Memecoins have become a major focal point of the 2024 crypto bull market, according to industry data. Rivalry is mounting between the U.S.’s major banks over who will be the first to add a Bitcoin ETF. Meanwhile, Bitcoin Cash, an offshoot of Bitcoin launched in 2017, has undergone its halving event.

Memecoin frenzy hits record high

The number of memecoin traders has reached a new all-time high in what appears to be a nod to the ongoing crypto market frenzy.

According to market intelligence firm IntoTheBlcok, the number of wallet addresses holding memecoin tokens for under 30 days has spiked to a new record high. The data feeds into a recent report by CoinGecko, which labeled memecoins as “the most profitable crypto narrative” so far in 2024.

Memecoins notched average returns of 1,312.6% in Q1, led by projects like Dogwifhat (WIF) and Book of Meme (BOME).

There are many stories on social media of crypto traders turning a few thousand dollars into millions. As Cointelegraph recently reported, a trader turned $13,000 into $2 million within 1 hour using the Donotfomoew (MOEW) memecoin.

Morgan Stanley wants to beat UBS to become first Bitcoin ETF bank

The launch of spot Bitcoin exchange-traded funds (ETF) in the United States has fueled rivalry between investment banks over which will be the first wirehouse to add the products.

Morgan Stanley is hoping to beat UBS in becoming the first wirehouse to fully approve the Bitcoin ETF, crypto enthusiast Andrew (AP_Abacus) reported on X on April 3.

Citing internal Morgan Stanley notes, Andrew said that the bank “may announce a few days before” its move into Bitcoin ETFs.

He also mentioned that global banks have been actively talking about the Bitcoin ETF addition as a race.

Bloomberg ETF expert Eric Balchunas added to Andrew’s X thread, noting that neither Morgan Stanley nor UBS have added Bitcoin ETFs, citing a “solid source.”

“Still in a holding pattern, in a compliance game of chicken, waiting for one of them to go first, then gives rest cover. So probably will be an all-at-once type moment when that is the question,” Balchunas suggested.

The latest speculation about Morgan Stanley’s potential rival move against UBS comes a few weeks after Andrew reported that the bank is set to approve Bitcoin ETFs.

Bitcoin Cash price hiccups amid second-ever halving event

Bitcoin Cash Bitcoin Cash is a proof-of-work blockchain network and cryptocurrency that was designed to be faster and cheaper to use than Bitcoin. The first Bitcoin Cash halving event took place on April 8, 2020, with miner rewards dropping from 12.5 BCH to 6.25 BCH.

There has been positive speculation in the lead-up to the halving, with the price of Bitcoin Cash increasing 147.85% over the past three months and 24% over the past 30 days.

However, in the day leading up to the halving, Bitcoin Cash’s price dipped by 9.94%, falling to $572.21, as per CoinMarketCap data. However, after the halving, it quickly bounced back, reaching $604, a spike of approximately 5.5%.

The recent price decline led to liquidations totaling $3.9 million, predominantly affecting long positions at $3.3 million, while short positions accounted for $569,540, as per CoinGlass data.