Bitcoin‘s rising appeal as a safe haven asset amid global financial uncertainties is notably highlighted by Cathie Wood, CEO of ARK Invest, in a recent CNBC interview.
Wood articulates the unique dual nature of Bitcoin (BTC) as both a risk-on and risk-off investment, indicating its complex role in the current financial landscape.
The introduction of new exchange-traded funds (ETFs) in the United States has certainly contributed to the growing mainstream acceptance of Bitcoin in 2024.
However, Wood suggests there’s a deeper narrative unfolding beyond the institutional engagement with BTC.
She points out the significant opportunities BTC presents to ordinary citizens worldwide, especially against the backdrop of currency devaluation in various countries.
Wood specifically mentions the severe depreciation of currencies like the Nigerian naira and Egyptian pound against the U.S. dollar, attributing these downturns to deliberate government actions rather than market dynamics.
She interprets this trend as a clear move towards Bitcoin as a “flight to safety” and a protective measure against the erosion of wealth and purchasing power.
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The discussion further delves into how Bitcoin’s appeal has been bolstered by recent financial crises, including the U.S. regional banking crisis last year and the Greek financial crisis in 2013.
Wood views Bitcoin as a form of insurance against the consequences of poor fiscal and monetary policies globally.
Despite ARK’s ETF facing competition from leading asset managers and experiencing unusual net outflows of nearly $90 million recently, Wood’s conviction in Bitcoin remains strong.
These outflows, she suggests, might relate to routine financial operations like quarterly rebalancing, as noted by the trader Daan Crypto Trades on the social platform X.
Furthermore, Wood’s bullish outlook on Bitcoin’s future is underscored by her prediction of a $1 million price tag before 2030, driven by a surge in institutional investment.
She believes that the full potential of the market has yet to be realized, signaling her ongoing support for Bitcoin amidst fluctuating market dynamics and ARK’s recent fund performance challenges.
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In March, the blockchain security firm PeckShield reported a significant recovery effort resulting in the return of nearly $100 million in digital assets from a series of hacks.
Throughout the month, over 30 security breaches occurred, leading to a staggering total loss of $187 million in digital currencies.
Despite this, PeckShield’s diligent work facilitated the recuperation of 52.8% of the stolen funds, totaling $98.8 million.
The report by PeckShield on April 1 detailed the month’s five most substantial hacking incidents.
Leading the list was the Munchables hack, which resulted in the most considerable financial damage, followed by breaches involving Curio, Prisma Finance, NFPrompt, and the WOOFi exploit.
The Munchables incident, a nonfungible token game on the Blast network, was particularly noteworthy.
On March 26, it was revealed that the game had been compromised, initially estimating the losses at $62 million.
In a surprising turn of events, the stolen funds were returned by the hacker the following day, without any demand for ransom.
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It was later discovered that the perpetrator was one of the game’s developers. Blast’s creator, Pacman, confirmed that $97 million had been secured by the core contributors of Blast following this breach.
Another significant incident involved Prisma Finance, from which $11 million in digital assets were stolen. Shortly after the theft, the decentralized finance protocol halted its operations to investigate.
The hacker reached out, claiming the act was a “white hat rescue,” and discussions for fund recovery are underway.
Curio’s breach involved a MakerDAO-based smart contract on Ethereum, with initial estimates of the loss around $16 million, though PeckShield’s analysis suggests the figure is closer to $40 million, making it the second-largest loss in March.
Additionally, the Binance-supported NFPrompt experienced unauthorized access leading to a $10 million loss, and the WooFi decentralized exchange was exploited for approximately $8.5 million.
These incidents underscore the ongoing risks in the digital asset space, even as significant efforts are made to enhance security and recover lost funds.
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Anabolic Cat (CATBOLIC), a Solana-based memecoin that began trading on decentralised exchanges today, is poised to rally 2,000% within the next week.
The coin’s price is set to be boosted by a number of listings on centralized exchanges, which will include Bitget and MEXC, in April.
Anabolic Cat (CATBOLIC) began trading on Raydium and Jupiter on 7 April, and many investors are bullish about this new token.
The plan is for this token to become the first mainstream cat-based memecoin, challenging dog-themed coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Currently, Anabolic Cat is only available to buy on decentralized exchanges, like Raydium and Jupiter, but the upcoming CEX listings on Bitget and MEXC will make CATBOLIC available to hundreds of millions of new crypto investors and boost its price.
CATBOLIC is trading at $0.0000026, as per DEX Screener data, giving it a market cap of just around $8,000, underscoring the potential for over 15,000%-50,000% gains in the coming weeks for investors who buy in at the current price.
It is currently in the top 20 most trending tokens on DEX Screener.
The launch of this new memecoin comes amid the broader Solana memecoin craze, with hundreds of new coins being launched every day and some turning early investors into millionaires.
With this type of investing, arguably the most important thing is investing early and being one of the first holders, as you can buy tokens at dirt cheap prices.
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Gurbir Grewal, the SEC’s Enforcement Division Director, recently defended the agency’s approach to cryptocurrency regulation, emphasizing consistency in their enforcement actions.
During an SEC Speaks event on April 3, Grewal responded to critiques that the SEC is formulating crypto rules on the fly.
He highlighted the “creative attempts” by crypto companies to evade SEC oversight in the U.S., countering claims that the SEC is overstepping its authority or engaging in arbitrary enforcement.
Using the sentencing of Sam Bankman-Fried, the ex-CEO of FTX, as a cautionary tale, Grewal underscored the consequences of lax regulatory enforcement.
Bankman-Fried was sentenced to 25 years for defrauding investors, a situation that led some to financial despair.
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Grewal expressed his desire for the industry to move beyond debates over the SEC’s jurisdiction to tackle critical issues like fraud, opacity, asset commingling, conflicts of interest, and regulatory oversight that heighten investor risks.
Grewal also defended the clarity and consistency of the SEC’s application of the Howey test, a standard for determining what constitutes a security.
This comes amid discussions about classifying Ether as a security, a topic Grewal didn’t directly address.
He stressed the public availability of these analyses, noting that even those challenging the SEC in court have relied on the Howey framework to evaluate their crypto offerings.
His remarks follow a Utah court’s decision to sanction the SEC for “bad faith” in a case against Debt Box, highlighting criticisms of the SEC’s perceived erratic enforcement practices.
This has fueled concerns about a potential industry exodus from the U.S. Additionally, Grewal’s comments were preceded by criticism from SEC Commissioner Hester Peirce regarding the regulator’s guidelines for crypto asset custody.
Peirce, alongside other SEC staff and commissioners, participated in the event, which concluded on April 3, aiming to address these regulatory challenges and criticisms head-on.
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Bunkee (BUNK) has the potential to become a mainstream memecoin and reach a multi-billion dollar market cap, like Shiba Inu (SHIB) and Pepecoin (PEPE).
Bunkee (BUNK), a new Solana memecoin, is poised to rally 800% in the next 24 hours and return to its all-time high.
Specifically, BUNK is currently trading at around $0.000613 and is braced for a bullish reversal after a period of consolidation, with it set to reach its all-time high of around $0.004.
Bunkee coin will then target further gains and look to breach the $0.01 barrier.
Many investors who made huge returns on PEPE are now buying Bunkee, ahead of its forecasted price surge.
The token can currently only be purchased on decentralized exchanges, such as Raydium and Jupiter, and it has a market cap of just $630,000, meaning it has the potential to turn thousands of dollars into millions if it becomes a popular memecoin.
All of BUNK’s liquidity is locked, as noted by DEX Screener, which means the token cannot fall victim to a rugpull unlike the majority of new memecoins that are appearing on Solana every day; this is a key bullish point for Bunkee.
Additionally, it has been rumored that the devs are planning a massive burn of tokens and are set to announce numerous centralized exchange listings early next week.
This is likely to cause the price of Bunkee to rally and go much higher than its previous all-time high of $0.004.
A remarkable feat was achieved by a crypto trader who managed to turn a $13,000 investment into a staggering $2 million by betting on a new memecoin named Donotfomoew (MOEW), hosted on the Base blockchain, achieving an impressive 15,700% gain on April 3.
The trader’s success story was highlighted by Lookonchain, a blockchain analytics firm, which detailed the transaction sequence.
Initially, the trader acquired 499.9 million MOEW tokens with 4 Ether just 10 minutes following MOEW’s introduction on decentralized exchanges (DEXs).
Subsequently, within less than an hour, the trader offloaded 111.65 million MOEW tokens for 99 ETH, equivalent to $328,000, and retained 388.24 million MOEW tokens, valued at $1.76 million at the time of reporting.
MOEW, a memecoin with a cat theme, was launched on the same day by Bitget Wallet.
The creators described MOEW as a light-hearted project, stating, “just for funsies, nothing too serious, we wanna see what the power of memes can do.”
Despite the initial casual outlook, MOEW’s value skyrocketed shortly after hitting the DEXs, amassing a market capitalization of $31 million.
READ MORE: Bitcoin Cash Surges Ahead of Second Halving Event, Reaches Record Open Interest in Futures
Amidst the surge, Bitget Wallet advised against purchasing the coin in a precautionary message to its users, emphasizing, “Do not buy, do not fomo,” and clarified the distribution of MOEW tokens, ensuring transparency about its allocation for liquidity provision and airdrop distribution without retaining any tokens for themselves.
The ongoing airdrop has seen over 8,000 addresses receive MOEW tokens, targeting participants of the Bitget Wallet’s BWB token airdrop who accumulated sufficient BWB points over six weeks through wallet balance maintenance or in-app cross-chain exchanges.
These points are set to be exchangeable for BWB tokens in the coming quarter.
This event underscores the volatile and unpredictable nature of the cryptocurrency market, where both established and emerging memecoins, including those on Solana and Base blockchains, have experienced significant value appreciation.
Memecoins, like the Jeo Boden (BODEN) parodying Joe Biden and a notable Solana memecoin backed by Taiwanese music celebrity Machi Big Brother, have demonstrated substantial market cap growths, indicating a continued bullish trend in the sector.
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DogWifHood (WIF) recently became the only TON-based memecoin to be listed on a centralized exchange, with it getting listed on MEXC.
DogWifHood (WIF) is poised for a new, explosive rally after a Binance tweet on Sunday morning raised hopes that the exchange is looking to list the token.
Specifically, Binance posted an image on X (formerly Twitter) of a dog wearing a company-branded hoodie – similar to the one that former CEO Changpeng Zhao was often seen wearing in prior years.
Some social media users interpreted this as a playful hint that Binance is planning to list DogWifHood in the near future.
The token, which aims to eventually challenge DogWifHat and exceed its multi-billion dollar market cap, recently secured its first listing on a centralized exchange, with it being listed on MEXC.
DogWifHood is currently trading at around $0.006149, according to DEX Screener, giving it a market cap of circa $6.1 million.
Its price is predicted to rally as hype surrounding the TON Network grows, and also ahead of the launch of Notcoin later this month.
Additional CEX listings will also be a major bullish catalyst for DogWifHood’s price action.
DogWifHood (WIF) Price Prediction
After a period of consolidation in recent days, DogWifHood is poised to continue its rally and looks set to breach the $0.01 mark next week, before then targeting multi-fold gains over the rest of April.
Looking further ahead, DogWifHood’s price could hit $0.10 and even go considerably higher, as its market cap would still only be at $100 million if this price target is reached.
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In the first three months of 2024, the blockchain security sphere faced challenges that, while seemingly typical, underscored a growing concern over the sophistication of cyber-attacks, particularly those involving private key compromises and phishing.
Ronghui Gu, a co-founder of CertiK, a blockchain security company, shared insights with Cointelegraph about these challenges.
He noted a significant uptick in losses due to private key compromises, marking a stark increase to $239 million from just $18.8 million in the same period last year, an alarming rise of 1,171%.
CertiK’s “Hack3d” quarterly security report shed light on these figures, revealing that despite only 26 incidents of private key compromises, the financial impact was profound.
Additionally, phishing attacks have not only become more frequent, with 83 incidents reported, but also more devastating, cumulatively costing victims $64 million.
Gu highlighted the severity of the situation by pointing out that “The sophistication and success of phishing attacks have also reached alarming levels, with 18 phishing incidents, each causing over $1 million in losses.”
Despite these daunting challenges, Gu remains optimistic about the crypto community’s ability to bolster its defenses.
He advocates for the use of multisig wallets and multiparty computation as effective measures to enhance security.
READ MORE: Bitcoin Surges Past $71,000 Amid Legal Turmoil, Whales Shift as Bullish Sentiment Prevails
These methods distribute the authorization power, thereby reducing the risk of single-point failures and unauthorized access, ensuring that no single entity has complete control over assets and complicating efforts by attackers to compromise private keys.
Gu stresses the importance of integrating both Web2 and Web3 security practices to combat these advanced threats.
This includes encrypting internal systems, implementing multifactor authentication, conducting regular security audits, and educating employees on the latest phishing and social engineering tactics to minimize the risk of security breaches.
Looking ahead, Gu anticipates that the current trends in cyber threats will persist throughout the year, fueled by the recent uptick in market activity.
He warns that the increasing sophistication of cyber-attacks, coupled with the lucrative opportunities presented by a growing market, necessitates not only vigilance but also proactive measures to anticipate and thwart emerging threats.
“This, combined with the escalating sophistication of attacks, suggests that we should not only expect the continuation of serious security incidents but also proactively prepare for the emergence of new, innovative attack vectors,” Gu concluded.
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Over the past 14 years since Bitcoin’s inception on January 3, 2009, investors have found nearly every day to be profitable, with only six days not yielding returns, according to an analysis.
This remarkable statistic underscores Bitcoin’s success, with 99.92% of all days proving profitable for those holding the digital currency.
Recently, Bitcoin reached a record price of $73,600 in mid-March, a boon for all BTC holders as their investments increased in value.
The cryptocurrency has since stabilized in the $68,000–$70,000 range, showcasing its enduring appeal and resilience against market volatility.
Despite the general profitability, a small fraction of Bitcoin transactions made during specific periods in March are currently at a loss, reflecting the inherent risks and fluctuations in the cryptocurrency market.
These unprofitable transactions account for just 0.16% of the 3,732 tradable days, emphasizing the rarity of loss-making investments in Bitcoin.
The distribution of Bitcoin holdings among wallets offers insights into the investment patterns and financial commitment of the community.
The majority of Bitcoin wallets, 86.28%, contain up to $1,000, demonstrating widespread participation with smaller amounts.
READ MORE: Bitcoin Cash Surges Ahead of Second Halving Event, Reaches Record Open Interest in Futures
A smaller percentage of wallets hold higher values, with 13.03% between $1,000 and $10,000 and just 0.69% holding over $100,000, highlighting the varying levels of investment within the Bitcoin ecosystem.
Bitcoin’s resilience through bear markets and its ability to consistently recover enhances not only investor confidence but also the mining community’s prospects.
These dynamics bolster the network’s security and contribute to a vibrant ecosystem.
The anticipation around the fourth Bitcoin halving event, expected on April 20, 2024, is generating excitement and strategic accumulation of BTC by both institutions and private investors, expecting a significant impact on Bitcoin’s value.
Amid these developments, the mining sector is preparing for the post-halving era, which will see mining rewards halved to 3.125 BTC.
Canadian firm Bitfarms, for instance, is investing nearly $240 million in upgrading its mining equipment to stay competitive.
Jeffrey Lucas, CFO of Bitfarms, highlighted the strategic importance of this upgrade, noting it will substantially increase the company’s scale, profitability, and efficiency in the face of halving rewards, positioning Bitfarms favorably within the mining industry.
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A recent verdict by a jury has found Terraform Labs and its co-founder, Do Kwon, culpable in a significant case of investor fraud, as announced by the U.S. Securities and Exchange Commission (SEC) on April 5.
The decision, stemming from deliberations in the U.S. District Court for the Southern District of New York, concluded the civil enforcement trial which began on March 25.
Notably, Do Kwon was absent from the proceedings, currently in Montenegro amidst ongoing deliberations over his potential extradition to either the U.S. or South Korea.
SEC Enforcement Director Gurbir Grewal expressed satisfaction with the outcome, stating, “We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.”
He highlighted the misleading nature of Terraform and Kwon’s actions, particularly regarding the stability of Terra USD, an algorithmic stablecoin, and misrepresentations about the use of Terraform’s blockchain by a payment application.
Grewal pointed out the serious implications of Terraform’s failure to register with the SEC, advocating for regulatory compliance.
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In contrast, a spokesperson for Terraform Labs voiced their disagreement with the jury’s decision, arguing that the SEC lacked the authority to initiate the case and indicating that further actions were being considered.
The jury found Kwon and Terraform responsible for six charges, including recklessly making false or misleading statements related to TerraUSD (UST), LUNA, and wLUNA sales or offers.
This verdict arrives after Terraform Labs’ dramatic collapse in May 2022, which was precipitated by the instability of its UST stablecoin, contributing to a broader downturn in the cryptocurrency market.
The SEC had launched its lawsuit against Terraform and Kwon in February 2023, accusing them of orchestrating a multi-billion dollar fraud involving crypto asset securities.
A partial summary judgment in December had previously seen Judge Jed Rakoff rule partially in favor of Terraform concerning charges of unregistered security-based swaps offerings.
The implications of the verdict on Kwon’s extradition remain uncertain. Following a Supreme Court decision in Montenegro, his extradition case has been referred back to a lower court to decide on whether he should be extradited to the U.S. or South Korea, where he faces criminal charges.
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