Good Morning Crypto Enthusiasts!

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

1. Sam Bankman-Fried, former CEO of FTX, was sentenced to 25 years in prison today: Sam’s 25 year sentence was far shorter than the 40-50 years many legal experts in the industry were expecting.

2. KuCoin $10M Airdrop: KuCoin surprises users with a $10 million airdrop in Bitcoin (BTC) and KuCoin Shares (KCS) amid ongoing legal turmoil. Despite facing federal charges, CEO Johnny Lyu expresses gratitude to users and aims to reward their loyalty during turbulent times.

3. Fidelity Pursues Spot ETH ETF: Fidelity aims to launch a spot Ether exchange-traded fund (ETF) with staking options, signaling growing interest in crypto ETFs despite associated risks.

4. 21Shares Toncoin Staking ETP: 21Shares introduces a staking Exchange-Traded Product (ETP) based on Toncoin (TON) on the Swiss SIX Exchange, offering investors exposure to staking rewards without managing staking nodes.

5. $7.5B AI Crypto Token Merger: A proposed $7.5 billion merger of SingularityNet, Fetch.ai, and Ocean Protocol awaits community approval through a scheduled vote, aiming to create the Artificial Superintelligence Alliance and introduce a new ASI token.

6. 💡Feature of the Day - BlackRock CEO Optimistic: BlackRock CEO Larry Fink expresses optimism at the rapid growth of the firm's spot Bitcoin exchange-traded fund (ETF), highlighting its success as the fastest-growing ETF in history.

7. 🫨 What’s Buzzing? Do you exactly know what to do during crypto’s good times? Read it all from UseTheBitcoin’s latest article “What Should You Do When The Crypto Markets Are Up?”

   
   All this and more in today’s headlines!

📰 News Highlights:

🎁 Sam Bankman-Fried, former CEO of FTX, was sentenced to 25 years in prison today [Source][Source]

Sam’s 25 year sentence was far shorter than the 40-50 years many legal experts were expecting.

The unusually light sentencing coupled with the charges for “Illegal Campaign Donations” being dropped (nothing to see here folks… 👀) has sparked varied reactions on social media, with some arguing that the punishment was insufficient compared to other high-profile cases.

Many in the crypto community, believe the 25 year prison sentence falls short, given the extensive harm caused by Bankman-Fried's actions.

What are you’re thoughts, were SBF’s close connection with politicians (and “perfectly legal” political campaign donations😉) helpful in avoiding a longer sentence?

🎁 KuCoin $10M Airdrop [Source][Source]

KuCoin, plans to distribute a $10 million airdrop of Bitcoin and its native token, KuCoin (KCS), as a token of appreciation to loyal users. CEO Johnny Lyu, in a blog post, expressed gratitude to users for their support during challenging times, referencing recent delays in withdrawal processes.

The airdrop aims to compensate users affected by the withdrawal delays and reward those who remained loyal during the crisis. While details of the airdrop rules will be released shortly, the move comes as the United States Justice Department filed charges against KuCoin and two founders for regulatory violations.

Simultaneously, the Commodity Futures Trading Commission (CFTC) initiated a civil case against the exchange. Despite these legal challenges, KuCoin reassures users of the safety of their assets and seeks to maintain user trust through gestures like the airdrop.

📈 Fidelity Files for Spot ETH ETF with Staking [Source][Source]

Fidelity has submitted an S-1 application to the SEC for a spot Ether exchange-traded fund (ETF), with plans to allow staking of ETH held by the fund. Staking rewards would introduce additional risks, including potential losses and liquidity issues, while also creating taxable events for shareholders.

The ETF, trading on the Cboe BZX Exchange, aims to provide investors with exposure to Ether while offering the option to stake a portion of the fund's assets. However, regulatory uncertainties, including SEC investigations into the Ethereum Foundation, pose potential challenges to the approval of spot ETH ETFs.

Despite these risks, Fidelity remains optimistic about the long-term prospects of Ether and blockchain technology.

💼 21Shares Introduces Toncoin Staking ETP [Source][Source]

21Shares unveils a staking Exchange-Traded Product (ETP) based on the cryptocurrency Toncoin (TON), offering investors a convenient way to earn staking rewards without managing staking nodes. The Toncoin Staking ETP, trading under the ticker symbol TONN on the Swiss SIX Exchange, reinvests staking yields for enhanced performance.

With a fully backed product tracking TON's performance, investors can tap into staking rewards without the complexities associated with staking. The launch signifies the growing interest in staking products and aims to bridge traditional financial markets with blockchain technology.

🚀 BlackRock CEO Optimistic [Source][Source]

BlackRock CEO Larry Fink expresses optimism about the performance of the iShares Bitcoin Trust (IBIT), noting its rapid growth and strong demand from retail investors. IBIT's success highlights growing interest in Bitcoin ETFs, with assets under management surpassing $17 billion.

Fink emphasizes the long-term viability of Bitcoin, despite regulatory uncertainties and competition in the ETF market. With IBIT's remarkable growth trajectory, BlackRock remains bullish on Bitcoin's potential as an investment asset.

💡 Feature of the Day: 

💸 $7.5B AI Crypto Token Merger [Source][Source]

A $7.5 billion token merger involving SingularityNet, Fetch.ai, and Ocean Protocol is scheduled for a community vote, aiming to create the Artificial Superintelligence Alliance (ASI). The merger seeks to replace existing tokens with the new ASI token, subject to community approval.

Fetch.ai, SingularityNET, and Ocean Protocol will shortly be submitting governance proposals to their respective communities and voting is expected to open on 2nd April. Fetch.ai will complete voting on 7th April with all proposals scheduled to complete voting by 16th April.

If approved, the merged token would offer benefits such as staking rewards and improved liquidity. The move underscores collaborative efforts to advance blockchain-based decentralized AI protocols, despite potential regulatory and technical challenges.

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🫨 What’s Buzzing?:

📈 What Should You Do When The Crypto Markets Are Up?

💡 Always Follow Your Plans:

• Buying during market lows allows for accumulation.

• Diversification with mix of risky and safer assets can hedge against volatility.

• Bitcoin halving cycle historically demonstrates recovery despite market fluctuations.

💰 Take Profits, It's Okay To Sell:

• Cashing out profits at certain points is wise, aligned with established plans.

• Failure to take profits risks losing gains to market downturns.

For a more detailed look, visit UseTheBitcoin’s latest article “What Should You Do When The Crypto Markets Are Up?”

😂 Crypto Meme of the Day: 

And that’s it for this today.

See you all for tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com