Hello Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Bitcoin Surpasses $1 Trillion Market Cap: Bitcoin's market capitalization exceeds $1 trillion as its price rises above $52,000, driven by growing investor confidence and positive sentiment.

2. Solana Memecoin BONK Surges on Revolut Partnership Proposal: Solana-based memecoin Bonk (BONK) experiences a 7% spike following news of a potential listing on Revolut's trading platform.

3. Genesis Receives Court Approval to Liquidate Grayscale GBTC Shares: Genesis Global Holdco receives permission from a bankruptcy judge to liquidate approximately $1.3 billion worth of Grayscale Bitcoin Trust (GBTC) shares, as part of efforts to reimburse investors following the firm's bankruptcy filing.

4. Citi Explores Tokenization of Private Equity Funds on Avalanche: Citigroup collaborates with Ava Labs and other financial institutions to conduct a proof-of-concept for tokenizing private equity funds on Avalanche.
   
   All this and more in today’s headlines!

📰 News Highlights:

💰 Bitcoin Surpasses $1 Trillion Market Cap [Source][Source][Source]

Bitcoin's market capitalization soared past $1 trillion as the price of BTC surged above $52,000, reflecting growing investor optimism and sustained bullish momentum. 

The current circulating supply of Bitcoin stands at 19,627,443 BTC, representing 93.46% of its total capped supply of 21 million.

Positive sentiment among investors, buoyed by a prolonged bull market and the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, has fueled the cryptocurrency's ascent. This milestone comes after Bitcoin initially reached a $1 trillion market cap in November 2021, during a remarkable bull run that propelled BTC to its temporary all-time high of $69,000.

Grayscale's analysis suggests that Bitcoin ETFs could mitigate the selling pressure typically associated with Bitcoin halving events. With the current mining rate of 6.25 BTC per block equating to approximately $14 billion annually, a halving would decrease this figure to $7 billion, reducing sell pressure and potentially bolstering prices.

Meanwhile, BlackRock's iShares Bitcoin Trust (IBIT) has surpassed 100,000 BTC under management, marking a significant milestone since its launch in January. The spot Bitcoin ETF has witnessed exponential growth, multiplying its holdings by over 3,700% in a matter of weeks.

🚀 Solana Memecoin BONK Surges on Revolut Partnership Proposal [Source][Source]

Solana-based memecoin Bonk (BONK) experienced a 7% spike following news of a potential listing on Revolut's trading platform. A proposed partnership aims to launch a "Learn and Earn Campaign" on Revolut, targeting an expansion of Bonk's user base by 500,000.

The European fintech firm, Revolut, with 38 million users across 50 countries, plans to incentivize user participation in the campaign, offering rewards totaling $1.2 million. BONK's price surged to $0.000025 after the announcement, marking a 7.2% increase over five hours and a 13.1% rise over 24 hours.

The campaign awaits final approval from BonkDAO, with seven out of 12 voting members currently in favor. Once launched, the campaign will unfold in two waves, with the first focusing on organic growth before the Learn and Earn initiative kicks off.

⚖️ Genesis Receives Court Approval to Liquidate Grayscale GBTC Shares [Source][Source]

Genesis Global Holdco has been granted permission by a bankruptcy judge to liquidate approximately $1.3 billion worth of Grayscale Bitcoin Trust (GBTC) shares. The move comes as part of efforts to reimburse investors following the firm's bankruptcy filing.

Genesis, which holds around $1.6 billion worth of GBTC shares, Ethereum Trust (ETHE), and Ethereum Classic Trust (ETCG), plans to sell off a portion of its investments to facilitate cash redemption for investors. 

Grayscale filed a limited objection to the plan, acknowledging the need for written approval but not seeking to impede the process.

🏦 Citi Explores Tokenization of Private Equity Funds on Avalanche [Source][Source]

Citigroup has collaborated with Ava Labs and other financial institutions to conduct a proof-of-concept for tokenizing private equity funds.

Despite ongoing legal and technical challenges, Citi sees blockchain technology as a potential game-changer for the private equity industry.

The project simulated workflows within a Wellington Management-issued private equity fund, leveraging smart contracts to enforce distribution rules and verify identities. While legal issues such as regulatory status and contractual rights remain unresolved, Citi believes that tokenization can unlock value through standardization and automation.

💡 Feature of the Day: 

🛡️ Security Alliance Launched to Combat Crypto Crime [Source][Source][Source]

The crypto community welcomes the establishment of Security Alliance, a nonprofit organization dedicated to supporting "white hat" hackers in recovering funds from exploiters. 

Spearheaded by samczsun, head of security at Paradigm, Security Alliance aims to provide legal protection and incentives for ethical hackers to combat illicit activities.

The initiative, inspired by the Nomad hack in August 2022, offers a Whitehat Safe Harbor Agreement to shield hackers from legal liabilities. Supported by prominent entities such as the Ethereum Foundation and Vitalik Buterin, Security Alliance underscores the collaborative efforts to safeguard the crypto ecosystem from emerging threats.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com