Top Crypto Stories This Week: From a Juicy Mt. Gox Interview to a Soggy Token2049 Dubai Conference

We all know that timing the market is an impossible fete but it turns out that timing an event might just be even harder. As weeks go, this week is a rather busy one for the crypto calendar. Bitcoin halving is taking place, Hong Kong approved Bitcoin ETFs, and Token2049 Dubai kicked off. However, only one of those was at the mercy of the weather Gods, and mercy they did not receive.

On Wednesday, Dubai was hit with its largest rainfall for over 75 years - the day before the country played host to Token2049, drawing in thousands of crypto participants from around the world. Many were left stranded whilst others were "liquidated" a bit more than they had anticipated.

Over in sunny Singapore, Blockhead played host to Mt. Gox's former CEO Mark Karpeles. As the face of the firm at the height of its implosion, Karpeles maintained his innocence but faced a gruelling legal battle and endured intense public scrutiny. But nothing could prepare him for his gruelling from Blockhead. Just joking, we're nice sometimes.

Geopolitical tensions have hit overdrive too. Israel and Iran have engaged in an unnerving exchange of missiles, intensifying hostility in the Middle East. With both sides boasting formidable and powerful allies on the global stage, the possibility of World War III even has Bitcoin maxis quivering.

Bitcoin is down almost 6% over the week and Ethereum, displaying a similar trajectory, has fallen more than 5%.

Risk appetites on the Fear & Greed Index have fallen from 79, "Extreme Greed," to 66, "Greed."

The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.

Nigeria Seeks Extradition for Custody-Fleeing Binance Exec in Kenya

A Binance executive who escaped custody has been tracked down to Kenya and is now facing extradition back to Nigeria.

British Kenyan Nadeem Anjarwalla, who serves as Binance's regional manager for Africa, escaped custody in March. He flew out of Nigeria's capital, Abuja, on a Middle East airline to Kenya, where he has been hiding.

The Nigerian government is now collaborating with Interpol and Kenyan police to extradite Arjarwalla back to Nigeria to face charges against him.

Sygnum’s Clients Team on Managing Expectations and Emotions in the Crypto Market

In the fast-paced and often volatile crypto market, it can be challenging to keep track of your portfolio and its performance. Whilst returns can be promising, managing your expectations and emotions can be tough. What if you had someone that you could turn to for valuable industry insights??

Sygnum's Executive Director of Clients, Jason French, and Relationship Manager, Michael Wei, sit down with Blockhead.

Hong Kong Makes History with Bitcoin, Ethereum ETF Approvals

The Hong Kong Securities and Futures Commission (SFC) officially approved several spot Bitcoin and Ethereum?exchange-traded funds (ETFs)?on Monday.

Leading asset managers including China Asset Management, Bosera Capital, and HashKey Capital Limited are among those that received the green light from the city's financial regulator.

Tether Teases Tokenization Platform, Aims to Revolutionize Digital Asset Management

Tether, the company behind the world's leading stablecoin USDT, is shaking things up with the announcement of its upcoming public tokenization platform.

According to Tether CEO Paolo Arduino, who teased the platform on Twitter/X on Sunday, Tether's new platform will empower users to create tokenized versions of real-world assets. This means anything from traditional financial instruments like stocks and bonds to loyalty programs and even coffee shop reward points can be represented on a blockchain as a token.

Is World War III Enough to Shake Bitcoin?

Bitcoin?suffered its biggest pullback since March 2023 after Iran launched air attacks on Israel, which has since retaliated in a similar manner.

The big question for global markets is what happens next? Trading patterns suggest bets are equally spread on both sides of Israel's action. One side of the positioning shows that Israel stays on the sidelines as the US has made it clear it will not support a retaliatory attack on Iran. Instead, the country chooses to up international pressure on Iran.

The other side weighs up the risk of a retaliation cycle. With the Middle East crisis escalating, there are concerns about increased volatility in trading.

Rule Bitcoin-nia: UK to Introduce Crypto Regulation in July

The?United Kingdom?is set to introduce new regulatory frameworks for cryptocurrencies by the end of July. UK Economic Secretary to the Treasury, Bim Afolami, said the framework encompasses crypto activities including operating an exchange and custody.

"We are now working at pace to deliver the legislation to put our final proposals for our regime in place," Afolami said.

"Once it goes live, a whole host of crypto asset activities, including operating an exchange, taking custody of customers’ assets and other things, will come within the regulatory perimeter for the first time."

Blockcast EP 22 | Mt Gox’s Mark Karpeles on The Hack That Shaped The Crypto Industry

Credited with being one of the world's first bitcoin exchanges – accounting for up to 80% of trading volume during its peak –?Mt Gox?first launched in the summer of 2010 but suspended operations in February 2014 amid heightened speculation about potential untoward activity.

The fall of the Japanese exchange in 2014 was prompted by 750,000?Bitcoins?– at the time worth around $500 million, and now in the billions – that went missing, putting crypto’s future in doubt. Its former CEO Mark Karpeles remains a controversial figure.

South Korean Won Becomes World's Most Traded Currency for Crypto

South Korea's won (KRW) is now the most traded currency against crypto, even overtaking the US dollar (USD).

According to?Kaiko, KRW accounted for $456 billion in cumulative trade volume on centralized crypto exchanges in Q1 of 2024. USD's volume hit $455 billion over the same period.

OK-Exit: Very Senior OKX Execs Call it Quits

OKX executives Tim Byun and Wei Lan have left the exchange, leaving critics to draw parallels with Binance's staff exodus amid regulator scrutiny.

Tim Byun served as CEO of OKX's US arm, OKcoin, between 2018 and 2020. He then was appointed head of global government relations at OKX.

Wei Lan was hired as head of product and ran OKX's trading desk, overseeing transaction activity.

Token2049 "Liquidated" in Dubai Flood, Conference Offers No Guidance

Token2049?Dubai has been submerged by rampant floods caused by the largest amount of rainfall in the country for over 75 years.

Held between 18-19 April 2024, Token2049 attracted crypto fans from around the world to the UAE in the days ahead of the conference.

Video footage from the conference, located at Madinat Jumeirah Conference & Events Centre, shows the event hall floors flooded with ankle-deep water as attendees walk between the booths.

Bitcoin Mining Stocks - Gearing Up for the Halving?

The Bitcoin halving, a pre-programmed event that cuts Bitcoin mining rewards in half, is fast approaching. Scheduled for sometime later this week, this halving has investors dumping?Bitcoin mining stocks. But are they really an overhyped risk or a bargain to be scooped up?

The upcoming halving event will slash mining rewards in half, while operational expenses hold steady, significantly diminishing mining companies' profitability. This raises a critical question for investors: how will mining companies maintain profitability in a post-halving environment?

Web3 Investment Soars 55%; VC Sentiment Warms

According to a new?report?by QuickNode and Artemis, total investment in Web3 companies increased by 55% in the first quarter of 2024 compared to the same period last year.

Web3 VC investment deals rose 36% QoQ with seed round deals seeing the most growth of 53%.

Events

Onchain 2024

Saison Capital, a Singapore-based venture capital firm and subsidiary of Saison International, has announced the inaugural launch of?ONCHAIN 2024, marking Asia's first RWA conference.

Taking place on 26 April 2024, 9 am - 5 pm (ICT), in SO/Bangkok Hotel, Bangkok, Thailand, the event features an impressive lineup of speakers and attendees from TradFi institutions including Citibank, Standard Chartered, SCBx, Woori Bank, and SBI Holdings, as well as real-world asset (RWA) leaders including Helicap Group, Evertas, HELIX, D3 Labs, OpenEden and Rakkar Digital.?

“The trend of?tokenizing?RWAs has gained momentum in 2023 despite depressed markets across traditional finance and crypto," said Qin En Looi, Partner at Saison Capital.?"The launch of ONCHAIN 2024 aims to bring more partners into the conversation to shape the financial ecosystem of the future."

As the exclusive supporting partner for ONCHAIN 2024, we've got an exclusive 20% discount on tickets for the Blockhead family. Simply use the promo code 'blockhead' at?checkout?to unlock this special offer.

Money 20/20 Asia

Only a few days left to Money 20/20 Asia, taking place next week alongside Southeast Asia Blockhain Week! It's your chance to do business like never before over 3 incredible days – use the code BHD300 to save USD300 at https://bit.ly/3SVikL8 Blockhead is the official media partner for @money2020- we'll see you there!

Southeast Asia Blockchain Week

Southeast Asia Blockchain Week (SEABW) is also happening next week in Bangkok from 22–28 April 2024.

The conference promises to showcase the future of Web3 in Southeast Asia, bringing together the latest developments in blockchain and the region's Web3 scene. SEABW will include over 150 speakers comprising industry leaders, builders and brands. Various side events and activations will be held throughout.

The main conference will be held over two days (24-25 April) at the?True Icon Hall. Guest speakers include Arak Sutivong, Deputy CEO at SCBX, Yoann Turpin, Co-Founder at Wintermute, and Kelvin Koh, Co-Founder and Managing Partner at The Spartan Group.

Get your ticket here, and use the Blockhead discount BHD20 for 20% off!