Decentralized computing platform Chainlink has launched a bridging app for moving crypto tokens and messages between blockchains, powered by its cross-chain interoperability protocol. Built in collaboration with the Chainlink Foundation and developer Chainlink Labs, the “Transporter” app aims to provide a user-friendly interface for submitting and monitoring cross-chain transactions on CCIP, according to a statement shared with The Block.
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Hong Kong is poised to approve the launch of new exchange-traded funds (ETFs) that will directly invest in Bitcoin and Ether potentially as soon as Monday. This key development, as reported by Bloomberg, involves key financial players, including an international branch of China’s Harvest Fund Management Co. and a partnership between Bosera Asset Management (International) Co. and HashKey Capital.
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Bitcoin’s next halving event is now just one week or approximately 1,000 blocks away, according to The Block’s Bitcoin Halving Countdown page. The estimated countdown is based on Bitcoin's average block generation time of 10 minutes, setting a potential date of April 20 at around 9 a.m. UTC (5 a.m. ET), to reach the next halving block height of 840,000, as things stand. Bitcoin’s next halving event will see the subsidy reward for miners on the network drop from 6.25 BTC to 3.125 BTC per block.
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🇬🇧 Chinese Fraud Victims Seek Government Aid in Recovering 61,000 BTC Seized by UK Law Enforcement
A group of Chinese victims of a $6 billion fraud scheme have requested assistance from their country’s foreign ministry in recovering 61,000 bitcoins, seized from a fraudster and her associate. The fraud victims have strongly opposed attempts to transfer the ownership of these bitcoins to the U.K. government.
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A group of Chinese victims of a $6 billion fraud scheme have requested assistance from their country’s foreign ministry in recovering 61,000 bitcoins, seized from a fraudster and her associate. The fraud victims have strongly opposed attempts to transfer the ownership of these bitcoins to the U.K. government.
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🇳🇬 Nigeria’s 🟠 Binance crackdown threatens Web3 industry
Nigeria is feeling the consequences of actions against Binance executives, with investors withdrawing from deals and partnerships, particularly in the web3 sector. They mention Nigeria’s perceived lack of safety for business and government hostility, citing the Binance case as evidence, according to Lucky Uwakwe, the chairman of Nigeria's Blockchain Industry Coordinating Committee (BICCoN).
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Nigeria is feeling the consequences of actions against Binance executives, with investors withdrawing from deals and partnerships, particularly in the web3 sector. They mention Nigeria’s perceived lack of safety for business and government hostility, citing the Binance case as evidence, according to Lucky Uwakwe, the chairman of Nigeria's Blockchain Industry Coordinating Committee (BICCoN).
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🇭🇰 Hong Kong approves first batch of spot bitcoin, ether ETFs in drive to become crypto hub
Hong Kong approved the applications of several spot bitcoin and ether exchange-traded funds on Monday, as the region continues its drive to become a regional crypto hub. China Asset Management, a major Chinese asset manager, said that its Hong Kong unit has received approval in principle from the Hong Kong Securities and Futures Commission to offer retail asset management services related to spot crypto ETFs.
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Hong Kong approved the applications of several spot bitcoin and ether exchange-traded funds on Monday, as the region continues its drive to become a regional crypto hub. China Asset Management, a major Chinese asset manager, said that its Hong Kong unit has received approval in principle from the Hong Kong Securities and Futures Commission to offer retail asset management services related to spot crypto ETFs.
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Staking on Ethereum has become all the rage recently with the recent popularization of restaking, which we talked about a bit last week. In a fun update, EigenLayer did launch on the Ethereum mainnet last week along with its EigenDA data availability layer. Coinbase Cloud and Google Cloud are among the protocol’s first operators, and it announced six actively validated services that will be secured through EigenLayer’s restaking on Friday.
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🇭🇰 Hong Kong spot bitcoin ETFs could go live as soon as this month: OSL
Hong Kong asset managers, including units of China Asset Management (ChinaAMC) and Harvest Global, may soon launch their spot bitcoin exchange-traded funds as early as later this month, OSL confirmed with The Block today. “Reports suggest a spot ETF may start in late April, with a spot ETF following shortly after,” said Patrick Pan, chairman of the board and CEO of OSL. “All parties are working expeditiously to complete the process. However, exact dates remain unconfirmed at this time.”
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Hong Kong asset managers, including units of China Asset Management (ChinaAMC) and Harvest Global, may soon launch their spot bitcoin exchange-traded funds as early as later this month, OSL confirmed with The Block today. “Reports suggest a spot ETF may start in late April, with a spot ETF following shortly after,” said Patrick Pan, chairman of the board and CEO of OSL. “All parties are working expeditiously to complete the process. However, exact dates remain unconfirmed at this time.”
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As the crypto landscape evolves, a significant tightening in bitcoin’s available supply on exchanges has emerged, hinting at just nine months of reserves left. Bybit’s latest halving report unveils the reasons behind this tightening grip, indicating a looming scarcity that could reshape market dynamics.
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In the volatile world of cryptocurrency, perpetual futures are a go-to for many traders. These contracts don't expire, relying instead on a mechanism called the funding rate to balance market forces. Recently, Bitcoin's perpetual futures saw a dramatic shift. Typically steadied by consistent positive funding rates, a sudden plunge into negative territory coincided with geopolitical turmoil and a significant drop in Bitcoin's price.
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The crypto exchange giant Kraken released a self-custodial mobile wallet called Kraken Wallet, and it even published the app's code at launch. Kraken Wallet lets users manage their NFTs, tokens and DeFi positions across Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon and Dogecoin, according to a release from Kraken. Users can also connect to popular decentralized applications and access round-the-clock customer service support.
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Finder’s latest survey on bitcoin’s (BTC) price involved a unique panel of 31 crypto and fintech experts. The results suggest that BTC could reach a peak of $122,000 in 2024, and then settle at $109,000 by year’s end. Nick Ranga, the senior crypto and forex analyst at Forextraders, attributes the current uptick in BTC’s value to growing institutional engagement. Ranga is among those experts who foresee BTC reaching its zenith once more in 2024, ultimately closing the year around the $100,000 mark per unit.
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Bearish signals are looming over the crypto market these days and will almost certainly push prices down in the short term, well-known research analyst Markus Thielen said. “We don't have the typical drivers anymore that really brought prices from the $40,000 to the $70,000 region,” he said. The main reason behind this, he added, is the spot bitcoin ETFs, which have seen little to no new inflows over the past few weeks as investors have moved past the initial euphoria of the January launch.
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Just before the upcoming block reward halving, with only 72 blocks left until reaching block height 840,000, bitcoin miners have significantly boosted their hashrate. As of 8:50 a.m. EDT on April 19, 2024, the hashrate soared to a record 653 exahash per second (EH/s).
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Upon reaching block height 840,000, when the mining pool Viabtc collected 37.626 bitcoin in fees worth $2.39 million, the expense for onchain transfers climbed, surpassing $240 per transaction. Block 840,003 recorded 16.06 bitcoins in fee payments, and block 840,004 accumulated 24 bitcoins in fees valued at over $1.5 million.
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🇰🇷 Crypto.com denies reports that South Korean regulator is delaying local unit leadership change
Crypto.com has denied a local media report that said the firm might have encountered a roadblock in entering the South Korean crypto market, as the local financial regulator could be deferring the approval of a local entity's transition of executive leadership. The global cryptocurrency exchange announced on April 2 that it is launching a local trading platform in South Korea, which hosts one of the largest crypto markets in the world. The
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Crypto.com has denied a local media report that said the firm might have encountered a roadblock in entering the South Korean crypto market, as the local financial regulator could be deferring the approval of a local entity's transition of executive leadership. The global cryptocurrency exchange announced on April 2 that it is launching a local trading platform in South Korea, which hosts one of the largest crypto markets in the world. The
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Since the halving, miners have successfully extracted 93 blocks, accumulating a significant 1,087.99 bitcoins valued at approximately $71.04 million solely from transaction fees. As of 2:00 p.m. EDT on Saturday, the current metrics indicate a high-priority transaction cost of 492 satoshis per virtual byte (sat/vB), equivalent to $44.83 per transfer.
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🇪🇺 MiCA will transform the EU into a crypto adoption hub this year
Markets in Crypto-Assets Regulation (MiCA) was signed into law in June 2023, a framework for twenty-seven countries was finally in place. Although this was a landmark piece of legislation for a region that represents nearly twenty percent of the global economy, MiCA is serving as the beginning of a twelve to eighteen-month process of transition, transformation, and customization; that’s because MiCA includes a “substantial number of Level 2 and Level 3 measures,” as noted by the European Securities and Markets Authorities, that still must be developed and refined.
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Markets in Crypto-Assets Regulation (MiCA) was signed into law in June 2023, a framework for twenty-seven countries was finally in place. Although this was a landmark piece of legislation for a region that represents nearly twenty percent of the global economy, MiCA is serving as the beginning of a twelve to eighteen-month process of transition, transformation, and customization; that’s because MiCA includes a “substantial number of Level 2 and Level 3 measures,” as noted by the European Securities and Markets Authorities, that still must be developed and refined.
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The global investment management firm now boasts an impressive stash of 273,596 BTC, valued at a staggering $18 billion, all earmarked for its spot Bitcoin exchange-traded fund (ETF). This significant accumulation positions BlackRock spot Bitcoin ETF as a formidable force in the market, overshadowing competitors and solidifying its status as a major player in the cryptocurrency investment arena.
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Geoff Kendrick of Standard Chartered emphasizes the transformative impact of these developments, citing increased optimism within the financial sector and the broader cryptocurrency landscape. Kendrick predicts a target of $150,000 for Bitcoin price by year end, reflecting a bullish outlook even in the absence of similar performance from other cryptocurrencies.
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