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- Key crypto events of the week (April 10-17) + market overview
Key crypto events of the week (April 10-17) + market overview
Important highlights, raffles, and announcements to watch for.
buidlbee make it with crypto
April 10, 2023
Hi, frenz! This is the buidlbee crypto community, and we will share what is important and worthwhile to happen during the week so you don't miss anything. In this letter, you will find:
Cryptocurrency market overview and grand plans for Ripple (XRP);
A list of major cryptocurrency events for April 10-17;
Airdrops and freebies;
New tokens and unlock tokens;
ETH token draw!
Now let's quickly go through the major news, and then let's get to the main thing. So:
South Korea's GDAC exchange was hacked on April 9, resulting in the theft of about $13 million in assets, representing 23% of the total assets under management.
Popular decentralized exchange (DEX) SushiSwap suffered a $3.3 million exploit on April 9. The hack involves a vulnerability in the RouteProcessor2 smart contract, which is used to route trade.
Mysten Labs founder Adeniyi Abiodun said that SUI has no airdrop plan and never will. Community members can only obtain SUI through the community access plan.
Blur banned users from receiving airdrop points for their orders and pending orders.
Debtors of the collapsed FTX exchange have returned more than $1.4 billion in digital assets to the company, and another $1.7 billion in assets have also been identified and are in the process of being repossessed. So FTX's $8 billion in debt is now potentially about 39% covered.
⚖ Ripple vs. SEC: new details of the confrontation
The case of Ripple's defense of its interests is so long and confusing that simple answers and clear formulations are not explaining anything at this stage. The dispute is about the peculiarities that can be understood only by lawyers working in the sphere of financial disputes.
On the other hand, as we mentioned before, this Ripple vs. SEC trial could be epochal because, using the case law, if it is won, it could greatly help the rest of the altcoin market (and vice versa).
Legal details
That's why it's especially helpful when experts try to communicate the essence of protection in simple language. Lawyer Jeremy Hogan published a series of tweets over the weekend about the arguments behind Ripple's defense.
He said that the crypto industry in the U.S. suffers not only from the lack of clear cryptocurrency regulations but also from the misconceptions of the authorities about crypto players. According to the lawyer, the U.S. federal authorities have taken the firm position that the digital asset industry consists of crooks, so it should be stopped in its development. In other words, it's no longer about regulation (or bad laws, for that matter), but about trying in principle to stop the development of this field.
The lawyer mentioned a statement by SEC Chairman Gary Gensler, who urged cryptocurrency companies to simply come to the agency and register. Hogan is convinced that this is a lie and a clever trap by the SEC to expose more crypto-asset-related companies. The lawyer ends his speech with the ironic conclusion that, in 2023, it is easier to register heroin than a crypto company in the United States.
In Hogan's opinion, the court against Ripple has trapped itself. As a way out of the stalemate, the judge might decide to "split the baby" (an idiomatic expression used by lawyers to refer to any compromise solution that gives both sides a partial victory). The long pause in announcing the decision is due, in his opinion, to the search for such a win-win solution.
Another interesting theory from Hogan is that a positive decision could make XRP the only cryptocurrency with clear regulation in the U.S. Since XRP will get clarity thanks to the court, and the SEC has previously acknowledged that Bitcoin is outside of its regulatory purview, the lawyer suggested that both crypto-assets could end up being the only supported assets on Coinbase (in the US) in 2024, which would theoretically lead to their exceptional position in the largest market in the world and consequently a rise in prices relative to everyone else.
Another attorney, John Deaton, reports that according to his data, it is very likely that the court decision will be announced on May 6, 2023.
About the development plans
Also this weekend, Ripple's CTO spoke to his social media followers and answered a question about the need for an app that will work exclusively with XRP. David Schwartz believes that making decentralized apps (dApps) and other products that will only work with XRP cryptocurrency is not a good idea. In this regard, Ripple's approach is very unconventional; unlike other crypto projects, Ripple is initially aimed at creating enterprise products where blockchain is only part of the product:
Many times, I get asked whether something should be made to only work with XRP. Unless it's an XRPL feature (where XRP really is special because it's the only native asset), I almost always say "no, it should work with anything it can be made to work with.
At the end of his monologue, Schwartz unexpectedly compared XRP to a coconut:
Say you want to make whole fresh coconuts popular. But they are hard for people to open. Would you rather there be a broadly marketed tool that only opens coconuts or one that opens coconuts and also helps prepare lots of other foods?
It is clear what is meant: Ripple pretends to create bank settlement applications as well as to integrate into CBDC government projects, where the Ripple blockchain can be used only as transport. Obviously, this approach is met with suspicion from the crypto community, as it contradicts the principles of decentralization and independence.
You can also get access to exclusive analytics. The private letter "Deep analysis and market insights" is coming out every Saturday. Our Chief Analyst shares valuable and practical information. All you need are three referrals! ☝
💸 Major crypto events (April 10-17)
April 10
April 11
The release of inflation data in China. A high Consumer Price Index could prompt the local Central Bank to raise interest rates for the first time in a long time.
EU retail sales data and the Sentix business sentiment index will also be reported.
Unbound Finance (UNB) v.2.0 Arbitrum mainnet launch.
April 12
U.S. Consumer Price Index (CPI): the final inflation data for March will be released. In February, it was 6.0%; now analysts expect it to fall to 5.2%. The forecast is 0.4%.
The FED will publish the minutes of its March 22 meeting.
The Ethereum update, Shanghai, will, for the first time, allow investors to withdraw their staked Ether.
Lofi (LOFI) listing on BitMart.
April 13
Producer Price Index (PPI): analysts expect a slight increase in March (+0.1%).
Publication of initial jobless claims data. Analysts expect 205,000 new initial claims.
The Shapella Ethereum network upgrade.
April 14
U.S. retail sales data. A -0.4% drop in March data is forecast.
Wells Fargo, Citibank, JP Morgan, and BlackRock will provide financial reports.
EOS mainnet Beta launch.
IMPT shopping application will be live on the App Store.
April 15
April 17
Peercoin (PPC) hard fork.
🔓 Tokens unlock
April 11
Moonbeam (GLMR) - 12.7 million (1,272% of total supply).
April 14
Nym (NYM) - 12.5 million (1,25% of total supply).
April 15
BitDAO (BIT) - 187.5 million (1,951% of total supply).
April 17
ApeCoin (APE) - 15.6 million (1,56% of total supply).
Axie Infinity (AXS) - 3.9 million (1,45% of total supply).
💫 Tokens launchpads
April 11
April 12
Hepton (HTE) on Spores Network (VIP round start).
PlayZap (PLAYZAP) via KingdomStarter.
April 14
Magical Blocks (MBLK) early presale.
WeSleep (WEZ) public sale on Kommunitas.
April 17
🆓 Crypto and NFT freebies
April 10
April 12
April 16
Flare Network (FLR) airdrop.
Answer a quick question and get a chance to win ETH tokens.
Will the ChainGPT (CGPT) price drop below $0.1 by April 11 at 12.00 UTC❓
We wish you a productive week and high returns. See you tomorrow! 🤙
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