Cryptocurrency Daily Summary
Meme coins continue to perform well;
Hong Kong will open Ethereum ETF trading on April 30;
Worldcoin founders met with Malaysian leaders to strengthen ties with the government and plan to increase WLD supply by 19%.
According to Farside Investor data, the trading conditions of Bitcoin ETFs on April 23 were as follows: Grayscale Bitcoin Spot ETF (GBTC) continued to outflow $66.9 million, Fidelity Bitcoin Spot ETF (FBTC) inflow $4.4 million, Bitwise Bitcoin Spot ETF (BITB) inflow $23.2 million, ARK 21Shares Bitcoin Spot ETF (ARKB) inflow $33.3 million, WisdomTree Bitcoin Spot ETF (BTCW) net inflow of $6.6 million.
HashKey Capital and Bosera International will launch spot Bitcoin and Ethereum ETFs on the Hong Kong Stock Exchange on April 30. The two ETFs are expected to track the prices of Bitcoin and Ethereum and allow physical subscriptions. Investors can directly subscribe to ETF shares using Bitcoin and Ethereum.
Boshi International has expanded its business to provide asset management services related to virtual assets and has obtained approval from the Hong Kong Securities Regulatory Commission. At the same time, HashKey Capital, as an institutional-level virtual asset management institution, has also obtained the same approval to provide virtual asset fund product services to retail investors.
The SEC is now seeking comments on BlackRock's revised proposal for a spot Ethereum ETF. In recent months, well-known companies including Fidelity and BlackRock have applied for spot Ethereum ETFs. But optimism about the SEC approving such products is waning.
Standard Chartered Bank noted in a recent research note that digital asset markets are well positioned for recovery, even though inflows into Bitcoin spot ETFs have stagnated and an Ethereum ETF is unlikely to be approved as expected in May.
Recently, Worldcoin was issued two temporary injunctions in Spain and Portugal, requiring it to stop collecting personal data of users. These injunctions stem from the fact that Worldcoin creates a personal World ID by scanning the user’s eyeballs and provides cryptocurrency in the form of tokens, which has raised concerns about personal privacy and data management.
Founders Sam Altman and Alex Blania recently met with Malaysian leaders to try to improve relations with the government and emphasize their commitment to protecting user data and privacy. Last Friday, Blania and Altman, co-founder of Tools for Humanity, attended a video call with Malaysian Prime Minister Anwar Ibrahim, according to a post from government leaders.
The meeting with Malaysian officials follows a series of steps taken by Worldcoin to demonstrate that it takes data collection and privacy issues seriously and is willing to work more closely with regulators and government officials. This shows that senior government officials continue to have interest in dialogue with Worldcoin.
The latest news shows that Worldcoin said that its subsidiary World Assets will sell up to 1.5 million WLDs worth about $8.2 million to selected institutions through private placements every week. The current circulating supply of WLD tokens is 193 million, and private placement sales mean that the total available supply has increased by 18.6% during the same period.
Market Analysis: Market Fluctuates, Meme Coin Continues to Perform Well
Market trend:
The entire crypto market was volatile, with the Meme sector in particular performing strongly. On the macroeconomic front, the U.S. stock market rebounded, but manufacturing data was lower than expected, which reinforced market expectations of possible interest rate cuts in the future.
Market hot spots:
1. The Meme sector continues to perform strongly: Several major tokens in the Meme sector, such as $BONK , $FLOKI and PEPE, have increased by more than 20% during the day. Since these tokens do not have the selling pressure caused by the unlocking of a large number of tokens, their chip structure is relatively simple, and the resistance to market manipulation is relatively small, so they perform well in the market.
2. AI token AKT surges: Akash is an AI computing power project in the cosmos ecosystem. Its token AKT was launched on a Korean exchange, causing a sharp rise in price. The project provides decentralized cloud computing resources and has attracted much attention from the market.
3. Gamefi tokens BIGTIME and $BNX have seen astonishing increases: BIGTIME tokens were launched on the Korean trading platform, attracting widespread market attention. At the same time, rumors that BNX will launch new games have led to a sharp rise in prices, showing that the market is optimistic about the innovation and business model of the Gamefi sector.
4. Despite the overall market volatility, the Meme sector, AI and Gamefi concepts performed outstandingly, showing active investment and market attention in specific areas. Investors should pay attention to macroeconomic data and industry trends, choose investments carefully, and pay attention to the risks brought by market fluctuations.
Macro: Technology stocks support positive market sentiment, investors focus on key US economic data
U.S. stocks closed higher on Tuesday, helped by strong earnings from top companies as investors closely watched quarterly results from the Magnificent Seven and other large growth stocks. Tesla Inc. shares rose 6% in extended trading after announcing a new electric vehicle model after the market closed on Tuesday, even though its quarterly revenue fell short of analysts’ expectations.
Ten of the 11 sectors in the S&P 500 rose, led by gains in communications services stocks. However, the S&P materials sector was dragged down by steel maker Nucor Corp NUE.N , whose shares fell 8.9 percent after its first-quarter earnings missed estimates.
Data on Tuesday showed U.S. business activity dropped to a four-month low in April amid weak demand, while inflation eased slightly despite a sharp rise in input prices, suggesting consumer price increases may be easing.
In addition to corporate earnings, investors will be closely watching the personal consumption expenditures (PCE) index for March, the Fed’s preferred inflation measure, due on Friday. Money markets are currently pricing in only about 43 basis points of rate cuts, down from about 150 basis points at the start of the year, according to London Stock Exchange data.
“The PMI report and employment were weaker, and the market is viewing that as bad news right now, but there is also good news, which means that expectations for the Fed have become too hawkish,” Lerner added.
Asian stocks also showed an optimistic trend following the rise on Wall Street, as market risk sentiment improved, boosted by optimistic earnings of some US companies.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1% on Tuesday, up 1.55%, after stocks rebounded from a sharp sell-off last week. Japan's Nikkei gained 2%. Chinese stocks were mixed, with the blue-chip index flat while Hong Kong's Hang Seng added 1.6%.
In commodities, U.S. crude fell 0.1% to $83.28 a barrel and Brent crude fell 0.12% to $88.31 a barrel. Oil prices rose on Tuesday as investors shifted their focus away from tensions in the Middle East.
Spot gold fell 0.2% to $2,317.39 an ounce.
