OVERVIEW

Upcoming CPI Scares Crypto’s Highs

Talk about a one-eighty! Yesterday’s bullish drives have been mostly wiped out. A combination of stonk market shenanigans and upcoming CPI data have risk-on markets doing a little dance. 🙀

In today’s Litepaper: TON flipped ADA, something fishy is going on with SushiSwap, lots of government people making comments about crypto, historical moves in the IBIT and FBTC ETFs, and a Technically Speaking over Ethereum and Bitcoin.

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:

NEWS
TON Flips ADA 🩴

Toncoin's ($TON) astronomical surge has catapulted it past Cardano ($ADA), making it the ninth-largest cryptocurrency by market cap, boasting a valuation of $23 billion 🌌.

This milestone follows a 13% price spike, pushing TON to $7.08 and eclipsing Cardano's $ 21.4 billion cap. The leap was fueled by the TON Society's innovative $5 million initiative to reward users for palm scanning-based identity verification, aiming to integrate digital IDs with Telegram over five years.

TON is up +23.50% in April vs. Cardanos 135% versus Cardano's -7.30% drop, and with a year-to-date increase of 187.53%, TON's momentum is undeniable. And if there wasn’t enough FOMO behind it, a $115 million incentive program to bolster user adoption will probably pamp it further. Meanwhile, Cardano struggles to capture the same buzz and continues to move as fast as a turtle on its back. 🚀

DEFI
Seems Fishy 🍥

SushiSwap's ($SUSHI) community is up in arms over a controversial vote that could centralize control of its $53 million treasury, causing a stir on social media 🍣.

Skeptics allege voter manipulation in the eleventh hour, sparking debates about the integrity of the protocol's governance. The proposal, aiming to boost operational efficiency, has been criticized for potentially undermining the decentralized ethos SushiSwap was built on.

Cointelegraph reported that B.Naïm, a former contributor, has been vocal about his concerns, pointing to suspicious wallet activities that suggest an attempt to skew the voting outcome - and his post is pretty damning:

Despite the core team's silence, the proposal's advancement—with a significant portion of votes coming from the official SushiSwap team wallet—has raised eyebrows. Doesn’t just smell fishy, smells like shit. 💩

NEWS
Gubment People Talk Crypto 🤡

Senators, Representatives and even the Treasury all have had something to say about crypto lately. 🛑

Deputy Secretary of the Treasury Wally Adeyemo addressed the Senate Committee on Banking, Housing, and Urban Affairs, spotlighting cryptocurrencies as a potential threat to national security.

The spotlight shone on Tether, accused of facilitating Russia's sanctions evasion, but made no mention how $USDT has actively worked with law enforcement and the US Government to catch bad actors.

Shocking no one, Adeyemo made no mention of how the US Dollar is by the far the most used and favorite currency used by terrorists and other malign actors.

On the flip side of Adeyemo’s fear mongering over crypto is, U.S. Congressman Patrick McHenry, champions Bitcoin as a symbol of freedom, urging the U.S. to lead in its adoption.

Conversely, Senator Elizabeth Warren warns of the dangers of hastily legislated stablecoin regulations, which could potentially spark a financial crisis.

And Senator Cynthia Lummis encourages crypto advocacy in upcoming Senate races, signaling cryptocurrency's burgeoning role in American political discourse 🇺🇸. 👨‍🚀

NEWS
ETF Milestone: BlackRock and Fidelity's Bitcoin Funds Break Records 🪨

BlackRock’s $IBIT and Fidelity’s $FBTC Bitcoin ETFs are making some big records: world, recording 59 days of inflows since their inception. 🌊

This run cements their status among the elite ETFs with the longest streaks of continuous inflows. Bloomberg's ETF savant Eric Balchunas noted this achievement places them in the top echelon of all ETFs globally, overshadowing 99.9% of the competition.

The success of IBIT and FBTC reflects a growing institutional appetite for crypto, driven by factors like inflation and the quest for alternative investments amidst global economic tremors. With IBIT’s net assets nearing $20 billion and FBTC at $11.5 billion, these ETFs show the demand of a regulated bridge to Bitcoin without the traditional perceived hurdles of direct crypto ownership. 🚀

TECHNICAL ANALYSIS
Technically Speaking - April 9, 2024 💸

Ethereum

Ethereum’s returned to the inside of the Cloud on the daily chart. Which is unfortunate because it closed outside of it yesterday. The Chikou Span is the indicator to watch on $ETH’s chart. If/when it closes above the bodies of the candlesticks, a new Ideal Bullish Ichimoku Breakout will be confirmed. If bulls can close Ethereum at or above $3,649 on Friday, then the Ideal Bulllish Ichimoku Breakout will be confirmed. 💰

Bitcoin

Similar to Ethereum’s daily chart, $BTC’s daily chart is waiting for the Chikou Span to close above the bodies of the candlesticks to confirm an Ideal Bullish Ichimoku Breakout. To confirm that, Bitcoin would need to close at or above $71,565 tomorrow, $69,645 on Thursday, and by Friday, $68,526. 🪙

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