The Crypto Compass Issue #67

Hello readers,

The Bitcoin halving has finally happened! Historically, the halving, which reduces the reward for mining new blocks by half, has been a precursor to a bullish trend in Bitcoin prices over the following months. Industry leaders and investors are keenly observing the aftermath of this event, analyzing its immediate impact on Bitcoin's price and broader implications for the crypto market. This cycle's halving arrives amidst a backdrop of growing institutional adoption and technological advancements within the crypto space, setting the stage for potentially transformative shifts in market dynamics and investment strategies.

Bitcoin Halving: A New Chapter Begins

The Bitcoin network experienced a significant milestone on Friday evening, undergoing its fourth halving event. This critical update, which occurred just after the 840,000th block was mined, has reduced the mining reward from 6.25 to 3.125 BTC per block. This change aims to enhance Bitcoin's digital scarcity—a core principle established by its creator, Satoshi Nakamoto. With the total Bitcoin supply ever nearing its 21 million cap, this halving event is expected to influence the cryptocurrency's value and mining dynamics profoundly. As the community anticipates potential price increases due to the reduced supply flow, miners are adjusting to the new economic realities that accompany decreased block rewards. This adjustment phase is pivotal in determining the short-term reactions and long-term implications for Bitcoin's network security and valuation.

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Binance CEO Discusses Bitcoin's Unique Halving Circumstances

Binance CEO Richard Teng has pointed out that the upcoming Bitcoin halving is occurring under particularly unique circumstances, enriched by significant developments within the cryptocurrency landscape. Teng noted the event's timing alongside breakthroughs in Bitcoin ETFs and surges in Layer 2 and DeFi activities, particularly through the Ordinals protocol, as key factors contributing to a vibrant ecosystem. Historically, Bitcoin's price has risen in the six months following past halvings, a trend driven by the reduced supply of new coins.

Telegram CEO Pavel Durov Discusses Wealth, Privacy, and Future Tech Innovations

In a recent interview with Tucker Carlson, Telegram's CEO Pavel Durov revealed holding a significant portion of his wealth in Bitcoin for the past decade, underscoring his financial independence and commitment to maintaining Telegram's autonomy. Despite past regulatory challenges with the SEC and internal proposals for cryptocurrency projects, Durov remains optimistic about the future of privacy technology. He predicted the development of new secure hardware communication devices that could enhance privacy amid growing governmental surveillance, drawing parallels with crypto hardware wallets used today.

Happenings of the week

• Ethereum protocol Heroglyphs takes inspiration from Bitcoin mining to fix token distributions

• Bitcoin Spot ETFs Register Five-Day Withdrawals Streak Ahead of Halving

• Avraham 'Avi' Eisenberg convicted for $110 million Mango Markets exploit: report

• Bitcoin Layer 2 Coins, STX, ELA, SAVM, Outperform BTC After Halving

ZKasino's Launch Sparks Controversy and Allegations of Mismanagement

ZKasino, a crypto project valued at $350 million, faced significant backlash at its launch when it changed the terms of its ether investment return policy. Originally, over $33 million in ether was bridged to the ZKasino network by 10,000 participants with promises of a straightforward redemption to ether. However, at launch, the project announced that these funds would instead be automatically converted into $ZKAS tokens and vested over fifteen months as a "favor" to ensure a "seamless transition." This abrupt change led to widespread accusations of a rug pull, especially as previous promises on ZKasino's website were quietly altered.

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