Uniswap Receives Wells Notice, Bitfinex Announces Tokenized Capital Raise in El Salvador
Market Update
- U.S. equities are finding some relief following this morning’s PPI data, showing both MoM and YoY figures coming in under expectations. The SPY has risen 0.14% to $515 and the QQQ has gained 0.66%, exceeding $441. After showing resilience in the face of yesterday’s equity sell-off, crypto markets are underperforming today. BTC (-0.95%) is trading just under $70k and ETH (-1.03%) is holding around $3,500. Bittensor (TAO) is one of the top performers over the last 24 hours after Binance listed it on its exchange, representing one of the first major exchanges to offer access to one of the leading AI tokens. Before the Binance listing, investors needed to bridge funds to the Bittensor network or buy a wrapped version of TAO on Ethereum, presenting additional hurdles and risks.
- Uniswap Labs received a wells notice from the SEC yesterday, informing them that the regulatory body plans to pursue legal action against Uniswap, likely for offering unregistered securities on its platform. The SEC continues to warrant that most tokens are securities and believes most of crypto should fall under the SEC’s regulatory umbrella. In a post titled “Fighting for DeFi,” Uniswap presented its case, arguing that whether or not all tokens on Uniswap are securities or not, trading them on the secondary market does not constitute an investment contract. Uniswap plans to fight any action brought against them and has cited precedent from the SEC v. Ripple, Risley v. Uniswap Labs, and the ongoing SEC v. Coinbase legal cases to support its arguments. Uniswap’s products will continue to be accessible, and the team plans to continue shipping new features. The UNI token has dropped 18.9% over the past 24 hours following the news.
- Bitfinex Securities has announced a tokenized debt issuance in El Salvador to raise money for a hotel complex at El Salvador International Airport. Bitfinex Securities El Salvador was the first regulated entity to receive a license to operate under El Salvador’s Digital Asset Securities Law. The project entails construction of a five-floor 4,484 square meter facility with eighty rooms, five commercial spaces, restaurants, a swimming pool, a gym, and multipurpose rooms. The issuance is targeting $6.25 million with a 10% coupon over five years. The minimum investment is $1,000, and investors can also receive free hotel accommodations following construction. The tokenized debt will trade under the ticker HILSV and trade on the Liquid Network, a Bitcoin L2. The issuance will take place on May 13th and displays the continued evolution of capital markets and the integration of tokenized assets.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Wilder World deserves some focus following its rise to the highest levels in two years. Daily WILD charts below show its lengthy consolidation base which showed little to no progress and traded largely range-bound from May 2022 into March 2024. Numerous breakout attempts failed since Spring 2022. This changed back in early March 2024, when price moved above resistance at $0.65 on the heaviest volume seen since May 2023. WILD began its stair-stepping advance about six weeks ago and volume has confirmed this move. Overall, this looks attractive technically at a time when many cryptocurrencies remain within consolidation. I expect a push up to $1.98 technically which approximates a 23.6% Fibonacci retracement of the former decline from November 2021. Targets above this lie near $3.09, then $3.98 which cannot be ruled out on an intermediate-term advance. Dips should find strong support near $0.87-$0.90 as part of an ongoing new bullish advance.
Daily Important Metrics
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All metrics as of April 11, 2024 12:13 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $1.37T | $69,757 | ↑ 1.24% | ↑ 65% | |
 ETH | $419B | $3,492 | ↑ 0.09% | ↑ 53% | ↓ -12% |
 SOL | $77B | $173 | ↑ 2.72% | ↑ 70% | ↑ 4.58% |
 DOGE | $28B | $0.1917 | ↓ -0.52% | ↑ 115% | ↑ 50% |
 ADA | $21B | $0.5792 | ↑ 1.12% | ↓ -2.28% | ↓ -67% |
 DOT | $12B | $8.23 | ↓ -0.85% | ↑ 1.48% | ↓ -64% |
 LINK | $10B | $17.13 | ↓ -0.02% | ↑ 14% | ↓ -51% |
 MATIC | $8.6B | $0.8663 | ↓ -0.29% | ↓ -9.78% | ↓ -75% |
 NEAR | $7.2B | $6.78 | ↑ 0.03% | ↑ 88% | ↑ 23% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| BITW | ↓ -32% | $34.56 | ↓ -0.02% | ↑ 48% | ↓ -17% |
| ETHE | ↓ -24% | $25.35 | ↓ -0.63% | ↑ 31% | ↓ -34% |
News
QUICK BITS
The Block MarginFi sees $155 million outflow amid leadership shakeup Earlier on Wednesday, the platform was accused of acting in bad faith by Solana-based liquid staking protocol SolBlaze. |
MARKET DATA
CoinDesk Grayscale Bitcoin ETF Sees Record Lowest Daily Outflow of $18M The relatively low figure is a sharp decline from GBTC's usual outflow amounts. |
The Block Bitcoin mining difficulty hits fresh all-time high in final pre-halving adjustment The total network hash rate is at all-time highs as Bitcoin miners prepare for block subsidy rewards to halve from 6.25 BTC to 3.125 BTC. |
REGULATION
CoinDesk Luno Among First Crypto Firms to Receive South Africa License Regulators in the country have said they plan to authorize up to 60 digital asset firms by April. |
The Block Uniswap receives SEC lawsuit warning, CLO describes it as ‘another abuse of power’ Uniswap received a Wells Notice, or formal notice of a potential lawsuit, from the SEC on Wednesday. |
FUNDRAISING AND M&A
CoinDesk DePIN Platform Uplink Raises $10M Led by Framework Ventures The decentralized wireless platform offers a token-reward system to incentivize users to contribute to the network. |
The Block Borderless Capital co-leads $3 million seed round for cross-chain auction protocol Mayan Borderless Capital and 6th Man Ventures co-led the seed round for Mayan, with further support from Solana Ventures, Hash3 and others. |
HIRING
CoinDesk NEAR to Hire Artificial-Intelligence Engineers as Part of AI Roadmap The company will begin its AI initiative in the next 3-6 months according to a document reviewed by CoinDesk. |
INVESTMENT PRODUCTS
The Block Bitfinex Securities unveils $6.25 million tokenized debt issue for El Salvador airport hotel complex The capital will be used to develop a 4,484 square meter Hampton by Hilton hotel complex at El Salvador International Airport. |
