Sirwin
Sirwin

Crypto Weekly Recap: Uniswap Served Wells Notice; SBF Appeals Judgement; 1inch Launches Debit Card; and More (April 7-13, 2024)

By MelegaSwap | melegaswap | 14 Apr 2024


Guess what? In just 10 days, Bitcoin ($BTC) is about to go through a big change called halving. It's currently trading at around $63,000, and some analysts are predicting a huge surge in price after the halving. They're saying it could go up by over 160%, which would mean a price of $150,000 or even higher!

We must also mention this; the crypto market had a rough weekend. The market cap took a hit, losing more than 6%, and Bitcoin briefly touched $61,593 after a 7-day high of over $72,000. Yikes! In just 24 hours, a whopping $871.88 million in leveraged positions got wiped out.

In other news, Bitcoin is dominating the market more than it has in the last three years, while other cryptos (altcoins) are struggling after a recent price drop in Bitcoin.

But here's where things get interesting: some people think that altcoins might be about to have their moment, a time when their prices go up significantly.

Even with all the talk about regulations, Bitcoin's halving and the possibility of altcoins going crazy make this an exciting week in the crypto world. So, let’s talk about some updates you can’t afford to miss!

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 (https://twitter.com/MelegaExchange) on Twitter for more on all things cryptocurrency.

TOP CRYPTO NEWS RECAP (April 7–April 13, 2024)

  • SEC Issues Wells Notice to Uniswap, Citing Regulatory Concerns
  • Coinbase Seeks Court Review on Key Legal Question in SEC Lawsuit
  • Sam Bankman-Fried Appeals 25-Year Sentence and Conviction
  • Voyager Digital Secures $484M for Creditor Repayment Amid Bankruptcy
  • Potential Shift in Senate Banking Committee's Crypto Stance, Says Senator Lummis
  • 1inch Launches Crypto Debit Card with Mastercard and Baanx

SEC Issues Wells Notice to Uniswap, Citing Regulatory Concerns

The U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to Uniswap Labs, signaling potential enforcement action. The notice concerns Uniswap's decentralized exchange platform, which operates on the Ethereum blockchain, enabling token swaps without traditional intermediaries.

Uniswap's chief legal officer, Marvin Ammori, expressed disappointment and criticized the SEC for lack of clarity and guidance, despite the platform's argument that it does not meet the legal definitions of a securities exchange or broker.

Coinbase Seeks Court Review on Key Legal Question in SEC Lawsuit

Coinbase has requested an interlocutory appeal to address a critical legal question in their ongoing lawsuit with the SEC, arguing that an investment contract requires post-sale contractual obligations, contrary to the SEC's position.

This appeal could significantly influence the lawsuit's outcome, as resolving this question might dispose of the SEC’s principal claims against Coinbase. The request was made after a motion to dismiss the case was denied.

Sam Bankman-Fried Appeals 25-Year Sentence and Conviction

Sam Bankman-Fried has officially filed an appeal against his conviction and 25-year prison sentence handed down for seven felony charges related to his role in the collapse of cryptocurrency exchange FTX. The appeal was submitted nearly two weeks after his sentencing, which also included an $11 billion forfeiture order. The appeal process will be handled by the Second Circuit Court of Appeals.

Voyager Digital Secures $484M for Creditor Repayment Amid Bankruptcy

Bankrupt cryptocurrency firm Voyager Digital has secured $484 million to partially repay its creditors, representing about 25% of their total claims. This fund mainly comes from a settlement with FTX, contributing approximately $450 million. The funds are expected to be disbursed soon, providing significant financial relief to creditors affected by Voyager's Chapter 11 bankruptcy proceedings initiated in July 2022.

Potential Shift in Senate Banking Committee's Crypto Stance, Says Senator Lummis

Senator Cynthia Lummis highlighted that the upcoming elections could pivot the Senate Banking Committee's current anti-crypto stance to a more favorable position. Speaking at the Bitcoin Policy Summit, Lummis noted the critical nature of the elections, particularly in Ohio, where a blockchain entrepreneur is challenging the committee's current chair, a known crypto skeptic. This shift could significantly influence the future regulatory environment for cryptocurrency in the U.S.

1inch Launches Crypto Debit Card with Mastercard and Baanx

1inch Network has introduced a new crypto debit card in collaboration with Mastercard and Baanx. This card enables direct cryptocurrency-to-fiat transactions at ATMs and point-of-sale locations. It offers both physical and virtual card functionalities, facilitating easier and quicker crypto payments by bypassing traditional currency conversion steps. Initially available in the UK and European economic areas, plans for wider global expansion are underway.

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Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.

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