奔跑财经

Former U.S. President Donald Trump has announced his intention to ensure that his campaign accepts Crypto Assets donations. Trump's announcement of this new strategic direction indicates that he will accept Crypto Assets as a source of funding for his campaign.

It is reported that Trump is expected to be the Republican candidate for the next US presidential election, scheduled for November 2024. His announcement not only has a potentially positive impact on the Crypto Assets space, but could also have a long-term impact on how election funds are raised.

By accepting Crypto Assets donations, Trump's campaign could appeal to a broader donor base, including tech-friendly voters and international supporters. The move also demonstrates Trump's willingness to adopt innovative fundraising tools to increase the impact and competitiveness of his campaign.

Trump Pushes Crypto Assets Donations

In a series of videos shared on Frank Degods' NFT creator and influencer's X platform, Trump addressed collectors who had purchased his "portrait" NFT collection at a party that took place on a day off during his trial.

Attendees purchased at least 47 NFT each, and each NFT sold for $99. In his speech to these NFT buyers, Trump emphasized that they began to participate in the NFT market before it became widely popular, and he also claimed that they had succeeded in making the NFT market hot again. It shows that Trump and his team have a positive attitude towards early participation in the NFT market and a sense of accomplishment in promoting NFTs.

Speaking about his campaign, Trump said that if his supporters are unable to donate through Crypto Assets at this time, he will take certain steps to ensure they can do so in the future. In addition, Trump criticized US President Joe Biden for showing a poor understanding of Crypto Assets and called on Crypto Assets advocates to choose to vote for him. It shows that Trump has taken a positive stance on the issue of Crypto Assets and is trying to attract voters who have a positive attitude towards Crypto Assets.

Asked if he would support keeping Crypto Assets businesses in the United States, Trump firmly reiterated his commitment. He noted that he would be committed to taking steps to try to stop Crypto Assets companies that are considering moving out because of hostility to the industry. He further stated that if Crypto Assets is to be widely accepted, then it should remain in the country as part of the U.S. economy.

After Trump mentioned the "Jeo Boden" meme Token inspired by US President Joe Biden, the price of the Token pumped by more than 45% according to CoinGecko.

After learning that the market capitalization of the BODEN Token reached $240 million, Trump expressed his skepticism. He believes that this amount is too large for a single Token, noting that he is not optimistic about such investments.

Trump's shift in Crypto Assets support

Electric Capital co-founder Avichal Garg applauded Donald Trump's shift in stance on Crypto Assets. Garg spoke highly of the work done by Trump's team of advisers, believing that their performance was excellent. He also added that if President Joe Biden continues to hold an anti-Crypto Assets stance, then public sentiment towards Crypto Assets could shift from anti-SEC Chairman Gary Gensler to anti-Biden, and possibly even extend to anti-Democrats.

This view suggests that the attitude of political leaders towards Crypto Assets could have a significant impact on the perception of the industry as a whole, and that this change in sentiment could have an impact on the upcoming elections.

In late 2022, Trump received his first Crypto Assets Token after issuance Trump's digital trading card NFT series. The project, which leverages Trump's identity, image and branding, issuance a total of 45,000 NFT, priced at $99 each.

Trump received royalties on sales through his first issuance of a series of NFTs and took a percentage of the proceeds from transactions on the secondary market. The project has been a remarkable success compared to the overall NFT market, with the current reserve price of these NFTs already exceeding $200, reflecting the strong demand for its NFT collection in the market and outperforming other NFT products in the market in terms of value retention or rising.

WisdomTree, the issuance of Bitcoin spot trading-traded funds (ETF) in the United States, announced the expansion of its WisdomTree Prime app to users in the New York area.

Expansion of custody and stablecoin services

On the heels of WisdomTree's recent concession from the New York State Department of Financial Services (DFS), the company was granted limited purpose trust status under the New York Banking Act.

The charter authorizes asset management firm WisdomTree to conduct custody of digital assets, including the provision of digital wallet services, the issuance and trading of stablecoins approved by the New York State Department of Financial Services (DFS), and the management of reserves of these stablecoins through its newly formed subsidiary, WisdomTree Digital Trust.

According to the asset manager's statement, the trust charter and additional authorizations granted to WisdomTree Digital Trust have enabled WisdomTree Digital Trust to enhance its customer protection measures, particularly with regard to the safe custody of assets.

WisdomTree Prime App & Visa Debit Card Debuts in New York

The launch of the WisdomTree Prime app in New York coincided with the recent launch of the WisdomTree Prime Visa debit card issuance by Stride Bank.

According to the Bitcoin ETF issuance agency, users will be able to use the card to make purchases using their existing balance in their digital Wallet wherever Visa is accepted, essentially bridging the gap between personal financial management and digital asset investments.

Will Peck, head of digital assets at WisdomTree, is excited about the company's achievements:

"Since we debuted in state-specific app stores last summer, we've gained significant momentum in longest areas, including the launch of new digital funds, payment capabilities, and partnerships with regulators like the New York State Department of Financial Services. Our goal is to empower consumers to use digital assets in their daily financial lives. We are excited to provide access to the app to retail investors in New York as we recognize the rapid rise of the digital asset market in the region, which we believe will have a significant impact on WisdomTree Prime." ”

In addition to its launch in New York, the WisdomTree Prime app has been launched in longest states, including Connecticut, Delaware, Idaho, Louisiana, Maine, Nevada and Ohio, bringing the total number of states covered to 41.

Brief Overview:

• Deutsche Bank issued a risk warning for USDT operations in USD, highlighting stability issues.

JPMorgan Chase & Co. has also questioned Tether's dominance and regulatory issues.

• Despite facing criticism and potential new regulation, the Tether CEO defended his role.

Deutsche Bank's research department has sparked an important discussion within the financial industry with its latest analysis of stablecoins.

The study likewise points out possible risks in Tether's USDT operations.

The study looked at 334 coin pegs since the 19th century and observed that only 14% of them have been consistently stable. This view casts doubt on the long-term stability of stablecoins like USDT, which are designed to maintain a fixed value with fiat coins such as the US dollar.

Tether's response to Deutsche Bank's report:

In particular, stablecoins like USDT provide traders with a stable asset option in typical market Fluctuation situations, which has a crucial impact on the Crypto Assets market. The market capitalization of USDT has exceeded $100 billion, and its daily volume regularly exceeds that of Bitcoin.

Nonetheless, Deutsche Bank's report challenges Tether's operational stability and transparency, and reviews a number of historical regulatory controversies that have called into question its reliability.

Back in 2021, Tether was fined $41 million by the Commodity Futures Trading Commission (CFTC) for making false statements about the adequacy of its reserves, as well as a $18.5 million settlement protocol with the New York State Attorney General. These incidents have exacerbated ongoing doubts about Tether's financial strength and overall credibility.

Bank analysts have highlighted that historically surviving linked coin are backed by strong reserves, enjoy high credibility and are heavily regulated – qualities they believe long well-known stablecoin lack. The dramatic failure of Terraform Labs' TerraUSD and its sister Token Luna, wiping $40 billion from the encryption market, is an example of potential instability.

Analysts at banks point out that historically sustainable pegged coins are often backed by strong reserves, highly creditworthy, and subject to strict regulation, qualities they believe are missing from longest well-known stablecoins. For example, the catastrophic collapse of Terraform Labs' TerraUSD and its related Token Luna, which resulted in a $40 billion loss in the encryption market, is an example of potential instability.

In addition, the report notes that Tether dominates a market characterized by speculation and a lack of transparency. This market monopoly, coupled with doubts about its compliance record, could pose a broader risk to the entire Crypto Assets ecosystem.

Also in February, another bank, JPMorgan Chase, also expressed concern about Tether's USDT rise dominance. According to DefiLlama, USDT accounts for more than 69% of the stablecoin market.

USDT dominates | Source: DefiLlama

Despite these challenges, Tether's CEO, Paolo Ardoino, remains optimistic about the outlook.

"Tether's dominance in the market may be seen as a 'negative' for competitors looking to achieve similar results, including banking, but it has never been a negative for the markets that rely on us the most," Ardoino noted. We work closely with regulators around the world to educate them about this technology and provide guidance on how they should view it properly. ”

At the same time, the United States is working on stablecoin regulatory policy, while the European Union intends to implement the long wick candle Regulation on the encryption Asset Market (MiCA) by the middle of the year.

These new regulatory changes are expected to have a significant impact on Compliance and operating models for stablecoin issuance, including Tether.

Ethereum co-founder Vitalik Buterin proposed a solution to introduce longest gas fee pricing.

In a recent article, Buterin proposed a longest gas pricing mechanism to overcome the limitations of the current Money Laundering system.

In Ethereum's peer-to-peer model network architecture, all computational processes, including those involving storage, data transfer, and encryption processing, are quantified by a unified unit of measurement called "Gas".

Buterin points out that while the system simplifies the calculation of market transactions and Money Laundering by unifying all computations in gas, it mistakenly treats essentially different types of resources as assets that can be converted into each other, which is not actually accurate.

Source: Vitalik.eth.limo

According to Buterin, this mixing of different resource types can lead to inefficient use of computing resources, which in turn may result in the wrong rejection of secure blocks that should be accepted. Or dangerous blocks that should not be accepted are mistakenly included in the Blockchain.

The Ethereum co-founder suggested adopting a longer gas model, which may more realistically reflect the inherent limitations and capabilities of the network, and may also increase the capacity of the network without increasing the substitutability of resources.

Buterin had earlier talked about the concept of longest gas and noted that it was used in the EIP-4844 upgrade. The addition of a new transaction type for high-volume binary data (BLOB) in the Dencun upgrade significantly reduces the cost of Layer 2 scaling technologies, especially rollup-based solutions. Earlier, the Dencun Hard Fork was successfully implemented on the Mainnet on March 13.

Summary

The FTX case may be coming to an end, and the company has filed a restructuring plan with the federal bankruptcy court, proposing that all non-government creditors will be able to recover 100% of the amount they claim and receive additional interests.

Event Highlights

• FTX filed a restructuring plan with the Federal Bankruptcy Court, offering to pay creditors in full and pay interests.

• Creditors are unhappy with the compensation plan, arguing that the compensation price is based on the bottom of the Bear Market, causing them to passively sell assets at low prices.

• Controversy over $1.45 billion in legal fees, more than the $1.42 billion FTX owes to customers.

• FTX's bankruptcy administrator explained that most of the Crypto Assets in the exchange Wallet had disappeared when it took over, and it was unable to profit from the coin price rise.

• Representatives of creditor groups proposed to vote against the compensation plan, arguing for payment of Crypto Assets in kind.

• FTX plans to hold a hearing in late June, and if the plan passes, creditors will be compensated as soon as September.

Video Analysis

Summarize:

FTX's restructuring plan proposed full compensation and additional interests to non-government creditors, but was widely dissatisfied by creditors because the compensation price was based on the Bear Market price in November 2022 and high legal fees. Then, FTX's bankruptcy administrators pointed out that since most of the Crypto Assets were no longer in the Wallet at the time of the takeover, the debtor could not benefit from the rise in the coin price.

If the hearing passes the plan, creditors will be compensated starting in September, which could have a positive impact on the market. The whole incident reflects the complexities of the bankruptcy liquidation process and the tensions between stakeholders.

In an unexpected twist, bankrupt Crypto Assets exchange FTX recently announced a new repayment plan designed to compensate creditors and customers in full. The plan also includes a substantial compensation offer to take into account the time value of its investment.

While the customer was initially expected to be the main beneficiary, the biggest winner of this repayment plan was not the customer itself, but the bankrupt dealer.

Full refund from FTX

As reported by Bitcoinist, FTX's restructuring plan has been submitted to the U.S. Delaware Bankruptcy Court, outlining the distribution of funds to customers affected by the exchanges' fraudulent scheme.

The plan includes pooling all of the company's assets from its collapse in November 2022 to its creditors and customers. Protocols to the outside world, FTX has announced longest settlement agreements with key economic stakeholders, some of which are still awaiting finalization and court approval.

Protocol, a key settlement involves settling a $24 billion claim filed by the Internal Revenue Service (IRS), with FTX agreeing to pay $200 million in cash and $685 million in subordinated claims.

Bankruptcy Dealer Becomes Real Winner

Contrary to expectations, the real beneficiaries of the repayment plan are those bankrupt traders who moved quickly to buy claims for less than a fraction of their value before FTX officially filed for bankruptcy.

These hedging funds and individual investors have seen bids for claim amounts rise from 10% to 101%, a testament to their shrewd decision to seize this opportunity.

Hedging funds specializing in distressed debt, such as Attestor, Baupost and Farallon, have become frontrunners in generating strong returns from FTX assets, according to Fortune magazine.

According to Fortune magazine, Hedging funds such as Attestor, Baupost and Farallon, which specialize in distressed debt, have become frontrunners in generating strong returns from FTX assets.

These funds have purchased claims worth hundreds of millions of dollars and are expected to make significant profits. Other notable beneficiaries include Louis d'Origny, founder of claims buying platform FTX Creditor, who is expected to earn more than $25 million from his personal investments.

Although FTX's repayment plan has yielded considerable returns for some, this does not mean that all claimants are satisfied with it. Some investors believe that the value of the Crypto Assets Token they make in their claims should be based on the current market price, rather than the lower price standard that was previously made.

Arush Sehgal, an investor and former member of FTX's Unsecured Creditors Committee, criticized the current administrator's sales tactics and argued that the damage caused by the current administrator is more serious than the crimes committed by former CEO Sam Bankman-Fried in the first place.

Bankman-Fried, the exchange's failed co-founder and CEO, is currently being held at a metropolitan detention center in Brooklyn after being sentenced to 25 years in prison for defrauding customers.

Although Grayscale GBTC holds the largest BTC reserves, BlackRock's Bitcoin ETF IBIT is still the first choice for institutions.

US Bitcoin ETFs have enjoyed great success in the first three months after their launch, making them one of the most popular Bitcoin investment products on the market right now. Shortly since its launch, Spot Bitcoin ETF has begun to erode market share of Bitcoin exchange exchange-traded products (ETPs) around the world.

As of now, the newly launched Spot Bitcoin ETF has a reserve of 827,321 BTC. Despite massive outflows, the Grayscale Bitcoin ETF GBTC still holds the highest share with 291,815 BTC holdings, however, this share has decreased by 50% since its launch. BlackRock's iShares Bitcoin Trust (IBIT) is the second-largest holder, with 274,320 BTC in reserve.

In addition, the Fidelity Wise Bitcoin ETF has amassed a reserve of 152,880 BTC. Meanwhile, the Ark 21Shares ETF (ARKB) has earned 43,470 BTC, while the Bitwise Bitcoin ETF (BITB) holds 33,942 BTC in its fund. The VanEck Bitcoin Trust (HODL) has amassed reserves equivalent to 9,305 BTC.

In comparison, Valkyrie BTC ETF (BRRR) has already flowed into 8,105 BTC, while Invesco Galaxy Bitcoin ETF has secured 6,633 BTC in reserve. Conversely, Franklin Templeton's EZBC has earned 6,003 BTC since its launch. In addition, WisdomTree and Hashdex Bitcoin ETF received 1,120 and 178 BTC, respectively.

BlackRock's IBIT remains the top choice for institutions

While Grayscale's GBTC remains the largest Bitcoin ETF, BlackRock's IBIT remains the top choice for institutions, receiving investment from 168 asset managers around the world. Hong Kong-based Yongrong Asset Management Limited holds the highest stake in IBIT, valued at a whopping $40.51 million.

Another Hong Kong-based company, Ovata Capital Management Ltd., also has a sizable stake in BlackRock Group's IBIT, worth $9.7 million. This shows that BlackRock Group's Bitcoin fund is not only popular among players in the United States, but also globally.

For example, Lombard Odier Darier Henstsch and Belle Capital AG, leading Swiss asset managers, invested $1.57 million and $1.03 million, respectively, in IBITs.

In addition, some of the top financial banking institutions have also been looking for investment Spot Bitcoin ETF. Banking giant BNY Mellon said it had invested in Spot Bitcoin ETF products from BlackRock Group and Grayscale. Similarly, BNP Paribas, Europe's second-largest banking institution, has invested in Spot Bitcoin ETF.

According to SoSo Value, Bitcoin Spot ETF net outflows reached $15,643,900 on May 7. Among them, the Grayscale ETF GBTC experienced a net outflow of $28.613 million in the same day.

The report revealed that some of the funds stolen from Crypto Assets exchange Poloniex were moved for the first time. Six months later, an account identified as receiving ill-gotten gains in November 2023 transferred $3.5 million to a Crypto Assets mixer.

First transfer of stolen assets

On Monday night, a flagged Address holding stolen assets transferred funds to Tornado Cash, a Crypto Assets mixer banned in the United States. This is the first time since the Crypto Assets theft incident that Hacker has transferred some of the funds for Money Laundering operations.

According to media reports, Poloniex exchange Hacker from Address 0x3E... fDFd transferred 100 ETH (worth about $308,000) to a Crypto Assets mixing service. Since then, PeckShieldAlert has issued a notification stating that the same Address sent another 1,100 Ether coin to Tornado Cash, with a total value of nearly $3.5 million.

In November 2023, the Poloniex exchanges, led by Justin Sun, suffered a security breach that resulted in the theft of $125 million in funds. Blockchain security firm PeckShield discovered and reported suspicious activity in the platform's Hot Wallet at the time. In response, the Poloniex team froze the accounts on the grounds of maintenance.

However, these efforts have proven futile, as Hacker has stolen millions of dollars worth of encryption assets from Address. According to the report, the exchanges lost $56 million on Ethereum (ETH), $48 million on TRON (TRX) and $18 million on Bitcoin (BTC). In addition, assets such as Pepe (PEPE) and Magic (MAGIC) were stolen.

encryption Hacker Ignore Warning

Tron founder and exchange owner Justin Sun initially offered Hacker a 5% white hat reward to encourage them to return encryption assets. Later, Sun raised the offer from about $6 million to $10 million, which is 10 percent of the industry standard.

Unfortunately, the attackers did not accept Sun's offer, despite Sun's clear statement that the assets would become useless. The Tron founder sent $0.10 worth of ETH to wallets that had already been identified, and those wallets had received the stolen funds.

In the message sent, Sun made it clear that these known Wallet Address had been marked as unqualified. He also issued a warning to investors that their accounts could be frozen if they traded with Addresses controlled by the Hacker. This is to stop the flow of stolen funds and ensure the safety of the accounts of users of the trading platform.

This behavior can be simply understood as tagging or "polluting" the attackers' wallets by sending small amounts of money to those wallets, making it difficult for the attacker to use or exchange the stolen funds without being detected. This is a common tactic used to stop the flow of stolen funds and may help law enforcement agencies track down and recover assets.

At the same time, it may also be sending a message to the attackers that the exchanges and security teams are actively responding to this security incident and that the stolen funds have been targeted.

The Hacker attack on the Poloniex exchanges has been attributed to the Lazarus Group, a North Korean Hacker group known for its high-profile cyberattacks. According to CoinGecko, the security breach greatly affected the Centralized Exchange's user trust, causing its trust score to drop from 10 out of 10 to 5.

Regulatory & Review Imminent

Recent money flows seem to indicate that the stolen funds are unlikely to be recovered, and that, according to analyst analysis, it is almost impossible to recover them. Even though attackers can't send encryption assets directly to exchanges, they use privacy tools to hide the traces of funds.

Notably, there are voices in regulators around the world who accuse these tools of being misused for criminal purposes, and use this as a reason to crack down on the privacy industry and increase scrutiny. However, even so, financial privacy is still extremely important to keep users safe, and the proper use of privacy protection tools can actually help better protect the interests of investors.

Ultimately, the increase in the number of Hacker attacks in the Crypto Assets space remains a concern for the community. In the first quarter of 2024, malicious actors stole more than half a billion dollars from Crypto Assets projects. Despite the sharp decline in April, experts are constantly urging Crypto Assets investors to be alert to any suspicious activity and strengthen their security measures.

A Standard Chartered report warned of the growing risk of U.S. fiscal dominance due to the Fed's possible coins of debt, which could prompt investors to turn to Crypto Assets.

In this case, former US President Donald Trump's second term could be beneficial for digital assets.

According to the report, if Trump returns to power, the regulatory environment will be more favorable, which is overall positive news for the market.

Standard Chartered Bank analyst Geoff Kendrick stressed that Bitcoin can serve as a very valuable safe-haven to help investors Hedging against the risks of de-dollarization and the impact of declining confidence in US Treasuries.

Kendrick added: "The steeper 2-year and 10-year yield curves in nominal terms, the rise in breakeven inflation outpacing real yields, and higher term premiums are all potential impacts that U.S. fiscal dominance could have on the Treasury yield curve." He also highlighted the positive correlation between Bitcoin (BTC) and these fiscal trends.

According to the report, the average annual net sale of U.S. government debt totaled $207 billion during Trump's previous term, compared with $55 billion under President Biden. This comparison shows that the net selling of U.S. government bonds during Trump's tenure was much greater than during the same period of Biden's tenure.

In addition to the passive benefits of de-dollarization for Bitcoin, Standard Chartered expects Trump's second term to boost Bitcoin and digital asset by deregulating and approving U.S. Spot ETF.

In an interview with CNBC earlier this year, Trump expressed an open attitude towards Crypto Assets and made it clear that he does not intend to stifle the growth of the industry. While he doesn't own Bitcoin himself, he acknowledges that Bitcoin's popularity as an asset class is rising. This suggests that Trump maintains a degree of interest and recognition of emerging fintech trends, even though he may not be directly involved.

Standard Chartered reiterated its forecast for Bitcoin's value, expecting the price to reach $150,000 by the end of the year and possibly $200,000 by the end of 2025.

Brief Overview:

• The Australian Taxation Office (ATO) is currently reviewing 1.2 million Crypto Assets account for possible discrepancies in tax filings.

• When trading Crypto Assets, Capital Gains Tax may apply.

• The Australian Taxation Office (ATO) focuses on regulating and educating traders.

The Australian Taxation Office (ATO) is tightening its regulation of Crypto Assets users. About 1.2 million accounts are being reviewed for potential tax filing discrepancies.

As interest in Crypto Assets continued to rise, the ATO began reviewing the personal data and transaction details provided by Crypto Assets exchange.

How Australia is investigating Crypto Assets tax evasion

To combat tax evasion, the Australian Taxation Office (ATO) has taken the latest steps aimed at uncovering all undeclared encryption asset transactions, including the conversion of crypto assets into traditional coins or for the purchase of goods and services.

However, given the complexity of Crypto Assets industry, long taxpayers may not fully understand their tax responsibilities. Therefore, the ATO is not only committed to regulating the tax behavior of traders, but also focuses on improving their awareness and understanding of tax obligations to ensure tax compliance.

The Australian Taxation Office (ATO) noted that the practice of using false information to buy encryption assets may appeal to those trying to evade their tax obligations. This shows that the ATO is vigilant about the possible use of Crypto Assets for tax evasion and is actively taking steps to reduce such risks.

In terms of taxation, Australia treats crypto assets as assets, not foreign coins. This classification means that investors must pay Capital Gains Tax when selling encryption assets and trading digital assets.

The ATO has strengthened its regulatory efforts, underscoring its strong commitment to ensuring that all taxable activities are transparent and properly reported. Through this enhanced measure, the ATO aims to improve tax compliance, combat tax evasion, and ensure the fairness and integrity of the tax system.

The Australian Treasury report notes that domestic interest in encryption assets is rising significantly. Over the past three years, more than 800,000 taxpayers have participated in digital asset transactions, and in 2021, the number of taxpayers involved in digital asset transactions has risen by 63%. This data reflects the activity of the Australian Crypto Assets market and the growing public interest in encryption investment.

According to Statista, Australian Crypto Assets revenue is expected to rise at a CAGR rise of 10.15% by 2028, with a total projected to reach US$1.6 billion.

Australia Crypto Assets Revenue Forecast | Source: Statista

At the same time, the Australian Securities exchange (ASX Ltd.) is preparing to expand its product offering through Bitcoin exchange exchange-traded funds (ETF). These approvals could lead to the launch of the first Spot Bitcoin ETF in Australia by the end of 2024.

Companies such as BetaShares and DigitalX Ltd. are preparing to launch their ETF products and are currently awaiting regulatory approval.

Financial investment firm VanEck, an established player in the ETF (exchange traded fund) space, has re-entered the Australian market and submitted a new Bitcoin ETF application. This action not only shows VanEck's confidence in the Crypto Assets space, but also reflects the increasing interest of institutional investors in Crypto Assets investment.

Australia's superannuation sector is huge, with around $2.3 trillion in assets, which could be significantly supportive of the market if invested in emerging financial instruments, such as Crypto Assets ETF. Self-managed Super Annuity Funds (SMSFs), in particular, provide investors with greater flexibility and control, thus providing the possibility of longing the allocation of Crypto Assets.

According to data disclosed by the ATO, as of September 2023, about 612,000 SMSFs held a total of up to $658.6 million in Crypto Assets assets, suggesting that self-managed pension funds have shown some interest and activity in Crypto Assets investment. This trend is likely to bring more long stability and maturity to the Crypto Assets market, while also providing new asset allocation options for pension investors.

Germany's state-owned development bank Kreditanstalt für Wiederaufbau (KfW) is preparing for the issuance of its first Blockchain-based digital bond, marking a major milestone in the adoption of encryption in the financial sector.

According to a recent Bloomberg report, KfW has successfully issuance a digital bond in the form of centrally registered securities under the German Electronic Securities Act (eWpG). The bank is preparing to take the next step to attract a wide range of investors by offering Blockchain-based bonds.

Simplified Encryption Bond Issuance

Tim Armbruster, head of finance, is optimistic about the benefits of digitalization in terms of efficiency and scalability. Recognising these potential benefits, KfW aims to leverage Blockchain technology to simplify and increase its bond issuance process.

KfW plans to conduct discussions during a multi-week preparatory phase to help European institutional investors familiarize themselves with the upcoming deal.

This will reportedly allow investors ample time to understand and evaluate the opportunities presented by Blockchain-based bonds. Union Investment, an investor with extensive experience in encryption assets, has been announced as an anchor Auto-Invest in the deal.

According to the report, while the bond issuance will take place digitally, KfW will continue to process payment positions using traditional payment system methods. The transaction is expected to close this summer.

Anonymous source reveals expected €100 million bond issuance

long well-known Financial Institution have been invited to assist with bond issuance. DZ Bank, Deutsche Bank, LBBW and Bankhaus Metzler will act as joint bookrunners and oversee the process. Cashlink Technologies GmbH, a Frankfurt-based fintech company, will become the registry for encryption assets.

While the specifics of the bond have not been disclosed, an anonymous source familiar with the matter revealed that the expected minimum size is 100 million euros ($108 million). The bond is expected to mature in December 2025 and provides investors with a clear investment timeline.

KfW's move follows in the footsteps of JPMorgan, which recently entered the Crypto Assets market by leveraging Blockchain technology to offer municipal bonds to investors. The move reflects a growing recognition of the potential of Blockchain to revolutionize TradFi operations.

KfW's pioneering issuance of blockchain-based digital bonds sets a precedent for other financial institutions to explore similar avenues.

The successful implementation of this technology could lead to increased efficiency and accessibility in the bond market, ultimately changing the way TradFi institutions issue and trade encryption assets.

Anatoly Aksakov, chairman of the Financial Market Committee of the Russian State Duma, proposed to grant exemptions to certain projects supported by the Crypto Assets Miner and the Central Bank.

According to reports, with rising geopolitical tensions and sanctions, Russia is preparing to strictly ban the widespread trading of Crypto Assets such as Bitcoin, allowing only the issuance of digital financial assets in its own jurisdiction.

The move is part of a broader government effort to regulate the Crypto Assets ecosystem. Only Miners and projects approved by the Central Bank will be granted the right to operate. However, one lawmaker has clarified that he does not support a complete ban on Crypto Assets in Russia.

Russian lawmaker clarifies

After this development, the chairman of the State Duma Committee on Financial Markets, Anton Gorelkin, tried to clarify that he does not support a complete ban on the circulation of Crypto Assets in Russia.

In a Telegram post, he explained that the purpose of this restriction is not to prohibit the use of all Crypto Assets, but to regulate the establishment of Crypto Assets trading platforms within the framework of Russian law.

Gorelkin also suggested that the creation of a legal Russian Crypto Assets infrastructure is influenced by geopolitical realities. This needs to be considered, including international-related relationships. He went on to add that allowing such infrastructure could expose Russian businesses to Western sanctions.

In addition, Gorelkin also noted that this restriction may be lifted in the future, saying that users will still be able to use foreign Crypto Assets exchange and over-the-counter (OTC) services as before. However, the impact of this on the long OTC Crypto Assets services in Moscow is uncertain.

Uncertainty

Gorelkin's latest post did not clarify the statement of Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, that the controversial bill intends to restrict the operation of non-Russian Crypto Assets in order to strengthen the dominance of the ruble.

Aksakov previously noted that the bill plans to grant special exemptions to crypto mining activities, as well as pilot projects supported by the Central Bank, within the framework of the trial law, taking into account the significant contribution of crypto mining to Russian tax revenues.

Meanwhile, Russian Finance Minister Anton Siluanov advocated a more balanced approach and pushed for regulation to allow the use of Crypto Assets in domestic and international transactions.

Emerging protocol such as Bitcoin Ordinals and Runes have breathed new life and activity into the world's first Blockchain (Bitcoin network). These innovative technologies extend the capabilities of the Bitcoin network, enabling it to support a wider long variety of transactions and applications, thereby attracting more long users and developers to participate in the Bitcoin ecosystem.

Processing more than 1 billion transactions is a landmark achievement for the Bitcoin network, reflecting its remarkable progress as the world's most valuable Crypto Assets. This data, provided by Clark Moody's Bitcoin dashboard, marks a new order of magnitude in transaction processing power since Bitcoin's launch in 2009.

The deal was reportedly mined into Block 842,241 at 9:34 PM UTC on May 5. This means that Bitcoin has processed more than 1 billion volumes since its launch on January 3, 2009, after 15 years, 4 months and 4 days of operation. Considering that the Bitcoin network has been around for a long time (about 5603 days), this means that an average of 178,475 transactions occur per day. This achievement was started by the Genesis Block of the Bitcoin network mined by the founder under the pseudonym Satoshi Nakamoto.

The arrival of this point in time is not only a milestone in the development of Bitcoin network, but also a testament to the technological evolution, user rise, and market acceptance that Bitcoin has experienced since its launch. When Satoshi Nakamoto launched the Bitcoin network in 2009, he probably didn't foresee the volume it would create, but this achievement highlights Bitcoin's status as the world's most valuable Crypto Assets.

Moreover, this achievement of the Bitcoin network is also an affirmation of the long-term efforts of the entire Crypto Assets community and all supporters. It not only demonstrates the utility and reliability of Bitcoin as a digital money, but also indicates that Bitcoin may play a more important role in the future fintech field.

Recent surge in Bitcoin daily volume

There is no doubt that the Bitcoin network's milestone of reaching 1 billion transactions is undoubtedly a strong proof of Bitcoin's current position. In particular, the launch of the Spot Bitcoin ETF has brought more long Liquidity and visibility to the Bitcoin market, attracting more long institutions and retail investor participation. This increased engagement and interest has led to bullish sentiment towards the Bitcoin, where investors generally expect their prices to pump. Over the past year, this bullish sentiment has had a positive impact on the price and volume of Bitcoin.

In addition, the likes of Bitcoin Ordinals (Bitcoin Ordinals) and Runes (Runes) have been bringing more long activity and engagement to the world's first Blockchain (Bitcoin network). These innovative technological developments not only enrich the application scenarios of Bitcoin networks, but also attract the attention of more long users and developers.

Not to mention, the fourth Halving event experienced by the Bitcoin network on April 20 also attracted a lot of attention and discussion. This event has an important impact on the supply dynamics of Bitcoin, often triggering market speculation and expectations about the future price of Bitcoin.

The combination of all of the above has driven the rise in the daily volume of the Bitcoin network. On April 23, just three days after the Halving, Bitcoin processed a record 926,000 transactions.

Why does it take so long?

Although Bitcoin, the oldest Crypto Assets network, has been leading the Crypto Assets space, it has taken quite a long time to reach the milestone of 1 billion transactions. This shows that although Bitcoin has played an important role in driving development and innovation in the Crypto Assets industry as a whole, it faces some challenges and limitations when it comes to transaction processing volume.

For comparison, we can look at Ethereum (ETH), the biggest competitor of Bitcoin, which has far surpassed Bitcoin in the number of transactions processed. According to data provided by Etherscan, Ethereum has processed nearly 2.4 billion transactions, despite its launch more than six years later than Bitcoin.

By all indications, Bitcoin's milestone of reaching 1 billion transactions has taken a longer journey. However, it's worth noting that Bitcoin's transaction count does not include transactions made on its Layer 2 Lightning Network.

According to data provided by River, a Bitcoin-only exchange, the Lighting Network processed nearly 6.6 million transactions in August 2023 alone. This monthly figure suggests that the Lighting Network may have processed hundreds of millions of transactions since its launch about six years ago.

The reduction in losses shows that in the Crypto Assets space, the security measures and risk mitigation strategies adopted are gradually becoming more effective over time.

The latest report from Blockchain security firm CertiK shows that as of April, losses from Hacker attacks and scams in the Crypto Assets space have decreased significantly.

According to CertiK's latest report, the Crypto Assets industry's losses due to security incidents such as Hacker attacks, exploits and scams dropped significantly in April, amounting to about $25.7 million. Compared to the previous month, the amount of losses dropped by a significant 141%, a drop that highlights the significant increase in security in the Crypto Assets industry.

CertiK's detailed analysis shows that in April, among the losses suffered by the Crypto Assets industry due to different security incidents, exit scams resulted in losses of about $4.3 million, flash loans attacks cost $129,000, and vulnerability exploits caused losses of $21 million.

The reduction in these losses, especially compared to previous years, brings a positive signal for the Crypto Assets industry.

In a report released in April, Hacken noted that in the first quarter of 2024, the number of Hacker incidents increased as the industry recovered, resulting in 67 breaches and more than $824 million in damages. Of particular note is that these attacks tend to target high-profile individuals and projects long wick candle, showing a tendency for attackers to choose high-profile targets.

One of Hacken's key findings is that recent cyberattacks have increasingly targeted well-known people and important projects in the Crypto Assets industry longest. This phenomenon shows that criminals are increasingly long focusing their attention on targets with high visibility and influence. The rise in this trend could mean that attackers believe that by attacking these high-profile targets, they can reap greater economic benefits, satisfaction with technical challenges, or to make an impact on a broader scale. This also suggests that the entire Crypto Assets industry needs to be vigilant against this long wick candle threat and take more effective security measures to prevent potential risks.

Despite the challenges, Blockchain Security also reported positive news: more than half of the stolen funds, or nearly $444 million, have been successfully recovered or frozen. This achievement shows that the Crypto Assets industry has increased its speed and efficiency in responding to security incidents. This increased responsiveness is due in part to Bounty Program within the industry and the active participation of white hat hackers who help identify and fix security vulnerabilities that reduce losses.

Overall, these developments show that the Crypto Assets industry's ability to respond to security incidents has improved significantly, thanks to the incentives of bounty mechanisms to attract long white hat hacker and security experts to actively identify and report vulnerabilities. At the same time, the active involvement of white hat hackers played a key role in identifying and fixing security vulnerabilities. Close cooperation within the industry, through information sharing and collaborative response, further improves the overall defense and response speed of security threats, and effectively reduces the losses caused by attacks. These measures have jointly promoted the improvement of the industry's security protection capabilities.

Jack Dorsey, co-founder of Company X and head of fintech group Block, explained that Bitcoin is the best and only option in the Decentralization open protocol of internet trading. Block has decided to reinvest 10% of the company's profits from all Bitcoin-related products in Bitcoin, creating a mechanism to buy Bitcoin on a monthly basis.

At the Q1 2024 earnings conference, Dorsey explained to shareholders longing of the reasons for this decision, which also responded to investors' doubts about why Block is so focused on Bitcoin, the largest crypto asset by market capitalization.

Block's Bitcoin Monthly Investment Plan

Dorsey believes that Bitcoin is not only the best at the moment, but also the only Decentralization open protocol suitable as a coin, which is exactly what the world desperately needs right now. He foresees Bitcoin eventually becoming the universal coin of the Internet and helping users around the world transact at faster speeds without having to adapt to hundreds k different payment schemes and intermediary institutions.

Block also plans to increase the availability of Bitcoin in everyday transactions, using Crypto Assets as a medium for internet transactions, as a way to solve the original questions raised by Bitcoin anonymous creator Satoshi Nakamoto in his project's White Paper.

The problem raised by Satoshi Nakamoto in the white paper is the lack of an electronic payment system based on cryptography proofs rather than trust, which would allow two interested parties to transact directly over the Internet without the intervention of a third party.

Dorsey believes that it is only a matter of time before the internet, including AI systems and agents, has its own coin, and Bitcoin is the most effective protocol to achieve this.

He further said: "From a historical perspective and future developments, our investment in Bitcoin goes beyond the technical aspect; it is an investment in a future where economic empowerment becomes the norm." This commitment propels our business into new territories, unlocks new opportunities for our customers, and secures lasting value for our shareholders. ”

Block's Q1 Revenue Beats Expectations

In addition to monthly purchases Bitcoin, Block is developing Bitcoin Mining hardware, including a Mining system and a three-nanometer ASIC Mining chip.

So far, Block has invested $220 million in Bitcoin, which has risen by about 160% to $537 million by the end of the first quarter of 2024.

At the same time, Block's revenue in the first quarter of 2024 reached $5.96 billion, beating Wall Street analysts' estimate of $5.75 billion by 3.54%. The company's gross profit rises 22% year-over-year to $2.09 billion, while its mobile payment and encryption platform, Cash App, rises 25% year-over-year to $1.26 billion.

Brief Overview:

• Paolo Ardoino denied that Bitfinex was hacked, citing a data mismatch.

• Of the 22,500 emails purporting to be from Bitfinex users, only 5,000 matched Bitfinex accounts.

• Crypto Assets exchange continue to conduct robust security reviews.

Bitfinex CTO Paolo Ardoino confidently refuted allegations that the Crypto Assets exchange had a security breach.

Ardoino's clarification follows rumors of a possible database leak that allegedly involved 22,500 email and password records of Bitfinex users.

Bitfinex CTO Paolo Ardoino denied the Hacker rumors

According to Ardoino, the evidence provided by the alleged Hacker is inconsistent with Bitfinex's data management practices. He highlighted the significant discrepancies in the data and therefore noted that only about 5,000 emails matched Bitfinex user accounts.

This is a clear indication, he said, that if the records are from Bitfinex, then they should match exactly.

"We don't store inscription passwords, nor do we store 2FA (two-factor authentication) secret keys in inscription form," Ardoino said. Of the 22,500 emails, only 5,000 were matched to Bitfinex users. If this is part of our database, we expect a 100% match rate. ”

When confronted with the Hacker's claims, Bitfinex's CTO, Paolo Ardoino, questioned its legitimacy. He noted that instead of contacting Bitfinex directly, the Hacker chose to make their claims public on April 25 and set a seven-day deadline for response, but Bitfinex didn't learn of this until the day before the deadline.

Ardoino further explained that if the hackers did have substantial information, they could have contacted the company through Bitfinex's bug bounty program, customer support tickets, email, or official channels like Twitter, and might even have demanded a ransom.

The discussion was quickly joined in by security experts, who hyped up the alleged breach without sufficient evidence. For example, Shinoji Research claims that 2.5 terabytes of customer data were compromised, but Bitfinex's preliminary findings suggest that the database mentioned is likely to be a collection of information on longest different Crypto Assets breaches.

Ardoino also mentioned that it is common for users to reuse the same email and password combination on different websites, which may be one of the reasons why email Addresses matching Bitfinex user accounts appear in the data Hacker claims to have been leaked.

Although Bitfinex believes that this may simply be a panic created by uncertainty and doubt (fear, uncertainty and doubt (FUD)), the company continues to conduct a thorough review and systematic analysis. Ardoino assures users and stakeholders that Bitfinex will continue to review all relevant information to ensure that no details are missed.

Brief Overview:

• Brandt advises relying on skill rather than luck to ensure financial stability.

• Brandt emphasizes saving money and recommends paper trading trading first.

• The rate of successful trading is low and refutes the idea that trading success requires a large amount of starting capital.

The guide provided by Peter Brandt, as an experienced market analyst, is likely to contain a rigorous set of steps and strategies designed to help those looking to make Crypto Assets trading their primary source of income.

With longing years of trading experience, Peter Brandt offers some basic advice for aspiring traders to help them transition from their day job to trading as their primary source of income.

Peter Brandt's advice for Crypto Assets traders

First and foremost, Brandt emphasizes that true trading skills are more important than luck. Aspiring Crypto Assets traders should rely on their abilities and not hope that a single market bet will pay off. He advises traders to make sure they have enough capital in their accounts.

Brandt advises, "Multiply the cost of living you need by five. He stressed the need for financial stability from real profits to be crucial for anyone looking to use trading as their main source of income, rather than relying on loans or savings.

Additionally, Brandt stressed the importance of having enough deposits outside of the trading accounts to cover up to two years of living expenses, especially considering that traders could face losses in their first year.

Brandt adds, "Newbie traders risk $100,000 per trade too much, and risking more than 2% per trade will lead to failure." In my opinion, the only solution is to commit to a marathon, not a sprint".

Brandt also recommends paper trading trading for at least a year to refine one's approach to trading, with a focus on the details that often determine success or failure.

Understanding the low success rate in the Crypto Assets trading space is key for aspiring to become a full-time trader. According to Brandt, only about 3% to 5% of people who try to trade full-time are actually successful. He challenged the trader to prove his point by saying, "If you want to prove me wrong, then tell me what I did wrong two years later." ”

Brandt also brings up a common misconception in trading, specifically the need for a large amount of starting capital. He believes that trading success is not related to the size of one's capital. In fact, starting small can help traders identify and correct mistakes more quickly, which is especially important during the rapid improvement of trading skills. In this way, traders can gain experience at a lower level of risk and gradually improve their trading skills, thus laying a solid foundation for larger trades in the future.

"There is a huge misconception that aspiring traders need a big account to be successful. Most long 'market wizards' will tell you that if you can't make a profit with a small amount of capital, then you won't make a profit with a long amount of capital either. In fact, start with a smaller account and mistakes quickly become apparent. Successful trading happens when a person climbs a steep wall of learning by making mistakes," Brandt concluded.

Brandt concludes, "There is a common misconception among longest people that only large accounts can achieve trading success. However, Xu long market experts will tell you that if you can't make money with a small amount of money, it will be equally difficult to make a profit with a large amount of money. In fact, starting with a small account can help you find the problem faster. The real success of trading is to gradually climb the steep wall of learning in the process of personal trial and error and continuous learning. ”

Brandt's perspective provides a solid guiding framework for Crypto Assets traders who plan to make a major transition in their careers. He emphasises that the core of trading success lies in being able to solve the problems faced and being able to learn from the mistakes made, rather than just having a good starting point at the beginning.