Weekly Crypto Digest for April 1-7, 2024
Sunday, April 07, 2024
In the latest issue of Weekly Crypto Digest, read more about Bitcoin Cash halving, Stablecoin from Ripple, Changpeng Zhao is on the Forbes list, and more news.
A halving occurred in Bitcoin Cash network
On April 3, the Bitcoin Cash network underwent its second halving in history at block #840,000. As a result, the block reward has been reduced from 6.25 BCH to 3.125 BCH. The block was mined by the ViaBTC pool, which received a reward of 3.156 BCH, including fees. It's worth noting that the first halving in the Bitcoin fork network occurred on April 8, 2020.
Ripple announced plans to launch its stablecoin
Ripple, a cryptocurrency company, plans to launch a new stablecoin pegged to the US dollar by the end of 2024. The developers have stated that the new asset will be backed 100% by deposits in dollars, short-term treasury bonds of the US government, and other cash equivalents. The new stablecoin will be launched on the XRP Ledger and Ethereum networks. Ripple CEO Brad Garlinghouse has cited the company's extensive experience and normative influence as key factors enabling the company to deliver superior crypto-payment solutions using XRP and the upcoming stablecoin.
Forbes estimated Changpeng Zhao's fortune at $33 billion
According to Forbes' latest ranking of billionaires, Changpeng Zhao, co-founder and former CEO of Binance, is ranked 50th with a net worth of $33 billion. The list also features other figures from the crypto industry. Brian Armstrong, CEO and co-founder of Coinbase, is ranked at 180 with a net worth of $11.2 billion. The largest shareholders of Tether, the issuer of the stablecoin USDT, have made their debut on the list. The group includes Giancarlo Devasini ($9.2 billion), Paolo Ardoino ($3.9 billion), Jean-Louis van der Velde ($3.9 billion), and Stuart Hoegner ($2.5 billion). In total, the publication identified 17 cryptocurrency-related entrepreneurs with a net worth of over a billion dollars, including Ripple co-founders Chris Larsen ($3.2 billion) and Jed McCaleb ($2.9 billion), the Winklevoss brothers ($2.7 billion each), Mike Novogratz ($2.5 billion), Michael Saylor ($4.4 billion), and others.
After the halving, Bitcoin price increased by an average of 3230%
CoinGecko analysts have published a report that analyzes the effect of halving on Bitcoin's value. According to their findings, the price of Bitcoin has increased by an average of 3230% after each halving event.
Startup XION has attracted $25 million in investment
L1-blockchain XION has recently attracted $25 million in investments from a group of investors that includes Animoca Brands, Laser Digital (Nomura), Multicoin, Arrington Capital, Draper Dragon, Sfermion, GoldenTree, and others.
According to the company's statement, XION uses a "generalized abstraction" solution to make Web3 more accessible to all users. XION is the first blockchain that enables developers to create, launch, and scale Web3 products from scratch. Additionally, XION has integrated the USDC stablecoin as its primary transaction currency.
The new capital will be used to develop the global ecosystem further.
Also, in our blog, you can read about the rise of stablecoins and cross-exchange market making strategies for cryptos.
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