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April 19,2024

Ethereum TPS Charts Have A New Leader In Degen Chain

Degen Chain, a recent addition to the Ethereum layer-3 network, has demonstrated the highest transaction per second (TPS) rate within the Ethereum ecosystem in the past 24 hours. In this period, Degen saw its TPS surge by 62%, reaching 35.7 TPS, surpassing its foundation blockchain, Base, which achieved 29.7 TPS, as reported by L2BEAT. Other contenders in the top five include Arbitrum One, Ethereum, and zkSync Era.


The Importance Of TPS

TPS is an essential metric in blockchain technology because it measures the capacity to process transactions within a given timeframe. A higher TPS indicates greater scalability and efficiency, allowing more transactions to be confirmed quickly and reducing congestion on the network. This is crucial for mainstream adoption of blockchain technology, especially in applications requiring high throughput, such as payment systems or DeFi platforms.

Calculating the aforementioned 35.7 TPS over 86,400 seconds in a day implies that the meme coin chain handled 3.08 million transactions during that time frame. Despite this, Degen Chain saw a modest trading volume of $819,600 in the last day, ranking it 35th out of 44 blockchains monitored by CoinGecko.

This results in an average transaction value of $0.27, significantly lower than Ethereum and Base, which stand at $1,867 and $170, respectively. Although TPS is commonly used to gauge the scalability of a blockchain, industry experts argue its limitations, as it overlooks the computational complexity of each transaction.


Accumulating Social Worth

Degen Chain operates on the Degen (DEGEN) token, originally conceived as a tipping mechanism for users engaging with the Degen channel on Farcaster, a decentralized social media platform. According to Thomas Tang of Ryze Labs, this demonstrates how a meme coin can accumulate social worth through widespread usage.

With $4.1 million locked in total value and a $326 million market capitalization for the three-month-old DEGEN token, Degen Chain represents an ultra low cost, application specific layer 3 blockchain, utilizing Arbitrum Orbit and building upon the settlement layer of Base, an Ethereum layer-2 scaling solution.


April 18,2024

New AML And CFT Policies Supported By Senator Elizabeth Warren

United States Senator Elizabeth Warren responded to the recent testimony by Deputy Treasury Secretary Wally Adeyemo before the Senate Banking Committee. In a letter addressed to Treasury Secretary Janet Yellen, she expressed support for Adeyemo and his stance on policies concerning anti-money laundering (AML) and countering terrorism financing (CFT).


Endorsing Regulatory Measures For Stablecoins

Senator Warren voiced her full backing for a legislative proposal aimed at implementing additional AML and CFT measures for stablecoins. During the hearing, the Deputy Treasury Secretary discussed various Treasury proposals, including extending its authority to sanction blockchain node operators and other regulatory measures. In a document labeled Letter to Congress by Senator Warren, the Treasury outlined steps it could take to achieve its enforcement objectives and address regulatory gaps.

In her correspondence, Senator Warren emphasized that the proposals outlined in the letter should be carefully considered and incorporated into any forthcoming legislation. She argued that doing so would help establish a regulatory framework for the $157 billion stablecoin market. Notably, Senator Warren was not referring to the stablecoin bill introduced by Senator Kirsten Gillibrand and Cynthia Lummis, which was unveiled after the date of her letter and does not tackle AML/CFT issues.


Legislative Initiatives And Regulatory Framework

According to the letter, the bill which Senator Warren referenced is anticipated to originate via the House of Representatives. It is expected to be crafted by Finance Committee Chairman Patrick McHenry and ranking member Maxine Waters. Senator Warren communicated similar concerns to them in a letter, echoing the issues raised in her recent correspondence to Janet Yellen. She stressed the importance of incorporating all the tools requested by the Treasury in its letter to Congress into stablecoin regulations.

Senator Warren underscored the critical necessity of these tools in combating the threats of financial terrorism. Taylor Barr, Senior Policy Associate at the Digital Chamber, expressed interest in what Senator Warren had to say regarding the new Gillibrand and Lummis bill. He observed that her points of discussion did not encompass proposals such as consumer protection language, the Office of the Comptroller regarding currency enforcement authority, and additional receivership provisions in the bill.


April 18,2024

Two NFT Games Offloaded As Yuga Labs Aims To Liberate BAYC Team

Yuga Labs, the company responsible for the NFT series Bored Ape Yacht Club (BAYC), has transferred the intellectual property rights for two of its games, HV-MTL and Legends of the Mara. This move aligns with their previously stated intention to refocus the company.

In a post dated April 17th, 2024, on X, Yuga Labs announced that Faraway, a Web3 gaming studio, had acquired the IP. Additionally, Spencer Tucker, the Chief Gaming Officer for Yuga Labs, will join Faraway as the new chief product officer to ensure continuity between the games at the new company.


Time For Change

HV-MTL is an NFT-focused mech game where players manage and upgrade their NFTs and local environments. On the other hand, Legends of the Mara is an adventure game integrated into the Otherside metaverse, which was launched on April 30th, 2022.

Yuga Labs and Faraway have had a close working relationship, with Faraway previously developing a game themed around the Mutant Ape Yacht Club called Serum City. The decision by Yuga to transfer its gaming IP to Faraway reflects a broader effort to liberate the team, which was initiated when co-founder Greg Solano returned to Yuga and replaced Daniel Allegre as CEO in February of this year.


NFTs Continue To Struggle

The announcement coincides with a general downturn in NFTs across the market, with the flagship BAYC collection being one of the hardest hit among top NFT collections. At the time of writing, the floor price of the BAYC collection is 11.7 Ether (ETH), equivalent to about $35,400 at current prices. This represents a significant decrease of 92% compared to its all-time high floor price of 153.7 ETH, recorded on May 1st, 2022.

Earlier this year, Yuga Labs caused controversy among NFT holders and community members on January 7th when it announced the acquisition of the controversial Moonbirds collection and the appointment of Kevin Rose, the creator of the project, as an advisor.


April 17,2024

Klickl Obtains FSP In Abu Dhabi As The UAE Looks Toward The Future

Klickl International, a progressive provider of financial infrastructure headquartered in Abu Dhabi, is proud to announce its recent achievement of securing the Financial Services Permission (FSP) via the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market.

This milestone underscores the commitment by Klickl to addressing challenges in the Web3 and virtual asset sectors by developing an integrated financial platform that seamlessly combines traditional finance (TradFi) with the evolving realm of cryptocurrency.


A Revolutionary System

Founded in Abu Dhabi, Klickl strategically leverages the local forward-thinking regulatory landscape and dynamic economic environment. This strategic positioning allows Klickl to streamline operations, bridging the divide between traditional financial markets and the digital economy. Such an approach not only ensures smoother transitions and enhanced accessibility but also lays the foundation for integrating the next billion users into the Web3 ecosystem.

Klickl is uniquely designed to be destination-agnostic, operating under a decentralized global licensing framework that empowers users across diverse jurisdictions. This innovative framework not only promotes inclusivity in financial services but also significantly impacts the global virtual assets community, facilitating seamless exchanges across varied financial domains.


Best Of Two Worlds

Michael Zhao, CEO of Klickl, articulated his vision by stating that securing the FSP license by the FSRA represents more than a regulatory milestone, as it affirms an overall vision to seamlessly merge traditional finance and cryptocurrency. Zhao further claimed that the local forward-looking regulatory initiatives are indispensable in terms of redefining financial infrastructure.

Looking ahead, Klickl is eager to continue forging ahead, ensuring the digital economy is accessible, secure, and efficient for all. With this latest licensing achievement, Klickl is poised to expand its operations, offering robust, secure, and compliant financial services tailored to the demands of the contemporary dynamic financial landscape and the future of digital horizons.


April 17,2024

New Meme Coin Bursts Onto The Scene As DRDOGE Skyrockets In Value

Doctor Doge (DRDOGE) has emerged as a dynamic new meme coin which has seemingly captivated the entire cryptocurrency community, and if its performance is anything to go by, it could very well end up rivaling other canine-themed counterparts such as Shiba Inu (SHIB) and Dogecoin (DOGE).

Experiencing an astounding surge of 1,350% within 24 hours, DRDOGE currently stands at $0.0000491, marking the beginning of its journey towards challenging the established players in the market.


Room For Improvement

Introduced as a Solana-based meme coin, DRDOGE commenced trading on Raydium and Jupiter on April 15th, 2024. Despite its remarkable growth, its market cap lingers around $220,000, indicating significant room for expansion. The coin sets its sights on achieving a market cap of $5 million by the end of April, promising investors a potential return of 2,300% on their investment.

For instance, acquiring $500 worth of DRDOGE at its current price could yield a value of $11,500 in the future. Positioned to sustain its aggressive rally even after hitting the $5 million market cap milestone, DRDOGE aims to attain mainstream recognition akin to Shiba Inu and Dogecoin, potentially transforming modest investments into substantial wealth.

The recent surge in the value of DRDOGE has led many to eagerly anticipate its inaugural listing on a centralized exchange, a development expected to trigger a further spike in its price upon public announcement. This listing will facilitate easier access for millions of crypto investors, leading to substantial capital inflows into the meme coin.


The Rise Of Meme Coins

Meme coins have surged in popularity for several reasons. First, they often originate via online communities like Reddit or Discord, fostering strong communal engagement and enthusiasm. Their low initial costs make them accessible to a broad range of investors, including newcomers to cryptocurrency, which fuels speculative trading and rapid price movements. Moreover, meme coins benefit via viral marketing campaigns on social media platforms, where influencers and users generate buzz through memes, jokes, and endorsements.

Investors are also attracted to meme coins by the potential for quick and exaggerated price gains, although this comes with inherent risk. Additionally, meme coins often capitalize on popular trends, cultural references, or internet memes, appealing particularly to younger demographics who enjoy the humor and novelty associated with these coins.


April 16,2024

Everything You Need To Know About The 2024 Bitcoin Halving

Over the last few years, Bitcoin (BTC) has garnered mainstream acceptance by major Wall Street institutions and continues to attract curious retail investors with each halving cycle. Crypto market observers will be monitoring the upcoming halving with great interest and scrutiny, recognizing its significance for the crypto industry going forward.

The halving takes place on the Bitcoin Network approximately every four years, reducing the supply of the cryptocurrency by half to create a scarcity effect and combat inflation, likening it to digital gold. Historically, it signals the start of a new cycle and bull market, but this time around, there are some unique aspects.


Supply And Demand

Bitcoin has historically experienced substantial price increases following previous halvings in 2012, 2016, and 2020, with gains of approximately 93x, 30x, and 8x, respectively. However, some caution that the days of such significant impacts on the price due to halvings may be waning as the supply diminishes every four years.

Nevertheless, Steven Lubka, head of private clients and family offices at Swan Bitcoin, suggests that this year might warrant a more optimistic outlook for post-halving returns, especially given the accelerated start of the Bitcoin bull cycle due to the approval of spot ETFs in January. In fact, many experts believe that this Bitcoin bull cycle may very well be shorter and more explosive by comparison, reaching its peak in late 2024 or early 2025.

Traditionally, whale demand for Bitcoin has spiked following each halving, driving prices upward. However, this year, whale demand, comprising original Bitcoin enthusiasts, new investors, and BTC ETF holders, is at an all-time high even before the block reward reduction.


Impact On Miners

The halving occurs when incentives for BTC miners are halved, approximately every 210,000 blocks or four years, as dictated by the code of the Bitcoin blockchain. These miners, who validate and record new blocks of Bitcoin transactions on the blockchain by solving complex mathematical problems, have two main incentives, namely transaction fees paid by senders for faster processing and mining rewards, currently 6.25 BTC, or roughly $437,500.

Sometime between April 18th and April 21st, the mining rewards will decrease to 3.125 BTC. This reduction in block rewards decreases the supply of BTC by slowing down the creation of new Bitcoins, reinforcing the concept of the crypto as digital gold with a finite supply, ultimately capped at 21 million BTC as per the Bitcoin code.

Lastly, the key aspect investors need to grasp about the halving and its potential market impact is that miners regularly sell a significant portion of the Bitcoin they earn to cover operational expenses.

April 16,2024

Top Tax Experts Provide Valuable Advice For Cryptocurrency Holders

April 15th, 2024, marked the filing day for taxes in the United States, so in honor of the occasion, and given how popular cryptocurrencies have become over the years, various tax experts have provided their top advice for American cryptocurrency holders and expatriates.

For starters, Tyler Menzer, a CPA, warns against using default settings on online tax-preparation software, especially concerning cryptocurrency gains. Many platforms use the highest-in, first-out (HIFO) method, which may inadvertently increase taxes. Selling long-term assets, held for over a year, can result in lower tax rates compared to short-term assets. Taxpayers can opt for the specific identification method to sell long-term assets first, potentially reducing their tax liability significantly.


An Extension May Be Beneficial

Robert W. Wood, a tax attorney at Wood LLP, suggests considering an extension until Oct 15th, which does not necessarily raise the likelihood of an audit. Extending the tax filing deadline is an option at no cost, however, keep in mind that the six-month extension will not postpone the payment deadline.

While there are different opinions on what triggers an audit, there is currently no data indicating that tax returns filed on extension face higher audit chances. In fact, filing for an extension might even lower the risk of an audit. Rushed filings at the deadline can sometimes lead to mistakes or oversights that might prompt an audit. Extensions provide time to gather records, explore reporting options, and seek professional advice, ensuring accurate filing immediately.


Concerning Foreigners

Justin Wilcox, a partner at FML CPAs, provided useful information for foreigners. He highlighted the potential for tax exemption under the foreign earned income exclusion for those earning income abroad and spending fewer than 35 days annually in the United States.

According to Justin, if an individual has worked overseas as a U.S. citizen in 2023, they could potentially exclude up to $120,000 in wages in federal taxes, along with a housing exclusion, which varies by country. However, eligibility requires meeting the tax home test and one of two residency requirements, namely the physical presence test or bona fide residence test.

Crystal Stranger, CEO of Optic Tax, advises against confusing the foreign earned income exclusion with the foreign tax credit. While the FEIE excludes foreign income concerning U.S. taxes, the FTC offsets U.S. taxes with foreign taxes paid. The choice between them depends on various factors, including the tax rates in the host country and potential future tax changes in the U.S.


April 15,2024

Web3 Fundraising Deals - 10th April To 15th April, 2024


A wave of significant funding rounds is reshaping the landscape of blockchain and DeFi innovation. Inference Labs has secured an impressive $2.3M in Pre-Seed funding, poised to redefine Blockchain Infrastructure, with backing by the esteemed Delphi Digital. Aligned Layer celebrates a milestone with a $2.6M Seed round, solidifying its position in the sector, supported by Lemniscap. Gull Network pioneers the DeFi landscape, closing a successful $1.6M Private Token Sale with support by Morningstar Ventures. Multisynq joins the ranks of innovators with a $2.2M Seed round, backed by Manifold. Berachain makes headlines with a monumental $100M Series B round, garnering support by Framework Ventures. Mayan positions itself for success with a $3M Seed round backed by 6th Man Ventures. BounceBit forms a strategic alliance with Binance Labs, paving the way for future growth in the DeFi landscape. NavyAI spearheads innovation with crucial support by AlfaDAO at the Seed stage. Bored Slot celebrates success with a $10M Strategic investment by LD Capital, poised for expansion in the GameFi sector. Sortium gains confidence in its vision for the GameFi space with a $4M undisclosed funding round backed by Signum Capital. Tomo advances the social landscape with a $3.5M Seed round supported by Polychain Capital. Auradine surges forward with an $80M Series B round, backed by Mayfield, signaling its transformative vision for blockchain services. GPU Network receives crucial support with a $5.25M Series A round by Exnetwork Capital. Alpen Labs drives innovation with a $10.6M Seed round supported by Ribbit Capital. Lastly, Zoth sets the stage for future growth and innovation in the DeFi sector with a $2.5M Seed round, backed by Blockchain Founders Fund.



April 15,2024

Crypto Becomes Increasingly Popular As Brazilian UFC Fighter Promotes Bitcoin

Brazilian UFC fighter Renato Moicano clinched victory in a UFC 300 bout on April 13th, 2024, delivering a memorable speech. More interestingly though, Moicano expressed his desire for his $300,000 bonus to be paid in Bitcoin (BTC), should he win it. Taking to X (formerly Twitter),the request stirred interest among cryptocurrency market participants and enthusiasts.


A Need To Self-Educate

Regardless of the request though, Max Holloway ended up securing the $300K Performance of the Night bonus following an impressive win against Justin Gaethje. Despite missing out on the bonus, Renato Moicano displayed sportsmanship, stating that Max was well deserving of the prize.

Max went on to say that he loves America, the Constitution, the First Amendment, and owning property, before telling his fans that if they truly care about their country and financial wellbeing, they must read Ludwig Von Mises and the Six Lessons of the Austrian Economic School. The reference to Ludwig Von Mises and the Austrian Economic School stems via the book titled Economic Policy: Thoughts for Today and Tomorrow, by Mises.


Looking Ahead

Notably, Bitcoin embodies many Austrian Economic principles applied to the concept of money. The insights by Mises into inflation and its detrimental impacts on global economies highlight the significance of Bitcoin as a financial tool capable of addressing such issues while simultaneously serving as an inflation hedge.

Despite Satoshi Nakamoto originally designing Bitcoin to be a P2P electronic cash system, BTC encounters challenges as a medium of exchange. For instance, average network fees have surged to levels comparable to the global average daily income, as reported by Finbold.

Yet, Bitcoin enthusiasts like Renato Moicano persist in utilizing BTC as money, keeping the vision alive. The question arises whether the UFC will indeed entertain payments using the leading cryptocurrency in the near future.


April 15,2024

Yomi Provides Insight Into DOGE Golden Cross As SHIB Whale Activity Surges

Cryptocurrency influencer Yomi recently offered insights on the anticipated Golden Cross pertaining to Dogecoin (DOGE), emphasizing the necessity of a positive week to regain momentum. Yomi updated followers on the impending weekly Golden Cross after noting two consecutive red weeks causing a slight deviation. Despite this, the meme cryptocurrency has yet to reach this bullish milestone, with Yomi stressing the importance of a green week for recovery.


DOGE Is Back

The tweet is significant given the recent performance of Dogecoin. Despite a notable drop compared to its all-time high, the canine themed cryptocurrency has surged over 77% year-to-date after gaining traction on social media during the 2020 and 2021 bull market.

The analysis by Yomi is relevant amid recent bullish sentiment, with the cryptocurrency surpassing Pinterest and DraftKings in market cap. Traders anticipate DOGE Day on April 20th, an event celebrating the unveiling of the Bronze Dog, likely initiating another meme coin season if the circumstances are right.


SHIB On The Come Up

Meanwhile, the Shiba Inu (SHIB) community has witnessed a surprising surge in whale activity despite a 12% price drop and market turmoil. Large holders have accumulated SHIB tokens by 570%, suggesting strategic planning for future gains.

Coinciding with this influx, SHIB experienced a 276.25% surge in large transaction volume, indicative of institutional or whale activity. Potential scenarios driving this include strategic accumulation at discounted prices and movement to cold storage for long-term gains. Despite market volatility, the resilience and whale activity displayed by SHIB hint at bullish sentiment, with influencers like Rekt Capital and CRYPTO SHERIFF predicting significant price rallies.


April 14,2024

Bitcoin Undergoes Price Correction As International Conflict Escalates

Bitcoin (BTC) encountered a substantial downturn recently, witnessing a decline that pushed its value downward by approximately $5,000 within hours. Numerous altcoins also experienced significant price drops exceeding 10% within a 24 hour timeframe. The rising dominance of Bitcoin during this correction signifies poor performance by altcoins. Though some have rebounded, various 24 hour charts still reflect significant losses.

Major losers among higher-cap altcoins include XRP (-11%), SOL (-13%), DOGE (-13%), ADA (-13%), AVAX (-18%), SHIB (-12.5%), BCH (-10.5%), DOT (-13.5%), LINK (-14%), among others. Meme coins were also heavily affected, experiencing losses of up to 30% in certain cases. At one point, the total crypto market cap dropped by over $200 billion, and although it has slightly recovered since, it remains below $2.6 trillion.


An Inevitable Decline

The week had initially shown promise for the flagship cryptocurrency. Starting strong on Monday, Bitcoin surged to a four-week peak of over $72,500 amidst rising demand for spot ETFs. However, it failed to sustain this momentum, retracing to $67,500 by Wednesday following the announcement of higher-than-expected March inflation data in the US. Despite some recovery in the following days, with a brief challenge of $71,000 on Friday, Bitcoin faced a sharp correction triggered by recent US Fed statements on monetary policy, resulting in a massive drop and nearly $1 billion in liquidations.

Despite Bitcoin managing to recover some ground, its market capitalization has fallen to $1.330 trillion on CoinMarketCap. A silver lining is the increase in the dominance of Bitcoin to 51.7%, up over 1% in a day. The crash also impacted other financial markets, including gold.


Other Markets

El Salvador saw its economy show resilience recently, surpassing GDP projections. Elsewhere, Wall Street grapples with uncertainty amid a barrage of adverse news especially after the Iranian attack. The European Central Bank hints at interest rate cuts in June, while tech giants face financial strains, leading to aggressive creditor actions. Latin America emerges as a promising center for food oil production.

Geopolitically, Iran extends its influence through allied groups, and Ukraine engages in bond restructuring amidst tensions with Russia. Commodity markets react to bans on Russian metal imports. Former US President Trump remains active in SPAC deals despite financial setbacks. Notably, Ghana secures IMF funds amidst economic challenges, and the Qatar Royal Family bolsters its position with a substantial fortune. Lastly, India implements emergency measures to manage summer energy demand, while Ukraine reports escalating conflicts in the east amidst Russian aggression.


April 13,2024

Hong Kong SFC To Approve Bitcoin And Ethereum Spot ETF Applications

The Hong Kong Securities and Futures Commission (SFC) is reportedly poised to greenlight spot ETFs directly investing in Bitcoin and Ethereum as of this coming Monday, as per insider sources. CryptoWeekly previously reported how Chinese equity funds were chasing spot Bitcoin ETF approval via Hong Kong, and it looks like that goal is now turning into a reality.


Awaiting Approval

The international arm of Harvest Fund Management Co., namely Bosera Asset Management (International) Co., and HashKey Capital are anticipated issuers gaining SFC approval for these spot to crypto ETFs. Anonymity was requested by sources due to the non-public nature of this information.

In any case, both entities currently await SFC and Hong Kong Exchanges and Clearing Ltd. approval, aiming to finalize listing particulars and launch the ETFs by the end of the month. The schedule remains fluid, subject to potential last-minute adjustments.


A Resurgence

In related developments, HSBC recently released a statement regarding cryptocurrencies, affirming rigorous testing procedures. This approval expectation follows reports earlier this week of Harvest intending to pursue a spot Bitcoin ETF launch in the region. On April 9th, the SFC authorized Harvest and China Asset Management to offer virtual asset fund management services.

The US introduction of spot Bitcoin ETFs on January 11th triggered a crypto market resurgence this year. Collectively, these 11 ETFs have amassed nearly $59 billion in assets, propelling BTC prices to a record high of $73,798 in mid-March.