Hey there, PoI readers! 🎉

Hey there, PoI readers! It's your favorite quirky newsletter writer, Mochi, back with another dose of witty and informative content from the wild world of tech and web3. As always, I've got some juicy stories lined up for you, so buckle up and get ready for a fun ride!

In this edition, we'll dive into the recent crypto market surge, the ongoing saga of Terraform co-founder Do Kwon, Google's quiet integration of ENS domains, and the incredible comeback of Indonesia's "selfie guy" in the memecoin space. So, grab a cup of your favorite beverage, sit back, and enjoy the read!

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🟧 Bitcoin and Ether prices surge as the global central bank easing cycle begins, with BlackRock's entry into asset tokenization further boosting the market sentiment.

🟧 Terraform co-founder Do Kwon to be released from prison in Montenegro but will remain in the country due to international criminal charges.

🟧 Google silently adds support for Ethereum Name Service (ENS) domains in its search results, displaying on-chain information about the domain's holdings.

🟧 Indonesian college student who made $1 million selling NFT selfies in 2022 returns with a memecoin project, raising $1.8 million in presale.

Bitcoin and Ether Rally Amid Global Easing Cycle

The crypto market kicked off the Asian trading day with a bang, as Bitcoin (BTC) and Ether (ETH) posted impressive gains. BTC traded at $67,300, up 4.9% on a 24-hour basis, while ETH traded 4.7% higher above $3,400. The CoinDesk 20 (CD20), a measure of the most liquid cryptocurrencies, was up around 5% at press time.

Analysts attribute the gains to several factors, including BlackRock's foray into asset tokenization with its new fund targeting tokenized products on Ethereum called BUIDL. Additionally, the onset of the global central bank easing cycle, led by the Swiss National Bank's unexpected rate cut, has further fueled the bullish sentiment.

Short positions betting against BTC and ETH have suffered significant losses, with over $100 million in leveraged futures positions liquidated in the last 24 hours. Data from CoinGlass shows that around $60 million in short BTC positions and $42.8 million in short ETH positions were wiped out.

Another factor contributing to BTC's uptick may be the slowing selling pressure from the Grayscale Bitcoin Trust (GBTC), with analysts pointing to Genesis' sale of shares as a reason for the slowdown in GBTC outflow.

As the global easing cycle takes hold, with central banks like the Central Bank of Mexico cutting rates and the Federal Reserve, European Central Bank, and Bank of England preparing for liquidity easing, the medium-term outlook for equities, residential real estate, gold, and bitcoin appears promising.

Bitcoin and Ether prices surge amid global central bank easing cycle and BlackRock's entry into asset tokenization. 

Over $100 million in leveraged futures positions liquidated, with short positions suffering significant losses.

Medium-term outlook for various assets, including bitcoin, appears promising as the global easing cycle takes hold.

Do Kwon's Release from Jail: A Balkan Saga Continues

In a latest twist to the ongoing saga, Terraform co-founder Do Kwon is set to be released from prison in Montenegro. However, the crypto kingpin will have to remain in the Balkan nation as he faces criminal charges brought by authorities in several countries.

Montenegro's High Court has ordered the confiscation of Kwon's passport to prevent him from leaving the country. According to the court's order, Kwon will bid farewell to Spuž prison on Saturday. The decision comes amidst a tug-of-war between prosecutors, who contested Kwon's extradition to South Korea, preferring he get sent to the United States where his sentences could be longer should he get convicted.

The story of Kwon's downfall began in May 2022, when Terraform Labs' Terra and Luna cryptocurrencies collapsed, wiping out over $40 billion in market value in a matter of days. This catastrophic event triggered a global manhunt, with U.S. and South Korean officials pursuing Terraform Labs and Do Kwon for fraud and securities law violations. Marked by an Interpol Red Notice, Kwon, then a fugitive, was captured in Montenegro for using counterfeit travel documents.

As the Balkan saga continues, the crypto world watches with bated breath to see what the future holds for the once-celebrated mastermind behind Terraform Labs.

Terraform co-founder Do Kwon to be released from prison in Montenegro but will remain in the country due to international criminal charges.

Montenegro's High Court orders the confiscation of Kwon's passport to restrict travel.

Kwon faces fraud and securities law violations charges in the U.S. and South Korea following the collapse of Terra and Luna cryptocurrencies in May 2022.

Google's Quiet Integration of ENS: A Surprise for Developers

In a surprising move, Google has quietly added support for Ethereum Name Service (ENS) domains to its search functionality. Now, when searching for an ENS domain, Google yields on-chain information about the domain's holdings, making it easier for users to access relevant data.

What's particularly interesting about this update is that it appears to have been introduced without a formal announcement or input from ENS developers, who expressed their surprise on X (formerly Twitter) Thursday.

This new feature comes on the heels of Google's previous update in May 2023, which enabled the display of information about Ethereum addresses using their 40-character hexadecimal string. The addition of easily readable ENS addresses is a significant step forward, leading developers to ponder the future utility of ENS domains.

As Sean Murray of Debanked pointed out, "If Google is resolving ENS names now, then we are a single field away from them also displaying an affiliated URL as part of the result. And if they do that, then you really could tell someone your .eth name and they could get to your website just through Google, easy."

ENS has been steadily expanding integrations since its launch in May 2017 as a project of the Ethereum Foundation. Currently, domains can only be registered on Ethereum mainnet, but the system is designed to work with layer-2 networks and can be implemented by dapp developers. However, managing ENS on a layer-2 will require protocol changes, according to ENS team member serenae.eth.

While projects like Uniswap offer free subdomains (e.g., foo.uni.eth), these are not yet resolvable by Google. As the integration of ENS continues to evolve, it will be fascinating to see how this impacts the accessibility and usability of decentralized web applications.

Google quietly adds support for ENS domains in its search results, displaying on-chain information about the domain's holdings.

The update surprises ENS developers and sparks discussions about the future utility of ENS domains.

ENS has been expanding integrations since its launch in 2017, but managing ENS on layer-2 networks will require protocol changes.

Ghozali's Memecoin Comeback: From NFT Selfies to $1.8M Presale

Remember the Indonesian college student who made a cool million dollars selling NFTs of his selfies back in 2022? Well, Sultan Gustaf Al Ghozali is back, and this time he's riding the memecoin wave.

In a surprising comeback, Ghozali announced the second iteration of his "Ghozali Everyday" project – a memecoin and NFT hybrid on the Base blockchain. The presale has been a resounding success, surpassing its 400 Ether (ETH) cap and reaching a staggering 527 ETH, approximately $1.8 million.

Ghozali's return coincides with a resurging interest in memecoins, primarily driven by Solana traders. Data shows that presale projects on Solana raised an impressive $100 million in just three days from March 15 to 18. This memecoin frenzy has been described as "peak degeneracy" by community members, with users eagerly sending Solana tokens to founders announcing presales without any guarantee of receiving tokens in return.

In addition to the Solana network, the total value locked (TVL) in crypto exchange Coinbase's layer-2 network, Base, has doubled as investors eye the blockchain as the next epicenter for memecoins. Some industry pundits believe that after Solana's meme season, the attention might slowly shift to Base, potentially leading to crazy runs in the layer-2 network.

However, asset manager Franklin Templeton recently published an investor note warning that memecoins have "no inherent value or utility," despite recognizing their potential for fast gains.

As the memecoin craze continues, Ghozali's comeback serves as a reminder of the unpredictable and often lucrative nature of the crypto space.

Indonesian college student who made $1 million selling NFT selfies in 2022 returns with a memecoin project called "Ghozali Everyday."

The presale has raised $1.8 million, surpassing its 400 ETH cap.

Ghozali's comeback coincides with a resurging interest in memecoins, driven by Solana traders and the growing TVL in Coinbase's Base blockchain.

Phew, what a wild ride! From soaring crypto prices to the memecoin craze, it's never a dull moment in the world of tech and web3. I hope you enjoyed this edition of the Proof of Intel newsletter as much as I enjoyed writing it.

As always, remember to stay informed, stay curious, and stay entertained! Until next time, this is Mochi, your favorite quirky newsletter writer, signing off with a big virtual hug. Keep being awesome, PoI readers! 🤗💫

P.S. Don't forget to share this newsletter with your friends and colleagues who appreciate a good dose of witty and informative content. Spread the love, and let's keep growing our PoI community! 📣❤️

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