⛈️ Dubai floods

Plus: Hong Kong's new ETFs

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Good Morning!

Yes, crypto has been taking a beating over the past few weeks, but there’s plenty of reasons to be bullish, which we share below. 👇️ 

Crypto Twitter also flew out to Dubai over the past few days for TOKEN2049 and it’s been entertaining to say the least, you’ll love the videos.


Reasons to Stay Bullish on BTC Despite Correction (4 minute read)
Bitcoin and its altcoin sidekicks have taken a beating over recent weeks, sliding back over 15% after peaking at record highs. While Bitcoin stumbled to under $62,000, flashier coins like Solana and Pepe Coin got slammed with up to a 50% haircut.

Yet, despite the market feeling like it’s been hit by a truck, these wild rides are pretty standard fare during bull runs. What's stirring the pot? A cocktail of geopolitical jitters and economic unease has investors running scared. Adding to the drama, Bitcoin's about to halve its miner rewards—again. Historically, this event's been a non-starter for immediate price jumps, but it’s often the quiet before a stormy rally.

Coinbase and Grayscale unveil new TV spots in time for bitcoin halving (2 minute read)
Coinbase and Grayscale are cranking up the hype by launching new ads during the NBA and NHL playoffs, just in time for the bitcoin halving event on April 19 or 20. As bitcoin's mining rewards are about to halve, Coinbase’s new spot throws a motorbike into the limelight in a gritty warehouse, pondering if your money really stretches over time like bitcoin might. You can catch this action on TNT, ESPN, and ABC until April 22. On the other side, Grayscale have dropped a YouTube ad boasting their chops as the world’s largest crypto asset manager, despite facing some financial backdraft with net outflows.

Hong Kong's Bitcoin and Ethereum ETFs Could Fetch $25 Billion—If China Plays Nice (4 minute read)
Hong Kong is gearing up to potentially roll out its first Bitcoin and Ethereum exchange-traded funds (ETFs) by the end of April, per the insights of Markus Thielen of 10x Research. The buzz follows hot on the heels of Hong Kong's conditional nod to several spot Bitcoin and Ethereum ETF applications, with big players like China Asset Management and Harvest Global in the mix.

The move, inspired by the U.S.'s earlier approval of similar ETFs, aims to satisfy the burgeoning appetite for crypto assets. However, the real game-changer will be whether investors from the Chinese mainland can jump in through the Shanghai Stock Exchange’s southbound stock connect, which historically hasn't maxed out its daily trading quota. Thielen's take? The success of these ETFs might hinge precisely on this cross-border access.

Best of Crypto Twitter

TOKEN2049, a crypto conference, starts in Dubai this week, with many of CT already flying over. This led to a very interesting timeline yesterday as Dubai witnessed 2 years of rain in less than one day.

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Bitcoin-like mining protocol Ore halts mining on Solana amid network congestion (2 minute read)
Ore, a project that kicked off its token mining like Bitcoin on the Solana network, is hitting pause after causing a bit of a traffic jam. Launched just two weeks ago, it quickly became the talk of the town, sending hordes of eager miners to the network and inadvertently contributing to a major slowdown.

Solana wasn't just dealing with the Ore-induced rush; it was also trying to handle the chaos brought on by bots and a flood of new memecoins, which sent transaction demands through the roof. In an attempt to clear the digital traffic, Solana rolled out a patch update aimed at easing the congestion.

Uniswap trading volume reaches $3b despite SEC claims (2 minute read)
Uniswap's decentralized exchange has been crushing it, with an average daily trading volume hitting a cool $3.08 billion last week. Despite swirling rumors of a legal showdown with the U.S. SEC, traders haven't backed down. In fact, volumes have been rocking steady between $2.6 and $3.9 billion. As of mid-April, Uniswap boasted a total value locked (TVL) of $6.62 billion and a market cap of $5.65 billion. Amidst these storm clouds, Uniswap's CEO, Hayden Adams, got a Wells notice from the SEC, hinting at a potential lawsuit but also a chance to clear the air. Meanwhile, Uniswap dialed up its trading fees from 0.15% to 0.25%—perhaps bracing for a legal battle but still rolling full steam ahead.

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