Paradigm seeks record funding for new Web3 fund
Paradigm, a leading venture capital firm focused on Web3, is
advancing to raise a new investment fund, targeting between $750
million and $850 million. This move could mark the largest fund
since the crypto market turmoil in May 2022, according to
Bloomberg. Paradigm’s step is seen as a positive sign for the
cryptocurrency sector’s recovery, reflecting the firm’s continued
confidence in the potential of Web3 and crypto innovation, despite
previous market highs and lows.
KBW initiates coverage of Robinhood with cautious forecasts
KBW has begun covering Robinhood Markets (NASDAQ:HOOD) shares
with a neutral market outlook and a target price of $20,
questioning the duration of the retail trading surge. Despite a
150% increase in share price driven by retail engagement in the
first quarter, the brokerage anticipates a normalization in trading
activity. With a modest but growing market share in the
self-directed brokerage market, Robinhood still has potential to
outperform sector growth as its core audience evolves.
Bitcoin faces market uncertainties
After reaching records in March, Bitcoin (COIN:BTCUSD) has
slowed its pace below $66,000. As of Wednesday morning, it’s
trading with a slight increase of 0.40% around $65,702. The
significant drop observed on Tuesday was influenced by the rise in
US Treasury yields and the outlook that the Fed may delay interest
rate cuts, along with mass liquidations typical of bull runs.
Meanwhile, Ether (COIN:ETHUSD) remains close to $3,300 at the time
of writing. The increase in Treasury yields reflects concerns about
inflation and an economy stronger than expected, which generally
moves investments away from riskier assets. Despite the correction,
the market had already anticipated this movement before the next
halving on April 22. Fernando Pereira, analyst at Bitget, observes
that Bitcoin is currently at a critical support level,
corresponding to its 2021 all-time high of $65,000. This level
could induce some buying pressure, although the market shows a
prevailing selling trend. “Drops of up to 30% in the coming weeks
are perfectly plausible,” states Pereira, indicating a cautious
scenario among investors.
Ark Invest’s ARKB surpasses GBTC in daily outflows
For the first time, Ark Invest 21shares’ spot Bitcoin ETF
(AMEX:ARKB) exceeded the Grayscale Bitcoin Trust ETF (AMEX:GBTC) in
daily net outflows, with $87.5 million on April 2, against GBTC’s
$81.9 million. Despite this, Bitcoin ETFs experienced a total net
inflow of $40.3 million on that day, marking a recovery from the
previous day’s negative flows. This event occurs in a context where
the SEC approved several spot Bitcoin ETFs, impacting Grayscale’s
GBTC due to the competitive fees of new ETFs like ARKB, which
charges only 0.21%.
Goldman Sachs maintains skepticism towards cryptocurrency
Despite the growing adoption of cryptocurrencies by other major
financial names, Goldman Sachs (NYSE:GS) remains steadfast in its
critical view of the sector. Sharmin Mossavar-Rahmani, investment
lead in the bank’s wealth management division, reaffirms her
longstanding skeptical stance, particularly towards Bitcoin
(COIN:BTCUSD) and other digital assets, denying seeing value in
them or classifying them as viable investments. Even with
traditional investors’ growing interest in cryptocurrencies, the
bank challenges the trend, highlighting the difficulty in assessing
their true value and criticizing the perceived hypocrisy in the
cryptocurrency sector.
Binance defends executive detained in Nigeria
Binance has stated that Tigran Gambaryan, its compliance head
detained in Nigeria, does not influence the company’s decisions and
should not be blamed for current negotiations with Nigerian
authorities. Gambaryan and Nadeem Anjarwalla, regional manager for
Africa, were detained in February, although Anjarwalla has escaped
detention. Both face tax evasion charges by Nigeria and are
contesting the violation of their human rights in court. Binance
requests that Gambaryan be exempt from responsibility as
discussions with the government continue.
Bitfinex introduces volatility futures for Bitcoin and Ether
Bitfinex has announced new perpetual futures that allow trading
based on the anticipated volatility of Bitcoin (COIN:BTCUSD) and
Ether (COIN:ETHUSD), using Volmex indices that reflect 30-day price
turbulence expectations. Similar to the stock market’s VIX index,
these futures offer traders the opportunity to speculate on the
price fluctuations of major cryptocurrencies, using contracts
settled in tether (COIN:USDTUSD), enabling complex strategies
without the need for extensive options experience.
Wormhole launches governance token airdrop
Wormhole has initiated an airdrop of 617 million governance
tokens W to reward its early users. The token debuted at $1.66 on
Solana’s DEX OpenBook, reaching a market cap of $2.98 billion.
Following the launch, OpenBook experienced congestion, making
access difficult. The tokens represent 6% of the total, with
additional allocations for contributors and the foundation’s
treasury. W will be launched on Ethereum and layer 2 networks,
enabling multi-chain governance voting.
Ethena Labs’ ENA token sees explosive growth
The governance token ENA, from Ethena Labs, has seen a
significant increase of 49% in the last 24 hours, raising its value
to about $0.93. Recently launched on April 2 at approximately
$0.60, ENA supports Ethena Labs’ DeFi protocol, which promotes a
“synthetic dollar” yielding $1.3 billion. Its appreciation resulted
in a market value of $1.3 billion, placing it 67th in market
capitalization, highlighted by inclusion on Binance and praise from
Arthur Hayes, former CEO of BitMEX, who predicts a potential price
up to $10.
Relm Insurance introduces innovative cryptocurrency coverage
Relm Insurance, regulated by Bermuda, has introduced a range of
cryptocurrency insurances, from digital wallet protection to
investment management. Besides operating in sectors like cannabis
and psychedelics, Relm now offers five types of insurances for the
digital asset sector, including protection against cyber crimes and
losses in online wallets, as well as specific insurances for crypto
asset fund managers. The company also introduces innovations like
coverage for Ethereum staking losses due to inactivity
penalties.
China launches blockchain platform to strengthen Belt and Road
Initiative
China’s Belt and Road Initiative, a cornerstone of its diplomacy
since 2013 aimed at expanding Chinese global influence, marks a
decade of existence by introducing an advanced blockchain platform
intended to enhance international collaboration and simplify
operations among participating countries. Led by Conflux Network
and the Shanghai ShuTu Blockchain Research Institute, this new
approach aims to minimize trade barriers and increase efficiency in
international transactions. This move underscores China’s
commitment to blockchain innovation, despite its restrictive
policies towards cryptocurrencies.
Celestia introduces Blobstream to expand Arbitrum’s capabilities
Celestia (COIN:TIAUSD) has unveiled Blobstream, an innovative
tool for the Arbitrum ecosystem, designed to facilitate the
development of custom chains, known as Orbit, using Celestia for
data availability. This technology enables both Layer 2 chains,
which integrate directly with Ethereum, and Layer 3 chains, based
on Arbitrum One Layer 2. Blobstream optimizes the use of Celestia’s
data availability sampling (DAS) service for Layer 2 and 3 rollups,
simplifying development in Arbitrum by eliminating the need for a
data availability committee. Developed in partnership with Succinct
Labs, Blobstream represents a significant step towards facilitating
decentralized application construction within the Ethereum
ecosystem.
IoTeX secures $50 million to boost DePIN ecosystem
IoTeX, a decentralized platform focusing on physical
infrastructure, has secured a $50 million investment from a venture
capital group to expand its ecosystem. Led by SNZ Capital and
others, the funding will be allocated to the IOTX token
(COIN:IOTXUSD) and projects on IoTeX, which connects smart devices
to blockchains. Known for its modular technology and infrastructure
solutions, IoTeX is advancing the Physical Infrastructure Network
(DePIN) sector with initiatives like accelerator programs and
strategic partnerships, promising continued innovation and
growth.
Gasp completes funding round with support from major investors
Gasp (formerly known as Mangata Finance), a cross-chain exchange
protocol, closed a funding round backed by major investors like
Polychain Capital and CMS Holdings, with Cluster Capital taking the
largest share of 30%. Without a lead investor, the round, which
started in November and concluded recently, valued the Gasp token
(HITB:GASPUSD) at $80 million. The funding, structured as a SAFE,
aims to expand the protocol that will facilitate atomic swaps
between multiple blockchains.
Agora raises $12 million for dollar-linked stablecoin
Startup Agora has raised $12 million in its seed phase, led by
Dragonfly Capital with support from General Catalyst and Robot
Ventures. Focused on launching a dollar-linked stablecoin, backed
by safe assets and establishing partnerships in the crypto sector,
Agora initially targets customers outside the US. Nick Van Eck,
co-founder of Agora, joins the project with backing from VanEck,
which will manage the stablecoin’s reserves.
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