gm 04/10

Summary
gm, Bitcoin surged above $120,000 for the first time since August amid substantial ETF inflows totaling $2.2 billion over the past four trading days. The rally has been fueled partly by the ongoing U.S. government shutdown, which has delayed ETF reviews while paradoxically driving investors toward Bitcoin as a hedge asset. Notable institutional developments include CME Group's announcement of plans to offer 24/7 trading for crypto derivatives by early 2026, Samsung's partnership with Coinbase to provide crypto services to 75 million Galaxy users, and Walmart's OnePay app preparing to add Bitcoin and Ethereum trading. Meanwhile, the stablecoin market has surpassed $300 billion in capitalization with a 47% growth year-to-date, demonstrating the sector's continued expansion and institutional adoption.

News Headlines
🏭 New York Democratic Lawmakers Want Bitcoin Miners to Pay More Tax

• New York lawmakers have proposed a tiered excise tax on energy consumed by crypto mining operations, with exemptions for miners using 100% renewable energy.
• The tax rates range from 2 cents per kWh for moderate usage to 5 cents per kWh for high consumption (over 20 million kWh), with revenue intended to fund Energy Affordability Programs for low-income households.

🛒 Walmart's OnePay App to Include Bitcoin, Ethereum Trading

• Walmart's fintech platform OnePay will introduce Bitcoin and Ethereum trading within its mobile app later this year, working with Zerohash for trading and custody solutions.
• The app already features a digital wallet, high-yield savings account, and debit card, ranking among the top five free finance apps in Apple and Google Play stores.

🟠 BNB Sets New All-Time High at $1,111 as User Metrics Surge

• BNB hit an all-time high of $1,111.90, reflecting a 7.4% daily increase and 17.5% weekly surge, attributed to treasury acquisitions and regular token burns.
• BNB Chain metrics improved significantly with total locked value rising 2.5% to $8.23 billion and active addresses reaching a record 73.24 million last month, with upcoming upgrades expected to enhance network performance.

📱 Samsung Brings Coinbase Access to 75M Wallet Users in Latest Crypto Embrace

• Samsung has partnered with Coinbase to provide 75 million U.S. Galaxy device users with direct access to cryptocurrency through Samsung Wallet and Samsung Pay.
• Users will receive exclusive benefits including a three-month free subscription to Coinbase One (offering zero trading fees and enhanced staking rewards) and a $25 credit for new traders after their first transaction.

🤝 Avalanche Treasury Co. Coming With Foundation Support via $675 Million SPAC Deal

• Avalanche Treasury Co. is merging with Mountain Lake Acquisition Corp. in a $675 million deal, aiming for a Nasdaq listing in Q1 2026.
• The company will manage $460 million in treasury assets with exclusive partnership with the Avalanche Foundation, including a discounted $200 million AVAX token purchase and priority for future token sales.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
💰 FDIC to Review Rules Affecting Bank-Crypto Relationships

• The FDIC board will discuss proposed rules that could significantly impact crypto firms amid ongoing "debanking" concerns in the industry.
• Acting chair Travis Hill criticized regulators' reliance on "reputation risk" assessments that have hindered banks' ability to service crypto-related businesses.

📝 Court Rules Bored Ape NFTs Are Not Securities

• A federal judge dismissed a class-action lawsuit against Yuga Labs, ruling that Bored Ape Yacht Club NFTs do not constitute securities under the Howey test.\
• The court found NFTs lacked necessary "common enterprise" connections and noted their sale on third-party marketplaces instead of issuer platforms distinguished them from securities.

⚠️ EU Risk Watchdog Warns About Stablecoin Vulnerabilities

• The European Systemic Risk Board (ESRB), led by ECB President Christine Lagarde, warned about potential systemic risks from cross-border stablecoin schemes.
• The board highlighted that multi-issuer systems operating both within and outside the EU could face redemption pressures, particularly given the EU's stricter regulatory requirements.

🌐 Kazakhstan Advances Dual Digital Currency Strategy

• Kazakhstan is simultaneously developing a CBDC (digital tenge) and supporting a state-linked stablecoin (Evo) on Solana in collaboration with Mastercard.
• Officials emphasize the two digital currencies serve complementary roles: the CBDC for legal tender and interbank settlements, while the stablecoin supports specific business ecosystems.

⚖️ Nomura Subsidiary Applying for Crypto Trading License in Japan

• Laser Digital, owned by Nomura Group, is preparing to apply for a crypto trading license in Japan to offer services to institutional clients.
• The move comes amid growing institutional interest in Japan's crypto market, with competitor Daiwa Securities recently launching Bitcoin and Ethereum trading services.

Technical Analysis
Bitcoin - Bitcoin has broken the falling trend channel in the short term and reacted strongly up. For the time being, it is difficult to say anything about the future trend direction. The currency is approaching resistance at 123400 points, which may give a negative reaction. However, a break upwards through 123400 points will be a positive signal. Volume has previously been high at price tops and low at price bottoms. This strengthens the currency. The RSI curve shows a rising trend, which could be an early signal of the start of a rising trend for the price as well. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency has broken up through resistance at points 4300. This predicts a further rise. In case of negative reactions, there will now be support at points 4300. The currency is assessed as technically positive for the short term.