In the past week, there have been numerous significant developments that have shaped the crypto market. The US and UK introduced new regulations, while Germany and Hong Kong surprised us with approvals. Bitcoin experienced thrilling fluctuations, and a catchy crypto theme song even made an appearance.
Thus, let’s discuss the top crypto news that marked last week in the industry.
Top Crypto News
Last week saw some significant developments closely tied to Bitcoin. Bitcoin underwent an unprecedented transformation, while Exchange Traded Funds (ETFs) and Tether, the top-ranked stablecoin by market value, made unexpected announcements.
Bitcoin Experienced a New Halving
Summary
Bitcoin, the largest cryptocurrency by market cap, got through a new and awaited halving.
Details
On April 20, 2024, the long-awaited Bitcoin reward reduction, also known as the halving, took place. Miners previously received a certain amount of new Bitcoins for each block they mined, but now this reward was cut in half. The halving was a significant event that garnered much attention and speculation within the cryptocurrency market. However, contrary to some predictions, Bitcoin’s price did not undergo major fluctuations immediately following the halving. Instead, the market remained relatively stable.
Although the Bitcoin halving has recently occurred, it’s important to note that its impact may not be immediately apparent and could continue to unfold over an extended period.
A Bitcoin halving primarily impacts miners, dealers, and speculators. This event subtly alters and influences the scarcity principle of Bitcoin over the long term, causing a noticeable shift in the supply-demand balance.
Source: Forbes
Hong Kong Approved First BTC and ETH ETFs
Summary
Three Hong Kong-based asset management firms have been given provisional go-ahead by the Securities and Futures Commission in Hong Kong to introduce Bitcoin and Ethereum Exchange-Traded Funds.
Details
Approximately three months after the US gave its green light to Bitcoin and Ethereum ETFs, Hong Kong made the first approval for such funds.
On April 15, 2024, Hong Kong gave its provisional go-ahead for the introduction of the first financial products related to this, enabling at least three Chinese asset managers to launch Exchange-Traded Funds (ETFs) for virtual assets. This move is part of Hong Kong’s initiative to establish itself as the first Asian hub to embrace cryptocurrency as a conventional investment option.
Currently, Harvest Fund Management and Bosera Asset Management in Hong Kong have separately disclosed receiving conditional approvals from the Securities and Futures Commission (SFC) for launching Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs). Subsequently, Chiana Asset Management’s Hong Kong branch announced they had obtained regulatory approval to offer virtual asset management services.
Source: Reuters
Tether Announced Restructuring Plans
Summary
Tether, the company behind the popular USDT stablecoin, revealed plans for a reorganization aimed at expanding its role in the cryptocurrency sector beyond just managing its stablecoin.
Details
On April 18, 2024, Tether, the leading stablecoin company, revealed plans for a major overhaul. This transformation, as stated in the announcement, is intended to propel Tether past its current role as a stablecoin provider and into becoming a more diverse player within the cryptocurrency sector.
Tether’s restructuring blueprint involves establishing four distinct branches: Tether Data, Tether Finance, Tether Power, and Tether Edu. These divisions will zero in on particular subjects essential for boosting the expansion of the cryptocurrency initiative.
Source: DailyCoin
Regulations
In the cryptocurrency sector, new rules have been continuously emerging. Some of these regulations bring benefits, while others primarily affect crypto businesses and their investors. Notably, Germany, the United States, and the UK have recently drawn significant attention to the crypto community due to new regulatory developments.
German Bank to Offer Crypto Custody Services
Summary
Partnership formed between LBBW, the German federal bank, and Bitpanda crypto exchange for offering secure crypto asset storage solutions.
Details
In a surprising collaboration, Germany’s largest federal bank, LBBW, teamed up with Bitpanda to offer crypto custody solutions to corporate clients starting in the second half of 2024, as revealed in an official announcement on April 15, 2024.
Through providing crypto custody solutions, LBBW aims to provide “distinct benefits for business clients while maintaining maximum security,” according to Stefanie Münz, a member of LBBW’s board of directors overseeing finance, strategy, and operations.
Source: CoinDesk
UK Will Propose Clearer Crypto Regulations by July
Summary
By the end of July 2024, the British economic secretary to the Treasury has announced that the necessary regulatory structure for cryptocurrencies will be established by the UK authorities.
Details
The UK Treasury announced its plans to establish a regulatory structure for crypto assets and stablecoins by summer 2024, aiming to foster homegrown advancements in the fields of digital currencies and blockchain tech within the United Kingdom.
At the Innovate Finance Global Summit (IFGS), Bim Afolami, the UK’s economic secretary to the Treasury, shared that the government is actively preparing plans to “refresh and modernize the nation’s payment system infrastructure.”
Source: Cointelegraph
US Senators Introduced a New Stablecoin Bill
Summary
This year, two US senators plan to introduce fresh legislation regarding stablecoins as part of an upcoming bill on this topic.
Details
US Senators Kristen Gillibrand and Cynthia Lummis unveiled a fresh proposal on April 17, 2024, to refine the regulatory system for digital currencies known as payment stablecoins. This initiative is labeled as the “Lummis-Gillibrand Payment Stablecoin Act,” which has been in the works for several months and is set for formal release in 2024.
The proposed US stablecoin legislation by lawmakers contains provisions to ban “unsecured, algorithmic stablecoins,” insisting on one-to-one reserves held by issuers, and establishing both state and federal regulatory frameworks for businesses. Additionally, the bill aims to prevent unlawful uses of stablecoins.
Source: Cointelegraph
Altcoins
Recently, OKX and Pi Network, among other altcoins, have been actively introducing fresh features, items, and resources. Notably, they achieved significant advancements within the past week, leaving their user bases in awe.
OKX Launched WIF and MEW Spot Trading
Summary
OKX crypto exchange started supporting WIF and MEW for spot trading as of April 15.
Details
At the trusted cryptocurrency exchange OKX, it was revealed that they will make available two popular meme coins, WIF and MEW, for spot trading. The corresponding trading pairs became active at various times on April 15 and 16. Deposits for both meme coins were enabled on the 15th, along with MEW/USDT and WIF/USDT markets. Withdrawals for WIF and MEW were initiated on the 16th.
Two newly introduced meme coins, WIF (Dog wif Hat) and MEW (Cat in a Dog’s World), have rapidly gained considerable attention and popularity within a short timeframe. The excitement surrounding them remains palpable, as the meme coin sector is currently experiencing notable advancements.
Source: OKX
Pi Network Reached 10 million Completed KYC’s
Summary
Pi Network has now amassed over 10 million confirmed users, moving steadily towards making its token available for trading on popular cryptocurrency exchanges.
Details
Pi Network, an influential cryptocurrency initiative, recently disclosed that over 10 million individuals have signed up and undergone the identity verification process called KYC (Know Your Customer).
The Pi Network team has planned for their token to go live on cryptocurrency exchanges once the project gains a user base of 15 million people who have completed KYC procedures. This milestone could be reached relatively soon, allowing us to buy and sell Pi tokens on prominent trading platforms.
Source: Cointelegraph
Bitcoin
After the Bitcoin halving has occurred, several impacts are imminent for the leading cryptocurrency. Surprisingly, the stability of its supply is now under potential duress.
Bitcoin Supply Might Run Out on Exchanges in 9 Months
Summary
Bybit’s report warns investors that the available supply of Bitcoin could run out by the year 2024 based on the current withdrawal rates.
Details
The Bybit crypto exchange issued a warning based on their analysis, indicating a possible Bitcoin (BTC) scarcity on exchanges by the end of 2024. This observation is noteworthy if the BTC market demand continues to be strong.
Based on the data from Bybit’s report, a daily withdrawal of around 7,000 Bitcoin coins could lead to a depletion of reserves within the next 9 months.
Source: CryptoSlate
Technology
Technology, entertainment, or music, last week’s most intriguing crypto news is presented to you by Hans Zimmer.
Hans Zimmer Composed a Crypto Theme Song
Summary
Hans Zimmer partnered with Tron to compose a theme song for the crypto project.
Details
Famous film score creator Hans Zimmer joined the cryptocurrency world by teaming up with Tron to produce a melodious masterpiece for the Web3 community. This noteworthy composition, unveiled on April 16, is a testament to their collaboration.
“The Tron Anthem – A Melody for the Web3 Era”
Hans Zimmer is widely recognized as one of the most distinguished movie composers, with a impressive portfolio that includes hits like The Dark Knight, Interstellar, Dune, and Gladiator.
Source: Cointelegraph
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2024-04-22 18:01