💸💸 Tether Expands Stablecoin Offerings to TON Network

💡 Tether, the issuer of the world’s largest stablecoin, USDT, has announced the expansion of its USDT and XAUT tokens to The Open Network (TON). This integration aims to facilitate seamless peer-to-peer payments and enhance financial experiences for Telegram’s substantial user base.

👕 By bringing its stablecoins to the TON ecosystem, Tether seeks to increase liquidity and activity within the network. Users will now have the opportunity to utilize USDT and XAUT in various decentralized finance (DeFi) applications on TON.

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🕯 Bitcoin Transaction Fees Skyrocket Above $100, Sparking Sell-Off Concerns

📈 Following the recent Bitcoin halving event, average transaction fees on the network have surged past $100 for the first time, reaching $105.69 in the last 24 hours. While miners benefit from higher fees, users and investors face negative consequences, such as holding unspendable dust balances and facing difficulties withdrawing from exchanges.

💬 The increased costs could also diminish profits in Bitcoin’s DeFi ecosystem and incentivize a sell-off for fiat or other cryptocurrencies. As the market awaits a potential drop in demand for block space, users must currently pay four times the world’s average daily income per BTC transaction.

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💸 Bitcoin Halving Arrives, Sparking Surge in Transaction Fees

🔵 The much-anticipated Bitcoin halving, occurring once every four years, took place on Saturday, April 22, at 00:09 UTC. As the 840,000th block was added to the Bitcoin blockchain, the event cut the rewards miners receive for creating new Bitcoin in half.

💻 While Bitcoin’s price remained relatively stable above $63,000, transaction fees on the network skyrocketed due to the launch of a new protocol called Runes. Developed by Casey Rodarmor, the creator of the Ordinals platform, Runes enables the minting of digital tokens atop the Bitcoin blockchain. Speculators rushed to etch these tokens, leading to a flurry of transactions and record-high fees.

👕 The halving block itself saw a staggering 37.6-BTC fee (worth over $2.4 million), with fees remaining significantly higher than normal in the following hour. The intense competition among miners and users to be part of this historic event has put unprecedented stress on the Bitcoin network, showcasing its potential for new use cases and revenue streams in the post-halving era.

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💸 👉 Runes Protocol Launches on Bitcoin, Sending Fees Soaring As Users Rush to Mint Tokens

🔵 Bitcoin’s halving event was overshadowed by the launch of Runes Protocol, allowing users to mint tokens on Bitcoin. Developed by Casey Rodarmor, creator of Ordinals, Runes protocol enables minting fungible tokens, unlike Ordinals’ nonfungible assets.

👕 Within hours, over $4.95 million in fees were paid to mint rare Runes projects like PEPE, WIT, and HONKERS. With hundreds of projects vying for attention, traders discussed strategies like acquiring early projects or those with pre-mined tokens reserved for creators. However, determining long-term value remains challenging in this chaotic, newfound meme coin ecosystem on Bitcoin.

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💸 Halving Excitement in Bitcoin Has Ended: What to Expect in Price From Now On?

🔵 Bitcoin’s hotly anticipated halving event occurred smoothly, reducing mining rewards by 50%. While the price remained stable at $64,000 post-halving, analysts expect the impact to unfold over time. Kok Kee Chong of AsiaNext believes the halving was “priced in” and a rally could follow if institutional interest continues.

👕 However, Edward Chin of Parataxis Capital cautions that macroeconomic pressures such as interest rate hikes and geopolitical tensions may lead to a price decline in the near-term until clarity emerges. For now, he sees ETF fund flows as the primary price driver for Bitcoin.

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🕯 FTX Estate to Proceed With the Sale of Locked Solana Tokens via Auction

🌐 The bankrupt crypto exchange FTX is auctioning off its remaining holdings of locked Solana (SOL) tokens, rather than selling at a fixed price. This follows two recent sales totaling $4.5 billion, with tokens sold at around $60 each to firms like Galaxy Digital—significantly below Solana’s current $150 price.

📊 Mike Cagney’s Figure Markets plans an investment vehicle to bid on the auction. While the locked tokens can’t be sold immediately, the potential discount has drawn interest from speculators betting Solana’s price will rise before the unlocking period.

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💡 BlackRock Predicts How Much the Fed Will Cut Interest Rates This Year

👕 BlackRock, the world’s largest asset manager, predicts the U.S. Federal Reserve could cut interest rates twice in 2024 as inflation cools.

👕 Rick Rieder, BlackRock’s chief investment officer of global fixed income, believes the Fed can achieve this despite recent stronger economic data. Market expectations currently price in around 40 basis points of rate cuts by the end of the year.

📎Rieder says BlackRock is reducing interest rate risk by favoring shorter-term investments for now but sees an opportunity to extend maturities once inflation reports show improvement and employment slows.

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💻 BlackRock tokenizes Money Market Fund on Hedera; HBAR Soars

👕 BlackRock tokenized shares of its money market fund on the Hedera blockchain in a major milestone for real-world asset tokenization. Enabled by Archax exchange, Ownera and the HBAR Foundation, it allows trading tokenized fund shares with benefits like instant transfer.

👕 The news sent Hedera’s HBAR token soaring over 46% to a four-week high above $0.13 as trading volume spiked over 600%, signaling confidence in Hedera’s ability to tokenize traditional assets for institutions like BlackRock.

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🌐❓ What Are Airdrop Scams?

⚠️ Airdrop scams lure victims with promises of free crypto tokens, then steal their funds. Common tactics include phishing websites mimicking legitimate airdrops, impersonating exchanges or influencers, and sending unsolicited tokens to trick users into visiting malicious sites.

🔴 To avoid falling victim, be wary of unrealistic promises, requests to connect wallets, or share private keys/seed phrases, projects lacking transparency, and phishing attempts impersonating reputable entities.

‼️ Never interact with or try to sell unexpected tokens in your wallet. Verify airdrops through official channels before participating. If an airdrop seems too good to be true, it likely is a scam aiming to drain your crypto holdings.

#ScamDecoded

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❗️ What Is Crypto Market Sentiment?

In this edition of #Basics we will discuss the concept of crypto market sentiment.

🔵 In simple terms, it refers to the overall attitudes and emotions investors have toward a cryptocurrency. It considers the hype, fear, and opinions around a coin or project, which can significantly influence price despite not necessarily reflecting fundamentals.

💡 Market sentiment analysis involves tracking social media, news, transaction activity, and other data points to gauge feelings and predict potential price movements. While sentiment doesn’t always align with reality, monitoring it can provide valuable insights when combined with technical and fundamental analysis.

🎥 Major drivers of crypto market sentiment include influencer comments, community engagement, whale transactions, and mainstream media coverage. Analyzing collective market sentiment allows traders to better understand market psychology and potential upcoming trends for trading or investment decisions.

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💸🕯 DTCC Cuts Bitcoin ETF Collateral by 100%

ℹ️ The Depository Trust & Clearing Corporation (DTCC) has announced it will provide zero collateral for Bitcoin and cryptocurrency ETFs from April 30, 2024, cutting their collateral valuation by 100%.

📊 While not impacting lending by individual brokers, the move signals caution from the DTCC toward extending credit against crypto-backed products. The news modestly impacted crypto markets, with Bitcoin briefly dipping amid some negative sentiment, though analysts urged ignoring “baseless panic” over the DTCC’s internal decision.

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