cWBTC (cwbtc) 
Bitcoin Experiences Significant Drop Post Halving; Hong Kong Approves Launch of Spot Bitcoin and Ethereum ETFs; TON Sees Impressive Growth
As the fourth Bitcoin halving approached, discussions intensified in anticipation of the event. Crypto.com CEO Kris Marszalek predicted potential selloffs in Bitcoin after the halving. Despite this, Marszalek remained optimistic about the long-term bullishness of Bitcoin. Just a day after his remarks, Bitcoin witnessed a massive drop, plummeting to $59,600 before rebounding to $61,277, causing $115 million in liquidations within hours.
Reports indicated that Bitcoin mining stocks had been declining prior to the halving, with Marathon Digital, Valkyrie Bitcoin Miners ETF, and Riot Platforms all experiencing significant drops. Bitwise CIO Matt Hougan suggested that the Bitcoin halving typically triggers a “buy-the-news” event, leading to long-term price rallies.
Before the halving, the Bitcoin network saw a surge in transaction costs due to the emergence of Runes, a fungible token protocol developed by Ordinals founder Casey Rodarmor. As participants minted Runes, Bitcoin network fees spiked to $19 on April 18.
Following the halving on April 20, which reduced Bitcoin block rewards from 6.25 BTC to 3.125 BTC, crypto prices experienced a mild decline. The global crypto market cap dropped by 1.32% post-halving, while meme coins like Duko saw significant gains.
In a positive development, the Hong Kong Securities and Futures Commission (SFC) conditionally approved the launch of spot Bitcoin and Ethereum ETFs, paving the way for asset managers in the region to file applications for trading. This approval is expected to attract significant capital inflows, with estimates suggesting up to $1 billion in the first two years.
In the US, lawmakers in Arkansas passed two bills that could impact crypto mining activities, while Senators introduced a bill to regulate stablecoins. Meanwhile, the SEC hinted at potential legal actions against Tron founder Justin Sun.
Internationally, the UK government announced plans to implement stablecoin and cryptocurrency laws by the third quarter of the year. Norway also proposed new legislation to restrict crypto mining activities.
The Open Network (TON) ecosystem saw remarkable growth, surpassing $148 million over 30 days. Tether minted $10 million worth of USDT stablecoin on the TON blockchain, leading to a 17% price spike for the TON native token. Mercuryo partnered with TON to launch a fiat-to-crypto on-ramp service, while the TON Foundation introduced an incentive program for USDT users.
At the Token2049 conference, Binance CEO Richard Teng discussed regulatory issues, while Binance COO Noah Perlman highlighted challenges due to the platform’s agreement with the US Department of Justice. Ava Labs CEO Emin Gün Sirer clarified that Avalanche was not created as an Ethereum competitor, contrary to popular belief.
