US presidential candidate excited about blockchain technology; Bitcoin’s Uptrend – Post Halving – Looks Doubtful; and regulators should deny one-time approval of the Ethereum ETF. Here is the weekly recap from crypto.news.
RFK Jr. weighs in on blockchain
- At an April 21 rally in Michigan, U.S. presidential candidate Robert F. Kennedy Jr. said putting the U.S. budget on blockchain would allow Americans to access any budget item at any time.
- Integrating the budget with blockchain technology will significantly increase transparency, he says, adding: “If someone spends $16,000 on a toilet seat, everyone will know.” »
- If the proposal comes to fruition, American taxpayers would be able to track where funds are being spent. The idea was welcomed by some sectors of the cryptocurrency community, with some saying it would end corruption.
Standard Chartered doubles down
- Geoff Kendrick, head of digital assets research at Standard Chartered, remains confident in the market’s ability to recover as he reiterates Standard Chartered’s statement from last month with a price prediction of $150,000 by the end of the year.
- A skeptical view: Bitcoin’s halving will not trigger a sustainable rise over the next 12 to 18 months, according to analysts at Paris-based Kaiko. Contrary to earlier expectations, the decrease in miner rewards from 6.25 BTC to 3.125 BTC may not serve as the main catalyst for Bitcoin’s growth, according to a recent research report.
- Miners also lose money. According to data provided by YCharts, average transaction fees on the Bitcoin network decreased by 28% to approximately $24.99 between April 22 and 23.
Spotting Ethereum ETF Outlook
- The United States Securities and Exchange Commission (SEC) announced a delay in its decision on the application, extending the review period for an additional 45 days until June 11.
- Industry heavyweights including BlackRock, Grayscale, VanEck, Franklin Templeton and ARK Invest are contenders in the race to gain approval for their own place in Ether ETFs.
- However, the chances of these Ethereum-based ETFs gaining SEC approval appear bleak, with one analyst putting the likelihood of a spot Ether ETF being approved at around 35%.
Monitor your portfolios
- Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill have been arrested by US authorities for laundering more than $100 million.
- zkSNACKs, developer of Wasabi Wallet, is blocking US citizens from accessing its services.
- Phoenix Wallet will also cease operations for US residents starting May 3, removing its app from US app stores.
Legal Perspectives
- Custodia Bank filed a notice of appeal April 26, challenging a lower court’s March ruling rejecting its attempt to formally join the U.S. banking system.
- Pro-crypto attorney John Deaton has promised to file an amicus brief in support of Coinbase’s interlocutory appeal request.
- The SEC is suing Geosyn, a Bitcoin mining company, alleging that the company engaged in an unregistered securities offering, raising more than $5.6 million through deceptive practices.
- And MetaMask developer Consensys is suing the SEC over what it describes as an illegal attempt by the agency to reframe its constitutional authority to include oversight of Ethereum (ETH), crypto’s second-largest decentralized network.
Bullish and bearish holds
- The spot Bitcoin ETF sector is once again in the red zone, experiencing an outflow of $217 million on April 25.
- BNY Mellon, the world’s largest custodian bank and the oldest in the United States, has exposure to BTC ETFs offered by BlackRock and Grayscale, highlighting growing institutional interest in cryptocurrencies.
- Ethereum co-creator Vitalik Buterin recently pointed out that the proof-of-work (PoW) design had drawbacks that did not fit with the network’s long-term vision.
- Blockchain developer Movement Labs raised $38 million in venture capital; Polychain Capital led the effort. The news comes as venture capital firms continue to express interest in the cryptocurrency sector. In the first quarter, venture capital volume saw a slight increase for the first time since 2022, hovering around $2.5 billion.
