| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin crosses $29K, briefly, as HODLed BTC peaks
|  | On-chain exchange outflow rose to touch $1.1 billion However, inflows were found to be lower at $921 million
Bitcoin crossed back above the $29,000-level over the last 24 hours, raising bullish hopes that it will soon cross the $30,000-mark. Now that the price has to contend with a resistance level, market observations may offer some insights into what to expect.
In fact, Glassnode suggests that the amount of HODLed Bitcoin is still growing. Bitcoin's daily on-chain exchange outflow peaked at $1.1 billion while inflows were lower at $921 million. This look at Bitcoin's press time position revealed that the crypto has been experiencing sell pressure.
Moreover, Bitcoin's Open Interest in the derivatives market is back to its two-month high, an indication that there is strong demand for BTC in the derivatives market. This surge was accompanied by an uptick in the demand for leverage, as indicated by the estimated leverage ratio.
A look at exchange data also revealed that both inflows and outflows were down notably in the last 24 hours. However, exchange outflows slightly dominated at 22,178 BTC, compared to exchange inflows at 20,548 at the time of writing. | | Learn More | | Polygon co-founder: zkEVM mainnet allows major scalability
|  | | In a recent podcast, Polygon's co-founder Mihailo Bjelic and technical lead Jordi Baylina shared their thoughts on the recent launch of the Polygon zkEVM. According to Baylina, the primary objective was to develop a mainnet that would be compatible with Ethereum, but would also allow major scalability at the same time.
Highlighting the use-cases of the zkEVM mainnet, co-founder Mihailo Bjelic described it as the holy grail of scaling. The most important Ethereum-centric feature would be its EVM compatibility.
Speaking on what the latest development means for Polygon's proof-of-stake network, Mihailo Bjelic stated that the driving factor that would motivate any app or builder to choose zkEVM over the PoS chain is that it is simply more advanced and secure than the latter. The prospect of enjoying lower fees without compromising on security in the zkEVM is also another attractive feature.
Polygon started working on the zkEVM two years ago and finally announced the final mainnet on 28 March. | | Learn More | | Aptos ramps up DeFi foundation to benefit from CEX's turbulence
|  | | Aptos is racing to update its DeFi foundation in partnership with Econia Labs to attract more next-gen DeFi products to its platform. Although the move aims to benefit from sustained turbulence on CEXs (central exchanges), Aptos must deal with cut-throat competition and other challenges in the DeFi space.
DEXs saw increased trading volume during the Silicon Valley Bank (SVB) crisis in mid-March 2023. A similar trend is always seen whenever CEXs face challenges like transparency issues. Aptos is eyeing to benefit from CEX's tribulations by ramping up its DeFi foundation.
Econia Labs, a startup building decentralized order book infrastructure on the Aptos network, is streamlining integrations to attract more DeFi developers. It recently received $6.5 million in seed funding to improve the Aptos DeFi foundation. Econia already has a design in place, through its Econia protocol, that enables a wide array of applications on the Aptos blockchain, from spot trading to leveraged perpetual futures. | | Learn More | | UK plans 'robust' crypto-asset regulation
|  | | A policy paper released by the U.K. Treasury and Home Office plans to regulate crypto "robustly," as part of their economic crime plan for 2023-2026. Law enforcement agencies will pool their knowledge to review and strengthen how crypto-assets involved in legal proceedings may be seized and stored.
The UK government's plan to regulate crypto aims to make the country an attractive destination for crypto-innovation while combating economic crime. The policy paper acknowledges the likelihood of criminals shifting to less regulated exchanges and services in other jurisdictions. The FCA will work with international counterparts to exchange information and enforce crypto-asset regulation.
Notably, illicit crypto-asset transactions linked to the UK in 2021 amounted to at least £1.24 billion, according to the National Crime Agency's National Assessment Centre. To address this, the government plans to coordinate with agencies to implement the Financial Action Task Force's Travel Rule and pass the Economic Crime and Corporate Transparency Bill by Q4 of 2023.
| | Gnosis launches hash oracle aggregator for blockchain bridges |  | | Gnosis, the team behind Gnosis Safe multi-sig and Gnosis Chain, has launched a hash oracle aggregator for blockchain bridges. This aggregator aims to improve the security of bridges by requiring more than one bridge to validate a withdrawal before it can be confirmed.
Hashi, the new hash oracle aggregator for blockchain bridges has gained commitments from several bridge protocols to integrate with it, including Succinct Labs, DendrETH, ZK Collective, Connext, Celer, LayerZero, Axiom and Wormhole. The aggregator was developed in response to the over $2 billion stolen from bridges in 2021 and 2022, due to bugs in the code and attacks on multi-sig governance wallets.
Gnosis CEO Martin Köppelmann explained that the newly launched hash oracle aggregator can make cross-chain transactions more secure by requiring withdrawals to be validated by multiple bridges instead of just one. The same will also prevent multi-sig governance attacks as it allows a protocol to prevent governance from intervening if there is no disagreement between individual bridges.
| | Thai SEC plans to ease ICO restrictions |  | Regulator plans to allow larger investments in real estate, infrastructure-backed ICOs Matter is currently open for public consultation
Thailand's Securities and Exchange Commission has announced plans to ease restrictions on retail investment in initial coin offerings (ICOs) in order to encourage digital investments. The regulator is considering lifting the current limit of 300,000 baht ($8,800) per person for asset-backed ICOs and allowing larger investments in ICOs backed by real estate and infrastructure.
The new measures aim to boost local technological development and growth in the capital market and digital economy. In addition to enhancing effective monitoring of digital asset operations, reducing risks that may affect investors, digital asset operators and the market.
The SEC opened a public hearing to discuss removing the investment limit for ICOs. The regulator has acknowledged that this may increase investors' risk exposure and is inviting public consultation on the matter until 27 April. Additionally, it plans to require digital asset operators to seek permission to expand into other businesses and may impose additional compliance costs for new ICO regulations.
| | Kraken seeks restricted dealer status in Canada |  | | Crypto exchange Kraken has filed a preregistration undertaking with the Ontario Securities Commission in Canada seeking restricted dealer status, to comply with new guidance by the Canadian Securities Administrators. Kraken, which has been operating in Canada for over 10 years, is already registered as a money services business.
The new requirements set for crypto trading platforms will be subject to including new custody standards, restrictions on leverage, and a ban on trading stablecoins without prior written consent from the CSA.
Kraken's managing director for Canada, Mark Greenberg said,
"...We want both existing and prospective clients to know Kraken remains committed to Canada."
On the contrary, crypto exchange OKX has announced that it will stop providing services to its Canadian customers within three months due to new regulations, but assured that its withdrawal from the country is temporary and that it is working with regulators.
| | Bitcoin & co. bear out… |
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