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Crypto Flipsider News – Bitcoin Transaction Fees at 2-Year Low, Australia Readies First Bitcoin ETF Launch; ApeCoin Jumps By 40%; Robinhood Expands to Europe, Binance.US Gets Money Transmitter License in Puerto Rico; Russia to Evade Sanctions with Mining – IMF

Read in the Digest:

  • Bitcoin transaction fees at 2-year low, and institutional outflows hit $73 million as Australia plans to launch Bitcoin ETF next week.
  • ApeCoin (APE) surges 40% in anticipation of a big announcement. 
  • Robinhood expands to Europe, Binance.US gets money transmitter license in Puerto Rico.
  • Russia could use crypto mining to evade sanctions, the IMF warns.

Bitcoin Transaction Fees at 2-Year Low, and Institutional Outflows Hit $73 Million as Australia Plans to Launch Bitcoin ETF Next Week

The average transaction fee per Bitcoin, the world’s largest cryptocurrency, has been steadily declining from its all-time $62.788 in April 2021 to stand at $1.039 per transaction. The last time Bitcoin transaction fees were this low was in June 2020.

Bitcoin transaction fees over the last three years. Source: Blockchain.com

Bitcoin has seen a significant rise in its investment outflows. In the week ending April 16th, Bitcoin (BTC) investment products took a major hit as outflows reached $73 million. So far in April, Bitcoin investment products have lost more than $196 million to outflows.

Despite the plight of Bitcoin investment products, 21Shares is preparing to launch the first spot exchange-traded products for Bitcoin in Australia next week. The products will be the first to invest directly in the underlying assets in Australia.

The Bitcoin ETF from 21Shares joins an offering from Cosmos Asset Management, and will be listed on the Cboe Exchange starting on April 27th. The price of the Bitcoin ETF will be tracked against the Australian dollar.

Flipsider:

  • Although bullish sentiment surrounding Bitcoin is on the rise, Altcoins have been outperforming the leading asset of late.
  • While BTC has gained 2% over the last 24 hours to rise above the $42,000 level, Altcoins like Solana and LUNA are up by 7%, while ADA, DOGE, and DOT are up by 4%.

The 24 hour price chart for Bitcoin (BTC). Source: Tradingview

ApeCoin (APE) Surges 40% in Anticipation of a Big Announcement

After rallying from $1 to its all-time high (ATH) of $39.40 on the day of its launch, ApeCoin (APE) fell to less than 9% of that just days later. However, the utility token for the APE Ecosystem is back with a bang, having rallied by 40% over the last 24 hours.

The 24 hour price chart for ApeCoin (APE). Source: Tradingview

As of this writing, APE is now trading at $17.01 from a daily low of $12.20. ApeCoin’s rally has seen its market cap grow from $3.45 billion to $4.88 billion, making it the 32nd biggest cryptocurrency.

ApeCoin’s rally comes a major announcement from Yuga Labs is expected by users. Having revealed its metaverse in March, Yuga Labs announced that ApeCoin would serve as the native token for its virtual world, called ‘Otherside’.

According to reports, Yuga Labs is planning to initiate land sales for the Otherside, using APE, on April 23rd, the first anniversary of the launch of the Bored Ape Yacht Club. The top 100 ETH whales have thus accumulated over $9 million worth of APE in the last 24 hours.

Flipsider:

  • Despite its massive gains, ApeCoin (APE) still remains 57% down from its March 17th ATH of $39.40.

Why You Should Care

Becoming the native token of the Otherside could help the project break the norm of airdrop tokens losing their entire value shortly after launch.

Robinhood Expands to Europe, Binance.US Gets Money Transmitter License in Puerto Rico

Just a week after expanding its crypto offerings, Robinhood has made its way into the U.K. market. Robinhood announced the acquisition of Ziglu, a London-based fintech app that allows users to trade in bitcoin and several other cryptocurrencies.

Ziglu is one of three companies approved by the FCA to offer crypto investment services in the UK. Robinhood plans to expand its services into Europe after more than two years since halting its plans. 

Binance.US is also on the expansion train, receiving a money transmitter license for Puerto Rico. The Caribbean island became the fourth jurisdiction in America to grant a money transmitter license to Binance.US

The new license will allow Binance.US to receive and transfer funds between users in Puerto Rico. Binance CEO, Changpeng Zhao, has stated that the crypto exchange’s vision is to be licensed everywhere.

Flipsider:

Why You Should Care

The expansion of crypto firms coincides with increasing interest in and adoption of cryptocurrencies globally.

Russia Could Use Crypto Mining to Evade Sanctions: The IMF Warns

The International Monetary Fund (IMF) has suggested that Russia could be looking to evade the economic sanctions placed upon it through bitcoin and crypto mining. The IMF made the revelation in its new post on global financial stability. 

Russia is currently on the receiving end of over 400 sanctions as a result of its ongoing invasion of Ukraine. However, the IMF suggests that the Russian government could look to cryptocurrency mining to evade these sanctions.

The IMF writes;

“Over time, sanctioned countries could also allocate more resources toward evading sanctions through mining. Mining … Bitcoin can allow countries to monetize energy resources, some of which cannot be exported due to sanctions.”

The IMF emphasized that the category of activity is “relatively contained” in sanctioned countries, but the likelihood of its rapid increase will always be there, and is something that cannot be curbed.

Flipsider:

Why You Should Care

The IMF has reported that both U.S. and UK regulators have requested that all companies, crypto businesses included, be more careful in transacting with the Russian government.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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