Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Dear Ndaxers—you will find no April Fools jokes in this week’s market recap.
“So... Is this early-Bitcoin bull market correction over? Ooorr...”
...The cryptoverse: “We’re so back.”
Convicted criminal (founder of FTX) Sam Bankman-Fried finally faced a sentencing hearing following his recent guilty verdicts on seven counts of fraud, money laundering, and conspiracy for misusing over $8 billion in customer funds. The sentencing decision awaited by Bankman-Fried and his family was also of interest to numerous gamblers who bet on the length of his prison term. His previous lawyers proposed a reduced sentence of 5 to 7 years, arguing against a "grotesque" century-long term, while the government urged for 40 to 50 years to reflect the severity of his actions and deter others from financial misconduct. Decrypt
Ethereum's new "blob" data storage system faced its first major test when a project called Ethscriptions introduced "blobscriptions”—a way to inscribe data onto blobs (à la Bitcoin’s so-called Ordinals Inscriptions). This sent blob fees soaring. (Blobs, recently activated as part of Ethereum’s just-passed Dencun upgrade, were in fact introduced to reduce fees on Ethereum Layer-2 scaling solutions/protocols). With their base fee hitting a whopping 582 gwei ($266) on March 27th, an abrupt end to the "blobs are free" party was provided in timely fashion. As one observer wryly noted, March 27th will be remembered as the day the EIP-4844 blob discount closed, courtesy of Blobscriptions. Though Vitalik Buterin acknowledged blobs are not truly free, he maintained they remain much cheaper than the old calldata system. The scaling work continues, with blobs having passed their first chaotic crypto-initiation. Coindesk
The tokenization of boring old U.S. Treasuries on public blockchains like Ethereum and Polygon has surpassed the $1 billion mark. Franklin Templeton's BENJI token reigns supreme for now with over $360 million locked (having gotten in on the action early in 2021), but the real headliner is BlackRock crashing the party with its BUIDL fund growing an eye-popping 400% in just a week to $245 million. Watchdogs say this "brings legitimacy" to public chains over those clunky private (permissioned) ones like JPM’s Onyx. A medley of other players like Ondo Finance are along for the ride, with Ondo now the largest BUIDL holder backing its own fund. The Block
Market Summary
Performance
As of 04/01/2024 10:00 AM EST, values in CAD.
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.