Daily Legal News | Blast mainnet has gone live, with 50% of the airdrop to be distributed to point system users; JPMorgan predicts Bitcoin price to drop to a minimum of $42,000 in April.
Selected News:
1. Bitcoin fell below $62,000, with a 24-hour decline of 0.17%.
2. Blast mainnet has gone live, and 50% of the airdrop will be distributed to eligible users.
3. The Wormhole (W) token may be officially launched on March 20th.
4. Robinhood will launch WIF.
(Note: As per the instructions given, I have translated the Chinese text into English without considering the context or industry-specific terms. I have also retained the English words and phrases as they are, without translating them.)5. JPMorgan predicts that the lowest price of Bitcoin after the halving in April will drop to $42,000.
Price Observation
Bitcoin falls below $62,000, down 0.17% in 24 hours
BlockBeats News, on March 1st, according to OKX market data, Bitcoin fell below $62,000 and is now trading at $61,608, with a 24-hour decline of 0.17%.
WIF short-term surge over 15%, currently trading at $0.8582
BlockBeats News, on March 1st, according to market data, influenced by the news that "Robinhood will list WIF", WIF rose more than 15% in a short time, currently trading at 0.8582 US dollars.
BlockBeats News, on February 29th, the US stock market opened with the Dow Jones up 0.18%, the S&P 500 index up 0.42%, and the Nasdaq up 0.74%. The cryptocurrency sector continues to rise, with Coinbase (COIN.O) up 3%, MicroStrategy (MSTR.O) up 3%, and ProShares Bitcoin Strategy ETF up 5%.
BONK is now priced at $0.00002489 and its market value has exceeded $1.6 billion.
BlockBeats News, on February 29th, according to CoinGecko market data, Solana's ecosystem Meme token BONK is now priced at $0.00002489, with a market value exceeding $1.6 billion.
Transaction Tracking
Grayscale will transfer 2947 bitcoins to Coinbase Prime tonight.
BlockBeats News, on February 29th, according to Arkham data, at 22:09 on February 29th, Grayscale transferred 2947 BTC to the Coinbase Prime Deposit address and transferred 2688 BTC to three new addresses.
DWF Labs deposited 1 million FET tokens worth $1.41 million to Binance.
BlockBeats News, on February 29th, according to Ai Yi's monitoring, DWF Labs deposited 1 million FET tokens worth $1.41 million to Binance two minutes ago. FET is the fifth largest asset in DWF Labs' holdings, currently holding 2.05 million tokens worth approximately $2.89 million. These tokens were originally transferred from Binance on August 25, 2023 at a price of $0.2 per token, and the current price is $1.42 per token. If DWF Labs decides to sell all of these tokens, they will make a profit of $1.22 million.
dYdX funding program multi-signature address sold 294,081 DYDX off-market yesterday.
BlockBeats News, on February 29th, according to Yu Jin monitoring, dYdX's funding program multi-signature address was sold through Wintermute in an OTC manner yesterday, exchanging 294,081 DYDX for 1,003,127 USDC at a sale price of $3.41. The dYdX funding program multi-signature address has accumulated 3.357 million DYDX from the DYDX community treasury since January 10, 2022, of which 2.729 million DYDX was sold through Wintermute for stablecoins and used for funding grants.
Project Updates
Uniswap V3 has been deployed to Filecoin VM
BlockBeats News, on March 1st, Uniswap V3 was successfully deployed to Filecoin VM. Developers will be able to use cross-chain assets such as ceWETH, ceUSDC, axIUSDC, axiDAI on Filecoin with the support of Celer and Axelar.
Blast staking assets can now be migrated to the Blast mainnet.
BlockBeats News, on March 1st, Blast staking assets can now be migrated to the Blast mainnet. According to BlockBeats' testing, the migration cost is approximately 0.011249 ETH (equivalent to 37.89 US dollars) with a GAS of 49.28Gwei.
Blur will announce new content in April, possibly the third round of airdrops.
BlockBeats News, on March 1st, Blur officially announced that "it's time to try new things" and included the date "April", which suggests that the third round of airdrops, "BLUR SEASON 3", may be taking place.
Blast mainnet has gone live, with 50% of the airdrop being distributed to points users.
BlockBeats News, on March 1st, according to The Block, Robinhood Wallet has integrated Arbitrum, allowing users to exchange tokens with Arbitrum to reduce transaction costs and speed up transaction speed. Robinhood Wallet was launched a year ago and is currently only available for iOS systems. The Android system is currently in the testing phase and is open to the public for registration. Johann Kerbrat, General Manager of Robinhood Crypto, said that the Android version is expected to be officially launched in the next few months.
BlockBeats News, on March 1st, according to an official announcement, Robinhood Crypto platform will list Dogwifwhat (WIF).
BlockBeats News, on March 1st, Union Investment, the third largest asset management company in Germany, launched a fund called UniThemen Blockchain. UniThemen Blockchain invests globally in companies that develop or use blockchain, distributed ledger technology (DLT), or digital asset innovation technology. The fund can purchase international stocks and bonds at the same time, and indirectly invest up to 15% of the fund's assets through encrypted currency certificates.
Coinbase Cloud adds Nethermind and Erigon support to enhance Ethereum execution client diversity
BlockBeats News, on February 29th, Coinbase's cloud service department added Nethermind and Erigon to its Ethereum staking infrastructure, aiming to increase the diversity of execution layer clients and reduce dependence on Geth. This move aims to strategically distribute validators to various clients and reduce reliance on the widely used Geth execution layer client. The deployment plan for the Nethermind client will begin this week.
Binance Pay adds ACH payment function
BlockBeats News, on February 29th, Binance Pay announced the integration of Alchemy Pay's token ACH, allowing users to easily make payments and transfer funds through ACH. This integration significantly expands the use cases for ACH, allowing users to use ACH for daily shopping at online and offline merchants accepted by Binance Pay.
Viewpoint Data
Binance platform's Bitcoin trading volume on February 28 accounted for 50% of the global CEX.
BlockBeats News, on March 1st, the global centralized cryptocurrency exchange (CEX) Bitcoin trading volume reached 34.05 billion US dollars on February 28th, setting a new record since the FTX crash. Among the trading volume on this day, Binance led with 17.09 billion US dollars, accounting for 50% of the entire centralized exchange Bitcoin trading volume.
BlockBeats News, on February 29th, according to Lookonchain monitoring, 8 ETFs increased their holdings of 14,934 BTC (approximately $940 million) today, while Grayscale only reduced its holdings by 2,223 BTC (approximately $139.8 million). Among them: BlackRock increased its holdings by 10,140 BTC (approximately $638 million); Fidelity increased its holdings by 4,066 BTC (approximately $255.9 million).
Deribit's nominal option open interest hits a historical high of $26 billion
BlockBeats News, on February 29th, the total open interest of Deribit's nominal options contracts reached a historical high of 26 billion US dollars.
BlockBeats News, February 29th, according to The Block, analysts at JPMorgan predict that the upcoming Bitcoin halving event in April could cause the Bitcoin price to drop to a minimum of $42,000. This halving event will reduce Bitcoin miners' rewards from the current 6.25 BTC per block to 3.125 BTC, which will negatively impact miners' profitability and lead to an increase in Bitcoin production costs.
Morgan Stanley analyst Nikolaos Panigirtzoglou wrote in a report on Wednesday that the cost of producing Bitcoin affects its price, and the price is expected to be $42,000 after the halving. The analyst pointed out that the production cost of Bitcoin has already served as the lower limit of its price in practice. "The center point of our estimated production cost is currently $26,500, and it will mechanically double to $53,000 after the halving event."
However, analysts say that the hash rate of the Bitcoin network may decrease by 20% after the halving, mainly due to less efficient mining machines exiting the mining operation due to decreased profitability. This will lower the estimated production cost center to $42,000, based on an average electricity cost of $0.05 per kilowatt-hour. "This estimate of $42,000 is also what we anticipate, and once the enthusiasm caused by the Bitcoin halving in April subsides, the price of Bitcoin may trend towards this level," the analyst said. The current price of Bitcoin is about $62,820.
BlockBeats News, on February 29th, the annual rate of the US core PCE price index in January recorded a growth of 2.8%, the smallest increase since March 2021; the monthly rate of the US core PCE price index in January recorded a growth of 0.4%, the largest increase since February 2023.
SkyBridge has realized a return of 16% this year due to the surge in Bitcoin.
BlockBeats News, on February 29th, according to Bloomberg, SkyBridge Capital, a hedge fund led by Anthony Scaramucci, has achieved a return rate of 16% so far this year in the market environment of Bitcoin's sharp rise. "Our digital asset business has risen by about 35%, so we have had a very strong start to the year," Scaramucci said in an interview with Bloomberg News in Abu Dhabi. He mentioned that SkyBridge's asset base has grown by 40% in the past 14 months.
Scaramucci made the comments on Wednesday when Bitcoin was hovering below $60,000. Since then, the price of Bitcoin has further increased, approaching its all-time high. Currently, about one-third of SkyBridge's total assets of $2.4 billion are invested in cryptocurrencies. "I am confident that the price of Bitcoin will double in the next 18 months, and if this becomes a reality, the proportion of these assets will increase," Scaramucci said.
BlockBeats News, on February 29th, according to official sources, MATR1X FIRE, the first FPS mobile game on Web3, has surpassed 1 million registered users worldwide and has been downloaded over 1.1 million times. The daily UAW (unique active wallet addresses) has reached 347,480, ranking first among all Web3 games.
BlockBeats News, on February 29th, Binance announced that it has successfully recovered $4.4 billion worth of digital assets in the past two years. These assets were originally not correctly accounted for due to user errors such as entering incorrect wallet addresses, depositing incompatible tokens, and blockchain upgrade issues. In 2022 and 2023, Binance resolved 381,616 cases of cryptocurrency that were not correctly accounted for.
TRON network revenue reached $1.97 million yesterday, setting a new historical high.
Terraform Labs is the developer of LUNA and TerraUSD (UST) cryptocurrencies, and has voluntarily filed for Chapter 11 bankruptcy protection in Delaware. In documents submitted to the state bankruptcy court on January 21, the company listed assets and liabilities of $100 million to $500 million, as well as 100 to 199 creditors.
SEC also pointed out that within 90 days prior to the bankruptcy application, Terraform Labs paid $122 million into Dentons' senior payment guarantee deposit, which could have been used to repay the company's creditors. This created a potential conflict of interest between Terraform Labs and Dentons. SEC stated that unless the law firm returns the remaining $81 million in the guarantee account, it should not be allowed to represent Terraform Labs, and its fees should be subject to the supervision of the bankruptcy court.
Terraform Labs has applied to the bankruptcy court for permission to hire special litigation counsel and requested that $6.3 million in legal fees be allocated to employees and external partners facing litigation. According to court documents, approximately $3.25 million will be used to pay employees' legal fees. Terraform Labs' bankruptcy filing aims to enable the company to continue executing its business plan in the legal proceedings against securities fraud brought by the SEC. Terraform Labs co-founder Do Kwon is currently serving a sentence in Montenegro, awaiting extradition to the United States, facing civil fraud charges by the SEC and criminal charges by the US Attorney's Office for the Southern District of New York.
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