Headlines
▌Public consultation on the licensing system for virtual asset over-the-counter trading service providers in Hong Kong has ended
The public consultation on Hong Kong’s virtual asset over-the-counter trading service provider (OTC) licensing system has ended, but the system only covers a very small number of currencies such as Bitcoin and Ethereum, causing concerns among some practitioners. In response to this situation, the Hong Kong Virtual Asset Industry Association called on the government to exempt USDT and USDC from restrictions to avoid significant impact on business development. Some practitioners said that reducing the number of tradable currencies may lead to the transfer of business to other regions. In addition, some practitioners expressed concerns about the proposed transfer threshold of 8,000 yuan to strengthen customer due diligence, believing that it may lead to the loss of customers. At the same time, requirements such as appointing a compliance officer and a money laundering reporting officer may impose significant cost pressure on small OTCs. Customs recommends first considering the positioning of OTC in the Hong Kong market before formulating corresponding requirements. The government will consider practitioners' opinions and suggestions as soon as possible and submit relevant drafts to the Legislative Council.
▌Nigeria's money laundering allegations against Binance have led to investors gradually withdrawing their funds
Uwakwe, the head of the Nigerian Inter-Community Working Group, which comprises the Blockchain Nigeria User Group (BNUG), the Cryptography Development Initiative of Nigeria (CDIN), and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), voiced investors’ concerns. Uwakwe said investors are concerned about the potential repercussions of investing in local Web3 companies that could see a fate similar to Binance. He noted that parties that have already invested are gradually divesting.
Binance executives Tigran Gambaryan and Nadeem Anjarwalla came to Nigeria in February following allegations that the exchange manipulated the country’s fiat currency, the naira. After a meeting with the Nigerian government regarding the regulation of Binance, the executives were detained and charged with five counts bordering on money laundering.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $65,732.54, with a daily change of +2.7%;
ETH's latest transaction price is $3157.17, with a daily change of +4.9%;
BNB's latest transaction price is $567.12, with a daily change of +2.7%;
ORDI’s most recent trading price is $48.00, with a daily change of +2.4%;
DOGE’s latest trading price is $0.1623, with a daily change of +5.3%;
SOL's most recent trading price is $151.35, with a daily change of +9.1%.
Blockchain Applications
▌COSCO Shipping Specialized Cargo issues the first blockchain electronic bill of lading for Shuzan Annuo
Recently, COSCO SHIPPING Specialized Cargo and Shuzan Eunuo successfully implemented the blockchain electronic bill of lading for Brazil-China pulp import shipping. This is the first electronic bill of lading accepted by Shuzan Eunuo, which marks the deepening of cooperation between the two parties. This success is due to the support of the port of Shanghai Lingang (600848) New Area. Shanghai Lingang (600848) New Area and Shuzan Eunuo signed a cooperation agreement to support the exploration of paperless trade scenarios such as electronic bills of lading. The promotion of electronic bills of lading has been highly praised by customers, and the issuance volume of electronic bills of lading for pulp by Specialized Cargo has reached 137,032 billing tons. Specialized Cargo has become a member of the Global Shipping Business Network Alliance, and the digital shipping platform is integrated with the blockchain platform to solve the problem of data exchange. Shuzan Eunuo is one of the global forestry groups with a lot of resources. Specialized Cargo will continue to promote blockchain electronic bills of lading and win-win with partners in digital transformation.
Cryptocurrency
▌Crypto airdrops tend to be targeted at certain communities, causing controversy
Recently, there has been a new trend in crypto airdrops, which has caused controversy by leaning towards specific communities. In the past, crypto airdrops were surprise gifts for early adopters, but now more and more projects are choosing to distribute airdrops to specific communities, especially those built around NFT projects. This practice has sparked discussions about the nature of insider games and speculation about the benefits that insiders have gained. Some NFT communities have been designated as beneficiaries, which has sparked controversy about participation and the motivations of insiders to benefit. This move may highlight the social nature of the crypto field, but it may also alienate new entrants. This new trend in crypto airdrops has attracted attention and discussion both inside and outside the industry.
▌Guoxin Securities: The launch of Bitcoin spot ETF will promote Bitcoin and other encrypted assets to reach a larger capital surface
Xu Weizhi, a researcher at Guosen Securities (Hong Kong) Research Institute, pointed out that the launch of Bitcoin spot ETFs will promote Bitcoin and other crypto assets to reach a larger pool of investors, including qualified investors, institutional investors and retail investors, injecting huge vitality into the crypto market, bringing more liquidity, and accelerating the compliance process of the entire crypto industry. Hong Kong will also strengthen its position as a leading digital asset center in the region and support Hong Kong's continued development as Asia's preferred ETF market.
▌The liquidation volume of Ethereum lending market in April has exceeded any month since June 2022
According to The Block’s data dashboard, in the first two weeks of April, Ethereum lending markets saw more liquidations than any month since June 2022. Lending protocols Aave saw nearly $80 million in liquidations, while Compound saw nearly $50 million in liquidations, making up the vast majority of liquidations. The last month with a large liquidation volume was June 2022, the month after the $40 billion Terra ecosystem collapsed.
▌Solana’s on-chain NFT sales totaled $5.377 billion
According to the latest data from CryptoSlam, the total NFT sales on the Solana chain reached $5,377,114,469, and the NFT transaction volume on the chain was about 46,974,855, of which the number of buyers on the chain was 2,788,974 and the number of sellers was 1,819,203. Historical data shows that in December last year, the NFT sales on the Solana chain exceeded $365 million, setting the largest single-month record to date.
▌In the past 7 days, 6716.45 BTC have flowed into exchange wallets
According to the latest data, 3123.82 BTC flowed into exchange wallets in the past 24 hours, 6716.45 BTC flowed into exchange wallets in the past 7 days, and 79574.68 BTC flowed out of exchange wallets in the past 30 days. As of press time, the total balance of exchange wallets is 1,746,053.6 BTC.
Important economic developments
▌Extreme holdings are unlikely to work, and fund turnover rate changes need to be vigilant
In the A-share market, where styles are interpreted to the extreme, some fund managers perform "tap dance-style" transactions, and the more they buy and sell, the more "failed" they are; some fund managers' positions are "sitting on the Diaoyutai", but the product performance is still unsatisfactory. After investigating and sorting out the data, the reporter found that there is no absolute relationship between turnover rate and product performance. The significance of fund stock rotation lies in whether it makes a positive contribution to the net value of the product. For fund managers, if a turnover rate that is too high or too low cannot form positive performance in the long term, they need to reflect. In addition, since the turnover rate is often linked to the stock trading commissions paid by the fund to the brokerage, industry insiders remind investors to be cautious about changes in the fund turnover rate, which may involve illegal operations by brokerage institutions and fund managers. (China Securities Journal) (Jinshi Data APP)
Golden Encyclopedia
What is censorship resistance in blockchain technology?
The anti-censorship features of blockchain include: decentralization, immutable ledger, transparency, encryption. Bitcoin's decentralized consensus mechanism, anonymity, and decentralized governance enable it to withstand censorship attempts by any centralized institution and maintain the immutability of its transactions. In the Bitcoin network, miners compete to add transactions to the blockchain and verify them by solving difficult mathematical puzzles. Since the network cannot be controlled by a single party, censorship becomes a challenging task. Any attempt to filter transactions must overwhelm the total processing capacity of the network, which becomes increasingly difficult as the network becomes larger.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
