News
Standard Chartered's Kendrick anticipates that the SEC will greenlight a spot Ethereum ETF on May 23. He suggests that Ethereum might aim for a $4,000 valuation, mirroring Bitcoin's trend before its ETF approval. This expectation stems from the SEC not categorising Ethereum as a security and its prior approvals of futures ETFs. Link
Tether's fourth-quarter attestation reveals a record-breaking profit of $2.85 billion, achieving new highs in surplus reserves. Link
The Federal Reserve has declared its initial interest rate decision of 2024, maintaining the benchmark rate steady between 5.25% and 5.50%, aligning with market forecasts. The Committee states it's unlikely to consider reductions until there's more certainty that inflation is consistently returning to the 2% target. Link
Arkham reports that Grayscale moved 2,682 BTC today, valued around US$114 million, to Coinbase Prime Deposit's address. Additionally, it shifted 5,281 BTC to a newly created address, believed to be Grayscale's updated custody address. Link
FTX has ceased attempts to revive its cryptocurrency exchange and has chosen to liquidate all assets to reimburse customers, according to a statement from a company lawyer on Wednesday. Link
Projects
$JUP - Jupiter airdrop went live today at 10:00am EST today and reached a peak of $0.74c (~7 billion FDV)
$ETH - Ethereum’s Dencun upgrade goes live on Sepoila Testnet. Link
$ETC - The Spiral Upgrade will be activated on block 19,250,000 today. Link
$SSV - Introduces new distributed key generation tool, a unique method to facilitate distributed node functioning and an instrument for creating non-custodial staking services on the SSV Network. Link
Exploits
Zachxbt reported that Ripple was hacked for ~213M XRP ($112.5M), these funds were laundered through MEXC, Gate, Binance, Kraken, OKX, HTX and HitBTC amongst others. Link
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.