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Crypto News April 4: BTC at $66k While Ethena Takes the Lead

04-Apr-2024 By: Lokesh Gupta
Crypto News April 4:

Crypto surged significantly within the last 24 hours

TOP 5 Gainers Coins

IndicesLTPChange (%)
Ethena$1.1525.02%
Bitcoin SV$97.3311.70%
Bitcoin Cash$6588.73%
Chiliz$0.14096.50%
Mantle$1.336.24%

Crypto News Key Highlights:

  • Binance introduces Saga (SAGA) as its 51st Launchpool project, offering users the opportunity to stake BNB and FDUSD to earn SAGA tokens. The Saga webpage goes live five hours before the Launchpool starts, allowing users to prepare. KYC procedures are mandatory, and hourly hard caps ensure fairness. Tokens and rewards are distributed automatically, simplifying the process. Participation eligibility is based on residency.

  • Google sued scammers for uploading over 87 fraudulent crypto apps on Google Play, targeting over 100,000 victims globally. Allegedly orchestrated since 2019, scammers used deceptive tactics like fake balances and withdrawal restrictions. Google emphasized user protection and financial loss prevention, highlighting collaboration with law enforcement to combat fraudulent activities in the crypto space.

  • The introduction of U.S. Spot Bitcoin ETFs has sparked a surge in institutional interest, leading major Wall Street banks to explore direct Bitcoin purchases from mining firms. The ETF's success, coupled with impending Bitcoin halving, has heightened concerns about supply scarcity, propelling Bitcoin's price to new highs. Wall Street's growing involvement in Bitcoin signals a transformative shift in the cryptocurrency landscape.

  • Bitcoin Cash (BCH) recently halved its miner rewards, reducing them from 6.25 to 3.125 BCH per block. Despite a brief dip before the event, BCH quickly rebounded, surging over 5% to $613.88. The halving catalyzed a 15.45% increase over the week and a 33% rise over the month, reflecting investor optimism. Bitcoin's impending halving sparks discussions on potential market effects.

  • Federal Reserve officials, led by Chairman Jerome Powell, suggest further consideration before implementing interest rate cuts. Analysts speculate potential cuts by June 2024, but uncertainty looms. Powell stresses the need for confidence in inflation decline towards the 2% target before any action. Atlanta Fed President Raphael Bostic advises against rate cuts until Q4, anticipating only a single reduction in 2024.

  • Wormhole's $850 million airdrop event for its governance token, W, has attracted crypto scammers. Despite the token's launch at $1.66 on OpenBook, it currently trades at $1.21, with a $2.17 billion market cap. Despite being listed on major exchanges like Binance and OKX, the token's price has dipped. Wormhole allocated 674 million tokens, worth $896 million, for the airdrop.

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. #Cryptocurrency and #NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also read - Crypto News April 3: Fed Rate Cut Hopes Fade, Market Stumble

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