In the latest crypto roundup, let’s raise a cheer for the long-awaited completion of the famous Bitcoin halving. With that milestone behind us, Bitcoin is holding steady despite market turbulence. On the bright side, Venezuela is hopping on the crypto bandwagon amid economic strains. But on the flip side, Binance is back in the spotlight with fresh challenges. Surprising? Not really, considering it’s become somewhat of a routine for Binance.
Bitcoin Halving Is Complete
With the much-awaited Bitcoin (BTC-USD) halving now complete, BTC has steadily eked out a gain of nearly 7% over the past five sessions. The largest cryptocurrency in the world is now hovering at about $66,600, up nearly 51% year-to-date.
This was the fourth halving event for Bitcoin, reducing the reward for BTC miners to 3.125 BTC per mined block from the prior 6.25 BTC. The halving also reduces the pace of new token creation by nearly half. Interestingly, the broader halving process is expected to be completed in 2140, capping the total supply of BTC at 21 million. However, nearly 19.7 million of those coins are already in circulation.
New Woes for Binance
While crypto enthusiasts are celebrating the latest BTC halving, the troubles at cryptocurrency exchange Binance continue unabated. The U.S. Department of Justice (DOJ) is seeking a three-year prison time for Changpeng Zhao, the former CEO of Binance. Last year, Binance was handed $4.3 billion in penalties for violating U.S. anti-money-laundering norms and sanctions. At the time, Zhao pleaded guilty and stepped away as Binance’s CEO.
Terraform’s Mega Fine
Another name in the crosshairs of regulators is Terraform Labs and its co-founder Do Kwon. The U.S. SEC is looking to impose fines to the tune of $5.3 billion on the company and Kwon for fraud. Back in 2022, the plunge in Terraform’s Stablecoin, UST, wiped out billions of dollars in market value.
Venezuela Embraces Crypto
In another development, Venezuela is embracing crypto amid U.S. oil sanctions on the country. According to Reuters, PDVSA, the state-run oil company in Venezuela, is looking to increase the use of digital currencies to boost its oil exports. Notably, PDVSA already demands half the payments for some spot oil deals in USDT (USDT-USD). It now requires new oil customers to hold cryptocurrencies in a digital wallet.
Is Bitcoin Bullish or Bearish?
Meanwhile, the TipRanks Bitcoin Technical Analysis tool continues to flash a Strong Buy signal for Bitcoin. This means there may be more steam left in Bitcoin’s recent bull run.
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