The SEC will sue Uniswap Labs!

😡 The SEC has initiated a significant move against the cryptocurrency sector, targeting Uniswap, the most prominent decentralized exchange (DEX) currently in operation. Since its inception in 2018, Uniswap has facilitated over $2 trillion in transactions and leads in several key performance metrics, boasting over $6.1 billion in total value locked (TVL). Recently, Uniswap Labs, the entity behind the Uniswap protocol, received a Wells Notice from the SEC, an action that often precedes a lawsuit.

👀 The specific allegations against Uniswap Labs remain unknown. However, indications from the SEC's recent legal actions suggest the issues may revolve around the offering of unregistered securities or the failure to register as a broker or exchange.

💧The market saw a decline in the value of the Uniswap token (UNI), a reaction aligned with market expectations in such scenarios. Uniswap Labs has publicly expressed their intent to vigorously defend against the SEC's actions.

⁉️ Bull market is over?

⚠️ Cryptocurrency experts are hinting that the current uptrend in the market might be drawing to a close, as the Value Days Destroyed (VDD) Multiple has climbed beyond the 4.0 mark.

🔥 This multiple serves as an indicator, pointing out times when Bitcoin's price might be overheating and approaching its peak within significant market cycles.

👀 An increase in the VDD Multiple suggests a substantial volume of Bitcoin is being moved into the market, possibly for sale.

🗒 Previously, in January 2021, the VDD Multiple exceeded 4, coinciding with Bitcoin reaching $40,257.

👌 Despite this surge hinting at a potential market cool-off, it didn't lead to a downturn. Instead, Bitcoin's value experienced a remarkable ascent. In just two months, its price surged by 52.2%, hitting $61,283 in March 2021.

With only nine days left until the Bitcoin halving 🙀, the cryptocurrency has already exceeded the levels seen before previous halving events.

Tim Draper predicted Bitcoin at $250,000 by the end of the year

🇫🇷 During Paris Blockchain Week, renowned venture capitalist Tim Draper offered his forecast on Bitcoin, predicting a substantial rise in its value by the end of 2024. He believes this surge will be driven by the introduction of spot exchange-traded funds (ETFs) and the expected Bitcoin halving.

🐂 Draper's bullish expectation combines these key market dynamics, envisioning a significant increase in Bitcoin's price. He suggests that the convergence of these factors could potentially elevate Bitcoin's value to $250,000 by the close of the year. Spot Bitcoin ETFs in the United States, according to Draper, have been crucial in drawing fresh interest and investments into Bitcoin.

💵 Moreover, he considers these ETFs as beneficial tools for investors aiming to broaden their investment portfolios and safeguard their assets against the devaluation of fiat currencies.

The upcoming Ethereum hard fork might eliminate the concern of losing private keys.

After the Pectra hard fork🍴, Ethereum might introduce a "social recovery" feature from EIP-3074, eliminating the need for seed phrases. Announced by Tim Beiko, this upgrade enhances Ethereum wallets by allowing asset recovery through smart contracts.

Users must transfer🚴‍♂️ assets to an invoker contract, which then facilitates transactions. This setup lets users recover assets without their seed phrase and even execute transactions without Ether in their wallet to send transactions, as the entity behind the invoker contract can pay 💵 for that upfrontpotentially simplifying processes like token swaps on Uniswap by batching actions into one transaction.

👆However, there's a risk of asset loss if assets are transferred to a malicious contract, though verified contracts are expected post-upgrade. The Pectra hard fork is anticipated in late 2024 or early 2025.

Every Londoner can get £100 in crypto

💂London mayoral candidate Brian Rose plans to give every resident of the city 100 British pounds in LONDON cryptocurrency. The politician wrote about this on his Instagram page.

Rose said that funds for the implementation of the plan will come from a one-time tax. The City's big banks will pay 1% of profits 💰 to support a £1bn liquidity pool, he said.

🥸 The politician added that the token will be accepted in the entire transport network of London, and will also be used to pay for parking spaces and many other things.

"The new crypto token will offer multiple benefits to our city; it would be an acknowledgement that the banking sector accepts it must move with the times as well as providing a welcome injection of additional money to the capital economy, signalling that London plans to be the world’s first crypto-first city"

, wrote Brian Rose.

The bull market shows no signs of ending

💲 The continued price increase of the first cryptocurrency in 2024 is due to additional inflows into American spot Bitcoin ETFs, according to CryptoQuant.

👀 Analysts explained that even from a conservative viewpoint, new ATHs are expected.

👌 Experts noted 🗒 that only three months have passed since the formation of a significant new demand wave. In previous bull markets in 2017 and 2021, the formation of a cyclical peak occurred in the ninth and seventh months following this event, respectively.

Ether.Fi Secures $500 Million Restaking Agreement with Redstone Oracles, Strengthening the DeFi Ecosystem.

Ether.Fi, the top liquid restaking protocol on EigenLayer, has secured a massive $500 million restaking deal with Redstone Oracles. This partnership will enhance Redstone’s oracle protocol, enabling it to transmit data on and off the chain. Redstone Oracles represents a leading "Actively Validated Service" (AVS) network. Along with other AVS networks, Redstone aims to leverage EigenLayer's innovative restaking protocol amidst its growing popularity.

Considering the history of Bitcoin's all-time high (ATH) breaks in previous cycles, one could make the case that the current phase of euphoria (where the market is still exploring price discovery) is relatively early.

👆 In past Euphoria phases, there have been frequent instances of price declines surpassing -10%, with many plunging even further, often exceeding 25%. By comparison, the current market has experienced only two corrections of around 10% or more since surpassing the ATH.