Weekly Crypto Digest for April 8-14, 2024
Sunday, April 14, 2024
In the latest issue of Weekly Crypto Digest, read more about how the Iranian attack on Israel collapsed the crypto market, SEC vs. Uniswap, the US government owns 212'847 BTC, and more news.
The Iranian attack on Israel collapsed the crypto market
On April 8, 2024, the price of Bitcoin jumped to $72,000. However, the asset later fell amid the publication of a new Consumer Price Index (CPI) value in the United States.
By the end of the week, the coin tested the level of $65,200 and then dropped to $60,660. One possible reason for the collapse was the high geopolitical tension in the Middle East. On both April 19 and April 20, the market witnessed a significant volume of liquidations—about $1.9 billion in two days.
At the time of writing, Bitcoin has recovered some of its positions. It is trading above $64,000 all day on April 14, 2024
Most digital assets from the top 10 by capitalization ended the week in the "red zone." Solana (-23.9%), Dogecoin (-23.2%), and XRP (-19%) lost the most.
The SEC has warned Uniswap Labs of possible legal action
On April 10, 2024, the US Securities and Exchange Commission (SEC) warned decentralized exchange Uniswap of a possible lawsuit. Its founder and CEO, Hayden Adams, announced this.
He said the message came as the so-called "Wells message." This is an SEC document warning the company of a possible lawsuit. Usually, the regulator sends it before filing a formal lawsuit or allows the latter to refute the accusations.
The US government accumulated 212,847 BTC
The government of the United States of America is one of the largest holders of bitcoins. As of April 12, 2024, 212,847 BTC are stored on the balance sheet of the United States, Arkham Intelligence platform analysts reported.
In addition to bitcoins, the US government owns about $200 million in other cryptocurrencies, including Ethereum, Tether (USDT), and Circle (USDC) stablecoins.
Every fifth American adult under the age of 42 owns crypto assets
The Policygenius company presented a survey regarding the financial planning of US citizens. He showed that younger generations invest more in crypto-assets and NFTs than in the stock market.
According to the survey, 20% of respondents - Zoomers have invested in the digital finance industry. At the same time, 18% of representatives of this generation who participated in the social survey invested in shares.
Millennials are the most active investors in crypto assets, with 22% of surveyed participants in this category investing in this direction. In addition, representatives of Generation Y also actively invest in shares—27% of these respondents own securities.
Thus, according to the survey, every fifth American adult under 42 invests in the crypto market.
The difficulty of Bitcoin mining has reached its maximum before the halving
The next recalculation increased the difficulty of mining the first cryptocurrency by 3.92%. The indicator renewed its maximum and reached 86.39 T.
Since the previous value change, the average hash rate for the period was 705.39 EH/s. The interval between the blocks was reduced to less than nine minutes, compared to the 10 provided by the protocol.
A candidate for mayor of London wants to give away 100 pounds in cryptocurrency to every resident of the city
London mayoral candidate Brian Rose plans to give every city resident 100 British pounds in LONDON cryptocurrency.
Rose said that funds for implementing the plan will come from a one-time tax. He said the City's big banks will pay 1% of profits to support a £1bn liquidity pool.
The politician added that the token would be accepted in the entire transport network of London and would also be used to pay for parking spaces and many other things.
Also, in our blog, you can read about historical perspective of crypto bull runs and techniques crypto market makers use to ensure liquidity.
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