Sui Public Sale Announced 🚀, Bitcoin Fund Inflows $100M 💰, Bhutan HODLing 🇧🇹
Daily Crypto, Blockchain & Web3 Update 2023-04-18
BUSINESS
U.S. House Committee Publishes Draft Stablecoin Bill (3 min read)
The US House Financial Services Committee has released a draft stablecoin bill, marking the first significant crypto legislation movement in 2023.
The proposed bill includes a moratorium on crypto-backed stablecoins and asks for a study on CBDCs. Following the unwind of UST and the depegging of USDC, the bill aims to define payment stablecoin issuers.
The moratorium will last until a study is conducted and the potential impact of a CBDC issued by the Federal Reserve is examined. The current version of this bill may significantly affect stablecoins, potentially prohibiting the creation of certain types and mandating licenses for US operations.
Bitcoin Fund Inflows Top $100M in One Week as Investors 'Flee to Safety' (2 min read)
Big investors continue to feel bullish on Bitcoin, with more cash flowing into funds from institutions, according to a new report.
The cash flowed into big funds for accredited investors, such as Grayscale, 3iQ, and 21 Shares. And by far, the main focus was Bitcoin, with $104 million invested, CoinShares said. It added that, on the whole, there are “very low volumes in the Bitcoin market.”
Since several crypto and tech-friendly banks in the US, such as Silicon Valley Bank and Signature Bank, have failed, some investors now see Bitcoin as a safer investment alternative.
NFTS
Nike Unveils First .Swoosh NFT Digital Sneaker Drop (3 min read)
Months after debuting its .Swoosh Web3 community platform, footwear giant Nike is launching its first NFT drop there.
Our Force 1 (OF1) collection will feature Polygon virtual sneaker NFTs paying homage to Nike's iconic Air Force 1 sneaker, which debuted 41 years ago.
All virtual sneaker boxes will cost $19.82 USD, a nod to the year of the Air Force 1’s debut. Nike will not accept payments for the NFTs in cryptocurrency.
Starbucks Odyssey Launch ‘Getting Closer’ With New NFTs, Rewards (3 min read)
On Wednesday, April 19, Starbucks will launch its First Store Collection, a set spanning 5,000 NFT “stamp” collectibles minted on Ethereum scaling network Polygon. The NFTs are priced at $100 apiece, similar to the previous drop that offered just 2,000 NFTs.
The new NFTs are multimedia collages that include photos, textures from the store, and iconic elements inspired by the first Starbucks store in Pike Place Market, Seattle.
COINS
Ethereum Tapers Gains After 12% Rise Post-Shanghai (2 min read)
Ethereum’s post-Shanghai bull run has hit a lull. Its price touched lows of $2,080 on Monday morning, while Bitcoin struggled to hold onto the $30,000 support level.
The bullish run-up may have been paused in part due to the U.S. Federal Reserve's statements regarding one more rate hike in the upcoming May policy rate meeting.
Additionally, withdrawals from Ethereum staking contracts continue to outpace deposits, potentially adding sell pressure to the asset, per data from Nansen. On April 15, there was also a massive 85,393 ETH withdrawal executed at 10 am ET followed by another 66,030 ETH withdrawal an hour later.
Sui Announced Its Token Launch Mechanics (6 minute read)
The crypto ecosystem received long-awaited details on the Sui public launch over the weekend with the announcement of its upcoming public token sale.
The Sui network announced the SUI Token Community Access Program to reward early supporters, including testers, community managers, and builders, with retrospective awards and future recognition in sales.
The public can also participate by purchasing SUI tokens on exchanges like KuCoin and OKX.
The Tiny Kingdom of Bhutan Secretly Held Millions of Dollars in Cryptocurrency (6 minute read)
Bhutan's sovereign investment arm, Druk Holding & Investments, quietly invested millions of dollars in cryptocurrencies like Bitcoin and Ether.
This was revealed in the bankruptcy filings of crypto lenders BlockFi and Celsius, both of which Druk was an institutional customer. The fund has been accused of defaulting on a $30 million loan from BlockFi, though Druk’s CEO claims the matter has been settled.
Druk's participation in cryptocurrencies raises concerns about the country's links to the unpredictable crypto market. It seems to be the initial national fund to possess cryptocurrencies directly.
Crypto Startup Ondo Unveils Stablecoin Alternative Backed by Money-Market Funds (2 min read)
Another stablecoin company, Ondo Finance, has come on the scene. This stablecoin will be backed by money-market funds invested in US government securities. Former Goldman Sachs employees developed a mechanism for stablecoin holders to earn yield from the money-market funds that support the coin.
Investors will receive a digital coin called OMMF, which will invest only in low-risk money market funds. This aims to provide the price stability and on-chain utility of stablecoins while offering better investor protection and passing on yield to holders.
OMMF's ultimate aim is to offer a substitute for bank settlement networks and other stablecoins, and to be a desirable collateral asset in crypto lending.
Uniswap DAO Approves Proposal to Deploy v3 on Polygon zkEVM (2 minute read)
Uniswap DAO greenlit its v3 deployment on Polygon zkEVM, enabling decentralized exchange access via Polygon's Layer 2 network. The ZK-Rollup solution offers Ethereum compatibility, enhanced scalability, and faster transactions.