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Bitcoin Halving Triggers Market Volatility, Hong Kong Approves Crypto ETFs, TON Ecosystem Thrives: Weekly Roundup

The week leading up to the much-anticipated Bitcoin halving was rife with speculation and volatility across the cryptocurrency market. Here’s a recap of the top headlines from the past week:

Anticipation Builds for Bitcoin Halving: As the fourth Bitcoin halving approached, discussions surged regarding its potential impact on the market. Kris Marszalek, CEO of crypto.com, predicted possible selloffs following the halving, despite maintaining a bullish long-term outlook. However, the day after Marszalek’s remarks, Bitcoin experienced a significant drop, resulting in millions of dollars in liquidations within a short span.

Bitwise CIO Matt Hougan described the halving as a “buy-the-news” event, suggesting a pattern of long-term price rallies following previous halvings. Meanwhile, the Bitcoin network witnessed a surge in transaction costs ahead of the halving due to increased activity related to the emergence of Runes, a fungible token protocol.

Crypto Market Reacts Post-Halving: The Bitcoin halving event finally occurred, reducing block rewards from 6.25 BTC to 3.125 BTC. Following the halving, the crypto market experienced a mild decline, with the global market cap dropping by 1.32%. However, meme coins like Duko saw notable gains amid the overall market movement.

Hong Kong Approves Spot Crypto ETFs: In a bullish development, the Hong Kong Securities and Futures Commission (SFC) granted conditional approval for the launch of spot Bitcoin and Ethereum ETFs. While this approval allows asset managers to file applications for trading these ETFs, final approval from the SFC is still pending.

US Regulatory Landscape: In the United States, lawmakers in Arkansas proposed bills that could impact crypto mining activities in the state, although they have yet to become law. Senators introduced a bill aimed at regulating stablecoins, while Senator Marsha Blackburn expressed concerns about central bank digital currencies (CBDCs).

Global Regulatory Efforts: The UK government announced plans to implement stablecoin and cryptocurrency regulations by the third quarter of the year. Norway also took steps to regulate crypto mining activities through new legislation.

TON Ecosystem Records Growth: The Open Network (TON) ecosystem witnessed significant growth, surpassing $148 million over 30 days. Tether minted $10 million worth of USDT on the TON blockchain, leading to a 17% price spike for the TON native token. Additionally, Mercuryo partnered with TON to launch a fiat-to-crypto on-ramp service, while the TON Foundation introduced an incentive program for USDT users.

Token2049 Conference Highlights: The Token2049 conference faced disruptions due to rainfall and flooding, but discussions continued on regulatory matters and industry developments. Binance CEO Richard Teng addressed regulatory concerns, while Binance COO Noah Perlman discussed challenges stemming from the platform’s agreement with the US Department of Justice. Meanwhile, Ava Labs CEO Emin Gün Sirer clarified misconceptions about Avalanche’s role in the market.

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