What Caused the Bitcoin Flash Crash? 🎢

In today's edition: 😱 Why Bitcoin moved so much?, 🌉 Circle's new announcement, 🏦 Kraken gives a fight, and more!

April 27, 2023

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On the Pod…

What’s Poppin’?

by Samyuktha Sriram

The blockchain analytics firm said that the alerts were sent after Bitcoin’s price drop and could not be responsible for the asset’s decline.

A new interoperability protocol from Circle will facilitate USDC transfers between blockchains.

The crypto exchange’s lawyers argued that the IRS has gone beyond the boundaries set in a previous case concerning Coinbase.

A single wallet address behind over a million meme coin-related scams deposited the stolen funds to Coinbase in small installments.

Daily Bits…✍️✍️✍️

  • Binance CEO Changpeng Zhao hired personal legal representation from Latham & Watkins as the crypto exchange faces multiple investigations and regulatory scrutiny in the United States.

  • The Bahamas is proposing stricter digital asset regulations following criticism in the wake of FTX's collapse, with the Securities Commission of the Bahamas introducing the Digital Assets and Registered Exchanges (DARE) Bill for consultation.

  • The leader of a Miami crew, charged in a 2020 cryptocurrency-related fraud scheme, pleaded guilty to stealing millions of dollars worth of digital assets.

  • Arbitrum completed the distribution of over $120 million worth of ARB tokens to projects built on its network, with recipients either selling their tokens or using them to support their own projects.

  • DEX Merlin and CertiK intend to compensate users affected by a nearly $2 million rugpull conducted by a rogue developer during the hyped launch.

  • The SUI token, native to the layer1 blockchain Sui, will be issued following the mainnet launch on May 3, but no tokens will be airdropped. 

  • The Cortina upgrade was activated on Avalanche's mainnet, optimizing the network for developers by implementing the latest version of Avalanche Go v1.10.0.

  • Saxet Infrastructure Group is developing a 300-megawatt Bitcoin mining site in Texas, featuring an additional 300 MW battery storage facility, giving customers control over their energy strategy and management.

Today in Crypto Adoption...

  • Lens Protocol launched Bonsai, a beta version of its blockchain scaling solution, designed to address scalability challenges for decentralized social media applications.

  • Solana wallet Phantom is expanding its support to include Ethereum and Polygon blockchains, enabling users to transact across all three networks from the wallet app starting May 1.

The $$$ Corner…

  • Zodia Custody closed a $36 million round to expand token coverage and improve its settlement product, Interchange, for institutional clients.

  • iZUMi Finance, a multichain DeFi protocol, garnered $22 million in a funding round to provide early liquidity for its on-chain order book decentralized exchange, iZiSwap Pro, on the zkSync Era network.

  • Cata Labs raised $4.2 million in a funding round led by Spartan Group to develop bridging software.

What Do You Meme?

Learn 🤓

A survey of one of the most hyped—and least understood—trends in the Web3 world.

📈 Your Market Update 📉

  • BTC is up .4%, trading at $29,217

  • ETH is down 1%, trading at $1,901

  • BTC dominance: 45.15%

  • Crypto market cap: $1.24 trillion

*All data as of today, 7 am ET

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