This article comes to you with the generous support of Xtreme.game. Discover the excitement and rewards that await you at Xtreme.game with a 100% deposit bonus!Crypto Market UpdateTable of ContentsMarket Movements and Whale ActivityGenesis Offloads $2.1 Billion in Grayscale SharesBitcoin Hits New High with Whale DominanceBitcoin ETFs Attract Billions, Meme Coins SoarControversies and Legal ChallengesFTX Faces Criticism for SOL Discount SaleSushi's Governance Shake-Up Sparks DebateDo Kwon and Terraform Labs ConvictedSupport Rallies for Tornado Cash DeveloperRegulatory Updates and Country-Specific NewsParaguay Eyes Ban on Crypto MiningGenesis Offloads $2.1 Billion in Grayscale SharesGenesis, a bankrupt crypto lending firm, recently offloaded 36 million shares of Grayscale Bitcoin Trust for $2.1 billion to purchase 32,041 Bitcoin, valuing $2.18 billion. Coinbase assures that the sell-off won't significantly impact the crypto market. However, Genesis faces criticism for potentially overpaying creditors. The firm filed for bankruptcy in January 2023. Bitcoin Hits New High with Whale DominanceIn the first quarter of 2024, Bitcoin surged by 73% to a record high of $73,750 before experiencing significant price fluctuations. During this period, whales holding 100-100,000 BTC accumulated 319,310 BTC, while smaller holders offloaded 105,260 BTC. This accumulation trend, leading into the upcoming halving event, boosted the whales' market dominance by 1.4%. Bitcoin ETFs Attract Billions, Meme Coins SoarBitcoin ETFs amassed over 4% of BTC supply in under three months post-SEC approvals, according to IntoTheBlock. Whales holding 1,000+ BTC saw balances surge. $14.2 billion flowed into Bitcoin, elevating prices. ETFs simplified investing, attracting both retail and institutional interest. Meme coins gained traction in Q1, with their market cap tripling. Ethereum's Dencun upgrade reduced gas fees, aiding meme coin resurgence. FTX Faces Criticism for SOL Discount SaleFTX faced backlash for selling 30 million SOL at a 62% discount to repay creditors, locking the funds for four years. Criticism emerged for devaluing assets and prioritizing legal interests over creditors' losses. Peckshield data exposed $15 million crypto transfers, including major altcoins, amidst ongoing divestments, uncovering further financial intricacies post-FTX's collapse. Sushi's Governance Shake-Up Sparks DebateThe governance proposal for Sushi's transition to a Labs model has sparked controversy, with criticism over proposed changes to empower Sushi Labs and limit the DAO's authority. Allegations of manipulation and discrepancies in the treasury content have fueled tensions. Proponents argue for a needed upgrade, anticipating streamlined governance and a decentralized structure. Do Kwon and Terraform Labs ConvictedDo Kwon and Terraform Labs were found liable for a $40 billion fraud by a New York jury. The SEC alleged deception about crypto asset security, resulting in losses. Terra's token LUNA dropped 3.8%, with a market cap of $613 million. Terraform Labs disputes the verdict stating lack of evidence and questions SEC's authority, considering next legal steps. Support Rallies for Tornado Cash DeveloperThree blockchain advocacy groups filed amicus curiae briefs in support of Tornado Cash developer Roman Storm, aiming to dismiss criminal charges. They argued that the developers should not be held accountable for users' criminal activities, contending that the platform's protocol, self-executing nature, and lack of control over user assets exempt them from the charges. Paraguay Eyes Ban on Crypto MiningParaguayan lawmakers have proposed a 180-day ban on cryptocurrency mining due to its impact on energy resources. The bill aims to regulate the creation, storage, and commercialization of virtual assets and crypto mining activities. Illegal operations have led to significant economic losses, potentially affecting global mining companies with operations in Paraguay. Top Altcoin Gainers and LosersGainers:Nervos Network CKB (+25.30%)Pendle PENDLE (+23.80%) Ethena ENA (+18.60%) Losers: Maker MKR (-2.68%) Bittensor TAO (-1.90%) KuCoin Token KCS (-1.29%) NFT Market MapThis article has been refined and enhanced by ChatGPT.