Here are top crypto news of the day curated by CoinChapter.com.
Uniswap Faces SEC Enforcement Action, Causing UNI Token to Drop
The price of Uniswap’s UNI token fell sharply after the decentralized exchange platform received a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating the regulator’s intent to take enforcement action.
Data shows that UNI dropped 9% within an hour, dipping below $10 for the first time since late February. Over the past 24 hours, the token has lost around 16% of its value, with the 20th largest cryptocurrency by market cap now trading at $9.39.
UNI/USD Price Chart. Source: CoinMarketCapThe news comes as Uniswap Labs, the company behind the Uniswap platform, disclosed that it had received the Wells notice from the SEC. A Wells notice is a letter informing a company or individual that the regulator plans to recommend an enforcement action against them.
Sui Gaming Handheld Targets Steam Deck, Runs PC and Crypto Games
A startup called Playtron is teaming up with Mysten Labs to launch the SuiPlay0x1. This is a Linux-based portable console that can run games built on the Sui blockchain, as well as traditional PC games.
Source: XThe SuiPlay0x1, expected to launch in 2025, will feature deep integration with the Sui blockchain. It will allow users to access their Sui-based assets and make payments using Sui-based stablecoins. The device will also support Web2-style logins via Sui’s zkLogin feature.
To incentivize adoption, Mysten Labs plans to offer various rewards and incentives to SuiPlay0x1 owners, including token airdraws and exclusive in-game benefits.
BlackRock’s Bitcoin ETF Overtakes Grayscale’s GBTC
BlackRock’s newly launched Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), is rapidly catching up to Grayscale’s Bitcoin Trust (GBTC) in terms of assets under management (AUM).
As of the latest data, IBIT has $18.1 billion in assets, while GBTC has $21.9 billion—a difference of just $3.8 billion. Last week, the gap was $6 billion, indicating that IBIT is gaining ground quickly.
The rapid growth of IBIT can be attributed to several factors, including its low fees (0.12% for the first 12 months, then 0.25%) compared to GBTC’s 1.5% fee. Additionally, GBTC has been experiencing outflows as failed crypto companies with exposure to the product seek to claw back cash for their former clients as part of bankruptcy proceedings.
Deutsche Bank Survey Finds Consumers ‘More Positive on Crypto’
A recent survey conducted by Deutsche Bank has found that consumers have become “more positive on crypto in Q1 2024.”
The survey results show that 40% of respondents expect Bitcoin to thrive in the coming years, while less than 1% believe cryptocurrency is a fad. However, more than 50% of people still expect another major crypto collapse by 2026, and 38% believe Bitcoin will “disappear” in the coming years, likely due to the high-profile implosions of projects like Terra and FTX.
Despite the generally more positive sentiment, one-third of Deutsche Bank’s clients believe Bitcoin’s price will be below $20,000 by the end of 2024, while only 10% expect it to exceed $75,000 during the same timeframe.
The survey also highlights the ongoing uncertainty around the regulatory classification of cryptocurrencies. 65% of respondents view them as a replacement for cash, 78% see them as a commodity, and 74% believe they are a store of value similar to gold.
Miners Sell Their Bitcoin Ahead of Halving
Bitcoin miners are selling their Bitcoin ahead of the upcoming halving. This is an unusual move compared to previous halving events.
Data from crypto market maker Wintermute shows that miners have dropped their reserves to almost 1.8 million Bitcoin, worth roughly $124 billion. This is the least amount of Bitcoin these entities have held in the last three years.
In the five months leading up to the 2020 halving, miners accumulated an extra 25,000 Bitcoin. This time around, they have dumped 27,000 Bitcoin in the six months leading to the event.
Wintermute attributes this shift to the pre-halving surge in Bitcoin prices, fueled by the launch of spot Bitcoin ETFs, which enabled miners to take profits. Halvings are events that cut the Bitcoin reward for miners in half, potentially impacting their revenues.
Solana’s Move-to-Earn Game ‘Stepn’ Launches $30M Airdrop
Move-to-earn game Stepn has launched a $30 million airdrop campaign, with developer FSL distributing 100 million airdrop points to players over a weeklong event that began last week and ends Wednesday.
The points are redeemable 1:1 for Stepn’s native GMT token minted on the Solana blockchain. The airdrop is being conducted in two phases, the first targeting Stepn achievement badge holders who can earn FSL points through in-app achievements. The second phase will focus on rewarding holders of Genesis Sneakers NFTs.
Stepn is a mobile fitness game that rewards players for getting out in the world and running or walking. Users who own sneaker NFTs for the game can earn crypto rewards. The game saw surging demand soon after its launch in 2022, but the value of the NFTs and crypto rewards has fallen substantially since then.
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