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Good Morning!

Bitcoin and alts retraced this morning after a week of solid gains, liquidating $200 million in positions. Kraken’s head of strategy believes that Macro conditions are creating a perfect storm for crypto holders.

Congrats to those who followed our airdrop guide a few weeks ago and staked Jito Sol, the minimum reward for those who were airdropped hit highs of $20,000 over the weekend!

Missed it? Don’t worry, we’ll publishing airdrop guides every Wednesday for the foreseeable future, keep an eye out!

Markets

Bitcoin price crash liquidates $310 million (3 minute read)
During the early Asian session, the price of Bitcoin experienced a 7.74% drop, momentarily reaching the $40,400 mark. Data sourced from CoinGlass reveals that this downward movement led to the liquidation of approximately $200 million worth of positions. As the week unfolds, heightened volatility is anticipated, driven in part by the upcoming releases of the US Consumer Price Index (CPI) and the Federal Reserve's interest rate decision. Bitcoin has been bullish for weeks, and like always in a bull market, pullbacks are expected.

Injective (INJ) Bucks Market Trend with Double-Digit Gains (2 minute read)
Injective (INJ) has drawn a lot of attention over the last week as its price surged to a new yearly peak of $23.29. The rapid ascent in INJ's value began at the onset of the year, with a notable breakthrough in March as the price surpassed a descending resistance trend line that had persisted since its all-time high. INJ price is up over 1,600% throughout the course of this year, and many airdrop hunters are bridging over to INJ in anticipation for future rewards. 👀 

Macro conditions, ETF optimism collide at the right time (2 minute read)
As Bitcoin gears up for its next halving scheduled for April 2024, coinciding with potential shifts in Federal Reserve policy, investors might find themselves amidst the ideal conditions. Head of Strategy at Kraken, Highlighted the historical trend, Perfumo noted that each of the previous three halvings initiated a bull cycle, typically reaching its peak approximately 18 months post-halving.

What makes this upcoming halving unique is the anticipation that inflation in Bitcoin's circulating supply will dip below 1% for the first time in history. Perfumo draws parallels with gold, historically considered a stable currency, where supply growth has consistently remained north of 1% but maintained a slow and steady low single-digit increase.

Tech

Code Is Not (Always) Law (5 minute read)
A recent decision by a French court has asserted the principle that "Code Is Law," posing a unique challenge for the DeFi sector, which traditionally acknowledges the inevitability of exploits as part of advancing protocol security. In February, the automated market maker Platypus Finance, built on the Avalanche blockchain, fell victim to a breach resulting in the loss of $8.5 million.

In a departure from the usual response to such incidents, the platform's operators and community opted for legal action against the identified perpetrators, Mohammed and Benamar M. While legal action against blockchain thieves is not unprecedented, this case raises questions about the intersection of crypto, designed to operate beyond traditional legal frameworks, and the evolving landscape of regulatory scrutiny.

Google policy update allows ads for US crypto trusts (2 minute read)
The tech giant Google has revised its crypto advertising policy, permitting advertisements related to crypto trusts starting from the end of January. Coincidentally, this aligns with predictions for the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States during the same month.

Google's updated policy, outlined in a December 6 change log, specifies that the amendment will be effective on January 29, 2024. It allows ads from advertisers offering "Cryptocurrency Coin Trust targeting the United States," with cryptocurrency coin trusts cited as examples of financial products enabling investors to trade shares in trusts holding substantial amounts of digital currency, potentially encompassing ETFs.

Misc

Pudgy Penguins announces 'Pudgy World' Web3 game on zkSync blockchain (2 minute read)
Pudgy Penguins, a widely popular NFT project, has unveiled its next developmental phase—Pudgy World, a Web3 game powered by the Ethereum Layer 2 network zkSync Era, described by the company as an "immersive, digital environment." This announcement follows a period of notable success for the project, with the floor price of its NFTs nearly doubling in the past two weeks, as reported by Opensea data.

Additionally, Pudgy Penguins recently expanded its reach by launching toys in 2,000 Walmart stores nationwide, representing a significant presence in over half of the country's 4,000-plus branches. The alpha release of Pudgy World is set to be accessible to all gamers, with exclusive perks available for Pudgy NFT holders and Pudgy Toy purchasers within the virtual realm of the game.

El Salvador Could Rake in $1B Bitcoin Investment (2 minute read)
In its latest effort to attract long-term residents, El Salvador has introduced the "Freedom VISA" program, specifically targeting bitcoin (BTC) and crypto millionaires. Launched on Thursday, the initiative offers residency to a maximum of 1,000 individuals annually who invest a minimum of $1 million in bitcoin or tether (USDT) stablecoins. Participants meeting the criteria gain a long-term residency permit with a potential pathway to full citizenship. The application process, which requires a non-refundable fee of $999 in BTC or USDT, became operational as of Friday.

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