Yuga Labs fetches $450M in funding, Charles Hoskinson’s prediction falls short and spot BTC ETFs incoming?: Hodler’s Digest, Mar.20-26

Highly informed ETF analysts at Bloomberg, Eric Balchunas and James Seyffart, have suggested that a proposed rule change within the US Securities and Exchange Commission (SEC) could result in the regulator approving a spot ETF of BTC in mid-2023.

Balchunas stated on Thursday that crypto platforms could fall under the SEC's regulatory framework if the commission approved the proposed Exchange Act amendment in January, which would change the definition of "exchange." The measure would allow crypto platforms "to exchange any type of value" to be included in the law.

"Once cryptocurrency exchanges become compliant, the SEC's primary reason for denying Bitcoin Spot ETFs would no longer be valid, likely clearing the way for approval," the analysts said in a joint statement. .

Stargate Finance attracts $1.9B in six days

Cross-chain protocol Stargate Finance has attracted more than $1.9 billion in TVL in less than a week since its launch.

The platform's rapidly growing TVL is likely a result of the 26% APY cap offered for stablecoin deposit farming. Stargate Finance markets itself as a protocol that allows users to transact native assets on various chains. Users can also stake assets in groups to receive Stargate Token (STG) rewards.

Alameda Research CEO Sam Trabucco announced that the firm had strongly backed the project, acquiring all available Stargate tokens that had been auctioned off during the Stargate launch on March 17.

Crypto Users in Africa Grew 2,500% in 2021: Report

Cryptocurrency usage in Africa increased a whopping 2,500% in 2021, according to a report from cryptocurrency exchange KuCoin.

The report cited interesting data, such as that "more than 88.5% of cryptocurrency transactions carried out by Africans" are cross-border transfers. He argued that the low fees mean that “users pay less than 0.01% of the total transferred transaction amount in cryptocurrencies.”

Johnny Lyu, CEO of KuCoin, told Cointelegraph that “adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest cryptocurrency adoption rate in the world, outpacing even the largest regions.” big, like the United States. United States, Europe and Asia.

winners and losers

Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Ethereum Classic (ETC) 79.59%, loop ring (LRC) at 57.71% and Bitcoin Gold (BTG) at 53.40%.

The top three altcoin losers of the week are ApeCoin (BUN) at 8.09%, ONE IN THE LEO (LION) at 2.85% and Maker (MKR) at 2.02%.

For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.

most memorable quotes

“Never in my wildest dreams would I have thought that the United States government would be afraid of what we are doing here.”

Nayib B Clockpresident of El Salvador

“Avoiding scams should always start from a common history with the applicant, that is, to determine if they are who they say they are, to ask for a common reference. (Yesterday, this type of question was the first I asked this scammer, and the answer almost confirms that it's not John.)

Felix Crisanlong time bitcoiner

“Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. #Slow but safe."

charles hoskinsonco-founder of Cardano

“You will continue to see us take that approach as we try to steer businesses toward Web3. A lot of this is down to 'how do we accelerate Web3 adoption?' because one of the biggest risks, as we see it, is that if people don't move through space fast enough, we might inadvertently create another kind of elite as well."

Yat Siu |co-founder and president of Animoca Brands

“We have seen the statistics on how few women are part of cryptocurrencies in comparison, which reflects the inequality that we see in other financial markets. […] Cryptocurrencies started with the goal of being accessible to everyone and breaking down barriers to entry.”

noemi osakaprofessional tennis star

“Take a look at the way cars, mobile phones and consumer electronics took off on the continent. Africa is a continent where lightning-fast progression and adoption are common.”

Nouroufounder of Bitcoin Senegal

“If you want to pioneer the virtual frontier of innovation, Australia is open for business. As Minister of Digital Economy and Minister of Financial Services, I support them.”

Jane HumeAustralian Senator

“You can't apply for funding for a business opportunity, abandon that business, and run away with the money investors gave you. Our team here at IRS-CI and our partners at HSI closely track cryptocurrency transactions in an effort to uncover alleged schemes like this."

Tomas FattorussoIRS Special Agent in Charge of Criminal Investigation

prediction of the week

Internet Computer Eyes 50% Move As ICP Enters 'Falling Wedge' Breakout Territory

With the price of Internet Computer (ICP) on the rise of late, Cointelegraph's Yashu Gola read the charts and described a bullish scenario where ICP reaches the $27 region by next month. The move would mark a hefty 50% gain as it was priced around $17.75 on Tuesday.

Gola noted a "compelling falling wedge break in action" supported by rising trading volumes and continued price slopes.

“In a 'perfect' scenario, breaking out of a falling wedge pattern (to the upside) can trigger a subsequent price rally as long as the maximum distance between the upper and lower trendline of the wedge. That may put the ICP on track to over $27, by almost 50%, at some point in April,” Gola said.

fud of the week

Thailand's SEC Bans Crypto Payments, Seeks Disclosure of Exchanges' System Flaws

The Securities and Exchange Commission of Thailand has banned crypto payments after discussing its implications with the Bank of Thailand (BOT) through a joint study. Some of the risks highlighted by the SEC include many common criticisms of cryptocurrencies, including price volatility, cyber theft, money laundering, and personal data leakage.

Companies that do not comply with the new crypto laws will be subject to legal action, including temporary suspension or termination of services.

“[Crypto payments] may affect the stability of the financial system and the economic system in general, including the risks for individuals and companies”, concluded the joint study carried out by the BOT and the SEC.

Li Finance protocol loses $600,000 in latest DeFi exploit