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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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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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