The Bitcoin Halving
The bitcoin halving is imminent, and crypto is on everyone’s mind this week. This technical event, which happens every four years, creates more scarcity of the nominal cryptocurrency asset. With only 21 million bitcoins ever to exist, the halving typically leads to a surge in bitcoin’s price to new highs. However, Goldman Sachs has issued a warning that given the prevailing macro conditions, this cycle’s halving may not have the same impact, leaving investors watching the market closely.
Market Update
The crypto market is currently slumping from previous highs, with bitcoin dipping to $59,900 for the first time since early March. As of late Wednesday afternoon, the cryptocurrency was trading slightly above $61,000. The halving, expected to happen in the next few days around April 19 or 20, has added to the uncertainty in the market.
Compliance and Convictions
Last Thursday, Sam Bankman-Fried appealed his conviction and 25-year prison sentence, hoping for a lighter outcome. While the appeal process could be lengthy, compliance officers from major exchanges like Binance, Coinbase, and Kraken are setting an example by investing in compliance controls and staffing to navigate regulatory challenges.
Regulating Stablecoins
National jurisdictions are gearing up to regulate stablecoin assets, with the British government preparing legislation for stablecoins and crypto staking, exchange, and custody. In the U.S., Senators Gillibrand and Lummis have introduced legislation to govern the use of stablecoins, aiming to ensure one-to-one reserves and ban unbacked algorithmic stablecoins.
Web3 Marketplace Moves
Kraken has launched its own wallet, joining the competitive field of crypto wallets. Additionally, STEPN announced the launch of a limited-edition NFT collection in collaboration with Adidas. As interest in the crypto market grows, companies like Crypto.com are expanding their workforce to meet the demand.
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