Sirwin
Sirwin

Crypto Weekly Recap: Bitcoin Successfully Halves; Binance Launches Megadrop; Hong Kong Approves Crypto ETFs; and More (April 14-20, 2024)

By MelegaSwap | melegaswap | 21 Apr 2024


Bitcoin's recent fourth halving, which took place on April 19, has sparked anticipation of a potential price surge in the coming months. This event, combined with the emergence of spot Bitcoin exchange-traded funds (ETFs), has led to speculation about the possibility of the 'most bullish' Bitcoin cycle yet, based on historical chart patterns.

The aftermath of the halving has generated numerous forecasts regarding Bitcoin's price trajectory in the near future, creating a sense of anticipation and uncertainty in the market.

This week's notable developments include Binance's introduction of the 'Megadrop' for enhanced Web3 engagement; Hedgey Finance's unfortunate loss of $44 million due to exploits across two networks; the conviction of a perpetrator involved in fraud and market manipulation on Mango Markets; and some more.

So, let's delve into these developments that you simply can't afford to overlook!

For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melegaexchange) on Twitter for more on all things cryptocurrency.

TOP CRYPTO NEWS RECAP (April 14–April 20, 2024)

  • Bitcoin Successfully Undergoes Fourth Halving, Slashing Miner Rewards
  • Binance Introduces 'Megadrop' for Enhanced Web3 Engagement
  • Hedgey Finance Suffers $44 Million in Exploits Across Two Networks
  • Mango Markets Exploiter Convicted of Fraud and Market Manipulation
  • S. Senators Propose Regulatory Framework for Stablecoins
  • Hong Kong Launches First Bitcoin and Ether Spot ETFs

Bitcoin Successfully Undergoes Fourth Halving, Slashing Miner Rewards

Bitcoin has completed its fourth halving event on April 19th, 2024, reducing the block reward from 6.25 BTC to 3.125 BTC. This milestone, occurring every 210,000 blocks, aims to manage scarcity and influence the cryptocurrency’s inflation rate. However, the immediate impact was subdued, with bitcoin's price remaining stable around $64,000.

With more than 19.5 million Bitcoins mined and less than 1.5 million left to mine, the halving potentially sets the stage for price increases, influenced by reduced supply and continued demand. Notably, expert forecasts suggest a bullish outlook for Bitcoin's future price, possibly reaching between $100K and $175K.

Binance Introduces 'Megadrop' for Enhanced Web3 Engagement

Binance has launched a new program called "Megadrop," offering early access to Web3 rewards through a combination of airdrops and quests. This loyalty platform allows users to stake Binance’s BNB token and engage in activities to earn rewards before the official project launches on Binance Exchange. Megadrop differentiates itself by encouraging long-term participation and increasing rewards with prolonged user engagement.

Hedgey Finance Suffers $44 Million in Exploits Across Two Networks

Hedgey Finance, a DeFi platform, has experienced two major security breaches, resulting in a combined loss of $44.7 million. The platform was first exploited for $42.8 million in ARB tokens on the Arbitrum network and subsequently for $1.9 million on the Ethereum network. The funds from the Arbitrum exploit have been partially moved to the Bybit exchange. Hedgey is currently investigating these vulnerabilities with the help of auditors.

Mango Markets Exploiter Convicted of Fraud and Market Manipulation

Avraham "Avi" Eisenberg has been convicted of wire fraud, commodities fraud, and commodities manipulation following a jury trial. He exploited Mango Markets for $110 million, of which he returned $67 million following a community vote. Eisenberg now faces up to 20 years in prison, with sentencing scheduled for July 29. The verdict follows his arrest and pre-trial detention since January 2023.

U.S. Senators Propose Regulatory Framework for Stablecoins

Senators Kirsten Gillibrand and Cynthia Lummis have introduced the Lummis-Gillibrand Payment Stablecoin Act, aiming to regulate the issuance and use of payment stablecoins. The bill mandates one-to-one reserves for issuers, prohibits unbacked, algorithmic stablecoins, and establishes both state and federal regulatory frameworks to prevent illicit uses and ensure proper custody practices, addressing concerns over the stability and security of digital currencies.

Hong Kong Launches First Bitcoin and Ether Spot ETFs

Hong Kong has approved its first spot exchange-traded funds (ETFs) for Bitcoin and Ether, allowing at least three local asset managers to issue these products. Unlike the cash-create model used in the U.S., these ETFs will operate on an in-kind creation basis, where new shares can be issued directly using Bitcoin and Ether. This model is expected to enhance market liquidity and stability.

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