Paraguay Pulls A 180 On Bitcoin
Gm friends,
1 week to go until the Bitcoin halving!
With the Bitcoin halving just days away, there have been some major adoption movements you need to know about.
But, before we dive into the heart of today’s content, I need to check in… Did you catch the last email I sent?
I unveiled a once-in-a-halving-deal! (Pardon the pun 😬)
Jokes aside, we’re at a turning point in the market and all the actions you take from now on are going to affect your portfolio.
The halving is almost here, and it’s setting us up for some wild market movements in the coming months. The supply and demand dynamics for Bitcoin are simply insane.
Now, Bitcoin might not shoot up right after the halving, but make no mistake—it’s going to happen.
It’s a matter of WHEN not IF!
Once Bitcoin rallies properly, Altcoins will follow. And I’m not talking about the isolated pumps we’ve seen in specific sectors only until now.
We’re gearing up for a full-blown Altseason, where the real gems could run 40x, 50x and even 100x.
Ready to spot those gems?
No worries if you’re not there yet! With a 33% discount on Wealth Mastery Premium available for the next 6 days, you’ll have everything you need to nail your Altcoin strategy!
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Here’s what’s in today’s issue:
- Rebecca shares her thoughts on Bitcoin’s possible pre-halving boost, Inflation rising in the US, Uniswap getting sued by the SEC, Chainlink’s cross-chain bridge app & the UK possibly launching LondonCoin.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on which Solana NFTs are a good buy.
Bitcoin Could Get A Pre-Halving Boost
Bitcoin’s price may have just taken a dive, but make no mistake, Bitcoin is winning…
1. Paraguay does a 180 on Bitcoin
Just a week ago, Paraguay was proposing to temporarily ban Bitcoin mining for 180 days. And not only that but ban the storage and trading of crypto assets too.
Now, the bill has been postponed for 30 days. Maybe lawmakers realized that the mining ban would cost their economy $200 million a year and thought…wait a minute, let’s think about this.
Instead, senators in Paraguay are now proposing to sell the country’s surplus energy to Bitcoin mining companies instead of giving it to nearby countries Brazil or Argentina. Yes to this!
2. Bitcoin Ordinals Demand Surges
Bitcoin Ordinals hit 65 million inscriptions on April 11, around just 8 days before the halving.
Since Ordinals burst onto the Bitcoin scene in January 2023, they have generated over $458 million in network fees for Bitcoin miners.
With Bitcoin Runes coming at the end of April, no doubt this demand is only going to keep rising. And Layer-2s are going to be needed more than ever.
The Bitcoin ecosystem is only just beginning.
3. Bitcoin leads the NFT market
Bitcoin NFT sales topped the charts on Wednesday April 10, beating both Solana and Ethereum by a mile!
Bitcoin saw NFT sales of $19.08 million, which was an almost 6% gain on the previous day.
Ethereum’s daily performance dropped 13% to $9.39 million and Solana’s daily performance fell 16% to $8.16 million.
Bitcoin’s PUPS collection took the most in sales with $2.15 million alone.
Inflation Is Rising Again In The US
Uh-oh! Inflation came in hotter than expected for the third consecutive month.
Prices in March were up 3.5% on the previous year. That’s up from 3.2% year on year in February and 3.1% in January.
That’s now 36 consecutive months (3 years!!) that inflation in the US has been above the 2% target. Think about all that compounding working against you—brb, just going to sit and cry in the corner!
Gas and housing made up over half of the rise in inflation during March. Energy prices jumped over 1% in March and housing jumped almost 6% year-on-year. Ouch!
I guess we can kiss goodbye to a June interest rate cut.
With that being said, it could be the European Central Bank that makes the first move, as they’re already signaling a cut lies ahead in June.
But regardless of what happens, Grayscale is predicting that persistent inflation will be good for crypto. Even if in the short-term it’s negative.
If interest rates do have to stay higher for longer, government deficits will only get worse and store of value assets like Bitcoin will remain a hot commodity. Phew!
Uniswap Is Next In Line To Be Sued
It looks like Uniswap has become the next crypto target of the US regulators.
The Securities and Exchange Commission (SEC) has sent a Wells Notice to Uniswap, once again relating to securities laws.
Whilst Uniswap isn’t headed to court just yet, it’s a heads-up that a legal battle is coming.
A Wells Notice is a formal notification for an individual or company that the SEC intends to enforce action.
Uniswap knows what is coming next. Founder Hayden Adams posted on X that “I’m not surprised. Just annoyed, disappointed, and ready to fight.”
Not surprisingly, investors took the news badly. It triggered a sell-off in Uniswap’s UNI token which saw 3 big whales sell a total of 2.03 million tokens, worth around $20 million.
The UNI token is now -15% in the past 7 days and -35% in the past month.
Chainlink’s New Cross-Chain Bridge App
Chainlink has launched a new cross-chain messaging app for bridging tokens. It’s called Transporter and is powered by Chainlink’s Cross Chain Interoperability Protocol (CCIP).
Chainlink claims it’s the best of its kind and is the only cross-chain protocol with Level 5 security. It allows users to bridge over supported tokens across an initial 8 blockchains—Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX.
Cross-chain bridges are extremely useful to make transactions possible between different blockchains. But they’re also a major vulnerability and have been an easy target for hacks.
Axie Infinity’s Ronin Bridge suffered one of the biggest hacks in crypto history back in 2022—it was drained of over $600M.
Chainlink’s Transporter allows users to track their cross-chain transactions through CCIP Explorer in real-time with no extra fees.
Is The UK About To Launch LondonCoin?
Over 200 cities around the world could have their own cryptocurrency within 5 years, according to the former Head of Growth at Bitcoin Stacks.
CityCoins have already launched in New York City and Miami. Now, London could be next. After all, the UK says it wants to be a crypto hub.
A candidate for London Mayor has plans to launch a LONDON token. If elected, Brian Rose plans to give every person in London £100 worth of LONDON tokens.
And get this, the £1 billion needed to fund the token’s airdrop would come from profits made by the city’s big banks.
With these tokens, Londoners would be able to use them as payment for local transport, parking charges, and local council bills.
Would you use a CityCoin? Reply to this email and let us know.
Existing Projects / Tokens
- Celestia [TIA] is hinting that they might be working on some sort of implementation or integration with bitcoin. Celestia is a data availability provider. It’s unclear how Celestia might work with bitcoin, but this is something to pay attention to.
- Immutable [IMX] will soon be dropping MetalCore, an open-world shooter with cutting-edge graphics and a player-driven, in-game economy. Game developers just closed a successful beta testing round, so the official release should be soon.
- NEAR Protocol [NEAR] is hiring AI developers as the company gears up for its AI initiative, which will culminate in the creation of a “user-owned AI” system. Near is a layer-1 that operates as a community-run cloud computing platform.
- SUI has been chosen as the blockchain of choice for the development of a portable gaming device (think Steam Deck) that will run both traditional and blockchain-based video games. It’s called SuiPlay0x1, and it’s scheduled for release in 2025. Developers say the device will be interconnected with the Sui blockchain.
- Toncoin [TON] is blowing up. TON is now in the crypto market cap top-10, and has partnered with HashKey to make crypto and Web3 more accessible to anyone with a mobile phone.
Upcoming Projects / Tokens
- Monad [TBD] is a developing Layer-1 blockchain that’s compatible with the Ethereum Virtual Machine. The developer, Monad Labs, just raised $225 million from Paradigm for further project funding. Developers say the blockchain can process 10K TPS. Monad does plan on having a native token, so keep your eyes on this project as there’s an opportunity for early entry.
- Zeta Markets [Z] just announced the upcoming release of Z, the protocol’s native token. Zeta Markets is a Solana-based perpetuals exchange. Developers say Z will be used for governance, staking, and incentives. 10% of the tokens supply is to be airdropped, with eligibility criteria to be released soon.
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Xterio Quests
Xterio is a game developer and publisher with a global team footprint. Xterio’s cross-platform portfolio will focus on multiplayer games with deep, rich gaming experiences across multiple genres enhanced by player ownership. Formed by gaming veterans from FunPlus, Electronic Arts, Zynga, Activision Blizzard, and other top studios. As passionate game makers, Xterio wants to breathe new and existing features into the somewhat dormant gaming space.
As such the Xterio project has recently come out of stealth mode to give a sneak peek at things to come. Complete with Games, Launchpad, Marketplace, and Assets studio. There’s not a lot missing from Xterio. Releasing its first Gaming Campaign with the help of Sesame Labs. You can sign up for the Xterio Quests Campaign and begin earning rewards towards future Airdrops. The Campaign currently offers three time-limited and two open-ended quests to complete. These are simple social media quests that won’t require any funds to complete. Learn more about the Xterio project and the first soul-bound token rewards available.
Which Solana NFTs Are a Good Buy?
With the Solana ecosystem generating hype, there are some interesting developments happening around Solana NFTs, with developments around SPL-404 tokens–which combine NFTs and fungible tokens–partnerships and connections with meme coins, and some previously established collections that have remained resilient or maintained a presence.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Which Solana NFTs Are a Good Buy?”
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See you next time!
Lark and the Wealth Mastery Team
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