{"id":602,"date":"2024-05-04T11:00:01","date_gmt":"2024-05-04T11:00:01","guid":{"rendered":"https:\/\/wagecan.com\/blog\/?p=602"},"modified":"2024-05-04T04:34:10","modified_gmt":"2024-05-04T04:34:10","slug":"biweekly-headlines-2024-apr-w4-may-w1","status":"publish","type":"post","link":"https:\/\/wagecan.com\/blog\/2024\/05\/04\/biweekly-headlines-2024-apr-w4-may-w1\/","title":{"rendered":"Biweekly Headlines 2024 Apr W4 \u2013 May W1"},"content":{"rendered":"\n

\u201cOnce you fully internalize Bitcoin, you will be free from your intellectual chains.\u201d\u00a0 <\/em><\/strong>– Jimmy Song<\/em><\/p>\n\n\n\n

\n\n\n\n
\"\"<\/figure>\n\n\n\n

Biweekly News Roundup<\/strong><\/p>\n\n\n\n

1.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/b>Fed and Economic Indicators<\/span><\/b><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Fed’s decision on benchmark fed funds rate<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>As both the economy and inflation exhibit unanticipated strength, the Fed left its benchmark fed funds rate range unchanged at 5.25-5.50%.<\/span><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Impact on U.S. dollar and cryptocurrencies<\/span><\/b><\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>The dovish Fed meeting results mean the U.S. dollar’s surge likely topped, helping cryptos, following soft U.S. jobs data. <\/span><\/span><\/p>

2.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/b>Bitcoin and Cryptocurrency Performance Metrics<\/span><\/b><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Bitcoin’s transaction records and market capitalization<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Three days after the Bitcoin halving, BTC amassed a new all-time high of 926,842 transactions on April 23, surpassing the previous high of over 731,000 transactions reached in December 2023.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>The cryptocurrency industry could hit one billion users by 2025, according to Bitcoin analyst, while Boston Consulting Group estimates by 2030.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>BTC has made it the world\u2019s ninth-largest asset with a $1.3T market capitalization, larger than Meta Platforms, Berkshire Hathway, Visa, or JPMorgan Chase.<\/span><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Comparison with Tesla’s stock performance<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Over the past five years, Bitcoin’s price has risen over 1,180%, while Tesla’s stock price has risen over 806%.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>BTC rose 139% while Tesla fell over 11% over the past 12 months. <\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Year-to-date BTC is up 49% while Tesla\u2019s stock price is down 42%.<\/span><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Predictions for Bitcoin’s future prices<\/span><\/b><\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>HashKey Capital predicts a $100K\u2013$200K BTC price by the end of 2024.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Standard Chartered reiterated its year-end bitcoin and ether targets of $150,000 and $8,000, respectively. <\/span><\/p>

3.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/b>Ethereum Network Developments<\/span><\/b><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Creation of new wallets and network expansion<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>On the 28th and 29th of April, the Ethereum network witnessed the creation of 266.6K new wallets, marking the most substantial two-day surge in network expansion since October 8th and 9th, 2022.<\/span><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Deadline and discussions on spot Ethereum ETFs in the U.S.<\/span><\/b><\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>The deadline for the approval of spot Ethereum ETFs in the U.S., which has generated considerable discussion, is May 23. <\/span><\/p>

4.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/b>Global Cryptocurrency Adoption <\/span><\/b><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Middle Eastern crypto markets’ growth<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Middle Eastern crypto markets surged by 166% year-over-year, with the UAE leading regional adoption.<\/span><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Germany’s crypto services initiation<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Germany\u2019s LBBW announced that it was launching crypto procurement and custody services later this year. <\/span><\/p>

5.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/b>Cryptocurrency Financial Products<\/span><\/b><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Launch and performance of Asia’s first spot bitcoin and ether ETFs<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Asia’s first spot bitcoin and ether ETFs debuted in Hong Kong on Apr. 30 with a first-day trading volume of just $11M.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Despite an inauspicious beginning, Kraken anticipates $1B AUM in Hong Kong ETFs by 2024 end.<\/span><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Financial results and forecasts for cryptocurrency ETFs<\/span><\/b><\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>For the first time since going live on January 11, BlackRock\u2019s spot bitcoin ETF did not draw any investor money, snapping a 71-day inflows streak.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>The total April net outflows of $343.5M have broken the three months of consecutive inflow streak for the spot Bitcoin ETFs.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>BlackRock sees sovereign wealth funds, and pensions coming to Bitcoin ETFs and its BUIDL becomes the largest tokenized treasury fund hitting $375M, toppling Franklin Templeton’s. <\/span><\/p>

6.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/b>Stablecoin Market Dynamics<\/span><\/b><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Comparison of USDT and USDC in terms of value and transaction volume<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>The current value of USDT, at $33.5B, is over three times the size of USDC, but the transaction volume of USDC has been on the rise since 2024.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>On March 24, 2024, USDC closed the week with almost five times more volume than USDT.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>By April 21, 2024, USDC’s weekly transactions reached $455B, while USDT fell to $89B. <\/span><\/p>

7.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/b>Crypto Mining Developments<\/span><\/b><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Marathon’s increased hash rate target for 2024<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Marathon increases the 2024 hash rate target to 50 EH\/s, marking more than a 100% increase in the firm\u2019s hash rate since the start of 2024. <\/span><\/p>

8.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/b>Legal and Regulatory Actions in Cryptocurrency<\/span><\/b><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>Penalties imposed on major cryptocurrency projects and individuals<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>The SEC is looking to impose its steepest fine yet on a cryptocurrency project, a $5.3B penalty for Do Kwon and Terraform Labs.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>It comes on the heels of the $4.3B fine imposed on Binance and follows its proposed $1.8B penalty for Ripple.<\/span><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>The former CEO of Binance, CZ, was sentenced to four months in prison on Apr. 30. <\/b><\/span><\/p>

9.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/b>Technological and Governance Innovations<\/span><\/b><\/p>

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>U.S. DHS’s launch of a new AI Safety and Security Board<\/span><\/b><\/p>

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span>The U.S. DHS launched new AI Safety and Security Board on the 26th, and the 22-member board includes OpenAI CEO Sam Altman and NVIDIA CEO Jensen Huang.<\/span><\/p>

\u00a0<\/span><\/b><\/p>

May 4, 2024<\/span><\/p> <\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cOnce you fully internalize Bitcoin, you will be free from your intellectual chains.\u201d\u00a0 – Jimmy Song Biweekly News Roundup 1.\u00a0\u00a0\u00a0\u00a0 Fed and Economic Indicators \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fed’s decision on benchmark fed funds rate –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 As both the economy and inflation exhibit unanticipated strength, the Fed left its benchmark fed funds rate range unchanged at 5.25-5.50%. \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 […]<\/p>\n","protected":false},"author":3,"featured_media":603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[159,8,200,5,176,43,199,28,179,201],"_links":{"self":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/602"}],"collection":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/comments?post=602"}],"version-history":[{"count":2,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/602\/revisions"}],"predecessor-version":[{"id":605,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/602\/revisions\/605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media\/603"}],"wp:attachment":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media?parent=602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/categories?post=602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/tags?post=602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}