840,000 Blocks of Truth 🙌🏼
Bitcoin's 4th halving is done and dusted. Party over. BTC holds strong. $5.55B crypto liquidations in April - what lies ahead? US wants to prosecute Justin Sun. Tether launches on Ton Network.
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The Bitcoin halving event for 2024 has been completed.
The oldest and largest blockchain ticked over into its 840,000th block shortly after midnight UTC on Saturday morning, kicking off April 20—yes, 12:10 a.m. on 4/20.
What happened post halving?
The price barely moved. Bitcoin was priced at $63,976 when the pivotal block was minted, half an hour later, it was essentially unchanged at $63,873. Since then it has reclaimed $65k.
User base growth: Since the 2020 halving, the global crypto user base has grown by at least 400%, adding around 400 million users.
Pre-halving Bitcoin rally: The 2024 pre-halving Bitcoin rally has been extraordinary, Bitcoin reaching an all-time high of $73,600 on March 13, 2024.
Record-breaking fees: Bitcoin users spent a staggering 37.7 BTC (worth $2.4 million) in fees to secure their share of limited space on the halving block.
Epic satoshi: Mining pools vied to grab the first "epic" satoshi, the very first satoshi mined on the halving block.
New Bitcoin-based system: The introduction of a new Bitcoin-based system named Runes has significantly increased fees on the Bitcoin blockchain.
Institutional investment: The approval of spot Bitcoin ETFs in the US has led to greater institutional investment in BTC, saw a net inflow of $12 billion.
Bitcoin has significantly improved in network security and decentralization. Since 2020 — when most new Bitcoin was mined in Mainland China — Bitcoin has emerged as a more distributed network.
What about the Bitcoin price post-halving?
Bitcoin price's up over 650,000% since the first halving.
The 2024 halving reduces the miners reward from 6.25 to 3.125.
With pre-halving price around $65k … can we expect a similar trend?
Experts say the price of Bitcoin could top $200,000 by 2028.
Last Bitcoin halving will occur next century. the final Bitcoin is projected to be mined around the year 2140.
Environmental impact of Bitcoin mining
Reduced mining rewards: The halving has reduced mining rewards, potentially squeezing out independent miners and favouring giant institutional players, leading to more energy-efficient operations.
Temporary improvements: The improvements in energy efficiency may be temporary, as computational power required to run the network increases with growing transactions.
Energy source: The environmental impact of Bitcoin mining depends on the energy source used.
Emerging cryptocurrencies: New cryptocurrencies focusing on environmental sustainability are emerging, potentially eclipsing Bitcoin.
Block That Quote 🎙️
Michael Saylor, founder of the single largest institutional holder of BTC - MicroStrategy
“840,000 Blocks of Truth”
The celebratory tweet when Bitcoin block 840,000 finally came into existence.
The Cryptoverse wasn't short on celebration.
Even the long-time Bitcoin critic chipped in - Peter Schiff.
USDT Comes To TON Network
Tether's USDT stablecoin has been integrated into the Telegram wallet, which runs on the TON network. The launch of USDT on TON is expected to provide a simple, borderless experience for peer-to-peer payments for Telegram's user base.
Telegram has over 900 million monthly active users, making it a significant platform for USDT adoption.
The integration of USDT on TON is a significant milestone for both Tether and Telegram, aiming to attract a broader non-crypto user base and accelerate the growth of the TON blockchain.
The Telegram wallet supports both custodial and self-custodial options for managing TON-based digital assets, enhancing the user experience.
The TON network is also integrating Toncoin, its native token, into Telegram's ad buy and revenue sharing programs.
The TON Foundation has continued to develop the TON project after Telegram abandoned it in 2020 due to legal battles with the SEC.
In the Numbers 🔢
$5.7 billion
Crypto liquidations in April 2024.
Why? Volatility surrounding the Bitcoin halving event and the ongoing geo-political tension in the middle-east.
What happened? Halving and ETFs euphoria drove the price to an all-time peak of $73,737 in March. The subsequent weeks brought volatility, with Bitcoin experiencing a sharp 20% price correction and some altcoins down by over 70%.
Rossmarie Davila, a seasoned crypto financial advisor, offers her insights on navigating these turbulent times.
“The best thing to do is not to panic and rush out to buy like crazy, because Bitcoin is volatile. I think a good advice is to allocate a fixed amount each month and buy at the average price, and in the meantime, see how you feel about these highly volatile investments. With a clear strategy, market noise should not cause me anxiety.”
SEC Goes After Justin Sun
The US Securities and Exchange Commission (SEC) has amended its lawsuit against Tron founder Justin Sun.
The lawsuit, originally filed in March 2023, charges Sun and his companies with offering unregistered securities and manipulating the secondary market for TRX.
What: Amended lawsuit against Tron founder Justin Sun and his companies (Tron Foundation, BitTorrent Foundation, Rainberry Inc). The SEC accuses Sun of orchestrating a scheme to pay celebrities to promote TRX and BTT without disclosing their compensation.
Why: SEC claims Sun spent significant time (around 380 days over 3 years) in the US, giving the US jurisdiction over the case.
What next: The lawsuit accuses Sun of selling unregistered securities (TRX and BTT tokens) and market manipulation. Sun has denied the allegations, arguing that the case lacks merit and that the SEC is seeking to extend US securities laws to cover predominantly foreign conduct.
The Surfer 🏄
Crypto investors who lost money due to FTX's collapse proposed dropping their lawsuit against Sam Bankman-Fried (SBF). Instead, they want to focus on suing FTX celebrity promoters. The lawsuit claims these promoters misled investors about FTX's safety. SBF was sentenced to 25 years in prison for his role in the FTX scandal.
An Indian man, Chirag Tomar, pleaded guilty to creating a fake Coinbase website to steal login credentials and cryptocurrency. He tricked hundreds of victims into entering their information on the fake site, resulting in over $9.5 million in crypto stolen. Tomar's crimes occurred between June 2021 and his arrest in December 2023. He faces a maximum sentence of 20 years in prison.
The IRS has unveiled a draft of the 1099-DA form, which is intended to report taxable gains or losses when brokered digital assets change hands. This form is part of the IRS's efforts to establish US tax practices for crypto and to reduce investor uncertainty and confusion
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