The US SEC carpet bombs the crypto industry via the Wells, says a crypto lawyer

May 7, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Kazakhstan appoints Binance general manager Zhaslan Madiev as the Minister of Digital Development.
• Binance Futures to delist STPT/USDT, SNT/USDT, MBL/USDT, RAD/USDT, and CVX/USDT perpetual contracts.

II. Mainstream projects and trending events

• Lisk to distribute 15 million LSK, distributing 3 million LSK in the first batch.
• Germany's Credit Reinsurance Bank to issue its first blockchain-based digital bond.
• Ex-US Fed Prosecutor James K. Filan tweeted that the SEC has handed in sealed documents against Ripple and a public version to be disclosed by May 8th, 2024.
• Wealth management giant Hightower buys $68 million worth of Bitcoin spot ETFs.
• The US SEC delays its decision on the Invesco Galaxy Ethereum Spot ETF.
• The US SEC sends Robinhood a Wells notice on cryptocurrency business.
• Lawyer says the US SEC is carpet bombing the crypto industry via the Wells process.
• Tiger Brokers (Hong Kong) has officially launched virtual asset trading services, currently only available to professional investors.
• The co-founder of Yuga Labs has announced a second testnet of ApeChain launching this month, with the mainnet set for a summer release.
• Puffer Finance to launch mainnet on May 8th.

III. Funding news

• Kiosk, a Web3 social app based on Farcaster, completes a $10 million funding, led by Electric Capital.
• OKX Ventures made strategic investments in four products of Web3 Venture Studio EVG.

IV. Regulatory news

• Kenya appoints Marathon Digital to review the country's cryptocurrency system.
• South Korea bans the use of cryptocurrencies, in a revised donation law.

V. Popular projects 

Market overview

BTC continues its consolidation trend as observed on the 4-hour K-line chart, with immediate support resting at $63,300. Notably, significant resistance is anticipated within the range of $67,600 to $68,000. The consolidation phase is likely to endure unless there's a breach below $60,600. Following such an adjustment, BTC may potentially encounter a primary wave.

BTC Spot ETF

Data as of May 6th shows that the net inflow of BTC spot ETF was $11.76 billion, with a single-day net inflow of $195 million, and a single-day turnover of $1.83 billion. The current ETF net assets account for 4.2% of BTC's market value. Among them, the main observations are:

GBTC: The single-day net inflow was $4 million, with a cumulative net outflow of $17 billion, and a daily trading volume of $386 million. The current net asset value is$18.47 billion;

IBIT: Data not available yet;

FBTC: The single-day net inflow was $990 million, with a cumulative net inflow of $8 billion, and a single-day trading volume of $298 million. The current net asset value is $9.63 billion; 

ARKB: The single-day net inflow was $76 million, with a cumulative net inflow of $2 billion, and a single-day trading volume of $67.52 million. The current net asset value is $2.74 billion;

JLP remains stable in this round of decline 

JLP, the liquidity provider token for Jupiter Labs Perpetual, has reached an all-time high following a 23.3% rebound from BTC's peak point. Exhibiting strong stability and a daily trading volume exceeding $20 million, which may make it an attractive consideration for  stability-oriented investors.

POWR establishes a stable base

Tokens associated with the energy concept are less common, affording POWR a certain level of scarcity. Already listed on mainstream exchanges like Binance, it has potential to gain hype, particularly alongside the evolution of AI. Currently, despite low market attention, it holds considerable prospects for sector-specific hype.

LPT shows steady performance

LPT, associated with a diversified range of concepts like AI, documentary video, GPU computing power, and streaming media, attracts significant market capital. It enjoys a comparatively low market valuation amongst most AI-tier projects, yet displays high capital activity. Listed on leading exchanges such as Binance and OKX, LPT is poised as a popular target if the AI sector experiences a surge.

On-chain Daily

1. BONK: BONK on ETH aims to make BONK enthusiasts aware that BONK is also needed on Ethereum.

Current price: 0.0721 USDT

Historical high: 0.0727 USDT

6-hour increase: 210% (Token launch time: May 6th, 18:15 UTC)

Current market cap: $2.1M

2. FOFAR: FOFAR is a memecoin on Ethereum, originating from a character from Pepe's comic 'Boy’s Club'.

Current price: 0.0554 USDT

Historical high: 0.041 USDT

24-hour decrease: 16%

Current market cap: $2.2M

3. ARG: ARG(Argentine) is also a memecoin on Solana. It's worth noting for potential speculative opportunities, in light of recent strong performances of memecoins named after countries and Elon Musk's tweet recommending investing in Argentina.

Current price: 0.00105 USDT

Historical high: 0.02 USDT

24-hour increase: 130%

Current market cap: $1M

4. peanie: peanie is the  Solana version of Penguin and a spin-off of recent strong memecoin Michi.

Current price: 0.0212 USDT

Historical high: 0.235 USDT

24-hour increase: 695%

Current market cap: $21M

5. TORI: TORI is a cat-themed memecoin on Solana aiming for a market cap of $1B. Its main feature is its high liquidity reaching $2.3M.

Current price: 0.0134 USDT

Historical high: 0.0145 USDT

24-hour increase: 121%

Current market cap: $13.3M

6. Peezy: Peezy is a memecoin on Base. Young Peezy is also from Matt Furie ’Boy’s Club’ comic series featuring Pepe.

Current price: 0.0092 USDT

Historical high: 0.017 USDT

24-hour decrease: 7.9%

Current market cap: $9.2M

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