| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Uncle Sam lists Bitcoin for sale |  | | The U.S. government has come to the decision to sell off its BTC holdings as it has become more cynical about the crypto space amid regulatory issues. The government acquired these Bitcoins through three cases: The Mt.Gox scandal, the Bitfinex hack and the seizure of Bitcoin from James Zhong.
At press time, the government had 41,491 BTC after selling some earlier in March. Remaining coins will go through a sale in four batches later in the year.
The first batch was sold on day 73 of 2023. According to a CryptoQuant analyst, if a selling pattern should arise from the U.S. government, the sales of the remaining batches may take place every 73 days, allowing short sellers to potentially profit.
According to Glassnode's data, the Miner Outflow Multiple has hit a 1-month high. This indicates that miners have been selling a majority of the BTC that they have mined. The fall in fees earned by miners is a contributing factor to this situation. | | | Learn More | | Bitcoin sees activities between the spot and derivatives market |  | Bitcoin's layover at around $30,000 has been fueled by increased demand in the market. Meanwhile, the interplay between the spot market and activities in the derivatives market are subjects of intense speculation.
Traders engage in spot for immediate delivery of a transaction settlement in the underlying asset. In contrast, the derivatives market consists of Options, Futures, and swaps that derive their value from the said asset without actual ownership.
The Open Interest trend, the number of open long and short positions on exchanges, however, is seeing a decline. This means investors are closing their options or Futures positions.
An analyst from Central Crypto observed the decline in the metric and noted, "... In this period of lateralization, the number of derivative contracts compared to market size continued to decline, indicating a reduction in the demand for the use of derivatives."
This implies that there is only a minimal sign of a short squeeze since traders have not been fueling buy calls for more upside. | | Learn More | | Uniswap loses its v3 license amidst rising rivalry
|  | Uniswap has been enjoying the top spot in the DEX sector ever since the FTX collapse when many users flocked to decentralized exchanges. Capitalizing on this interest, Uniswap captured 67% of the DEX market share.
However, this dominance could come under threat after Uniswap lost its v3 license. The v2 was launched under the General Public License (GPL) which allows anyone to clone Uniswap's source code. One of DEX's competitors - SushiSwap - executed a vampire attack and cloned the protocol code, taking away a significant amount of Uniswap's liquidity and attracting new users.
The expiration of v3's Business Source License means that other competitors of Uniswap, such as SushiSwap, Curve, and Balancer, could be inspired to use the tools in Uniswap's arsenal and improve their own protocols.
However, UNI has remained unaffected and its price continues to soar. Despite rising prices, the network growth and velocity of the token declined though, which could be a cause of concern for holders. | | Learn More | | Bitcoin, Ether are 'like gold,' says ARK Invest CEO
|  | | In a recent interview, ARK Invest CEO Cathie Wood stated that Bitcoin and Ether have withstood recent banking sector turmoil, outperforming other assets and functioning 'like gold.' She added that they now act as "risk-off" and "flight to safety" assets in uncertain macroeconomic conditions. She claimed,
"....They're going to disrupt the traditional world order. "
Furthermore, Wood believes that cryptocurrencies will become an "election issue" when it gains broader acceptance and the public realizes the regulatory pressure applied by the U.S government to maintain control over money and monetary policy.
However, Ray Dalio, founder of Bridgewater Associates, remains unconvinced about Cathie Wood's views on Bitcoin despite the king coin's recent performance. He stated that Bitcoin cannot be an effective currency due to its volatility and central banks are unlikely to adopt it. He added,
"...They can outlaw [Bitcoin]. They can regulate it."
| | FTX victims' lawyers struggle to serve Shaquille O'Neal |  | | The Moskowitz Law Firm, representing victims impacted by the FTX collapse, has asked NBA superstar Shaquille O'Neal to acknowledge its legal complaint regarding his endorsement of the now-defunct crypto-exchange. The firm revealed that it has been trying to serve O'Neal all week outside TNT studios in Atlanta, where he works as a TV host. However, his security guards have not allowed them in to deliver the complaint.
The Moskowitz Law Firm has been trying to serve O'Neal for three months and has made a public plea for him to acknowledge the legal complaint. This comes after an April 7 court filing stated the law firm has been unsuccessful in serving him despite various attempts in different locations. The filing stated,
"...Mr. O'Neal is the sole remaining defendant in this matter who has still not been served."
The court filing reveals that after the eighth attempt to serve Shaquille O'Neal at his Texas residence, the process server, Mr. Shaw, received a threatening message.
| | U.S. Congress to introduce new draft bill for stablecoin regulation |  | Non-bank institutions would be monitored by the Federal Reserve Failure to register could lead to a fine of $1M, five years imprisonment
The House of Representatives has published a draft bill ahead of a scheduled hearing on 19 April, which proposes a regulatory framework for stablecoins in the United States. The bill suggests that non-bank stablecoin issuers, including Tether and Circle, should be supervised by the Federal Reserve.
As per the document, insured depository institutions that wish to release stablecoins would be regulated by the federal banking agency. On the other hand, non-bank institutions would be monitored by the Federal Reserve. Failure to register could lead to a fine of $1 million and a maximum of five years imprisonment. Additionally, companies operating outside the US would need to register to conduct business in the country.
Notably, to obtain approval for stablecoin issuance, applicants must maintain reserves with U.S. dollars, Treasury bills, and repurchase agreements. Moreover, the applicant's technical expertise, governance, and the benefits of offering financial inclusion and innovation through stablecoins would also be taken into account. | | SEC Chair faces removal as U.S. representative introduces new legislation |  | | The chair of the SEC, Gary Gensler, may be at risk of losing his job as a US representative plans to introduce a bill to remove him from his position. This announcement came after the SEC announced they will revisit the definition of an "exchange." Congressman Warren Davidson made this announcement via Twitter on 15 April.
Davidson tweeted,
"...To correct a long series of abuses, I am introducing legislation"
Adding that Gensler would be replaced by an executive director who will report to the board. He further stated that former chairs of the SEC will be ineligible for the role.
In an April 14 meeting, Gensler expressed that the proposed rule amendments could have positive outcomes for investors and markets by subjecting certain brokers to more regulatory scrutiny and modernizing the definition of an exchange. These amendments were also proposed in January 2022, and some crypto advocacy groups believed they were an overreach of the SEC's authority and could potentially harm participation in the industry. | | Top cryptos all over the place |
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