The Easter holiday period started with the BTC/USD pair trading in an increasingly narrow range, peaking at $40,700 on Saturday. There was a certain lack of volatility stemming from a four-day holiday for the US equities market.
While traders could’ve been forgiven for expecting no movement in BTC over the holiday period, low liquidity and thin order books put the biggest crypto by market cap at risk of a sudden movement downwards. And that’s what happened; Bitcoin broke down to $38,850 as the week came to a close.
Analysts also foresee short-term downside before long-term upside; at the moment, BTC is mimicking the period just before 2018’s bear market crash. Historically, BTC has also dropped to a macro low 800 days after a halving – the last halving was 707 days ago.
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The long-awaited and highly-anticipated Ethereum merge is set to be delayed further, with developers working on it estimating a completion date a ‘few months after’ June.
It was generally expected that the Merge would go through by mid-2022, however, developer TIm Beiko’s update said otherwise:
”It won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum.”
Another important factor is the difficulty bomb, or an automated increase in mining difficulty designed to make PoW mining less attractive before the Merge.
”The Merge, unlike previous Ethereum upgrades, will not be triggered by a block time. Instead, it will be triggered by a total difficulty value,” continued Tim. ”Given these are harder to estimate than block times, the delay between choosing a time for The Merge and it going live on the network may be slightly shorter than prior Ethereum upgrades.”
Paris, known for its food, fashion, and historical architecture, played host to the who’s who of the blockchain and crypto industry at the Paris Blockchain Week Summit on April 13-14. Let’s take a look at the highlights:
Binance Set to Invest €100 Million Into French Crypto
During his keynote speech at the event, Binance CEO Changpeng Zhao spoke about how France is in a unique position with regard to regulations, talent, and expertise and could become the crypto hub of Europe in the near future.
Tether’s Plans for Lugano
Last month, the crypto-friendly Swiss city of Lugano announced it would adopt BTC and USDT as de facto legal tender in partnership with Tether. Paolo Ardoino, Tether’s CTO, spoke at the event, stating that they have been able to start onboarding several startups and companies to achieve this.
Furthermore, he also reiterated Tether’s intention to develop educational programs for university students in Lugano.
Ripple and the SEC
Ripple CEO Brad Garlinghouse told PBWS attendees that he is ”increasingly optimistic” the case with the SEC will deliver a positive result for the company.
”The lawsuit has gone exceedingly well and much better than I could have hoped when it began about 15 months ago,” said Garlinghouse. ”This case is important, not just for Ripple; it’s important for the entire crypto industry in the United States.”
A loss to the SEC would see a precedent being set where almost all cryptocurrencies listed on major exchanges become recognized as ”securities”.
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