Welcome to our newest edition of The Weekly Crypto Update — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.
Weekly Crypto Performance
Another wave of a bearish trend is observed in the cryptocurrency market. Bitcoin (BTC) and Ethereum (ETH) saw decreases of -3.83% and -7.08%, respectively, over the past seven days.
Most of the top 10 altcoins by market cap have also shown a downtrend in their value over the last week.
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Top Crypto Market News
Bitcoin Cash Experiences Its Second Halving Event
On April 4, the Bitcoin Cash network underwent a significant transformation with its second halving event, reducing the block reward from 6.25 to 3.125 BCH. This pivotal event took place at block #840,000 and was successfully mined by the ViaBTC pool, which secured a total reward of 3,156 BCH, inclusive of transaction fees.
Following this halving, the network has observed a slowdown in block production, with intervals exceeding an hour between blocks. This pattern mirrors the aftermath of the first halving in April 2020, which also temporarily disrupted the network’s usual pace.
Ripple Announces Launch of Dollar-Backed Stablecoin
In a strategic move, Ripple has unveiled plans to introduce a stablecoin pegged to the US dollar by the end of 2024. This new asset, guaranteed by dollar deposits, short-term US government bonds, and other liquid assets, aims to offer stability and reliability within the cryptocurrency market.
This move extends Ripple’s reach into both institutional and DeFi realms, diversifying use cases and enhancing our payments infrastructure, to bring the worlds of traditional and decentralized finance closer together.
The stablecoin is set to debut on both the XRP Ledger and Ethereum networks, signifying a notable expansion of Ripple’s ecosystem and providing a stable digital currency alternative tied to the US dollar for traders and financial institutions.
Tether Increases Bitcoin Holdings with Significant Purchase
Tether, the company behind the USDT stablecoin, has made headlines by significantly increasing its Bitcoin reserves. On March 31, Tether added 8,888 BTC, valued at approximately $618 million, to its holdings. This acquisition boosts Tether’s total Bitcoin assets to 75,354 BTC, equivalent to roughly $5.23 billion.
This strategic enhancement of Tether’s Bitcoin reserves has elevated the company to the seventh position among the largest Bitcoin holders, alongside industry giants such as MicroStrategy, Grayscale, and Fidelity. This move reflects Tether’s continued confidence in the long-term value of Bitcoin.
Stay tuned for more updates and insights into the world of cryptocurrency!