ConsenSys' four major factors support ETH as non-security, BTC is close to the most radical starting point

Headline

▌ConsenSys proposes four key reasons to support Ethereum's non-security status

The US SEC's re-examination of whether Ethereum belongs to the securities category has caused controversy. ConsenSys proposed four reasons to support Ethereum's non-security status: 1. Historical position: The former SEC director said in 2018 that Ethereum is not a security, and this historical position provides a solid foundation for its non-security status. 2. CFTC classification: The Commodity Futures Trading Commission (CFTC) has long regarded Ethereum as a commodity, which is consistent with the SEC's position. 3. Decentralization and openness: Ethereum's decentralized architecture makes it different from securities, all information is publicly accessible, and it does not have the characteristics of insider information asymmetry. 4. The irrelevance of the consensus mechanism transition: The recent consensus mechanism transition from PoW to PoS does not affect the core essence of Ethereum, so it should not be a reason for reclassification.  

These factors together support Ethereum's non-security status in the regulatory community. In response to the SEC's re-examination, the industry and community continue to pay attention to Ethereum's positioning.

▌Analyst: Bitcoin is approaching the starting point of the most aggressive position in the bull cycle

Technical analyst Tradingshot said that Bitcoin is approaching the "beginning point of the most aggressive position in the historical bull cycle" and predicted that the price of the cryptocurrency could rise to $300,000, which is a technical prediction because these are the measurements from high to low when the MM (Mayer Multiple) mean is touched.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $63110.19, with a daily increase or decrease of -0.5%;

ETH's latest transaction price is $3263.73, with a daily increase or decrease of +0.4%;

BNB's latest transaction price is $600.37, with a daily increase or decrease of +0.6%;

ORDI's latest transaction price is $42.00, with a daily increase or decrease of -1.6%；

DOGE's latest transaction price is 0.1467 US dollars, and its intraday increase or decrease is -2.1%；

SOL's latest transaction price is 137.94 US dollars, and its intraday increase or decrease is -2.2%。

Policy

▌Australian Exchange is expected to approve spot Bitcoin ETF by the end of 2024

Australia will follow the footsteps of the United States and Hong Kong and launch a Bitcoin ETF. ASX Ltd., which handles about four-fifths of the country’s stock trades, is expected to approve the main board’s first spot bitcoin ETFs by the end of 2024, according to people familiar with the matter who asked not to be named. Sydney-based BetaShares is working to launch a product on the Australian Securities Exchange, a spokesman said in an interview. Another local company, DigitalX Ltd., said in its half-year results in February that it had applied. Justin Arzadon, head of digital assets at BetaShares, said U.S. inflows prove digital assets are here to stay. Arzadon added that the company has reserved ASX tickers for spot bitcoin and spot ethereum ETFs.

Blockchain Applications

▌Burnt Banksy’s XION platform launches chain abstraction solution

Burnt Banksy’s XION platform officially launched a user-friendly chain abstraction solution. The team said: “With this launch, XION users are now able to expand the ease of use of blockchain by frictionlessly sharing applications, liquidity and assets. More cross-ecosystems, starting with Injective, users can interact with Injective’s Talis marketplace through their XION account using only email, without having to understand cross-bridging, browser plug-ins, mnemonics, etc., GAS fees, etc.”

▌Magic’s Wallet-as-a-Service is integrated with Tezos, funded by the Tezos Foundation

The Tezos Foundation and Magic have joined forces to enhance the accessibility and usability of Tezos. According to the project’s news: Magic’s Wallet-as-a-Service will seamlessly integrate with Tezos to simplify user onboarding for dApps. The partnership eliminates traditional password hassles and reduces barriers to entry for Web3. Funded by the Tezos Foundation, the partnership aims to make dApps more user-friendly and encourage Tezos to join Magic's platform as a featured chain alongside Ethereum, Solana, Polygon, and Flow. Provide developers with tools to create secure and user-centric applications.

Cryptocurrency

▌ConsenSys: If the US SEC successfully designates ETH as a security, it may lead to widespread unemployment among American workers

Ethereum infrastructure development company Consensys issued a statement saying that if the US Securities and Exchange Commission (SEC) successfully designates ETH as a security, the results of years of work by companies and developers will go down the drain, billions of dollars of economic value will be destroyed, and this may lead to widespread unemployment among American workers.

▌Analyst: If the "banana effect" happens again, the price of Bitcoin will reach $300,000

Crypto analyst MartyParty posted on the X platform that the "banana effect" that occurred in 2011, 2014, 2019, and 2022, if this happens again, the price of Bitcoin will reach $300,000, a record high.

▌Perpetual contract DEX protocol D8X: plans to introduce a euro stablecoin pool

Perpetual contract DEX protocol D8X said on the X platform that D8X provides an institutional-grade platform for DeFi investors, providing classic perpetual contracts without rollover or borrowing fees, and providing liquidity through automated market maker (AMM) options. D8X plans to achieve steady growth and is expected to double in size by the second quarter of 2024. Various stablecoin products are in the works, including the introduction of a euro stablecoin pool.  

Previously reported, perpetual contract DEX protocol D8X completed a $1.5 million pre-seed round of financing, led by Polygon Ventures.

▌Bonk and Pepe rose 28.4% and 26.5% respectively in the past week to become the biggest winners in the market

In the past week, Bonk, Pepe and Hedera became the biggest winners in the cryptocurrency market, increasing by 28.4%, 26.5% and 19% respectively. Among them, Bonk experienced a decline at the beginning of the week, but then ushered in a significant rise, with a market value of more than $1.7 billion. Pepe continued to grow throughout the week, with a market value of $3.2 billion. Hedera's price surge was driven by a confusing connection with Blackrock, with a market value of more than $3.8 billion.  

On the contrary, Ethena, Nervos Network and Ronin became the biggest losers this week. Ethena's price fell by nearly 22%, with a market value of more than $1.2 billion. Nervos Network appeared on the loser list for the second consecutive week, with a price drop of nearly 19% and a market value of about $784 million. Ronin has experienced continuous declines in the past week, with a market value of more than $919 million.  

Note: The cryptocurrency market is volatile, please do a good job of risk control.

▌NFT lending platform Blend's total transaction volume reached nearly $6 billion

According to Dune data, Blur's NFT lending platform Blend's total transaction volume has reached $5,994,266,130, with a total of 652,805 loans. The platform currently has 10,384 independent borrowing addresses and 4,442 independent loan addresses.

Important Economic Dynamics

▌The probability of the Fed keeping interest rates unchanged in May is 97.5%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in May is 97.5%, and the probability of a 25 basis point rate cut is 2.5%. The probability of the Fed keeping interest rates unchanged by June is 88.2%, the probability of a cumulative 25 basis point rate cut is 11.5%, and the probability of a cumulative 50 basis point rate cut is 0.2%.

Golden Encyclopedia

▌What isEthereum Futures ETF?

Ethereum Futures ETFs are investment funds that track Ethereum futures contracts rather than Ethereum itself. In 2021, Canada launched the first batch of Ethereum Futures ETFs. Although futures-based ETFs have been approved, the U.S. Securities and Exchange Commission (SEC) has not approved a spot Ethereum ETF in the country. Asset management companies regulate Ethereum futures ETFs. The main issuers that offer Ethereum futures ETFs are Bitwise, VanEck, and ProShares. These companies handle the complex issues involved in purchasing and disposing of futures contracts, controlling rollovers to retain risk exposure, and ensuring that ETFs comply with legal requirements.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.