Israel's decision to retaliate led to drops in both US stocks and BTC

April 16, 2024

Hot projects + Market overview

I. Mainstream exchange news

• OKX lists Parcl (PRCL) for spot trading.
• Backpack lists Parcl (PRCL) on April 16th.

II. Mainstream projects and trending events

• Solana-based real estate platform, Parcl, opens its token initial distribution airdrop claim.
• Blockchain game Illuvium is to airdrop 250,000 ILV tokens to its users, worth approximately $25 million, in Q2.
• Worldcoin Foundation announces the opening of the first round of community funding program applications.
• OMNI token is to open for claim and staking on April 17th at 19:00 (UTC+8).
• Polygon Labs receives ISO 27001 certification related to information security.
• EOS launches Wrapped RAM (WRAM) to enhance tradability.
• Jupiter launches the first part of its Metropolis upgrade to improve the management and launch method of new tokens.
• Adidas collaborates with crypto fitness app StepN, co-branded NFTs and merchandise to be launched soon.
• Notcoin has released tokenomics: total supply is about 102.7 billion, 78% of which is allocated to miners and Voucher holders.
• Swell is staking up to $500 million in re-collateralized ETH to the NEAR protocol.
• The two digital asset spot ETF products invested by GaoShi have received in-principle approval from the Hong Kong Securities and Futures Commission.

III. Funding news

• Web3 AI company Inference Labs completes a $2.3 million Pre-Seed funding round.
• Crypto game studio AVALON completes a $10 million funding round, led by BITKRAFT Ventures and HASHED.

IV. Regulatory news

• The Reserve Bank of Fiji has banned the use of cryptocurrencies for payment or investment.
• UK Economic Minister states that UK will introduce new stablecoin and cryptocurrency legislation before July.
• Germany's largest state bank, LBBW, is to offer cryptocurrency custody services.

V. Popular projects 

Market overview

Following the Israeli War Cabinet's decision on April 15th to retaliate against a prior attack by Iran, both US stocks and BTC experienced downturns. Currently, BTC is oscillating between the $62,000 and $71,800 limits. Further developments relating to this issue will be closely observed.

BTC Spot ETF

As of April 15th, updated data show that the total net inflow of BTC spot ETF is $12.42 billion, with a single-day net outflow of $110 million, and a single-day trading volume of $3.4 billion. The net assets of the ETF account for 4.27% of the BTC market value, with the main observations:

GBTC: The daily net outflow was $110 million, and the cumulative net outflow amounted to $16.38 billion. The daily turnover reached $787 million, and the net asset value stood at $19.64 billion.

IBIT: The daily net inflow totaled $73.7 million. Other datas have not been updated yet. 

FBTC: No data yet.

Parcl opens airdrop claims 

The Solana-based real estate platform, Parcl, has opened its PRCL token's community initial distribution airdrop claim. The official claim will begin at 20:59 Singapore time on April 16th. The rules for distribution include:

1. Users need a minimum of 6,000 points to be eligible for the airdrop.

2. Airdrop distribution uses a linear system, distributing tokens respectively to three categories of users: those in the top 5 points, those with 40,000 to 1.3 billion points, and those with 6,000 to 40,000 points.

3. For @Homeowners holders, they will be allocated 420 or 655 PRCL tokens, while Mad Lads holders will be allocated 150 PRCL tokens.

Notcoin announces token economy

Notcoin, targeting meme and gaming niches in the Telegram ecosystem, allows users to play directly on Telegram. By clicking, users can gain points which can be utilized to enhance game tools. The game, straightforward and user-friendly, makes it easy for anyone to catch on. The total supply of NOT tokens (Notcoins) is 102,719,221,714 with 78% to be distributed to miners and Voucher holders. The remaining 22% will be allocated for future newcomers, traders, and for promotional activities like launch events. The tokens will officially go live on April 20th.

Railgun sees over 130% daily increase

Railgun, a privacy protocol built on Ethereum, operates through Zero-Knowledge Proof (ZK-SNARK) validation. Railgun allows users to engage in asset transactions without revealing any details such as the type of asset, the transaction amount, or their identity. Given that Ethereum co-founder, Vitalik Buterin, appears to interact every month with Railgun with small amounts of ETH, and recognizes Railgun's commitment to user privacy, the token has seen a rapid ascent in popularity. RAIL's market capitalization to date stands at $74.83 million, with a trading volume reaching $22.22 million in the past 24 hours.

On-chain Daily

1. ETR: EtheRunes aims to integrate the Ethereum ERC-20 standard and Bitcoin's Runes protocol, connecting the two ecosystems and creating a DeFi platform.

The current price of ETR is 0.0015 USDT, with a historical high of 0.022 USDT. The 6-hour increase is 21.4% (token went live on April 15th). The current market value is $147K.

2.OLM: Ora Protocol is a project that integrates AI and zk Oracle. Primarily, it contains two products. The first one - AI Oracle (OAO) aims to incorporate AI into blockchain technology. The second product - zkOracle, seeks to introduce a higher level of complexity in computations and historical data onto the chain.

The current price of OLM is 0.026 USDT, with a historical high of 0.046 USDT. The 24-hour increase is 4.9%, and the current market value is $26.5M.

3.RAIL: RAILGUN is a privacy protocol using zk technology, which can be used on DeFi, NFT, and even ETH mainnet, layer 2 like Arb. The reason for its popularity surge is the outspoken support from Vitalik Buterin, who also transferred 100 ETH to it. 

The current price of RAIL is 1.31 USDT, with a historical high of 4.2 USDT. The 24-hour increase is 112%, and the current market value is $75.6M.

4.DUMP: dump.trade is a platform for points, pre-market and OTC trading, built on Ethereum.

The current price of DUMP is 0.05 USDT, with a historical high of 0.084 USDT. The 24-hour decrease is 9.2%, and the current market value is $4.8M.

5.WOLF: WOLF is a memecoin, whose ip claimed to be the best friend of pepe.

The current price of WOLF is 0.0(4)11 USDT, with a historical high is of .0(4)019 USDT. The 24-hour increase is 35.33%, and the current market value is $3.5M.

6.SPCT: Spectra Chain is a layer 2 solution for BTC, compatible with EVM and uses POS as the consensus mechanism. This integration allows the Spectra Chain to offer the flexibility and programmability of the EVM with the security and credibility of the Bitcoin network.

The current price of SPCT is 0.0277 USDT, with a historical high of 0.052 USDT. The 24-hour increase is 6.7%, and the current market value is $27.7M.

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