OVERVIEW

Shady's Back, Tell a Friend: Eminem Storms Crypto 🎤

Price action remains very muted, slow, and boring. Bitcoin’s dominance continues to drop, but not enough of the altcoin market is moving to generate a strong altcoin cycle. It’s hurry up and wait time. 🕰️

In today’s Litepaper: a fiery dispute as Bitcoin Core dev Luke Dashjr takes a swing at Runes Protocol, while a staggering $217 million flows from Bitcoin ETFs.

Plus, Stripe dances back into crypto payments, Eminem and Crypto.com drop a beat together, and a look at the scariest chart out there. 📰

Before we dive in, here’s today’s crypto market heatmap: 

And here’s a look at crypto’s total and altcoin market cap YTD:

BITCOIN
Bitcoin Developer Luke Dashjr Slams Runes Protocol 🤦‍♂️

Luke Dashjr, a leading $BTC core developer, has voiced concerns over the Runes protocol, which he argues leverages inherent flaws in Bitcoin's design. 🛠️ 

On X, Dashjr differentiated Runes from Ordinal Inscriptions, suggesting that while Ordinals exploit vulnerabilities in Bitcoin Core, Runes comply with the rules but still pose a systemic threat. His critique emphasizes the strain and increased congestion and transaction fees following the launch of Runes. 

Dashjr has proposed technical solutions to mitigate the impact of Runes and maintains that embracing such innovations could deviate from Bitcoin's foundational principles. But miners like Runes for the cold, hard cash they make on the transactions. 🚀

Not much to say from a price action perspective for Bitcoin, other than ‘meh’.

However, sentiment could be a leading indicator for bulls. A week ago, it was sitting at bearish (43), yesterday bullish (55), and still bullish but higher at (61).

Message volume, however, continues to slide lower. A week ago it was high (69), yesterday it was at low (44), and is still reading low today (38). 💯

NEWS
$217 Million Exodus From Bitcoin ETFs 🤯

April could end up being an ugly one for spot Bitcoin ETFs. Those ETFs have encountered significant outflows, affecting Bitcoin's market dynamics as prices fall. 📉

On April 26, Farside Investors reported a whopping $217 million in outflows, primarily from Grayscale's Bitcoin Trust ($GBTC). This downturn is part of a broader slump affecting various funds, with even the previously inflow-rich iShares Bitcoin Trust ($IBIT) experiencing stagnation.

Some analysts believe the outflows are a major contributor to the current downward pressure on Bitcoin prices. However, others believe economic uncertainties, including subdued GDP growth and potential inflation worries, are more to blame. This situation has fortified bearish control, possibly influencing future Federal Reserve decisions regarding interest rates. 🐻

It’s been on a slow trudge higher all day and has followed the broader crypto market lower.

Meanwhile, Stocktwits sentiment has flipped into bullish territory (71), and message volume is slowly ticking up to normal (40). 🐬

NEWS
Stripe Reintroduces Crypto Payments 🦓

Stripe is set to reenter the cryptocurrency payment scene, focusing on $USDC transactions for its merchant network. 🌐 

The payment processor plans to enable crypto payments on Solana ($SOL), Ethereum ($ETH), and Polygon ($MATIC) starting this summer. This strategic move comes after Stripe discontinued Bitcoin transactions in 2018 due to concerns over costs and volatility.

The renewed focus on USDC, a stablecoin pegged to the U.S. dollar, represents Stripe's commitment to providing stable and efficient payment solutions in the volatile crypto market. This initiative underscores Stripe's ongoing interest in supporting the digital currency ecosystem, including NFTs and Web3 applications. 💡

NEWS
Eminem & Crypto.com Team Up 🫤

First, it was Matt Damon telling us about how fortune favors the brave before looking out at a space station near Mars. 🌕

Now we’ve got Eminem doing the same thing: a lot of script and dialogue with the fook all to do with crypto:

Usually, these kinds of developments are what people look for in a market top. But because the market is in a chop zone, some analysts think more mainstream exposure might be bullish rather than bearish. Time will tell. ⏱️

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TECHNICAL ANALYSIS
Scary Ass Chart Of The Day 🫣

Ya, it’s not crypto, but there are often events and moves in some markets that could affect all markets. And the chart above is one of them.

We last looked at the Yen in the April 12 Litepaper when it looked like this:

No need to get into a bunch of details here other than it is one of the most important currencies on the planet for FX markets, a flight to safety, and for carry trades. It’s a big deal, and its weakness is already in scary territory.

And even though the Yen has hit these crazy lows - look at the percentage of professional speculators short: an insane 84%. 😱

NEWS
Crypto News In Three Sentences 📰

💸 Big Sell: CryptoPunk 635 Makes a $12M Splash in NFT Market

CryptoPunks leads the NFT sales chart, amassing $12.67 million in a single day, led by the sale of CryptoPunk 635 for $12.40 million. This sale places it as the fourth highest-valued CryptoPunk ever sold. Despite stiff competition from other collections like Bored Ape Yacht Club and NodeMonkes, CryptoPunks maintains a significant lead. From Yahoo!Finance.

🚀 Marathon Digital Doubles Down: Aims for 50 EH/s in 2024 Without New Funds

Marathon Digital ($MARA) plans to double its mining capacity to 50 EH/s in 2024, fully self-funded without the need for raising external capital. Marathon CEO Fred Thiel highlights the strategic deployment of advanced technology and proprietary techniques to improve efficiency as they aim for a more ambitious hash rate goal post-Bitcoin halving. CoinSpeaker has more.

🔥 Ripple Case Heats Up: SEC Given Deadline to Strike Back

Judge Sarah Netburn has imposed strict deadlines for the Securities and Exchange Commission (SEC) to respond to Ripple’s motions, aiming to accelerate proceedings. The SEC must rebut Ripple’s motion to strike by April 29, 2024, with Ripple having three days to respond. This case marks a significant chapter in cryptocurrency regulation, potentially setting precedents for how digital assets are treated under U.S. securities laws. More from Bitcoinist.

🔒 New U.K. Laws Empower Police to Clamp Down on Criminal Crypto

The U.K. has granted police enhanced powers to seize, freeze, or destroy criminal crypto holdings without prior arrests, effective April 26, 2024. These reforms, part of new legislation targeting crime and terrorism financing, aim to strengthen national security and support the legitimate use of cryptocurrencies. Home Secretary James Cleverly asserts that the new powers will prevent criminals from exploiting crypto for illicit gains. From CoinJournal.

🕹️ Decentraland Teases Its Debut Game Expo

Decentraland ($MANA) is gearing up to host its inaugural Game Expo from June 26 to 29, 2024, showcasing a wide array of web3 games and featuring discussions with industry experts. Set in one of the central plazas, the event will include interactive booths and live-streamed sessions, offering both developers and gamers unique opportunities to engage with the latest in web3 gaming. Leading up to the expo, Decentraland is also conducting a Game Jam with significant prizes, emphasizing its commitment to fostering innovation and community involvement in the gaming sector. NFTPlaza has more.

Links That Don’t Suck 🔗

🛑 FBI urges caution to avoid unregistered cryptocurrency exchanges

🪙 Stablecoins’ total market cap reaches highest level since 2022: CCData report

🏹 Robinhood broadens cryptocurrency reach: New Yorkers gain access to SHIB, AVAX, and COMP trading

🤖 Baltimore high school athletic director used AI to create fake racist recording of principal, authorities say

☢️ Fallout 4's 'next gen' update is over 14 gigs, breaks modded saves, and doesn't seem to change much at all

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