Bitcoin experienced sudden volatility as Middle East geopolitical turmoil affected financial markets. The price of Bitcoin reached a new seven-week low of $59,630 after the daily close on April 18, before strongly rebounding, even surpassing $65,000.

Market reaction to geopolitical news

This drop coincided with renewed tensions between Iran and Israel, a particularly sensitive issue for Bitcoin this month, which led to a sharp drop from $70,000. Although a modest recovery was underway the day before, it was quickly canceled as markets reacted to the latest developments.

Impressive BTC rebound before the Bitcoin halving

Amid rumors that the situation might not worsen further, BTC experienced an equally impressive rebound, reaching local highs of $65,300.

The latest data from the on-chain monitoring tool CoinGlass reveals numerous liquidations for short traders.

Sell-side liquidity between $64,000 and $65,000 was taken instantly, with no significant blocks left near the spot price beyond a new offer wall at $61,200.

With so much attention focused on short-term price movements, the imminent Bitcoin halving has surprisingly received little consideration. Earlier in the week, analysts at JPMorgan believed that the event was already priced in by market participants. The banking giant also predicts a drop in BTC price in the weeks following the Bitcoin halving.

The article Bitcoin Price Plunges as Geopolitical Tensions Rise appeared first on Coin Academy.

The announcement coincided with Tether’s restructuring and introduction of new business divisions, highlighting a major strategic expansion.

The launch on TON promises to simplify peer-to-peer payments for Telegram users, envisioning efficient transfers between fiat and crypto.

Tether strengthens its ties with Telegram’s Web3 ecosystem by launching its stablecoins, including USDT, on The Open Network (TON).

On April 19, Tether Operations announced the launch of its US dollar-backed stablecoin, Tether USDT, as well as the gold-backed stablecoin, Tether Gold (XAUT), on the TON blockchain.

Tether announces its arrival on TON at Token2049 in Dubai

This announcement was made during the keynote speeches by Paolo Ardoino, CEO of Tether, and Pavel Durov, founder of Telegram, at the crypto event Token2049 in Dubai. Tether also took this opportunity to announce a restructuring and introduce four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.

Shared vision and integration with Telegram

According to Ardoino, TON and Tether share the vision of an open and decentralized internet and a borderless financial system.

The launch of USDT and XAUT on TON will enable transparent value transfer, increasing activity and liquidity while providing users with a financial experience comparable to that of the traditional financial system.

Paolo Ardoino

Expansion of Tether on multiple blockchains

The USDT-TON development represents another significant step in Tether’s expansion across multiple blockchains, bringing its coverage to 15 blockchains, including Tron and Ethereum.

The TON blockchain operates with Telegram, which means that USDT and XAUT on TON have the potential to provide a seamless and borderless payment experience for Telegram’s user base, which Telegram estimates to be over 900 million global users.

Unique advantages of the TON ecosystem

Jack Booth, Marketing Lead of the TON Foundation, stated: “With built-in fiat onramps from launch and global off-ramps to bank cards and accounts coming soon. This will be the first time a wide audience can use crypto infrastructure for global payments.”

Continued integration of USDT in Telegram

USDT on the TON blockchain is not the first instance of intersection between the two ecosystems. Since at least 2023, USDT has been one of the default cryptocurrencies available on Wallet, a third-party custody wallet accessible to Telegram users, alongside other cryptos like Bitcoin and Toncoin (TON).

At the time of writing this article, the Tron network is the default blockchain available for USDT on Wallet. According to Halil Mirakhmed, COO of Wallet at Telegram, TON-based USDT will become another option on Wallet, while USDT TRC20 will remain available.

The article Tether Expands Partnership with Telegram’s Web3 Ecosystem by Launching Stablecoins on TON appeared first on Coin Academy.

According to JPMorgan analysts, the price of BTC is likely to drop after the upcoming Bitcoin Halving, as they believe this event is already priced into the current market. Nikolaos Panigirtzoglou, head of the analyst team, stated that despite common expectations, JPMorgan does not anticipate a price increase following the halving.

We do not expect the price of BTC to increase after the Bitcoin halving, as it has already been priced in. In fact, we anticipate a drop in the bitcoin price after the halving, and there are several reasons for this.

Nikolaos Panigirtzoglou and JPMorgan analysts

Risks of a Potential BTC Price Drop after the Bitcoin Halving

JPMorgan analysts have identified several reasons why the BTC price could experience a decline after the Bitcoin halving. Firstly, Bitcoin is still in overbought conditions, based on an analysis of open interest on BTC futures. Additionally, the current price of Bitcoin, around $61,700, is much higher than the volatility-adjusted price of $45,000 compared to gold, and it remains above the estimated post-halving production cost of $42,000.

Impact of the Bitcoin Halving on Hashrate

The Bitcoin halving will reduce rewards for Bitcoin miners from 6.25 BTC per block to 3.125 BTC. This reduction is expected to significantly impact Bitcoin miners and the hashrate, or computing power, of the blockchain. Analysts anticipate that unprofitable Bitcoin miners will exit the network, resulting in a notable decline in hashrate and consolidation among Bitcoin miners, with increased market share for publicly traded mining firms.

Miners’ Strategies Following the Bitcoin Halving

After the Bitcoin halving, it is likely that some mining companies will consider diversifying to regions with lower energy costs, such as Latin America or Africa, in order to repurpose their less efficient mining equipment for salvage value. Although these miners may consider mining crypto coins derived from Bitcoin forks, JPMorgan analysts consider this to be highly unlikely, as the equipment is specifically designed for Bitcoin mining. Even if they were to pursue this path, they would likely remain unprofitable due to the significantly lower market capitalization and liquidity of these cryptocurrencies compared to Bitcoin.

The article JPMorgan Analysts Predict Decline in BTC Price after Bitcoin Halving appeared first on Coin Academy.

Tether, the issuer of the world’s first stablecoin, USDT, is undergoing a restructuring to launch new divisions that go beyond stablecoin development.

The company has introduced four new divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu, in order to diversify its activities and support innovations outside the realm of stablecoins.

The new structure aims to support initiatives such as investments in AI technologies and peer-to-peer platforms, while continuing to offer traditional financial services through Tether Finance.

Tether has also strengthened its commitment to education and blockchain technology development, with the creation of an educational branch.

The article Tether Introduces Four New Divisions to Expand Its Operations appeared first on Coin Academy.

The transfer of voting rights by CZ in Binance FZE, the Dubai-based unit of the exchange, was the regulator’s final requirement.

CZ pleaded guilty to a criminal charge and resigned as part of the plea deal. His sentencing is scheduled for April 30, with a risk of up to 18 months in prison.

CZ Relinquishes Voting Power for Binance to Obtain License

Richard Teng, CEO of Binance, announced on April 18 to Bloomberg that Binance has received its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity.

The transfer of voting rights by CZ in Binance FZE, the Dubai-based unit of the exchange, was the Dubai Virtual Assets Regulatory Authority’s (VARA) final requirement for granting the VASP license.

Regulatory and Judicial Context

This comprehensive regulatory license represents a significant victory for Binance, which has been under regulatory scrutiny since the FTX collapse. In November 2023, Binance agreed to pay $4.3 billion to settle federal charges in the United States related to anti-money laundering protocol failures, thereby violating the Bank Secrecy Act.

CZ pleaded guilty to a criminal charge, specifically for failing to maintain adequate AML protocols, and resigned as part of the plea deal. His sentencing is scheduled for April 30, with a risk of up to 18 months in prison.

Reason for CZ’s Power Separation in Dubai

Dubai’s VARA officials wanted to ensure that they did not interfere with Binance’s recent agreement with U.S. authorities, which required CZ to step down as CEO of Binance.

This was the main reason why the VARA demanded that CZ relinquish his voting power to Dubai FZE. After CZ’s renouncement of voting control, VARA rigorously reviewed the products that the exchange planned to offer in Dubai.

Obtaining a comprehensive license in the United Arab Emirates has been a focal point for Binance’s future operations, according to Alex Chehade, CEO of Binance Dubai:

Binance identified that senior leaders in the UAE wanted to establish the region as a hub for web3. They are seeking to diversify their economy away from fossil fuels, and they see [crypto] as an excellent engine to do so.

Alex Chehade, CEO of Binance Dubai at CoinTelegraph

In September 2022, Binance had received a minimal viable product license from VARA, allowing the exchange to offer a range of digital asset services to institutional investors and qualified individuals.

The article Binance Secures VASP License in Dubai After CZ Relinquishes Voting Power appeared first on Coin Academy.

Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFT collection, has sold the intellectual property rights of two of its games, HV-MTL and Legends of the Mara. This decision is part of a strategic reorientation to refocus the organization.

HV-MTL is a mech-oriented NFT game where players manage and develop their NFTs and local environments. On the other hand, Legends of the Mara is an adventure game that is part of the Otherside metaverse, launched on April 30, 2022.

In a recent announcement, Yuga Labs revealed that web3 game studio Faraway had acquired these intellectual properties, adding that Spencer Tucker, the games director at Yuga, would be joining Faraway as the new director of products to ensure continuity between the games at the new company.

Collaboration between Yuga Labs and Faraway

Yuga Labs and Faraway have been closely collaborating for some time, with Faraway previously developing a themed game called Serum City for the Mutant Ape Yacht Club. The transfer of Yuga’s game IP to Faraway reflects a broader initiative to ‘free up’ the team, which was introduced when co-founder Greg Solano took over as CEO of Yuga in February of this year, replacing Daniel Allegre.

The Wednesday announcement comes as the NFT market experiences a downward trend, with flagship collections BAYC and MAYC among the hardest hit. Currently, the floor price of the Bored Ape collection is 11.7 ETH, or less than $36,000 at the current price, which represents an impressive 92% drop from its record of 153.7 ETH reached on May 1, 2022.

The article Yuga Labs Sells Web3 Games HV-MTL and Legends of the Mara appeared first on Coin Academy.

Anticipation for the upcoming Bitcoin halving has led to a continuous increase in Google searches. Data from Google Trends reveals that interest in the term “Bitcoin halving” has reached a record level, surpassing more than double the interest observed during the last halving in 2020.

According to Google Trends, search interest for the term “Bitcoin halving” has already reached a score of 45 and is forecasted to reach the maximum score of 100 by the end of the month. This indicates peak popularity, which is expected to continue even after the event.

Currently, there are less than 2 days until the Bitcoin halving, with only a few hundred blocks remaining before the event. Countdown updated live on our website!

Google Trends shows that Nigeria, the Netherlands, Switzerland, and Cyprus have the highest interest in the Bitcoin halving.

The Bitcoin Halving Explained

The Bitcoin halving is the moment when rewards allocated to miners are cut in half. This year, the rewards will decrease from 6.25 BTC to 3.125 BTC per mined block.

The event is scheduled to occur at around 6 AM (Paris time) on April 20.

The record level of interest in the Bitcoin halving may not come as a surprise given the impressive performance of BTC’s price in recent months.

BTC started the year at a price of $42,200 and increased by 74% to reach a new all-time high of $73,600 on March 13. However, the past few days have been rocky for the crypto king, recording a nearly 14% drop over the week, with a price around $61,200 at the time of writing this article.

The article Bitcoin Halving Interest Reaches Record Levels on Google appeared first on Coin Academy.

Warren criticizes the Lummis-Gillibrand bill for not mentioning AML/CFT measures and prefers a future bill from the House of Representatives.

In a letter to Treasury Secretary Janet Yellen, Warren comments on the testimony of Treasury Undersecretary Wally Adeyemo, who appeared before the Senate Banking Committee on April 9th to discuss proposals to expand sanction powers to blockchain validator node operators, among other measures.

Warren expressed disagreement with the stablecoin bill introduced by Senators Kirsten Gillibrand and Cynthia Lummis on April 17th, which barely mentions AML/CFT measures. Instead, she looks forward to a bill from the House of Representatives under the leadership of Finance Committee Chairman Patrick McHenry and Ranking Member Maxine Waters. Warren also sent a similar letter to McHenry and Waters on April 8th.

In her correspondence with Secretary Yellen, Warren stressed the importance of including a comprehensive set of anti-money laundering tools, as requested by the Treasury in its November 2023 letter to Congress, in any legislation governing the $157 billion stablecoin market. She emphasized the significance of these tools in effectively combating terrorism financing.

The article Elizabeth Warren Calls for Stricter Legislation on Stablecoins appeared first on Coin Academy.

USD0 will incorporate a Liquid Deposit Token (LDT), positioning Usual as an innovator in DeFi stablecoins with value redistribution to users.

Usual Labs plans to develop a layer 3 solution tailored to its architecture and independent to enhance market potential and innovation capacity.

Usual Labs recently announced a successful strategic fundraising round, raising $7 million and reaching a $75 million Total Value Locked (TVL). This initiative paves the way for the launch of their new stablecoin, USD0, scheduled for the second quarter of 2024.

Founded in 2022, the company is led by unique co-founders, including CEO Pierre Person, former MP and member of the National Assembly, Chief Design Officer Adli Takkal Bataille, DeFi investor and entrepreneur, and COO Hugo Sallé de Chou, overseeing operations and growth, serial entrepreneur and co-founder of Pumpkin, a French fintech with one million users.

This article is brought to you in partnership with Usual Labs (learn more).

Usual and its USD0 against stablecoin giants

Usual Labs aims to compete with established players like Tether and Circle by offering an asset-backed stablecoin (RWA). This new product hopes to better align the interests of individual users with the overall stablecoin market.

Usual’s USD0 will be launched on the Ethereum blockchain and stands out with its integration of a Liquid Deposit Token (LDT), which seeks to innovate in the space of native DeFi stablecoins. Usual’s platform combines elements of traditional finance and decentralized finance, aiming to provide a user experience that blends aspects of Revolut and DeFi functionalities.

As a bear market startup, Usual has persevered in challenging economic conditions since 2022. This financing has accelerated our efforts to build a more equitable and community-focused financial future.

We have rallied the DeFi community and continue to include a majority of protocols to offer users a system that finally aligns individual and collective interests in the stablecoin world. We are excited to continue our journey and fulfill our promise of putting control back in the hands of the people.”

Priorities and Future Goals for Usual and its Stablecoin

Usual Labs places a special emphasis on community ownership and governance, with the goal of democratizing financial control. The raised funds will be used to finalize testnet phases, establish strategic partnerships, and conduct comprehensive smart contract audits.

Supported by a diverse set of investors including IOSG Ventures, Kraken Ventures, GSR Ventures, Mantle, StarkWare, and Flowdesk, Usual Labs enjoys broad support within the DeFi community.

The firm also envisions developing a layer 3 solution tailored to its needs, which would be blockchain-agnostic and incorporate account abstraction.

The article Usual Labs Closes Fundraising and Plans to Launch USD0 appeared first on Coin Academy.

Impressive TVL Drop on Parcl

Following the snapshot and token distribution announcement, Parcl experienced a significant decline in total value locked (TVL) on its platform. According to DefiLlama data, Parcl’s TVL dropped by 39.6%, from $185.6 million on April 2 to $112.1 million. Users started withdrawing their funds shortly after the snapshot, resulting in withdrawals exceeding $74 million.

PRCL Token Performance and Wider Context

Parcl’s PRCL token, which debuted at a price above $1.20, experienced a drop to $0.45 within four hours of the airdrop before stabilizing around $0.50. This performance occurred amidst a general market downturn, with Bitcoin losing over 7% for the week.

Challenges for Solana-based Tokens

In addition to Parcl, other tokens recently distributed via airdrop on the Solana network have also suffered significant losses. The W token from the cross-chain bridge platform Wormhole has dropped by 54% since its launch on April 3, while the TNSR token from Solana-based NFT platform Tensor has decreased by 52.6% since the same day.

The value of Solana-based tokens has been impacted by a significant decrease in the price of SOL itself, which has dropped 30% over the month.

The article Parcl Users Withdraw Millions After Airdrop, Leading to TVL Drop appeared first on Coin Academy.