April 29, 2024

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Tether Invests $200 Million in Brain-Computer Interface Firm Blackrock Neurotech

Tether, the company behind the leading stablecoin USDT, has taken a significant step beyond its core financial products by investing $200 million to acquire a majority stake in Blackrock Neurotech, a firm specializing in brain-computer interface technology, through its venture capital division, Tether Evo. Blackrock Neurotech, which is distinct from the asset management firm BlackRock, develops medical devices that utilize brain signals to assist individuals affected by paralysis and other neurological disorders. This investment will support the commercial rollout of these medical devices as well as ongoing research and development. Tether's move aligns with its strategy to support emerging technologies with transformative potential, marking a significant diversification from its primary focus on stablecoins.

Marathon Digital Sets Ambitious 50 EH/s Hash Rate Target for 2024 Amid Bitcoin Halving Adjustments

Marathon Digital, a prominent Bitcoin mining company, has announced an ambitious increase in its hash rate growth target for 2024, aiming to achieve around 50 exahash per second (EH/s) by year-end, up from the previously targeted 35-37 EH/s. This revision follows Bitcoin's fourth halving event, which cut the block subsidy rewards from 6.25 BTC to 3.125 BTC, necessitating enhanced efficiency and expansion in mining operations. The company's ability to scale up is supported by recent acquisitions and an increase in machine orders, with the growth fully funded under its current liquidity without the need for additional capital. Marathon's enhanced strategy includes deploying advanced technology to improve fleet efficiency, aiming for 21 joules per terahash. Despite the halving's pressure on miner revenue, industry leaders remain optimistic, adapting with more efficient equipment and benefiting from strong balance sheets and minimal debt.

Yuga Labs Announces Major Restructuring Under CEO Greg Solano to Refocus on Core Web3 Mission

Yuga Labs, a prominent player in the web3 space, is undergoing a significant restructuring under the new leadership of CEO Greg Solano, who took over in February. Announced through a social media-shared company memo, this restructuring involves downsizing the team to refocus on its core mission and return to a "smaller, more agile and crypto-native team." Solano highlighted that Yuga Labs had deviated from its original path, becoming encumbered by complex corporate processes that stifled creativity. This strategic pivot is aimed at shedding cumbersome structures and enhancing product development, evidenced by collaborations like that with Farawaygg for game development, which allows Yuga to concentrate on developing the 3D Otherside game. This announcement coincides with the hiring of media veteran Won Kim as head of brand partnerships, signaling ongoing changes and future plans that will soon be unveiled.

Trading Desk Insights

Bitcoin is currently exhibiting a downtrend with consistent lower highs and lower lows on an intraday chart, bouncing back from today's low at $61,800. It remains suppressed below the 20-day and 50-day moving averages, signaling bearish momentum. The blend of sluggish growth and persistent inflation has reduced the likelihood of Fed rate cuts, casting a shadow over risk assets. A rally above $67,500 would be necessary for the bulls to regain dominance.

In the ETF arena, Bitcoin ETFs saw significant outflows, totaling $83.6 million last Friday, with Grayscale experiencing $82.4 million in outflows alone. Blackrock faced its third straight day without inflows, painting a rather grim picture.

The debut of Bitcoin ETFs in Hong Kong on April 30 has garnered attention among traders. However, the enthusiasm was tempered by news that mainland Chinese investors will be excluded from trading these ETFs.

Elsewhere in the crypto market, Dogwifhat ($WIF) saw an explosive surge of 1,450% on Bybit following its listing, peaking at $42 before completely pulling back.

Turning to the broader market, S&P 500 futures are on the rise this Monday morning, following the index’s strongest week in months. The market's focus is on the upcoming corporate earnings, significant labor data, and a Federal Reserve meeting. Notably, Tesla's stock climbed 12% in premarket trading after clearing a significant regulatory hurdle for its full self-driving rollout in China.

This week’s earnings spotlight includes major reports from PayPal and Amazon on Tuesday, and from Apple, Coinbase, and Block on Thursday.

Monetary policy will also capture the market's attention, with the Federal Reserve expected to maintain interest rates during Wednesday’s announcement. While no change in rates is anticipated, investors will keenly follow Chair Jerome Powell’s remarks at the subsequent press conference.

This anticipation builds up to Friday's release of April’s nonfarm payrolls report, a critical indicator of the labor market's strength and a key factor in Fed’s policy decisions and overall economic assessment.

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