Crypto News April 08: Bitcoin Rockets to $72K, Altcoins Soar

Crypto skyrockets in the past day, marking significant surge

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Crypto News Key Highlights:

• Bitcoin's weekly inflow decreased to $663 million amidst market volatility, despite a resurgence in price nearing $73,000. CoinShares' insights reveal cooling Bitcoin ETF inflows and a slight pullback in investor participation, contrasting with record-high YTD inflows for digital asset investment products. Regional sentiment varies.

• The mystery surrounding Bitcoin's creator, Satoshi Nakamoto, persists despite a 15-year hunt. A new theory suggests three IBM researchers, Hal Finney, Satoshi Hada, and Toshiaki Tanaka, may be involved. However, recent findings and legal rulings dispute claims, leaving Nakamoto's identity unresolved.

• OKX announces Tensor (TNSR) listing, a prominent NFT player on Solana. Scheduled events accompany its debut, supported by Solana Labs' optimism. Deposits start April 8, followed by trading. Tensor Protocol, a cornerstone in NFT markets, aims to revolutionize Solana's NFT landscape. Its debut on OKX signals a significant milestone.

• Hong Kong hedge fund subsidiaries increasingly explore cryptocurrency markets, focusing on Bitcoin ETF development. Harvest Fund and Southern Fund's subsidiaries are active in Bitcoin ETF applications, signaling industry momentum. Collaboration between companies and regulators reflects evolving cryptocurrency regulation. Southern Dongying launches Asia's first cryptocurrency ETF, marking a milestone.

• Tech mogul Elon Musk faces Brazil's Supreme Court over X accounts' blockage, sparking controversy over free speech and regulatory oversight. Musk defies court orders, labeling them unconstitutional, triggering scrutiny and calls for the judge's resignation. The dispute highlights tensions between digital platforms and judicial authority, raising concerns over internet governance.

• Ethereum struggles below $3,500 despite Dencun upgrade anticipation. ETHBTC hits lowest weekly close since April 2021. Trader Peter Brandt suggests a possible "bear trap" for Ethereum. Despite criticism, Brandt acknowledges Ethereum's enduring investor appeal. Whales' heavy buying activity and increased on-chain transactions indicate potential recovery amid market negativity.

• Cardano's founder, Charles Hoskinson, and influencer Ben Armstrong clash over Armstrong's claim that "ADA is dead." Hoskinson expresses disappointment, declines Armstrong's interview offer, citing irreconcilable differences. The exchange reflects ongoing debates over ADA's potential against other blockchain projects, despite Armstrong's acknowledgment of Cardano's merits.

• PayPal USD (PYUSD), a stablecoin by PayPal and Paxos, saw a 39% circulation decrease in March, totaling $188.5 million. Market cap dropped from $312 million in February to $194 million. Despite broader crypto market rally, PYUSD's decline contrasts with PayPal's recent integration into Xoom for fee-less transfers.

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Also read - Crypto News April 07: Bitcoin Exceeds $69,000 Amidst Rally