Crypto News April 05: Non-Farm Payroll Surge Plunges Prices

Cryptocurrency experienced a substantial drop in past day

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Crypto News Key Highlights:

• Google filed a lawsuit against two Chinese nationals in New York Federal Court for distributing 87 fraudulent crypto apps on Google Play Store, scamming users of thousands of dollars since 2019. The lack of agreement between the US and China complicates legal action against such fraudsters, highlighting the need for awareness and caution in the crypto sphere.

• Cardano founder Charles Hoskinson reacted to Grayscale's removal of ADA from its GDLC portfolio, highlighting Wall Street's sway in the crypto space. Grayscale realigned its portfolio, selling ADA and reinvesting in other assets. Hoskinson expressed discontent, linking it to previous criticisms of Ethereum Classic. Grayscale's actions signal evolving dynamics in the crypto investment landscape.

• Ethena Labs announced backing its USDe synthetic dollar with Bitcoin, prompting concerns from experts about potential market instability. CryptoQuant CEO Ki Young Ju highlighted risks similar to the Terra-LUNA crisis, suggesting difficulties in maintaining stability, especially in bear markets. Ethena plans to scale USDe with Bitcoin, attracting users by offering high yields but raising concerns about market dynamics.

• Gabor Gurbacs of VanEck urged policymakers to address discriminatory actions by US banks against crypto firms, echoing concerns raised by Caitlin Long. He likened the situation to "Operation Chokepoint 2.0" and called for accountability. Custodia Bank's legal battle against the Federal Reserve reflects ongoing tensions between banks and crypto entities.

• Hong Kong is actively establishing itself as a digital asset hub, licensing crypto trading platforms and investing in projects like Inkeverse. ZA Bank engages in stablecoin discussions, while asset managers collaborate for a spot Bitcoin ETF, signaling growing interest and innovation in the city's financial landscape.

• Cboe Global Markets seeks SEC approval to allow mutual funds exposure to ETF share classes, potentially integrating Bitcoin into mutual fund industry. Analysts predict streamlined processes for issuers and increased ETF availability and assets. Other players, including Vanguard, Morgan Stanley, Fidelity, and Dimensional Fund Advisors, are pursuing similar models.

• Billionaire Elon Musk aims to deploy his advanced AI chatbot, Grok AI, in the European Union, following its success. Grok 2 promises to outperform existing models. Musk awaits EU approval while planning global expansion. Additionally, Musk hints at integrating AI into his social media platform, X, for enhanced user experience.

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Also read - Crypto News April 04: BTC Hits $67K, BCH Breaks $700 Barrier