March 28, 2024 3:17 PM
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newsletter@mail.coinbase.com
Global governments making crypto moves
Coinbase Bytes newsletter providing market news, updates on Bitcoin's performance, regulatory headlines in the U.K., El Salvador, Thailand, and new crypto products.
Plus, the latest market news, explained. View in browser 3/28/24 Thailand will allow institutional and high-net-worth investors to invest in spot bitcoin ETFs. [Deejpilot via Getty Images] What’s up? It’s Coinbase Bytes There’s never a dull m
March 28, 2024 3:17 PM
-
newsletter@mail.coinbase.com
Global governments making crypto moves
Coinbase Bytes newsletter providing market news, updates on Bitcoin's performance, regulatory headlines in the U.K., El Salvador, Thailand, and new crypto products.
Plus, the latest market news, explained. View in browser 3/28/24 Thailand will allow institutional and high-net-worth investors to invest in spot bitcoin ETFs. [Deejpilot via Getty Images] What’s up? It’s Coinbase Bytes There’s never a dull m
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</style></head><body style="margin:0; padding:0; background-color:#FFFFFF; font-family:Helvetica Neue,Helvetica,Arial,sans-serif; font-size:16px; color:#0A0B0D"><span style="color:transparent; visibility:hidden; display:none; opacity:0; height:0; width:0; font-size:0">Plus, the latest market news, explained.</span><img src="https://links.coinbase.com/e/eo?_t=3aca56371967418192255878e9689713&_m=765c14cd4d174d518eb31e7b80a6cc45&_e=d0OnE8k2xFC5HP9CKQ0dM3j9VQdWkFykR9xbsjOlqBfZ4yOUnKa896AE9BRBWaOUyVCGHajOjdz_xWUepoHTVWtT2hPCKeIfd55Em9JC2NYkcX_Sf1n5rnVabvVcoY_5TYVsyhssVop7j4QG8bYe0Mcv-lMaAZTO30fNfW4g6Ko%3D" width="1" height="1" style="border:0; width:1px; height:1px; border-width:0px!important; display:none!important; line-height:0!important"><div id="root" style="min-width:320px; background-color:#FFFFFF; width:100%"><div class="block-grid" style="min-width:320px; max-width:570px; word-break:break-word; margin:0px auto"><div style="padding:0px 10px 10px"><div style="text-align:right; margin-bottom:24px"><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(91,97,110); text-decoration:none; line-height:1.5; font-size:12px">View in browser</a></div><div style="margin-bottom:20px"><table style="width:100%"><tbody><tr><td style="text-align:left; vertical-align:middle"><a href="#" title="Coinbase Bytes" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/cbytes-4x.png" height="36" style="display:block; height:36px"></a></td><td style="text-align:right"><p style="font-size:20px; color:rgb(10,11,1); margin:10px 0px 0px">3/28/24</p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer"><img src="https://images.ctfassets.net/q5ulk4bp65r7/4g7efFI21RvHRpOFCuCPkS/d6111ef4d890914822e729eb9b0d3d31/image1.jpg" width="100%" style="display:block; width:100%"></a><p style="margin:16px 0px 0px; line-height:1.5; word-break:break-word; font-size:12px; color:rgb(91,97,110)">Thailand will allow institutional and high-net-worth investors to invest in spot bitcoin ETFs. [Deejpilot via Getty Images]</p><p style="margin:48px 0px 16px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What’s up? It’s Coinbase Bytes </strong></p><p style="margin:0px; line-height:1.6; word-break:break-word">There’s never a dull moment on the blockchain. Here’s what you need to know this week:</p><ul style="margin:10px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px"><strong>Bitcoin revisited $71K. </strong>How Bitcoin’s halving, BTC ETF volumes, and venture capital funding are shaping market expectations.</li><li style="margin:0px; padding:6px 0px"><strong>Global crypto headlines in focus. </strong>The latest updates from Thailand, El Salvador, the U.K., and the U.S.</li><li style="margin:0px; padding:6px 0px"><strong>This week in numbers. </strong>A record setting crypto insurance product, the size of a new onchain gaming venture fund, and more stats to know.</li></ul><p style="margin:0px; padding:0px"></p><div class="desktop_hide" style="display:none; max-height:0; overflow:hidden"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$70,851.95 </p><p style="margin:0; font-size:12px">+8.72% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$3,570.80 </p><p style="margin:0; font-size:12px">+2.82% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$188.54 </p><p style="margin:0; font-size:12px">+6.24% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.63 </p><p style="margin:0; font-size:12px">-1.22% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$0.22 </p><p style="margin:0; font-size:12px">+43.86% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.65 </p><p style="margin:0; font-size:12px">+3.72% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><div class="mobile_hide"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$70,851.95 </p><p style="margin:0; font-size:12px">+8.72% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$3,570.80 </p><p style="margin:0; font-size:12px">+2.82% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$188.54 </p><p style="margin:0; font-size:12px">+6.24% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.63 </p><p style="margin:0; font-size:12px">-1.22% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$0.22 </p><p style="margin:0; font-size:12px">+43.86% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.65 </p><p style="margin:0; font-size:12px">+3.72% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><p style="margin:20px 0px 0px; line-height:1.5; word-break:break-word; color:rgb(91,97,110); font-size:12px">Price changes are for the past week, ending on Mar 28, 2024 at 09:31 PM UTC</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>See the latest prices</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>MARKET UPDATE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>Is crypto’s 2024 rally heating back up?</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">After slumping slightly in recent weeks, crypto’s 2024 rally has <a href="#" target="_blank" rel="noopener noreferrer">picked up steam</a>, with BTC prices ticking back above $71,000 on Thursday, and a wide variety of other tokens posting gains. With <a href="#" target="_blank" rel="noopener noreferrer">new inflation data</a> dropping on Friday, BTC’s next <a href="#" target="_blank" rel="noopener noreferrer">halving</a> due in April, and continued <a href="#" target="_blank" rel="noopener noreferrer">debate over the likelihood</a> of the SEC approving an ETH exchange-traded fund (ETF) in the near future, what might happen next? Let’s dig in.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Prices bounced back after BTC ETFs saw net outflows for the first time in seven weeks.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">One of the biggest drivers of the current rally has been billions of dollars that has poured into the new spot BTC ETFs that began trading in January — a staggering $12 billion poured into the funds during a seven-week period in February and March. The ETFs use the funds to buy bitcoin, which has helped demand, and prices, spike. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">But last week, as the ETFs collectively saw a record $900 million outflow, prices only saw a modest decline. According to Bloomberg, traders <a href="#" target="_blank" rel="noopener noreferrer">took advantage</a> of momentarily lower prices to “buy the dip,” helping to drive prices back up for a wide range of cryptocurrencies.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The ETFs were again seeing <a href="#" target="_blank" rel="noopener noreferrer">net inflows</a> by the beginning of this week. Meanwhile, an eleventh spot BTC fund <a href="#" target="_blank" rel="noopener noreferrer">began trading</a> on Wednesday, with Hashdex’s BTC futures ETF shifting its focus to holding BTC directly. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>VC funds are flowing to crypto startups again.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As crypto markets have surged, a major influx of venture capital investment has begun pouring into crypto startups. According to analytics firm Cryptorank, crypto VC fundraising has <a href="#" target="_blank" rel="noopener noreferrer">increased</a> each month this year, totalling nearly $2.2 billion so far.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">According to CNBC, major fundraises this quarter <a href="#" target="_blank" rel="noopener noreferrer">have included</a> a $225 million investment in Wormhole (“an open-source blockchain development platform company”) and $102.5 million in Together.ai (“a decentralized cloud platform for large foundation models”).</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As the Wall Street Journal <a href="#" target="_blank" rel="noopener noreferrer">reports</a>, “a jump in the price of bitcoin makes limited partners [LPs], which invest in venture funds, more comfortable with crypto exposure. That, in turn, gives venture fund managers more confidence in their ability to raise subsequent funds, unlocking fresh capital for startups.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Or as Rob Hadick, general partner at crypto venture firm Dragonfly, put it, “What’s clear is that LPs are starting to feel more comfortable about the space. That’s speeding up venture fund deployment.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Bitcoin’s next halving is expected in about two weeks.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The most anticipated crypto milestone of 2024 after the BTC ETF approvals is Bitcoin’s next halving, which should happen on or around April 19. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">So what is the halving and why is it such a big deal?</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Bitcoin is designed to be a scarce, inflation-resistant asset. One mechanism it uses to achieve this is the <a href="#" target="_blank" rel="noopener noreferrer">halving</a>, in which the amount of BTC generated by mining is reduced by half roughly every four years.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Historically, a lot of <a href="#" target="_blank" rel="noopener noreferrer">bitcoin’s gains</a> came in the 12 to 18 months after a halving, when newly diminishing supply accompanied surging demand. At the time of 2020’s halving, for instance, one BTC cost less than $10,000. By the peak in 2022, prices had climbed to more than $67,000. (Remember: Past performance is not indicative of future results.)</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Got it. So what do people think will happen this time?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">There are a <a href="#" target="_blank" rel="noopener noreferrer">wide range of theories</a>, and the economics of bitcoin mining are complicated. But some analysts believe the halving will drive a long-term rally while others say the effect has likely been priced in by savvy traders.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Coinbase Institutional <a href="#" target="_blank" rel="noopener noreferrer">noted</a> in its 2024 outlook that while many consider the halving a direct catalyst for BTC, “we think that causality is less precise than some may believe.” The halving’s greater significance, Coinbase Institutional said, is its ability “to raise media attention around what makes bitcoin unique.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line…</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">So what’s next? The Federal Reserve is widely expected to reduce interest rates starting this summer, but <a href="#" target="_blank" rel="noopener noreferrer">some fear</a> that inflation data that’s coming on Friday could change those plans. (In general, lower interest rates are good for risk assets like growth stocks and crypto.) </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">That said, many analysts are big-picture bullish. Asset management giant Bernstein, for instance, has raised its 2024 <a href="#" target="_blank" rel="noopener noreferrer">price target</a> for bitcoin from $80,000 to $90,000 while analytics firm 10x Research <a href="#" target="_blank" rel="noopener noreferrer">sees</a> BTC hitting a new all-time high around $83,000. And as Goldman Sachs <a href="#" target="_blank" rel="noopener noreferrer">reported</a> recently, their clients have had “a resurgence of interest” in crypto products ever since the introduction of BTC ETFs. </p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Learn about ETFs</strong></a></div><a href="#" target="_blank" rel="noopener noreferrer"><div class="desktop_hide" style="display:none; max-height:0px; overflow:hidden"><img src="https://images.ctfassets.net/q5ulk4bp65r7/11ethN8SqaxfTpSQp5dFNK/2a692d99adc4eceabaa8a5da01590f6e/650x488px_mobile__1_.png" width="100%" style="display:block; width:100%; margin:64px 0px"></div><div class="mobile_hide"><img src="https://images.ctfassets.net/q5ulk4bp65r7/2EIy1P2xeUhtobZGk8Vi8V/f8427ab27cd5eb64dfcd50efe733d669/1060x408px_desktop__1_.png" width="100%" style="display:block; width:100%; margin:64px 0px"></div></a><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>GLOBAL SCENE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>The latest regulatory headlines in the U.K., El Salvador, and beyond</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The U.S. has been making plenty of headlines with crypto regulatory narratives in 2024. In January we saw Bitcoin ETF <a href="#" target="_blank" rel="noopener noreferrer">approvals</a>, and on Wednesday, the judge in the SEC's enforcement action case against Coinbase <a href="#" target="_blank" rel="noopener noreferrer">dismissed</a> claims against Coinbase Wallet, while allowing other claims to move to discovery. Coinbase CEO Brian Armstrong <a href="#" target="_blank" rel="noopener noreferrer">called</a> this development a “huge win for self-custodial wallets.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">But crypto also extends far beyond the headlines in the U.S. There are nearly <a href="#" target="_blank" rel="noopener noreferrer">600 million crypto users</a> around the world — with popular global use-cases including savings and investment, <a href="#" target="_blank" rel="noopener noreferrer">remittances</a>, <a href="#" target="_blank" rel="noopener noreferrer">financial services</a> in places with limited banking access, and hedge assets for residents of nations experiencing <a href="#" target="_blank" rel="noopener noreferrer">extreme inflation</a>. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">And while crypto regulations continue to evolve in the U.S. and internationally, some governments have pioneered initiatives designed to foster crypto adoption within their borders. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Here’s what you need to know about recent moves in the U.K., El Salvador, and Thailand.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The London Stock Exchange plans to list BTC and ETH “exchange-traded notes” for professional investors in May.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">On Monday, the U.K.’s Financial Conduct Authority gave tentative approval for the London Stock Exchange to <a href="#" target="_blank" rel="noopener noreferrer">create a marketplace</a> for BTC and ETH exchange-traded notes (ETNs) to begin trading on May 28, with issuer applications opening up in early April. Only professional investors will be allowed to trade the ETNs.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The move marks a reversal for the FCA, which had <a href="#" target="_blank" rel="noopener noreferrer">previously banned</a> crypto ETNs in 2021. ETNs are structured a little differently from ETFs, but both are designed to mirror the price movements of an underlying asset.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">U.K. prime minister Rishi Sunak’s government <a href="#" target="_blank" rel="noopener noreferrer">has long sought regulations</a> that would help the nation become a global crypto hub.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>El Salvador plans to buy one bitcoin every day.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Since becoming the first country to <a href="#" target="_blank" rel="noopener noreferrer">recognize</a> bitcoin as legal tender in 2021, El Salvador has <a href="#" target="_blank" rel="noopener noreferrer">continued to double down</a> on plans to make the cryptocurrency central to the nation’s future.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Last week, president Nayib Bukele <a href="#" target="_blank" rel="noopener noreferrer">announced plans</a> to purchase at least one BTC daily until it “becomes unaffordable with fiat currencies.” The government has announced progress toward BTC-backed <a href="#" target="_blank" rel="noopener noreferrer">government bonds</a>, and last year the country launched its <a href="#" target="_blank" rel="noopener noreferrer">first bitcoin mining pool</a>, which relies on geothermal energy.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">El Salvador owns 5,700 BTC (worth around $400 million) and is sitting on about <a href="#" target="_blank" rel="noopener noreferrer">$80 million</a> in unrealized profit.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Earlier this month, El Salvador <a href="#" target="_blank" rel="noopener noreferrer">sent</a> around 5,000 of the nation’s BTC to a cold-storage wallet that’s held in a physical vault within El Salvador’s borders — a move that was widely celebrated by the bitcoin community. As Bitcoin Magazine <a href="#" target="_blank" rel="noopener noreferrer">notes</a>, “shortly after Bukele announced El Salvador’s Bitcoin address, Bitcoiners began to send donations to the wallet.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Thailand’s SEC will let wealthy investors invest in crypto ETFs.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Thailand’s Security and Exchange Commission <a href="#" target="_blank" rel="noopener noreferrer">issued new rules</a> allowing institutional investors and high-net-worth individuals to legally purchase shares in spot bitcoin ETFs on U.S. exchanges. The move reversed a decision from earlier this year that would have banned all investors from holding shares in crypto ETF products.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Thailand <a href="#" target="_blank" rel="noopener noreferrer">ranked 10th</a> on Chainalysis’ 2023 Global Crypto Adoption Index, with an estimated 10% of Thai citizens having used or owned crypto. While the country’s new SEC rules primarily apply to institutional investors, the regulator is also contemplating extending the rule to cover retail investors in the future. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line…</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">With governments around the world watching the U.S. BTC ETF rollout carefully, similar financial products will likely become more common.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">But what could happen after that? One major global crypto theme in recent years has been tokenization (tying real-world assets to blockchain-based tokens). In the U.K., a recently released <a href="#" target="_blank" rel="noopener noreferrer">government-backed report</a> encouraged firms to collaborate with each other on tokenization projects, a sign of growing comfort with blockchain use-cases and digital assets. </p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Learn about tokenization</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NUMBERS TO KNOW </strong></p></td></tr></tbody></table></div><h1><strong>$825 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Maximum amount of crypto custody coverage that insurance broker Marsh will provide with its newly announced insurance product geared toward financial firms and custodians. According to a <a href="#" target="_blank" rel="noopener noreferrer">press release</a>,<strong> </strong>the policy is the “largest facility of its kind” and is meant to support organizations with digital assets held offline in <a href="#" target="_blank" rel="noopener noreferrer">cold storage</a>, and assets secured via <a href="#" target="_blank" rel="noopener noreferrer">multi-party computation</a>.</p><h1><strong>$100 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Size of the new “Inevitable Games Fund” started by Polygon Labs, VC firm King River Capital, and blockchain gaming platform Immutable. Per <a href="#" target="_blank" rel="noopener noreferrer">CoinDesk</a>, the IGF will “target high-growth opportunities for … sophisticated investors in web3 gaming.” Since 2018, the blockchain gaming sector — which includes projects like <a href="#" target="_blank" rel="noopener noreferrer">The Sandbox</a> and <a href="#" target="_blank" rel="noopener noreferrer">Gods Unchained</a> — has seen $19 billion in investments.</p><h1><strong>83</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Level that the Crypto Fear & Greed index <a href="#" target="_blank" rel="noopener noreferrer">hit</a> on Wednesday. The index — which measures sentiment on a scale of 1 to 100 via a variety of metrics including volatility and social searches — is firmly in the “extreme greed” zone, indicating that traders are feeling bullish about bitcoin.</p><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>TOKEN TRIVIA </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What is the U.S. tax deadline for 2024?</strong></p></div><div style="margin-top:16px"><table style="line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>A</strong></td><td>April 1</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>B</strong></td><td style="padding-top:12px">April 12</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>C</strong></td><td style="padding-top:12px">April 15</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>D</strong></td><td style="padding-top:12px">April 18</td></tr></tbody></table></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Find the answer at the end of the email.</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Get ready for tax day</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NOW TRADING ON COINBASE </strong></p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>RONIN</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/d3037e80c17f4843e796a80d107dbd1732557805636957a0e6c2d0a2f36dea3e.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Ronin is a low-cost and highly efficient network purpose-built for onchain gaming. </p></a><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>AKT</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/6d08cfbf193b659d530563e609d29b5d79fd400e3631b1b3c815212a9178456d.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Akash is a blockchain network that supports a decentralized compute marketplace. </p></a><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><p style="margin:0px; line-height:1.6; word-break:break-word"><strong>Trivia answer</strong></p><table style="margin:12px 0px 0px; line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>C</strong></td><td>April 15</td></tr></tbody></table><table style="margin:48px 0px 0px"><tbody><tr><td style="text-align:left"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Rebrand%20Assets/coinbase_footer_wordmark.png" alt="Coinbase" height="26" style="display:block; height:26px; margin-bottom:24px"></td></tr><tr><td><a href="#" title="coinbase ios app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_apple.png" alt="Download on iOS App store" height="46" style="display:block; height:46px; margin-right:8px"></a></td><td><a href="#" title="coinbase android app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_google.png" alt="Download on Google Play" height="46" style="display:block; height:46px"></a></td></tr></tbody></table><div style="margin-top:24px"><p style="font-size:12px; line-height:1.8; word-break:break-word; color:rgb(91,97,110)">Disclaimer: This material is the property of Coinbase, Inc., its parent and affiliates ("Coinbase"). The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Coinbase or its employees and summarizes information and articles with respect to cryptocurrencies or related topics that the author believes may be of interest. This material is for informational purposes only, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations or (iii) an official statement of Coinbase. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument or other market or economic measure. The information is believed to be current as of the date indicated on the materials. Recipients should consult their advisors before making any investment decision. Coinbase may have financial interests in, or relationships with, some of the entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Coinbase's endorsement, or approval of any third-party websites or their content. <br><br>Coinbase is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. <br><br>© Coinbase 2024 | Coinbase Inc. <br>248 3rd St #434 <br>Oakland | CA 94607 | US <br><a href="#">www.coinbase.com</a> <br><a href="#">Get in touch</a> <br><br><br><a href="#" style="text-decoration:none">Unsubscribe</a> from future editions of Coinbase Bytes.</p></div></div></div></div><img alt="" src="http://comm.coinbase.com/CI0/0100018e8723f956-3cbd105f-af6e-404d-a3a7-4a00418527cf-000000/CrScxZn5_-6ON6OsngxByVSFzvhRDu2vTA4Ck6cifjU=346" style="display:none; width:1px; height:1px"> </body></html>
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