The Block
Bitcoin exchange reserves have dropped to multi-year lows, according to CryptoQuant data.However, Glassnode data also suggests that long-term holders are beginning to part with their BTC.
Quick Take Two app developers placed 87 fraudulent apps onto the online store Google Play. Many scams forced users to pay high fees to withdraw funds from cryptocurrency investments. Google claims that the developers allegedly violated the RICO Act, enacted wire fraud and breached various policies on Google’s platforms.
Quick Take PayPal said it’s rolling out a new service that allows U.S. clients to send cross-border money transfers using the company’s PYUSD stablecoin. U.S. users of the company’s international payments service, Xoom, can convert PYUSD to USD and then send money to “recipients in approximately 160 countries” without being charged transaction fees.
Oppenheimer has increased Coinbase’s share price target to $276.This is up from a previous target of $200.
Quick Take JPMorgan analysts suggest that Lido’s declining market share may shield Ethereum from being classified as a security. Ethereum’s recent Dencun upgrade is another positive for the blockchain network and its ecosystem, according to the analysts.
The average crypto portfolio is up $2,804 so far in 2024, according to cryptocurrency tax software platform CoinLedger.The unrealized average gains contrast the less than $1,000 in average realized gains for the whole of 2023.
Ripple said it will launch a USD-pegged stablecoin later this year, which it hopes will serve enterprise clients and payment companies.The stablecoin will be backed by “USD deposits, short-term U.S. government treasuries, and other cash equivalents” with “a third-party accounting firm” performing audits.
The bitcoin halving may already be priced into the market, according to Coinbase analysts.This is a long-running debate that crops up every time the halving takes place.
The Ethereum Layer 2 market is expected to reach a base case valuation of $1 trillion by 2030, according to investment firm VanEck.The valuation is based on VanEck’s analysis of transaction costs, developer and user experience, trust assumptions and ecosystem size.However, given the “cutthroat competition,” VanEck analysts remain “generally bearish” on the long-term value prospects for most Layer 2 tokens.
Quick Take Yield platform Pendle has amassed billions of value in just a few months. The platform lets users split yield from yield-bearing assets and trade it separately.
