in just six months. Previously, users on Sui could only access leading stablecoins like USDC and USDT through bridges, incurring fees and potential risks.

FDUSD’s native integration on Sui promises significant benefits. It will enhance liquidity within the Sui ecosystem, expanding its utility and unlocking new possibilities for developers and users alike. “This integration will be a game-changer for Sui,” stated Greg Siourounis of the Sui Foundation, highlighting the impact of the token’s arrival.

With its regulatory backing, strategic partnerships, and now, its pioneering move on Sui, the token is poised to solidify its position as a major player in the stablecoin landscape. Its future success will hinge on its ability to further integrate with DeFi protocols and capitalize on the growth potential of the Sui network.

However, at the time of writing, FDUSD was priced at $1.00 with a gain of 0.2% over the last 24 hours.

Ethereum Surges With Vitalik’s Impact, Bitcoin Sees Strategic Pullback: Report

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In an interesting turn of events in the cryptocurrencies area, Ethereum (ETH) has become the center of attraction of the most recent market activities, significantly increasing in its value. This surge is instigated by an influential presence of Vitalik Buterin, co-founder of Ethereum, in a blockchain event in Hong Kong. This is in contrast to the current position of Bitcoin (BTC), which has seen a decline in its market value.

Greeks.live, a distinguished resource in option trading circles for its deep market analysis, has pointed out an oppositional way of how Ethereum and Bitcoin are handled in the options market. The trading flows today have tilted towards the purchase of short-term call options for Ethereum, signaling traders’ positive view about its near-term future. On the other hand, the attitude to Bitcoin has been shorting short term options, which shows a cautious or even bearish view.

Ethereum Stirs Market Uncertainty As Bitcoin Bets Soar

The common trading strategy for both cryptocurrencies is using spreads therefore traders remain uncertain about the future direction of the market. This hedging method is indicative of the broader market’s cautiousness, with a minor reduction in implied volatility (IV) for the major words, implying that the uncertainty is still dominant.

One of the most notable changes on Bitcoin’s trading scene has attracted the market watchers’ interest. A key market participant made a trade involving the purchase of 350 Bitcoin call options which have a maturity of March ’22 and an aggressive strike price of $200,000. This transaction, portrayed by the significant premium investment amount of 2.5 million dollars, connotes a speculative bet on the price of Bitcoin to set a new record. More details will show that this party has recorded almost thirty thousand call options of Bitcoin all set at different lengths with the lowest mark being $100,000.

The differing approaches of Ethereum and Bitcoin shed light on the complex and speculative forces at work in the cryptocurrency markets. The rise of Ethereum, inspired by essential speeches at blockchain events, goes against Bitcoin’s strategic wagers, showing a speculative and prudent market attitude. The unfolding of the digital currency landscape helps to see the interplay between optimism, positioning, and volatility.