Crypto News April 02: Is This the End of the Bull Market?

Crypto loses momentum sharply in the past 24 hours

TOP 5 Losers Coins

Crypto News Key Highlights:

• FTX Founder Sam Bankman-Fried received a 25-year prison sentence with 21 years of supervised release for wire fraud, securities fraud, commodities fraud, and money laundering. He must undergo mental health treatment, financial monitoring, and refrain from new credit charges. Monetary penalties include asset forfeiture, but no direct victim restitution.

• Deribit, the leading crypto derivatives exchange, secures a conditional Virtual Asset Service Provider license from Dubai's VARA, marking a significant milestone. It plans to relocate its headquarters to Dubai, with Luuk Strijers as the new CEO. The move aligns with Dubai's growing prominence in the crypto market, fostering industry growth.

• BNB Chain incentivizes memecoin developers with a $1 million allocation, aiming to bolster meme token growth. Their "Meme Innovation Campaign" runs from April 10 to May 9, offering rewards based on trading volume and completion of security audits. BNB Chain joins other networks like Avalanche in promoting memecoin development, reflecting the rising trend in the crypto space.

• Meme coins surged recently but faced a setback amid a broader crypto market crash, with Dogecoin, Shiba Inu, and others dipping. However, MEW, BOME, and MEME defied the trend, rallying amidst the downturn. This resilience, attributed partly to Solana meme coins' growing interest, hints at investor confidence in Solana and its ecosystem.

• OpenAI removes account requirement for accessing ChatGPT3.5, aiming for easier AI access but disallows history storage. Concerns arise over data abuse. Developers eye newer models. Despite not leading in power, OpenAI seeks to retain users amid competition. Iris, a generative AI teacher, debuts in Kerala, India, aiding education.

• Bitcoin spot ETFs saw $85.84M outflows as BTC dipped below $67,000, led by Grayscale’s GBTC. BlackRock’s IBIT and Fidelity’s FBTC recorded $165M and $43.99M inflows, respectively. Overall inflow: $12.04B. BTC correction dampens $75,000 expectations ahead of halving. Bitwise joins Ethereum ETF race amid growing interest from traditional finance. SEC delays decisions on Ethereum ETFs, but optimism remains for approval by May.

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Also read - Crypto News April 1: Bitcoin Slides, Top Coins Suffer Losses