Crypto & Blockchain Daily Brief Saturday, April 6, 2024

Monochrome Asset Management, a digital asset investment firm, has applied for Australia's first physically-backed spot Bitcoin exchange-traded fund (ETF) through a listing on the Chicago Board Options Exchange (Cboe). The company aims to provide Australian investors with a regulated and secure way to invest in Bitcoin through the ETF. Monochrome's ETF application comes at a time when there is increasing interest in cryptocurrency investments, especially Bitcoin. The ETF would allow investors to gain exposure to Bitcoin without having to directly hold the asset, providing a convenient and regulated way to participate in the cryptocurrency market. The ETF application is currently under review by the Australian Securities and Investments Commission (ASIC), and if approved, it would represent a significant milestone for the cryptocurrency industry in Australia. The ETF would be listed on the Cboe, a major global exchange, which would enhance its accessibility and credibility among investors. Monochrome's decision to apply for the ETF reflects a growing trend of institutional interest in cryptocurrencies and their potential as an investment asset. By providing a regulated and secure way for investors to access Bitcoin, the ETF could help bridge the gap between traditional finance and the digital asset space. Overall, Monochrome's application for Australia's first spot Bitcoin ETF via a Cboe listing represents a significant development in the cryptocurrency industry, offering Australian investors a new way to participate in the growing market for digital assets.

A crypto analyst believes that Bitcoin is on the verge of reaching new all-time highs if it manages to break through a crucial resistance level. The analyst highlights that Bitcoin is currently facing a "trouble zone" around the $48,000 to $52,000 range, which it needs to surpass in order to pave the way for significant upward movement. However, the analyst warns that breaking through this zone is not guaranteed, and there is a risk of a potential pullback if Bitcoin fails to breach this resistance level. The analyst emphasizes the importance of monitoring Bitcoin's price action closely in the coming days to gauge its ability to overcome this critical zone. If Bitcoin successfully breaks through the $48,000 to $52,000 range, the analyst anticipates a strong rally that could propel the leading cryptocurrency to new record highs. On the other hand, if Bitcoin struggles to surpass this resistance level, the market could experience a period of consolidation or a retracement. Overall, the analyst's outlook for Bitcoin is contingent on its ability to break through the key resistance zone, which will determine the direction of its price movement in the near future. Investors and traders are advised to keep a close eye on Bitcoin's price action and monitor its performance relative to the $48,000 to $52,000 range to assess the likelihood of a potential bullish breakout or a pullback.

Sony has announced a partnership with Polygon, a layer 2 scaling solution for Ethereum, to trial a stablecoin for settlements within the Sony Global Education platform. The trial is aimed at enhancing the efficiency of settlements and reducing costs associated with payments for educational content and services within the platform. The stablecoin will be used to facilitate transactions between content creators and consumers, allowing for instant settlements and lower fees compared to traditional payment methods. By leveraging Polygon's technology, Sony aims to improve the overall user experience and streamline the payment process for users on the platform. This trial marks Sony's entry into the blockchain and cryptocurrency space, showcasing its interest in exploring the potential of digital assets for enhancing its existing services. By partnering with Polygon, Sony can leverage the scalability and cost-effectiveness of layer 2 solutions to drive innovation within its platform. The stablecoin trial on Polygon is a strategic move by Sony to explore the benefits of blockchain technology in improving settlements and payments within its ecosystem. If successful, this trial could pave the way for broader adoption of stablecoins and blockchain technology within Sony's various business divisions, opening up new opportunities for efficiency and cost savings. Overall, the partnership between Sony and Polygon signals a growing interest in blockchain technology and cryptocurrencies among mainstream companies looking to optimize their operations and provide better services to their users.

The Securities and Exchange Commission (SEC) has filed a lawsuit against Do Kwon, the co-founder of Terraform Labs, a blockchain company that created the Terra stablecoin. The lawsuit alleges that Kwon engaged in fraudulent activities by misleading investors about the company's financial status and operations. Kwon is accused of making false claims about the company's revenue and assets, as well as providing misleading information about Terra's decentralized finance (DeFi) platform. According to the SEC, Kwon misrepresented Terra's financial health in order to attract more investors and inflate the value of the company's native token, LUNA. The SEC also alleges that Kwon manipulated the price of LUNA by conducting wash trades, which involve buying and selling assets to create the illusion of higher trading volume and demand. In response to the lawsuit, Kwon has denied the allegations and stated that he intends to defend himself against the SEC's claims. He maintains that Terraform Labs has always been transparent about its financials and operations, and that the company has not engaged in any fraudulent activities. The lawsuit against Kwon is part of the SEC's broader crackdown on fraudulent activities in the crypto industry. The SEC has been increasingly focused on regulating the crypto market and holding individuals and companies accountable for misleading investors and engaging in fraudulent practices.

The trial of a Binance executive in Nigeria has been postponed due to the absence of the defense team. The executive, Samuel Lim, was arrested in February on charges of money laundering and illegal fund transfers. The case was supposed to begin in May but was postponed multiple times due to various reasons. Lim's legal team requested more time to prepare for the trial, and the case has been rescheduled for September. Lim's lawyers have argued that the charges against him are baseless and that he is being unfairly targeted by the Nigerian authorities. The case has gained international attention as it involves a high-profile figure in the cryptocurrency industry. Binance, one of the world's largest cryptocurrency exchanges, has been facing increased scrutiny from regulators around the world. The outcome of Lim's trial could have significant implications for the cryptocurrency industry in Nigeria and beyond. The postponement of the trial has added to the uncertainty surrounding the case, and many are closely watching to see how it will unfold in the coming months.