Web3🌑Friday Buzz: Tether on TON, BitMEX Leverage Boost, Bitcoin ETFs Pre-Halving, & Binance's CZ Status in the US
1. Tether aims to enhance Telegram payments by extending stablecoins to TON Network.
2. BitMEX's Bitcoin swap offers 250x leverage pre-halving.
3. Bitcoin Spot ETFs witness a five-day withdrawal streak pre-halving.
4. Yi He, co-founder of Binance, indicates that CZ is in a 'favorable position' in the United States.
Keep reading for more details!😊
Welcome to today's Web3 Highlights! In the dynamic landscape of cryptocurrency and blockchain technology, there's always something new and exciting happening. Today, we're diving into the latest developments that are shaping the future of decentralized finance and digital assets. From Tether's expansion of stablecoins on the TON Network to BitMEX's bold move in increasing bitcoin swap leverage, there's plenty to unpack. Additionally, we'll explore the trends surrounding Bitcoin ETFs ahead of the anticipated halving event. And, we'll delve into the insights shared by Binance co-founder Yi He regarding CZ's current status in the US regulatory landscape. So, grab your virtual seat and let's embark on this journey through today's Web3 Highlights!
1. Tether aims to enhance Telegram payments by extending stablecoins to TON Network.
Tether is expanding USDT and XAUT tokens on the TON network, aiming to facilitate peer-to-peer payments within Telegram's vast user base of nearly 900 million. This move seeks to enhance accessibility and liquidity within the decentralized finance (DeFi) ecosystem. The TON network, initially launched by Telegram but now operating independently due to regulatory concerns, has witnessed significant growth, with over 1.7 million monthly active addresses. Despite recent fluctuations, TON's native token, toncoin (TON), has tripled in value this year, reflecting growing interest and market capitalization. To encourage adoption, trading fees within the Ton Space ecosystem are substantially reduced, making transactions smoother. Ramp Network, a fintech company, plans to enable purchases and withdrawals of USDT on TON, simplifying access to crypto transactions for millions of users within the TON ecosystem.
Krisztian Sandor
2. BitMEX's Bitcoin swap offers 250x leverage pre-halving.
BitMEX, a crypto derivatives exchange, has ramped up leverage on its bitcoin perpetual swap (XBTUSD) from 100x to 250x in anticipation of the impending halving event. This decision responds to trader demand for capitalizing on heightened volatility surrounding Bitcoin's halving. Scheduled within the next 24 hours, the halving will halve issuance rewards for miners, reducing them from 6.25 BTC to 3.125 BTC per block. BitMEX CEO Stephan Lutz views 2024 as a pivotal year for both the exchange and crypto traders, touting increased leverage as a means to maximize gains during the bullish market. However, it's crucial to recognize that amplified leverage escalates trading risks and potential liquidation scenarios. Despite recent price fluctuations, Bitcoin's value has rebounded to approximately $64,500, underscoring the resilience and ongoing interest in the cryptocurrency market.
Sujha Sundararajan
3. Bitcoin Spot ETFs witness a five-day withdrawal streak pre-halving.
U.S. Bitcoin ETFs experienced $4.3 million in outflows prior to the halving, with GBTC leading the trend and IBIT showing reduced inflows. Since April 12, total net outflows surpassed $319 million, largely driven by GBTC withdrawals due to its costly fee structure. Despite BTC trading at $64.7K, down from recent highs, its blockchain is set to halve emissions, historically signaling major rallies. While many anticipate a bullish trajectory post-halving, some, including Goldman Sachs and JPMorgan, suggest potential price corrections. Geopolitical tensions, U.S. tax payments, and Federal Reserve rate cut uncertainties contribute to market fluctuations. The recent pullback challenges Bitcoin's role as a risk-off asset, but the halving's long-term impact remains debated within the crypto community.
Omkar Godbole
4. Yi He, co-founder of Binance, indicates that CZ is in a 'favorable position' in the United States.
Binance co-founder Yi He remarked that the former CEO, Changpeng Zhao (CZ), awaits his sentencing in the US with a "positive situation," as indicated during a Binance Chinese community meetup in Dubai. He emphasized that CZ's current status in the US remains relatively tranquil, with previous regulatory challenges anticipated internally. Despite facing potential consequences for anti-money laundering and sanctions violations, including a $50 million fine and resignation from his CEO position, CZ's sentencing on April 30 is awaited. While facing a possible 18-month prison sentence, US prosecutors seek an extended term. CZ remains free on bail with a $175 million bond, albeit his request to travel to Dubai was previously denied by a judge. Binance, which also pleaded guilty to several charges, highlighted its compliance improvements and appointed Richard Teng as CEO after CZ's resignation in November.
[email protected]
As we conclude today's journey through the #Web3 Highlights, it's evident that the cryptocurrency space is constantly evolving, presenting both opportunities and challenges. From innovations in stablecoin adoption to strategic moves by major exchanges, the landscape continues to shape the future of finance. As we look ahead, it's crucial to stay informed, adaptable, and proactive in navigating this ever-changing ecosystem. Whether you're a seasoned investor, a passionate enthusiast, or a curious newcomer, remember that knowledge is power in this dynamic realm. Stay tuned for more updates, insights, and developments as we continue to explore the fascinating world of Web3 together. Until next time, happy exploring!
