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Bitcoin halving on deck here’s what to expect (Cryptocurrency:BTC-USD) – Seeking Alpha

Posted: April 19, 2024 at 2:45 am

JuSun

Bitcoin (BTC-USD) is a little ways away from undergoing a once-every-four-years software update in the blockchain that has historically been hyped as a positive catalyst for the highest-profile cryptocurrency.

The quadrennial halving event, due as soon as Friday, occurs when bitcoin (BTC-USD) miners reward for validating transactions is slashed in half, essentially reducing the rate at which new tokens are created by 50%. As such, the technical event reduces the supply of new bitcoins entering the market, a move that could drive up the coins price should demand remain constant or rise.

And, given the fixed supply of 21M bitcoins (BTC-USD), the halving event reinforces scarcity by reducing the rate at which new BTCs are introduced into circulation.

If history serves as a guide (that is, the halving has preceded big price gains), the event could boost the price of bitcoin (BTC-USD) to more than $115K, crypto tax-reporting firm CoinLedger said in a study last month. Since there have only been three halvings so far, it should be taken with a grain of salt that bitcoin (BTC-USD) tends to rise after the event. SA analyst Florian Grummes had warned that BTC typically weakens for about 15 to 45 days immediately before and after the halving.

Bitcoin (BTC-USD) had already reached a record high of $73.8K in mid-March, as the green light for spot bitcoin exchange-traded funds (ETFs) has spurred strong and persistent demand for the token. Now, volatility has spiraled amid the countdown to the halving (as well as jitters about higher-for-longer interest rates), with bitcoin dropping some 17% since hitting its record.

H.C. Wainwright analyst Mike Colonnese is in the camp that the halving will prove to be a positive development for the price of bitcoin (BTC-USD). But the supply shock impact could take months to materialize, and we are now cautious on BTC prices over the short term given geopolitical issues in the Middle East and re-accelerating inflation.

He wouldnt be surprised to see BTC retreat to the low-to-mid $50K range over the near-term, before rebounding and resuming its longer-term bull run. Should that come to fruition, he added, there could be some short-term pressure on mining stocks (MARA) (RIOT) (HUT)(HIVE)(BTBT)(BITF) if we were to see such drawdown in BTC prices.

Note that miners profitability generally suffers after a halving as their miner reward gets cut in half. This fourth halving will lower the reward to 3.125 BTC from the current 6.25. The overall halving process is expected to end in 2140, when the number of bitcoins (BTC-USD) in circulation are expected to reach its programmed cap of 21M. There are currently about 19.7M BTC in circulation.

Still, publicly-traded miners are well positioned to take advantage of the new environment, mainly due to greater access to funding and in particular financing, J.P. Morgan analyst Nikolaos Panigirtzoglou wrote in a Thursday note. This helps them to scale their operations and invest into more efficient equipment.

Deutsche Banks Marion Laboure argued that bitcoins (BTC-USD) price likely wont see a significant increase post-halving, as the event is already partially priced in by the market. The analyst does expect prices to stay high, though, amid expectations of spot ether (ETH-USD) ETF approvals, central bank policy easing and regulatory changes.

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Bitcoin halving on deck here's what to expect (Cryptocurrency:BTC-USD) - Seeking Alpha

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72 arrested, HK$228 million in assets frozen in Hong Kong JPEX crypto scandal – South China Morning Post

Posted: April 19, 2024 at 2:45 am

Police Commissioner Raymond Siu Chak-yee updated the legislature with the forces latest progress in the investigation on Thursday, saying the number of arrests related to the case had shot up to 72 and about HK$228 million had been frozen.

The force has received 2,636 reports with regard to the case as of today, and the amount involved is about HK$1.6 billion, he said.

Among those previously arrested were social media influencers who had appeared in adverts for the trading platform and set up their own over-the-counter shops. They included Chan Wing-yee, Joseph Lam Chok and Sheena Leung.

In his reply to lawmaker Johnny Ng Kit-chong who had been following the issue, Siu also said the force recorded 6,330 investment scams both offline and online last year, with more than HK$5.93 billion lost. Among them, 2,342 cases were related to cryptocurrency and involved about HK$3.16 billion.

Separately, the meeting also touched on the governments proposed amendments to the Fire Safety (Buildings) Ordinance, which came under public scrutiny following the fatal blaze at New Lucky House in Yau Ma Tei.

Authorities are seeking to increase the penalty for non-compliance with fire-safety orders from a maximum of HK$50,000 to HK$200,000.

The amendments also seek further fines for every day the offences continued, ranging from HK$5,000 to HK$20,000.

Hong Kong JPEX cryptocurrency scandal exposes regulatory loopholes: victims

Security minister Chris Tang Ping-keung said the government would expedite the legislative process by tabling the amendments in the second quarter of this year instead of the fourth following the recent fire.

The blaze at the mixed-use 60-year-old building in Yau Ma Tei filled with guest houses and subdivided flats killed five people and injured 43 last Wednesday.

The fire-stricken block was one of 9,578 buildings that had failed to comply with fire safety notices as of last December. It also had failed to follow a compulsory building inspection order for six years.

Lawmakers at Thursdays meeting grilled authorities on whether they would consider adding a jail term as one of the penalties for non-compliance with the Fire Safety (Buildings) Ordinance.

Deadly Hong Kong blaze prompts switch of fire safety focus to high-risk sites

But Tang said that it would be difficult for the government to consider imprisonment as a punishment for not following fire safety instructions as it would mostly be a collective responsibility, rather than guilt falling on a single person.

For instance, not fixing the fireproof door, not placing a fire hose, there being obstructions in a passageway it is very hard to find a personal responsibility here, he said.

As it is not a personal responsibility, it is easier to issue a fine. If they cant find a person who is responsible, how do you determine who goes to jail? This is the difficulty here.

The security minister also noted that buildings that did not follow fire safety instructions did not mean they were unsafe for residents, but rather they had not reached current standards.

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72 arrested, HK$228 million in assets frozen in Hong Kong JPEX crypto scandal - South China Morning Post

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Marijuana Banking, Cryptocurrency Regulation May Be Combined Into Single Bill – PYMNTS.com

Posted: April 19, 2024 at 2:45 am

Proposed rules for marijuana banking and cryptocurrency regulation may be combined into a single bill.

The legislation has not been finalized, but there have been talks in the U.S. Congress about combining a cannabis bill, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, and a stablecoin measure, Marijuana MomentreportedSunday (April 14).

Senate Majority Leader Chuck Schumer (D-NY) has said that he aims to pass legislation to safeguard cannabis banking and achieve that in the weeks and months ahead, according to the report.

The SAFER Banking Bill has been awaiting action by the Senate since being passed by the Senate Committee on Banking, Housing and Urban Affairs in September 2023, Seeking AlphareportedMonday (April 15).

The bill could impact a number of multistate operators and cannabis exchange-traded funds (ETFs), according to the report.

It was reported April 1 that while more than half of all Americans live in a state that has legalized marijuana, banks wont work withcannabis sellersbecause the drug is still illegal under federal law.

As a result, legitimate cannabis businesses still find themselves wondering what to do with all their cash, as it is nearly impossible for them to accept payments in anything other than cash.

While the U.S. House has passed a bipartisan bill that would make it easier for cannabis companies to find banking services, the Senate has never voted on its version. However, that vote could come this year.

Some saw a possible opening of the door to more cohesive payments systems in the sector in August 2023, when U.S. health officials recommended easingrestrictions on cannabisand reclassifying it as a Schedule III drug under the Controlled Substances Act.

Currently, cannabis is classified as a Schedule I substance, which implies a high risk of abuse and no accepted medical use. If cannabis were to be reclassified as a Schedule III drug, it would be seen as less dangerous and could be obtained legally with a prescription.

As an indicator of the size of potential business payments, the business-to-business (B2B) cannabis platform LeafLinkreported that it passed the $1 billion transaction mark in September 2022 with its payment solutions and expected more growth.

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Marijuana Banking, Cryptocurrency Regulation May Be Combined Into Single Bill - PYMNTS.com

Recommendation and review posted by G. Smith

Today’s cryptocurrency prices: Check rates of Bitcoin, Ethereum, Dogecoin, Solana – NewsBytes

Posted: April 19, 2024 at 2:45 am

Next Article

What's the story

Bitcoin has climbed 1.13% over the last 24 hours, trading at $62,486.64. It is 11.99% lower than the previous week. Ethereum, the second most popular token, is down 0.65% from yesterday and now trades at $3,003.89. It is down 15.22% from last week. The market capitalization of Bitcoin and Ethereum is now at $1,204.02 billion and $361.86 billion, respectively.

BNB is trading at $546.02, which is 0.94% lower than yesterday and 11.84% down since last week. The current price of XRP is $0.44, down 1.28% in the last 24 hours. It is 19.79% lower compared to last week. Cardano and Dogecoin are trading at $0.44 (down 0.67%) and $0.11 (down 0.14%), respectively.

Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $139.4 (up 3.35%), $6.58 (down 1.1%), $0.000022 (down 0.22%), and $0.66 (down 2.82%), respectively. Based on the weekly chart, Solana has slipped 20.04%, while Polka Dot has declined by 22.37%. In the past week, Shiba Inu's value has decreased by 20.6%, whereas Polygon has lost 26.7%.

Based on the 24 hourly movement, the top gainers are Toncoin, Neo, Gala, Jupiter, and Immutable. They are trading at $6.99 (up 14.81%), $18.94 (up 11.67%), $0.044 (up 8.26%), $1.02 (up 6.26%), and $2.02 (up 5.53%), respectively.

A stablecoin is a cryptocurrency with extremely low volatility. Its value is pegged to a real-world asset such as fiat currency or gold. Talking about some of the prominent tokens, Tether and USD Coin are trading at $1 (up 0.01%) and $1 (down 0%), respectively.

The biggest losers of the day are Core, Maker, Nervos Network, Ondo, and Chiliz. They are trading at $1.95 (down 8.30%), $2,964.12 (down 8.10%), $0.011 (down 6.58%), $0.77 (down 5.04%), and $0.11 (down 5.03%), respectively.

DeFi, short for decentralized finance, refers to all global, peer-to-peer financial services on public blockchains. Some of the prominent DeFi tokens are Avalanche, Chainlink, Internet Computer, Dai, and Uniswap. They are trading at $34.26 (down 0.65%), $13.50 (up 1.35%), $12.70 (up 4.29%), $1 (up 0.03%), and $7.21 (up 1.46%), respectively.

Non-fungible tokens (NFTs) are cryptocurrencies that lack the attribute of fungibility, which means they cannot be exchanged for one another like other tokens. Internet Computer, Stacks, Render, Immutable, and Theta Network are among the prominent NFT tokens. They are currently trading at $12.68 (up 4.37%), $2.36 (up 2.01%), $7.68 (down 1.79%), $2.02 (up 5.51%), and $2.02 (down 0.02%), respectively.

The current global crypto market cap is $2.31 trillion, a 3.33% increase over the last day. The total crypto market volume over the last 24 hours is $85.38 billion, which marks a 12.0% increase. Last month, the global crypto market valuation was $2.54 trillion, while the total capitalization stood at $1.63 trillion three months ago.

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Today's cryptocurrency prices: Check rates of Bitcoin, Ethereum, Dogecoin, Solana - NewsBytes

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Cryptocurrency: 3 Coins That Could 2X Post Bitcoin Halving – Watcher Guru

Posted: April 19, 2024 at 2:45 am

As the highly anticipated Bitcoin halving event approaches, the cryptocurrency market is abuzz with speculation about which coins could potentially double in value in the aftermath.

While Bitcoin is expected to experience significant price movements, several altcoins are also garnering attention for their potential to deliver substantial gains.

In this article, we will explore three coins that could potentially 2X post-Bitcoin halving: Solana (SOL), Shiba Inu (SHIB), and Dogwifhat (WIF).

Also read: Can Ethereum (ETH) Hit All-Time High After Bitcoin Halving?

Solana is a high-performance blockchain platform with impressive technical capabilities and a growing ecosystem. Currently trading at $139.28, SOL has experienced a 2.86% increase in the past 24 hours. Over the last month, Solana has seen a low of $119.83 and a high of $209.70, demonstrating its potential for significant price movements.

As the Bitcoin halving event draws near, many experts believe that Solana could benefit from the increased attention and investment flowing into the cryptocurrency market.

Also read: Can Solana (SOL) Hit $200 After Bitcoin Halving?

Shiba Inu, the meme-inspired cryptocurrency that has captured the hearts of many investors, is another coin that could potentially see significant gains post-Bitcoin halving.

Currently trading at $0.00002259, SHIB has experienced a 4.66% increase in the past 24 hours. Over the last month, Shiba Inu has seen a low of $0.00001853 and a high of $0.00003272, highlighting its potential for volatility and substantial price movements.

With a loyal and enthusiastic community behind it, Shiba Inu has demonstrated its ability to generate hype and attract investors. As the Bitcoin halving event brings increased attention to the cryptocurrency market, SHIB could benefit from the renewed interest in altcoins.

Also read: Shiba Inu (SHIB) & Dogecoin (DOGE) Price Prediction This Week

Dogwifhat, a relatively new entrant to the cryptocurrency scene, has been making impressive strides and could potentially deliver significant returns post-Bitcoin halving. Currently trading at $2.67, WIF has experienced a 0.92% increase in the past 24 hours. Over the last month, Dogwifhat has seen a low of $1.96 and a high of $4.85, showcasing its potential for growth.

As the Bitcoin halving event approaches, Dogwifhats unique features and growing community could help it stand out in the crowded cryptocurrency market.

Also read: Cryptocurrency: Whales Scooped Up These Coins Amidst Market Dip

In conclusion, several altcoins, such as Solana, Shiba Inu, and Dogwifhat, are poised for potential gains, despite the anticipated significant impact of the Bitcoin halving event on the cryptocurrency market as a whole.

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Cryptocurrency: 3 Coins That Could 2X Post Bitcoin Halving - Watcher Guru

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Schumer And Key House Lawmakers Discuss Merging Marijuana Banking Bill With Cryptocurrency Reform – Marijuana Moment

Posted: April 19, 2024 at 2:45 am

Bipartisan congressional lawmakers from the House and Senate are discussing the possibility of combining cyptocurrency regulation legislation with a marijuana banking bill.

Senate Majority Leader Chuck Schumer (D-NY) raised the topic with House Financial Services Committee Chairman Patrick McHenry (R-CA) and Ranking Member Maxine Waters (D-CA) on Thursday, a source familiar with the conversation confirmed with Marijuana Moment.

The legislation has yet to be finalized, but the prospect of merging the Secure and Fair Enforcement Regulation (SAFER) Banking Act with the stablecoin measure comes amid heightened expectations about the Senate moving the cannabis bill as a standalone, months after it cleared committee.

Politico reported that the package under consideration could potentially be attached to a Federal Aviation Administration reauthorization bill that needs to pass before May 10.

Schumer recently reiterated his intent to pass legislation to safeguard cannabis banking as part of a busy agenda that he hopes to achieve in the weeks and months ahead, though he again stressed the need for bipartisan cooperation.

He also recently asked people toshow their support for the SAFER Banking Act by signing a petitionas he steps up his push for the legislation. A poll released last month by the American Bankers Association (ABA) shows that roughly three out of five Americanssupport allowing marijuana industry access to the banking system.

Rep. Nancy Mace (R-SC) said last week that that if Republicans want to keep the House, they should pass the marijuana banking bill, arguing that there are votes to approve it.

Schumer told Marijuana Moment last month thatthe bill remains a very high priority for the Senate, and members are having very productive bicameral talks to reach a final agreement.

Marijuana Moment is tracking more than 1,400 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they dont miss any developments. Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.

Senate Banking Committee Chairman Sherrod Brown (D-OH) also said last month thatpassing the SAFER Banking Act off the floor is a high priority.However, he also recently said in a separate interview thatadvancing the legislation is complicated by current House dynamics.

House Majority Whip Tom Emmer (R-MN) separately said during a recent American Bankers Association (ABA) summit that he wants to see the SAFER Banking Act move.

He said that, for whatever reason, the federal government has been slow to act on the incremental reform that he supports even though he doesnt identify as a marijuana guy.

One key factor thats kept the bill from the Senate floor is disagreement over mostly non-cannabis provisions dealing with broader banking regulations, primarily those contained in Section 10 of the legislation.

Bicameral negotiations have been ongoing, however, and recent reporting suggests that a final deal could be just over the horizon.

The Democratic Senate sponsor of the SAFER Banking Act, Sen. Jeff Merkley (D-OR), told Marijuana Moment last month that the legislation is gaining momentum as lawmakers work to bring it to the floor and pass it this year.

The office of the Republican SAFER Banking prime sponsor, Sen. Steve Daines (R-MT), separately told Marijuana Moment that conversations have been productive and Senator Daines is working to get the bill across the finish line.

At the close of the first half of the 118th Congress in December, Schumer said in a floor speech that lawmakers would hit the ground running in 2024, aiming tobuild on bipartisan progress on several key issues, including marijuana banking reformthough he noted it wont be easy.

Biden, Harris And Top DOJ Official Promote Marijuana Pardons While Commemorating Second Chance Month

Photo courtesy of Mike Latimer.

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Schumer And Key House Lawmakers Discuss Merging Marijuana Banking Bill With Cryptocurrency Reform - Marijuana Moment

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