Unpacking Arguments Over the Bitcoin Halving
- Iran’s weekend attack on Israel prompts crypto selloff: Iran fired more than 300 missiles and drones at Israel over the weekend, heightening market fears that a wider conflict in the Middle East could break out. Crypto markets reacted initially with the price of BTC dropping from $67,800 to $61,300.
- Fed chair sounds hawkish on rate cuts: Federal Reserve chairman Jerome Powell on Tuesday cast doubt on carrying out previously expected interest rate cuts later in 2024. The price of BTC dipped the following day, briefly dropping below 60K, before mounting a small rally.
- Hong Kong approves first Bitcoin and Ethereum spot ETFs: The move could help further establish Hong Kong as a key Asian hub for cryptocurrency trading. Markets are now watching closely to see if they receive more interest than Hong Kong’s previously launched BTC and ETH futures ETFs.
- ETH price falls to three-year low against BTC: ETH’s value against BTC has reached a three-year low, despite recent ETH spot ETF approvals and post-Merge price increases, with high transaction fees posing ongoing challenges.
- US senators move to advance stablecoin regulation: US Senators Cynthia Lummis and Kirsten Gillibrand introduced a bipartisan bill on Wednesday to regulate stablecoins that would require issuers to obtain federal licenses and maintain full reserves as a way to safely integrate them into the US financial system alongside the dollar.
- Solana-based DEX ‘Drift’ set to airdrop 10% of its token supply: The 100 million DRIFT token airdrop has been stirring excitement about the platform’s potential growth in the coming months.
🗣️Topic of the Week: Unpacking arguments over the Bitcoin halving
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