Alt Season: Tron (TRX) Spikes 10%, ZRX Gains 60%, STEPN Sets New ATH
After two consecutive days of gains, the crypto market has seen heavy corrections, with Bitcoin and Ethereum both down by 5%. Altcoins like Tron (TRX), 0x Protocol (ZRX), and STEPN (GMT) have been on the bounce despite the bearish trend.
Tron (TRX) showed more than 10% gains after its founder Justin Sun announced the launch of “the world’s most decentralized stablecoin.” TRX retains 5% gains and now trades at $0.06820 after hitting highs of $0.07412.
The 24-hour price chart of Tron (TRON). Source: Tradingview
The five-day price chart of 0x Protocol (ZRX). Source: Tradingview
STEPN (GMT), a “move-to-earn” token on the Solana chain, is the biggest mover in the altseason, gaining more than 34,000% in the last 41 days.
The hype around STEPN’s recent earnings rewards has driven the price from $0.01 on March 9 to a record high of $3.45 on April 19. GMT now trades at $3.23.
The three-month price chart of STEPN (GMT). Source: Tradingview
Binance Bends, Limits Russian Services to Comply with EU Sanctions
Following the EU’s fifth restrictive measure placed on Russia by the EU since the beginning of April, Binance, the world’s largest crypto exchange by trading volume, has moved to limit its service in the country.
Binance announced on Thursday that it is taking measures to restrict its services in Russia, one of its biggest markets, because of the European Union sanctions on Moscow.
Citizens and entities based in Russia with crypto holdings exceeding £10,000($10,900) will be given 90 days to complete verification for their accounts. Afterward, they will be restricted from trading and deposits and can only withdraw.
However, Russia-linked users residing outside Russia with crypto holdings less than 10,000 euros and who have completed address checks would remain active.
The recent EU sanction targets crypto wallets, banks, and other financial service providers to close loopholes that could allow Russians to move money abroad.
21Shares to Launch World’s First BTC and ETH Spot ETFs, Fidelity Turns to Metaverse with New ETFs
21Shares AG, a Swiss-based issuer of crypto ETPs and ETFs provider in collaboration with ETF Securities, has launched the world’s first Bitcoin and Ethereum spot ETFs in Australia.
The funds, ETFS 21Shares Bitcoin ETF and ETFS 21Shares Ethereum ETF, will allow Australians to invest directly in BTC and ETH. Both funds will go live on April 27. In addition, the Bitcoin fund “will track the price of Bitcoin in Australian dollars.”
Retail brokerage giant and ETF provider Fidelity Investments has launched four new ETFs focused on growing investment trends. A metaverse fund was launched alongside three funds focused on cryptocurrencies and ESG (environmental, social, and governance) criteria.
After the metaverse ETF was announced, Fidelity also launched its financial education experience in the metaverse. Fidelity opened a virtual eight-story building in the Decentraland metaverse to teach young investors the basics of ETF investing.
Experts have predicted that Spot ETFs, which will give investors direct exposure to crypto, will increase the adoption of cryptos.
Optimism to Launch a Token on Ethereum? TVL Hits New All-Time High
In a recent blog post, the Optimism team laid out plans for “A New Chapter” in the network’s progression. The plan involved a move towards “community ownership and governance,” hinting that it may soon issue a token.
Community ownership and governance are very common among Web3 networks and DeFi protocols. To adopt this governance structure, the distribution of a network token is essential.
Further fueling rumors of a potential token launch by the Ethereum Layer-2 blockchain, the biggest crypto exchange in the U.S., Coinbase created a page for an Optimism token. The rumors have driven the Total Value Locked (TVL) to a new ATH.
According to data from DefiLlama, the TVL of Optimism has hit a new all-time high of $538 million. The 30 projects on the Optimism chain have all seen massive surges, but Synthetix accounts for the majority of the TVL, contributing 39.97%.
Optimism appears to be receiving new users, locking their assets on the various Optimism-related projects to benefit from a possible airdrop of the Optimism token.