So many things have happened since we last talked. New regulations in the US and UK, surprising approvals in Germany and Hong Kong, exciting changes for Bitcoin, and a crypto theme song are just a few of the events that influenced the crypto market last week.
Thus, let’s discuss the top crypto news that marked last week in the industry.
Table of contents
Top Crypto News
The biggest events from last week are strongly related to Bitcoin, which experienced a historical change, ETFs (Exchange Traded Funds), and a surprising announcement from Tether, the largest stablecoin by market cap.
Bitcoin Experienced a New Halving
Summary
Bitcoin, the largest cryptocurrency by market cap, got through a new and awaited halving.
Details
The long-awaited Bitcoin halving event occurred on April 20, 2024, when the block reward for Bitcoin miners was reduced by half. Although the event was highly anticipated and the market was full of news regarding the halving, the price of Bitcoin remained relatively stable, and the market did not experience huge changes, as some were expecting.
However, things can change, as the Bitcoin halving is just a few days old, and the effects can be notice long after, too.
The Bitcoin halving mostly has implications for Bitcoin miners, traders, and investors. The scarcity mechanism of the cryptocurrency will be slightly affected and influenced over time, as the supply-and-demand dynamics experienced a shift.
Source: Forbes
Hong Kong Approved First BTC and ETH ETFs
Summary
At least three asset managers from Hong Kong received conditional approval from the Hong Kong SFC to launch BTC and ETH ETFs (Exchange-Traded Funds).
Details
After over 3 months since the US approval for BTC ETFs (Exchange-Traded Funds), Hong Kong joined the wave by approving the first BTC (Bitcoin) and ETH (Ethereum) ETFs.
On April 15, 2024, Hong Kong conditionally approved the first such financial products, allowing at least three Chinese asset managers to launch virtual asset spot ETFs as part of its efforts to pave the way to become Asia’s first to accept crypto as a mainstream investment tool.
At the moment, the Harvest Fund Management and Bosera Asset Management are the two Hong Kong units that provided separate statements saying that they received conditional approvals from the Hong Kong Securities and Futures Commission (SFC) to launch BTC and/or ETH ETFs. After a short time, the Hong Kong unit of Chiana Asset Management also announced it received regulatory approval to provide virtual asset management services.
Source: Reuters
Tether Announced Restructuring Plans
Summary
Tether, the issuer of the USDT stablecoin, announced the launch of a restructuring plan that will focus on widening the company’s contribution to the crypto industry, going beyond its stablecoin business.
Details
Tether, the largest stablecoin on the market, will be undergoing a significant restructuring as per an announcement made on April 18, 2024. The restructuring plan, according to the announcement, aims to push Tether beyond its stablecoin business and help establish itself as a broader player in the crypto industry.
The restructuring plan built by Tether implies the creation of 4 new divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu. Each of them will focus on a specific topic that will highly contribute to the overall growth of the crypto project.
Source: DailyCoin
Regulations
Regulations keep on coming in the crypto industry, some of them being positive, while others concerning crypto companies and investors. Last week, Germany, the US, and the UK stole the spotlight.
German Bank to Offer Crypto Custody Services
Summary
German federal bank LBBW partnered with Bitpanda crypto exchange to provide crypto custody services.
Details
LBBW, Germany’s largest federal bank, partnered with Bitpanda to provide crypto custody services to corporate clients. The surprising change might occur in the second half of 2024, according to the official announcement made on April 15, 2024.
By offering crypto custody services, LBBW (Landesbank Baden-Württemberg) plans to position itself “with a clear added value for corporate clients, while ensuring the highest security standards,” stated Stefanie Münz, member of the LBBW board of directors responsible for finance, strategy, and operations.
Source: CoinDesk
UK Will Propose Clearer Crypto Regulations by July
Summary
The UK’s economic secretary to the Treasury stated that UK authorities will provide a regulatory framework for crypto by the end of July 2024.
Details
The United Kingdom Treasury stated that it will provide a regulatory framework for crypto assets and stablecoins by July 2024 as part of its efforts to encourage local innovation in both digital assets and blockchain technology.
During the Innovate Finance Global Summit (IFGS), Bim Afolami, the UK’s economic secretary to the Treasury, revealed that the government is currently working to “lay the groundwork for revamping the country’s payment landscape.”
Source: Cointelegraph
US Senators Introduced a New Stablecoin Bill
Summary
Two US senators introduced new legislation for stablecoins as part of a stablecoin bill that will be launched this year.
Details
US Senators Kristen Gillibrand and Cynthia Lummis introduced new legislation to improve the regulatory framework for payment stablecoins. The announcement was made on April 17, 2024, and the new regulations are part of the “Lummis-Gillibrand Payment Stablecoin Act,” a bill that has been under development for months and is expected to be officially launched this year.
Part of the stablecoin bill drafted by US lawmakers includes prohibiting “unbacked, algorithmic stablecoins,” requiring one-to-one reserves for issuers, creating state and federal regulatory regimes for firms, and preventing illicit uses of stablecoins.
Source: Cointelegraph
Altcoins
Altcoins are constantly working to release new features, products, and tools, and last week, OKX and Pi Network are two projects that surprised users with quite the milestones.
OKX Launched WIF and MEW Spot Trading
Summary
OKX crypto exchange started supporting WIF and MEW for spot trading as of April 15.
Details
OKX, one of the most trusted cryptocurrency exchanges on the market, announced that it will list WIF and MEW, two prominent meme coins, on its spot trading market. The various trading pairs were opened at different times on April 15 and 16, WIF and MEW deposits and MEW/USDT and WIF/USDT trading being open on April 15, and withdrawals for both meme coins going live on April 16.
WIF (dogwifhat) and MEW (cat in a dogs world) are two meme coins recently launched that gained surprising popularity in a very short time. The buzz around them is still remarkable, as the entire meme coin market is seeing significant progress these days.
Source: OKX
Pi Network Reached 10 million Completed KYC’s
Summary
Pi Network reached 10 million verified users, getting closer and closer to launching its token on major exchanges.
Details
Pi Network, a crypto project that has become extremely popular in the industry, announced that it reached 10 million users who have verified their identities by completing the KYC (Know Your Customer) procedure.
According to the plan developed by the Pi Network team, the project will launch its token on exchanges when it reaches 15 million users who passed KYC, among other achievements. Thus, it may not be so long until we can trade Pi tokens on major exchanges.
Source: Cointelegraph
Bitcoin
With the Bitcoin halving passing, many changes will affect the largest cryptocurrency. But who would have thought that its supply would be threatened so quickly?
Bitcoin Supply Might Run Out on Exchanges in 9 Months
Summary
A report offered by Bybit alarms investors regarding the fact that the Bitcoin supply might end by the end of 2024, considering current withdraw rates.
Details
Bybit crypto exchange performed an analysis that emphasized the potential shortage of Bitcoin (BTC) on exchanges by the end of 2024. This alarm is worth considering as long as the BTC demand remains at similar levels.
The report provided by Bybit predicts that reserves could be depleted within the next 9 months if current withdrawal rates persist. At the moment, approximately 7,000 BTC coins are withdrawn daily.
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
Iconic movie composer Hans Zimmer entered the crypto space by collaborating with Tron to create a theme song for Web3. The anthem composed for Tron was announced on April 16.
The track will be named “The Tron Anthem – a song for Web3 generation,” and it is believed that it has clear Hans Zimmer touches. The song blends electronic music with traditional orchestral arrangements.
Hans Zimmer is one of the most renowned, if not even the most renowned movie composer, having composed music for numerous popular titles, such as The Dark Knight, Interstellar, Dune, and Gladiator.
Source: Cointelegraph
