US presidential candidates are hyping blockchain technology. A post-halving Bitcoin bull market looks doubtful. And regulators are expected to deny spot approval for the Ethereum ETF. Here's crypto.news' weekly summary:
RFK Jr.'s opinion on blockchain
- At an April 21 rally in Michigan, U.S. presidential candidate Robert F. Kennedy Jr. said that putting the U.S. budget on the blockchain would allow Americans to access every budget item at any time. Stated.
- Integrating budgets with blockchain technology will greatly increase transparency, he said: “If someone spent $16,000 on a toilet seat, everyone would know.” added.
- If the proposal becomes reality, U.S. taxpayers would be able to track where their money is being spent. The idea was well-received by some in the cryptocurrency community, with some claiming it would end corruption.
Standard Chartered doubles
- Jeff Kendrick, head of digital asset research at Standard Chartered, reiterated Standard Chartered's statement last month with a price forecast of $150,000 by the end of the year, expressing continued confidence in the market's ability to recover.
- Skepticism: Analysts at Paris-based Caico say the Bitcoin halving will not trigger a sustained bull market over the next 12 to 18 months. According to a recent research report, contrary to previous expectations, the decrease in miner rewards from 6.25 BTC to 3.125 BTC may not act as the main catalyst for Bitcoin growth.
- Miners are also losing money. According to data provided by YCharts, the average transaction fee on the Bitcoin network decreased by 28% from April 22nd to April 23rd, to approximately $24.99.
Spot Ethereum ETF outlook
- The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the application, extending the review period by an additional 45 days to June 11th.
- Industry giants including BlackRock, Grayscale, VanEck, Franklin Templeton, and ARK Invest are among the candidates in the race to win approval for their own slots in the Ether ETF.
- However, the prospects for these Ethereum-based ETFs to gain approval from the SEC seem bleak, with one analyst pegging the chance of approval for a Spot Ether ETF at around 35%.
Be careful with your wallet
- Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill have been arrested by US authorities on charges of laundering more than $100 million.
- Wasabi Wallet developer zkSNACKs is blocking access to the service by US citizens.
- Phoenix Wallet will also cease operations for U.S. residents starting May 3, and its app will be removed from the U.S. app store.
legal perspective
- Custodi Bank filed a notice of appeal on April 26, challenging a lower court's decision in March denying its attempt to formally join the U.S. banking system.
- Cryptocurrency advocate John Deaton has promised to file amicus briefs in support of Coinbase's interlocutory appeal.
- The SEC is suing Bitcoin mining company Geosyn, alleging that the company engaged in an unregistered securities offering and raised more than $5.6 million through deceptive practices.
- And Metamask developer ConsenSys has denied the SEC's illegal attempt to reframe its constitutional authority to include oversight over Ethereum (ETH), the second-largest decentralized network in cryptocurrencies. He is suing the SEC over the matter.
Bullish and bearish views
- The Spot Bitcoin ETF sector is once again in the red zone, with $217 million in capital outflows on April 25th.
- BNY Mellon, the world's largest custodial bank and the oldest in the United States, has exposure to BTC ETFs offered by BlackRock and Grayscale, highlighting the growing interest among institutional investors in cryptocurrencies.
- Ethereum co-creator Vitalik Buterin recently highlighted that proof-of-work (PoW) designs have shortcomings that are inconsistent with the network's long-term vision.
- Blockchain developer Movement Labs has raised $38 million in venture capital. Polychain Capital led the effort. The news comes as VCs continue to show interest in the crypto sector. VC transaction volume in the first quarter increased for the first time since 2022, hovering around $2.5 billion.
