Today's crypto news isn't looking so hot, unfortunately. The global cryptocurrency market cap fell by 2.64 percent to $1.10 trillion in the past 24 hours, according to Coinmarketcap. This means that most of the major cryptocurrencies lost value, including Bitcoin, Ethereum, Binance Coin, and XRP.
Based on data from Coingecko, the most trending cryptocurrency was PEPE, a memecoin that features the popular Pepe the Frog character. Pepecoin also had the dubious honor of being the top loser, dropping by a whopping 43.5 percent in 24 hours. Ouch!
On the other hand, the top gainer was Gemini Dollar, a stablecoin that is pegged to the US dollar and backed by Gemini, a regulated crypto exchange. Gemini Dollar rose by 3.6 percent in 24 hours, which is not bad for a stablecoin.
The amount of cash invested into crypto companies globally tumbled sharply again in the first quarter of the year as investors continue to flee the market amid this bear market rally, new data has revealed, according to MSN.
Contributing to the current slump in the market is the increased regulatory pressure and uncertainty in the crypto space, especially in the US and China. Many crypto companies are facing lawsuits, investigations, and bans from authorities, which makes them less attractive to investors.
Crypto Lawsuit Against Tom Brady, Shaquille O'Neal, And The Golden State Warriors Gets The Cooperation Of A Former FTX Exec
Speaking of lawsuits, we have some juicy news for you today involving some celebrities who promoted the crypto exchange FTX, such as Tom Brady, Shaquille O'Neal, and the Golden State Warriors. According to Yahoo Sports, FTX's former compliance head Dan Friedberg has given evidence for a lawsuit that accuses FTX of violating securities laws and misleading investors.
The lawsuit, filed by a group of investors who claim they lost millions of dollars by trading on FTX, alleges that FTX offered unregistered securities and derivatives products to US customers without proper disclosures and safeguards.
It also claims that FTX used celebrities to endorse its platform without disclosing their financial ties or potential conflicts of interest.
Friedberg, who left FTX in October 2021 after less than a year on the job, has reportedly provided documents and testimony that support some of these allegations. He has also expressed concerns about FTX's compliance practices and culture.
What To Expect From The Next Bitcoin Halving In 2024
To wrap up this article, we want to talk about something that every crypto investor should be aware of: the next Bitcoin halving in 2024. What is it and why does it matter?
The Bitcoin halving is an event that occurs every four years when the reward for mining a new block of Bitcoin is cut in half. This means that the supply of new bitcoins entering the market is reduced by 50 percent. The halving is designed to control the inflation of Bitcoin and ensure its scarcity and value.
The next Bitcoin halving is expected to occur approx in April or May 2024, when the block reward will drop from 6.25 Bitcoins to 3.125 Bitcoins per block. This will also reduce the annual inflation rate from around 1.8 percent to around 0.9 percent.
The halving has historically had a significant impact on the price and demand of Bitcoin, as it creates a supply shock and increases the scarcity of the cryptocurrency.
The halving is a bullish catalyst for the crypto market especially for BTC, as it increases its attractiveness as a store of value and a hedge against inflation.
Despite the current market conditions, now is an excellent time for accumulating crypto in anticipation of the next halving.