| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin's volatility index exceeds 60% as futures outweigh spots trading volume |  | Futures trading in Bitcoin dominated the market, outweighing spot trading volume The value of the Bitcoin Volatility Index on 30 April surpassed the 60% mark
Fresh statistics have shed light on the enormous amount of trading activity in both Bitcoin spots and futures markets.
On 30 April, according to a report by CryptoQuant, the futures trading volume was more than the spots trading volume. The chart revealed that spot trading volume was a mere 35,000, whereas derivatives trading volume exceeded 369,000 - indicating the predominance of futures trading in the BTC market, making it more responsive to price fluctuations.
Moreover, data from Glassnode shows that the value of the Bitcoin Volatility Index on 30 April surpassed the 60% mark and indicated a possible uptrend in volatility.
Coinglass data further indicated that traders were actively taking long and short positions in response to the volatility of BTC. The percentage of long positions stood at 50.4% as of 30 April, while short positions accounted for 49.6% – indicating a nearly equal distribution between the two. | | | Learn More | | Ethereum network developers discuss SELFDESTRUCT |  | | On Ethereum's recent developer call, the developers discussed the SELFDESTRUCT opcode that would be included in the next Cancun upgrade. Earlier, Ethereum core developers discouraged SELFDESTRUCT as it could change smart contract code and alter account balances without consent.
However, there are already applications on Ethereum that use SELFDESTRUCT. Developers have hired a third-party auditor to assess the impact, which may introduce breaking changes to some of the already existing applications. A new proposal, EIP 6913, has also been put forward to allow smart contracts relying on SELFDESTRUCT to replace their code after Cancun through new instructions.
The development team also deliberated on the modifications pertinent to SSZ formatting that ought to be incorporated in Cancun. SSZ is a data serialization technique employed in the Chain Library for the purpose of storing and transmitting information regarding the chain state. | | Learn More | | Shiba Inu: The whales see large buying spree |  | A whale snapped up more than 168 billion tokens in the last two days of trading The whale held a 5.15 trillion SHIB, worth more than $52 million
In what was a clear indication of growing demand for Shiba Inu, a major whale snapped up more than 168 billion tokens in the last two days of trading, as per information from Etherscan. The whale started with modest quantities but quickly escalated to amass a whopping 108 billion SHIB in a transaction executed a day and 14 hours before press time.
Later on, the whale, in question, offloaded more than 49 billion tokens, indicating that an intense to-and-fro movement of SHIB was happening in the market. A staggering 5.15 trillion SHIB, worth more than $52 million, was held by the whale, at the time of writing.
As a result of the buying spree, SHIB became the most traded token among top Ethereum whales over the last 24 hours. | | Learn More | | JPMorgan exec expresses concerns over regional banks' dependence on FDIC & FHLB
|  | Concerns emerged due to the expiry of FDIC, FHLB emergency lending programs Exec opined that the banking industry is the most heavily regulated, capitalized industry
In an interview on 27 April, the Chief Investment Officer of J.P. Morgan Asset Management, Bob Michele expressed uncertainty about the operations of U.S. regional banks after the expiry of FDIC and FHLB emergency lending programs. He also warned of a potential domino effect that can be caused by the possible collapse of First Republic Bank.
Michele emphasized that the liquidity issues initiated by significant deposit outflows on First Republic Bank were not limited to the bank itself but could potentially affect the entire banking industry. He emphasized the need for continuous progress toward resolving the impact of the bank's downfall and preventing it from spreading to the broader financial system.
The exec added that the liquidity issues faced by First Republic "should never have happened," as banking is the "most heavily regulated capitalized industry on the planet." Furthermore, he stressed on the urgent need for a resolution as regional banks are heavily dependent on FDIC and FHLB.
| | FDIC sheds light on collapsed U.S. banks, accuses Cross River Bank of 'unsafe' practices |  | | On 29 April, the FDIC released a report on the collapse of major U.S. banks, like Silvergate and SVB. The report highlighted that the illiquidity caused by deposit runs was responsible for the failure of the banks. In addition, as per the FDIC's post-mortem assessment, inadequate risk management practices and poor management were the primary reasons for Signature Bank's (SBNY) collapse.
The regulator further stated,
"...SBNY management did not prioritize good corporate governance practices, did not always heed FDIC examiner concerns, and was not always responsive or timely in addressing FDIC supervisory recommendations (SRs)."
Furthermore, the FDIC released a consent order executed with Cross River Bank on 8 March, accusing the bank of engaging in "unsafe" or "unsound" banking practices regarding its compliance with applicable fair lending laws and regulations in 2021. Although Cross River accepted the order, it has not acknowledged or denied the violations uncovered in the 2021 examination report. | | SEC imposes $4M fine on Coinme for 'misleading' UpToken ICO |  | Coinme subsidy - Up Global agreed to pay a $3.52 million penalty Coinme and its CEO were fined $250,000 and $150,000, respectively
The SEC has fined crypto exchange Coinme, $4 million for allegedly selling unregistered securities and making misleading statements regarding its token, UpToken. The SEC said that it settled charges against Coinme, its subsidiary Up Global SEZC, and the CEO of both firms, Neil Bergquist on 28 April.
The regulatory body claimed that Up Global, Coinme, and Bergquist's ICO of UpToken from October to December 2017 was an unregistered securities offering and an investment contract under the Howey test.
The SEC claimed that Bergquist and Up Global made "false and misleading statements" about the demand for UpToken and the amount raised during their ICO.
Up Global agreed to pay a $3.52 million penalty, for which Coinme was also liable. Additionally, Coinme and Bergquist were fined $250,000 and $150,000, respectively, which they agreed to pay.
| | YouTube helps recover hacked channel that attempted XRP crypto scams |  | | DidYouKnowGaming, a popular YouTuber with 2.4 million subscribers, warned his Twitter followers that his channel had been hacked by an anonymous individual promoting XRP cryptocurrency scams. Upon gaining access to the channel, the hacker changed the channel's profile and cover images to Ripple's logo.
By acting swiftly, YouTube was able to prevent XRP hackers from interacting with the channel's subscribers, thereby limiting the damage caused. Recently, one of YouTube's largest creators - Linus Tech Tips also reported losing access to his channels further highlighting the significant threat of such hacks to crypto investors.
In addition, the use of AI tools by hackers to generate deepfake videos of prominent figures like Elon Musk to misguide investors has escalated concerns amongst the crypto community. More so, due to the launch of a new deepfake creation tool by Chinese tech giant Tencent, enabling users to impersonate anyone by paying only 1,000 yuan ($145). | | Bitcoin bulls bolt… |
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