On April 20, 2024, Bitcoin mining revenue reached a record-breaking $107.7 million, marking a historic high on the day of Bitcoin’s fourth halving event.
This milestone was primarily fueled by mining rewards and transaction fees as the cryptocurrency community rallied to participate in this pivotal moment.
The day saw an exceptional amount of activity with $2.4 million, or 37.7 BTC, spent in transaction fees alone by investors eager to secure a spot on the 840,000th Bitcoin block.
This block, pivotal due to the halving event, processed 3,050 transactions, averaging nearly $800 in fees per transaction.
The rush to record transactions on this significant block drove fees to unprecedented levels.
This surge in transaction fees was largely driven by the excitement surrounding the launch of Casey Rodarmor’s Runes Protocol, which coincided with the halving.
The enthusiasm to mint rare satoshis on the halving block added to the frenzy, pushing the day’s earnings for miners past the previous record of $78.7 million achieved on March 11.
At that time, Bitcoin had reached a new high of $71,415, which significantly influenced mining revenue as payouts are in BTC.
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The halving event itself, a mechanism designed to reduce the block reward by half periodically, cut the mining reward to 3.125 BTC per block.
This reduction is part of a deflationary model intended to control the supply of new bitcoins entering the market.
However, the excitement was short-lived. By the following day, the average transaction fee on the Bitcoin network had drastically dropped from a record high of $128 to just $8–$10 for medium-priority transactions, as reported by mempool.space.
This decline reflects a normalization of fees following the halving event hype.
As the Bitcoin community reflects on this monumental day, the impact of such events continues to underscore the volatile nature of cryptocurrency fees and mining revenues.
The dynamics of supply and demand in the blockchain space remain a fascinating aspect of its economic and technological landscape.
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In a significant development within the cryptocurrency legal landscape, a group of cryptocurrency users involved in a class-action lawsuit in Florida has reached a tentative settlement with Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX.
This agreement was disclosed in a court filing dated April 19 at the United States District Court for the Southern District of Florida.
The lawsuit, initiated by plaintiffs in November 2022 following FTX’s bankruptcy, implicated several high-profile endorsers of the exchange.
It was consolidated in June 2023, bringing a more structured approach to the multifaceted legal challenges surrounding FTX’s collapse.
The plaintiffs are represented by the Moskowitz Law Firm, known for tackling complex crypto-related lawsuits.
According to the recent court filing, the plaintiffs decided to settle with Bankman-Fried, recognizing the potential costs and lengthy process involved in continuing their lawsuit against him.
Instead, they aim to leverage his insights and the information disclosed during his criminal trial to strengthen their case against other defendants in the ongoing multidistrict litigation (MDL).
The filing details the strategic value of Bankman-Fried’s cooperation: “[Bankman-Fried] has knowledge and other information that Class Representatives and Class Counsel believe will be valuable to Class Representatives’ cases against other defendants in the FTX MDL [multidistrict litigation], particularly relating to the underlying actions and their connection to Miami, Florida, where FTX’s U.S. headquarters were based, as well as each MDL Defendants’ knowledge of and assistance with the actions and connections to other states in which jurisdictions over those Defendants is asserted.”
The proposed settlement was put forward on March 28, coinciding with Bankman-Fried’s 25-year prison sentence following his felony conviction.
This settlement needs judicial approval to finalize the resolution of the dispute between the cryptocurrency users and Bankman-Fried, effectively focusing the plaintiffs’ efforts on other involved parties.
Bankman-Fried has been advised to assist the plaintiffs in prosecuting other FTX promoters by providing documents and testimony from his trial.
The lawsuit highlights the involvement of celebrities and sports figures such as Naomi Osaka, Tom Brady, Stephen Curry, and Shaquille O’Neal, who endorsed FTX before its financial turmoil.
In a related move, Bankman-Fried’s attorneys filed an appeal on April 11 against his conviction and sentence, requesting that he remains at the Metropolitan Detention Center in Brooklyn to facilitate his ongoing legal defense, rather than being transferred to a federal prison in the San Francisco Bay Area.
This legal battle continues to draw significant attention, spotlighting the broader implications of celebrity endorsements in cryptocurrency ventures and the pursuit of accountability in the high-stakes world of digital finance.
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The situation in the world of cryptocurrency, particularly with memecoins, has seen a notable correction since the start of this month. This indicates, rather blatantly, that more people are selling their holdings and points to a possible shift from bullish to bearish. Even so, experts predict that the Bitcoin Halving event will likely cause great price instability and could result in a bullish trend turning point. Such a setting might be considered as an excellent time for those who engage in trading on markets to succeed.
Ride The Wave of Innovation with ScapesMania
The introduction of a new crypto project is usually met with very cautious optimism. But when its numerous past sales and token generation event (TGE) are a huge success, it all seems like the first step on a path full of growth potential. ScapesMania, the groundbreaking casual gaming project, has a lot to show for its unstoppable hype.
$MANIA has stepped into PancakeSwap, a decentralized exchange on the Binance Smart Chain network known for its extensive user base and liquidity. The debut trading day proved to be impressive. The token price demonstrated resilience, indicating robust tokenomics and promising prospects for the project. Unlike short-term ICOs, ScapesMania has proven itself to be a serious venture within a thriving market.
Just let the numbers speak for themselves:
- Holder count: 18.41K
- 24-hour trading volume: $2.25M
- Over 2,535 buys and 1,651 sells
ScapesMania also topped DEXTools’ Hot Pairs list right away after its debut.
This project started out with a presale event that garnered an incredible $6.125 million. The fact that it attracted over 60,000 followers across different social media networks and a vast number of holders is even more remarkable. This strong support and funding demonstrate how appealing and promising the project is to a wide audience. A real breakthrough might be just around the corner, so it would be a waste not to grab $MANIA tokens before they skyrocket.
The launch of liquidity pairings including MANIA/WBNB and MANIA/USDT marked the beginning of active trading. The demand from the community led to USDT becoming the main source of liquidity.
Why get involved with ScapesMania now that it’s listed? First, $MANIA tokenomics are balanced, with a cliff and vesting system helping maintain stability. Second, ScapesMania incentivizes community members through its staking program, rewarding commitment with extra tokens. Third, through DAO governance, community members can vote on ecosystem development decisions. Finally, ScapesMania continuously expands token utility, offering more benefits to $MANIA holders.
With a strong plan for promoting the project after listing, its success might keep up the record-breaking pace after its debut. The team’s dedication to long-term development and prominence in the cryptocurrency industry is shown by their impressive marketing efforts — 75K+ average monthly traffic is no joke.
Additional upsides that may be among the biggest deciding factors are:
- The project’s smart contract has been approved by BlockSafu. Holders may rest certain that the project’s infrastructure is reliable and up to par thanks to this endorsement.
- Enthusiastic support from numerous notable crypto influencers. It lends legitimacy and affirms ScapesMania’s status as one of the promising new projects.
- Experienced team. Innovating and executing a project successfully requires a team of seasoned specialists. This project is in a strong position to overcome any obstacles and take advantage of opportunities.
- Bright future. The project has come a long way, but it still has a long way to go. There are tentative plans to list on a centralized exchange (CEX), which will provide access to more markets and more liquidity.
Everything about ScapesMania was carefully designed to facilitate major growth potential. From successful, well-publicized sales to its advantageous alliances, seasoned staff, and strategic positioning in the casual gaming niche – it looks poised for big things.
Choosing ScapesMania right now, post-TGE, offers early access, exclusive benefits, diversification, lower competition within a dynamic niche, and, more importantly, a potentially perfectly-timed entry point. The coin’s stable post-listing price and strong initial support, coupled with an influx of newcomers, indicate long-term confidence, so it might be the time to make your decision.
Pepe (PEPE): A Meme Coin on the Rise
Pepe (PEPE) has recently been the focus of significant attention from both whales and retail investors. These major stakeholders have accelerated their acquisitions, indicating a strong belief in the coin’s potential. The price is currently navigating through a descending wedge pattern. This formation is typically associated with a forthcoming bullish reversal, suggesting that a breakout might be imminent.
Dogecoin (DOGE): Poised for Potential Breakthroughs
Dogecoin (DOGE) is currently in a pivotal phase, with on-chain data indicating the absorption of a significant sell wall consisting of billions of tokens. This process might clear the path for Dogecoin (DOGE) to approach or even surpass its all-time high. The community’s sentiment and broader market dynamics will play crucial roles in determining whether Dogecoin (DOGE) can achieve these new milestones.
Conclusion
The changing nature of the crypto market has had a clear effect on the paths of Pepe (PEPE) and Dogecoin (DOGE), each following its own path amidst the overall instability. There is a good chance that Pepe (PEPE) will go up a lot because there is a lot of interest from whales and the price is moving in a strong way. Dogecoin (DOGE), on the other hand, might hit all-time highs again because it has been able to absorb a big sell wall.
The recent destabilization of Pax Dollar (USDP), a stablecoin, where its price unexpectedly soared to $1.29 from its usual peg at $1, was primarily attributed to anomalies in pricing data sourced from various trading venues, rather than any inherent issues with the stablecoin’s protocol itself.
This incident occurred on April 16, but the price stabilized back to $1 within three hours, as recorded by CoinMarketCap.
A spokesperson from Paxos, the entity behind USDP, explained the situation to Cointelegraph, stating, “These platforms pull pricing data from trading venues.
Yesterday, there were sharp spikes in price on certain venues that impacted the price of USDP on pricing aggregators.
“Paxos does not control markets or trading activity on other trading venues.”
This spike in price coincided with a notable increase in the market capitalization of USDP, which temporarily jumped from $140 million to $181 million.
Despite this brief disruption, the market cap of USDP reverted to its previous level of $140 million when the coin’s value returned to $1.
As of now, the market capitalization stands at $134 million. Paxos reassures that the USDP can always be redeemed at its intended value of $1, stating, “Paxos always values USDP as $1, and customers can always create and redeem USDP from Paxos for $1.
Paxos offers APIs that offer 1:1 redemption 24/7.
If venues choose not to implement these APIs or don’t want to make sure liquidity is supported, it is up to the user to determine the best approach for ordering.”
This fluctuation was not isolated.
A trader faced a significant loss, being liquidated for $529,000 in Circle’s USD Coin, shortly after USDP peaked at $1.18 on the same day.
The incident highlighted the risks involved in trading stablecoins, especially on platforms that may not support proper liquidity or accurate pricing.
Paxos issued further advice for traders, emphasizing the importance of cautious trading practices: “When trading on any venue, users should take a look at the order book before placing a larger order.
Particularly for stablecoins, users should make sure they use limit orders,” a spokesperson advised. Historical data from CoinMarketCap shows that USDP has experienced other substantial price swings, hitting a low of $0.87 in March 2020 and a high of $2.02 in November 2021.
Presently, USDP ranks as the 13th largest stablecoin by market capitalization.
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Laughing Shiba Inu (LSHIB) is set to have an explosive rally in the next 48 hours, and the new Solana memecoin is set to attract massive investment from early Dogecoin (DOGE), Shiba Inu (SHIB) and DogWifHat (WIF) investors.
Laughing Shiba Inu (LSHIB) is posed to skyrocket 11,000% in the next two days, following an announcement on Saturday that the Solana memecoin will be listed on ByBit in April.
ByBit is one of the largest centralized cryptocurrency exchanges in the world, and LSHIB listing on the platform is a major bullish catalyst for its price.
This is because the listing will lead to millions of dollars of capital flowing into LSHIB, as it will become more accessible.
These inflows will lead to LSHIB’s market cap and price skyrocketing once the listing goes live, so many early Dogecoin (DOGE), Shiba Inu (SHIB) and DogWifHat (WIF) investors are buying Laughing Shiba Inu before the ByBit listing goes live.
Laughing Shiba Inu (contract address: 28UNYzpJxAd3PXbPZcfwpBgEhbfQMZV7wZHFoAi8MYx5) can currently only be purchased on Solana decentralized exchanges, such as Raydium and Jupiter.
Users can purchase LSHIB via these platforms by connecting a Solflare, MetaMask or Phantom wallet, and swapping Solana for the token by entering its contract address.
Laughing Shiba Inu, which was launched earlier this week, currently has a market cap of just $14,000, meaning that investors who buy at the current price could make hundreds of thousands or millions of dollars when its market cap breaches the $2mn-$5mn range.
It’s therefore not surprising that many early Dogecoin (DOGE), Shiba Inu (SHIB) and DogWifHat (WIF) investors are pouring funds into LSHIB.
On April 15, the Securities and Futures Commission (SFC) of Hong Kong granted conditional approvals to three Chinese offshore asset managers—Harvest Fund Management, Bosera Asset Management, and China Asset Management—for issuing spot Bitcoin and Ether ETFs.
Despite this development, Eric Balchunas, a senior ETF analyst at Bloomberg, expressed skepticism about the significant impact of these ETFs.
Balchunas challenged optimistic inflow estimates of $25 billion for these ETFs on social media, calling such expectations “insane” and predicting a more modest outcome. “Don’t expect a lot of flows — I saw one estimate of $25b that’s insane.
We think they’ll be lucky to get $500m,” he remarked. He highlighted the relatively small size of the Hong Kong ETF market compared to that of the United States and pointed out that the approved ETFs do not permit Chinese retail investors to officially access these products, further limiting their potential.
The analyst also compared the new ETF issuers to larger asset management firms like BlackRock, which manages over $9 trillion.
He noted, “U.S. spot bitcoin ETFs have more assets than the entire HK ETF market,” underscoring the disparity in market size and influence.
Additionally, Balchunas commented on the inefficiencies and high costs likely to affect the new ETFs, with expected fees ranging between 1-2%.
He cited these as factors that would contribute to wider spreads and potential discounts on the ETFs, unlike the lower-cost models seen in the U.S. market.
“The underlying ecosystem there is less [liquidity] efficient = these ETFs will likely see wide spreads and prem discounts,” he explained.
Despite Balchunas’ reservations, Jamie Coutts, chief crypto analyst at Real Vision and former Bloomberg Intelligence analyst, provided a contrasting perspective.
Coutts suggested that the introduction of these ETFs could tap into a “massive pool of capital” for Chinese investors, known for their adeptness at navigating government-imposed capital controls.
The structure of these ETFs also stands out, as they are set to utilize an in-kind creation model.
This allows new ETF shares to be directly issued using Bitcoin and Ether, contrasting with the cash-create redemption model prevalent in U.S. spot Bitcoin ETFs, which has raised concerns over potential money laundering and fraud.
The launch of these spot Bitcoin and Ether ETFs is expected in about two weeks, marking a significant, albeit cautiously viewed, expansion in the financial product offerings available in Hong Kong’s crypto market.
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Samsung is set to expand its semiconductor manufacturing capabilities in Texas with a $6.4 billion grant from the U.S. government.
This funding, provided under the 2022 Chips and Science Act, underscores a significant effort to strengthen domestic chip production, particularly for the automotive, aerospace, and defense sectors.
These sectors are considered crucial for national security, as per unnamed administration sources in a Reuters report from April 15.
Commerce Secretary Gina Raimondo highlighted the grant’s role in enhancing U.S. competitiveness in various facets of semiconductor production.
“These grants will allow the U.S. to once again lead the world, not just in semiconductor design, which is where we do now lead, but also in manufacturing, advanced packaging, and research and development,” Raimondo stated.
In addition to federal funding, Samsung plans to inject an additional $45 billion into its Texas operations by the end of 2030.
This ambitious expansion will include two new production facilities—one for research and another for packaging—alongside its existing semiconductor plant in Austin.
READ MORE: Victims of $6.2 Billion Chinese Fraud Scheme Seek UK Help to Recover $4.3 Billion in Seized Bitcoin
This development coincides with OpenAI, the creator of ChatGPT, announcing its intent to manufacture its own AI-specific chips, potentially with financial backing from the UAE’s state-backed group, MGX.
The semiconductor industry is currently grappling with a significant chip shortage, which is poised to impact various sectors, notably cryptocurrency mining.
The shortage comes at a critical time, with the Bitcoin mining industry facing the impending Bitcoin halving event.
Riot Platforms, a Bitcoin mining company, reported in its 2023 annual report that the limited supply of chips poses one of the twelve major risks to its profitability.
“The ongoing global supply chain crisis, coupled with increased demand for computer chips, has created a shortfall of semiconductors,” the report noted.
Moreover, U.S.-based Bitcoin miner CleanSpark has expressed concerns about potential disruptions in cryptocurrency hardware and the difficulties in acquiring new equipment, as stated in its 10-K filing.
This underscores the broader impacts of the chip shortage on industries reliant on high-tech components.
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Shiba Inu’s blockchain project, Shibarium, has captured attention with a dramatic resurgence.
According to the latest data, active accounts on Shibarium have escalated to over 25,000, marking an 80% increase from the previous day and an astounding 3,500% surge since early April.
Additionally, the network is experiencing a spike in daily transactions, which have now exceeded 400,000.
Shibarium, which officially launched in August of the previous year, was developed to enhance the Shiba Inu ecosystem.
It focuses on improving scalability, cutting down transaction costs, and speeding up processing times, thereby supporting the growth and effectiveness of the Shiba Inu network.
The platform has achieved several significant milestones recently.
A report by CryptoPotato earlier in the month highlighted that Shibarium had surpassed 4 million total blocks.
READ MORE: Doctor Doge Will Surge 8,000% Within 48 Hours as it Aims to Challenge SHIB and DOGE
The network is also approaching 1.8 million wallet addresses, with the total number of transactions around 415 million.
For those interested in deeper insights, a dedicated video is available which provides further details about Shibarium’s capabilities and features.
The advancement of Shibarium has led some analysts to speculate about potential market movements.
There is a growing belief that continued progress could catalyze a bullish trend for SHIB, the second-largest meme cryptocurrency.
SHIB itself has shown signs of recovery, regaining some of its lost value over the weekend and showing positive momentum on a daily basis.
The meme coin sector is witnessing significant activity. On April 15, ‘Cat in a Dogs World’ (MEW), based on Solana, saw nearly a 100% increase, positioning it as one of the top performers in the market.
Other meme coins like Dogwifhat (WIF), Dogecoin (DOGE), Pepe (PEPE), and Floki Inu (FLOKI) are also experiencing upward trends, though their gains have been more modest compared to MEW.
This resurgence in meme coins, led by Shibarium’s impressive performance, suggests a robust engagement from investors and hints at a potentially exciting period for the meme coin market segment.
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Dogecoin (DOGE) and Shiba Inu (SHIB) have struggled to build momentum in recent weeks, leading to some investors to sell their positions and invest in new coins, like Laughing Shiba Inu (LSHIB).
Laughing Shiba Inu (LSHIB), a new memecoin that was launched earlier today, is set to rally over 2,500% within the next 24 hours, while larger memecoins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), are struggling.
LSHIB, which is currently only available to buy on decentralized Solana exchanges, like Raydium and Jupiter, has a market cap of just $6,300.
It’s set to reach a market cap of $150,000 within the next 24 hours, meaning that early investors will generate a 2,500% return on investment within a day.
Furthermore, after reaching a $150,000 market cap, Laughing Shiba Inu (contract address: 28UNYzpJxAd3PXbPZcfwpBgEhbfQMZV7wZHFoAi8MYx5) will be poised to then rally another 1,300% before the end of April to reach a $2 million market cap.
And, once listings on centralized exchanges are announced, LSHIB’s market cap will skyrocket much higher than $2 million.
The potential for huge returns is the reason why many Dogecoin (DOGE) and Shiba Inu (SHIB) investors are already buying up positions in LSHIB.
Meanwhile, Dogecoin and Shiba Inu have been struggling to build momentum in recent weeks, but both of these dog-themed memecoins have the potential to rally another 50%-150% over the coming months.
On April 15, Bitcoin began trading at around $65,500 as the Wall Street market opened, following a significant drop over the weekend.
This stability marked a calm start to the traditional finance (TradFi) trading week in the United States, according to data from Cointelegraph Markets Pro and TradingView.
This period of calm contrasted sharply with the weekend’s events, where the BTC/USD pair fell to near $61,000, a decline triggered by geopolitical instability in the Middle East.
Fortunately, Bitcoin managed to avoid the more substantial losses experienced by some altcoins.
The focus among traders has now shifted towards the upcoming Bitcoin block subsidy halving, an event anticipated to create turbulent market conditions.
This event is known for significantly impacting trading patterns.
Keith Alan, co-founder of trading resource Material Indicators, commented on the situation, saying, “With the halving coming up in less than a week, I won’t be surprised to see a pump to the halving followed by a dump after the halving to shakeout weak hands before the next leg up.
“Of course escalating geopolitical tensions might alter the trajectory, so certainly tuned into that.” He also noted that resistance might persist above $70,000 until there is more buying activity at prices closer to the current spot.
Additionally, CoinGlass data indicated an increase in bid liquidity for Bitcoin at and below $66,000.
READ MORE: Victims of $6.2 Billion Chinese Fraud Scheme Seek UK Help to Recover $4.3 Billion in Seized Bitcoin
In the same vein, popular trader Skew noted significant activity in the market, stating, “Lots of systematic retests this morning, important day I think for crypto market to establish the next phase for direction.”
He emphasized the importance of maintaining exponential moving averages (EMAs) across 4-hour and daily timeframes and highlighted the need for Bitcoin’s relative strength index (RSI) to climb back above the central 50 level.
The cryptocurrency market also reacted to news from Hong Kong, which approved exchange-traded funds (ETFs) for both Bitcoin and Ether.
This development refocused attention on the potential for similar ETFs in the U.S.
Despite the weekend’s market downturn, Skew expressed concern over investor reactions, noting, “Red premarket, going to be keeping an eye on these today and potential price impact of spot flows.”
Reports from Cointelegraph indicated a slowdown in overall ETF inflows compared to previous weeks.
Meanwhile, the Grayscale Bitcoin Trust (GBTC) saw a modest outflow of about 1,600 BTC ($105 million). Popular trader Daan Crypto Trades suggested on X that the importance of GBTC flows as a market indicator might be diminishing.
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