This past week has been full of exciting stories, from the frenzy around meme coins that made some traders turn a few thousand dollars into millions in just a few hours to U.S. banking giants like Goldman Sachs being revealed as BlackRock ETF "Authorized Participants."
Even though Bitcoin only dropped by 0.71% in the last seven days, new reports revealed that Bitcoin purchased between March 9–13 and March 25–29 is currently at a loss, representing just 0.16%. This means that out of the last 3,732 tradable days, only six days were not profitable for Bitcoin investors, making up just 0.16% of all days since its launch over 14 years ago on Jan. 3, 2009.
So, let's jump into the top six most exciting news stories of the week and catch up on anything you might have missed. Buckle up; it's gonna be a wild ride!
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@MelegaExchange) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (March 31–April 6, 2024)
● BlackRock Expands Bitcoin ETF with Five Major Wall Street Firms
● Montenegro Supreme Court Reevaluates Do Kwon’s Extradition
● Binance Exchange Phases Out Bitcoin NFT Support
● Ripple Set to Launch USD Stablecoin, Eyes Market Expansion
● OneCoin Legal Head Sentenced to 4 Years for $4 Billion Crypto Fraud
● Binance Establishes First-Ever Board of Directors
BlackRock Expands Bitcoin ETF with Five Major Wall Street Firms
BlackRock has updated its Bitcoin ETF prospectus, incorporating five significant Wall Street firms as new authorized participants: ABN AMRO, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities. This addition is a substantial move, signaling increased institutional interest in cryptocurrency and strengthening the operational framework of the ETF. The SEC’s cash transaction mechanism for ETF share creation and redemption aims to mitigate market manipulation risks, aligning with industry efforts to ensure price stability and investor confidence.
Montenegro Supreme Court Reevaluates Do Kwon’s Extradition
Montenegro's Supreme Court has nullified a lower court's ruling on Terraform Labs co-founder Do Kwon's extradition, sending the case back for reevaluation. The court will decide whether Kwon is extradited to the U.S. or South Korea, both of which have levied criminal charges against him. This decision follows Kwon's arrest in Montenegro in March 2023 for using falsified documents, with the Supreme Court critiquing procedural violations in the appellate court's handling of his extradition appeal.
Binance Exchange Phases Out Bitcoin NFT Support
The world’s leading centralized exchange, Binance announced it will end support for Bitcoin Ordinals, or Bitcoin NFTs, on its NFT marketplace by April 18, advising users to withdraw their NFTs before May 18, 2024. This move aims to streamline product offerings and follows the surge in popularity of Bitcoin NFTs since late 2022. The decision marks a shift away from embedding digital art and content directly on the Bitcoin blockchain, a feature that had clogged the network and increased transaction fees.
Ripple Set to Launch USD Stablecoin, Eyes Market Expansion
Ripple, the payment firm behind the XRP crypto coin, plans to introduce a US dollar-backed stablecoin, targeting a share in the stablecoin market projected to reach $2 trillion by 2028. The stablecoin aims to compete with major players like Circle’s USDC and Tether's USDT, focusing on compliance and transparency. Initially issued on the XRP Ledger and Ethereum blockchain, it seeks to diversify and robustify the stablecoin ecosystem. Ripple emphasizes a "compliance-first" approach, backing the stablecoin with U.S. dollar deposits, Treasurys, and cash equivalents.
OneCoin Legal Head Sentenced to 4 Years for $4 Billion Crypto Fraud
Irina Dilkinska, the former head of legal and compliance for OneCoin, has been sentenced to four years in prison for her role in laundering millions through the $4 billion Ponzi scheme. United States District Judge Edgardo Ramos also ordered her to forfeit $111 million as restitution. Despite her intelligence, Dilkinska was criticized for not leaving the scheme sooner, highlighting the significant legal consequences of her involvement in the massive fraud.
Binance Establishes First-Ever Board of Directors
Binance Holdings has introduced a seven-person board of directors, marking a significant organizational change. Gabriel Abed, former ambassador of Barbados to the UAE, chairs this new board, which includes both company executives and independent members. This move comes after a settlement with U.S. authorities, requiring Binance to pay $4.3 billion in penalties and establish a board with independent members and compliance committees.
NEWS FROM MELEGA ECOSYSTEM
NewYorkNewYork Coins (NYNYC) Farm & Pool Listed on on MelegaSwap
NYNYC aims to optimize its marketing budget by allocating a portion to yield-generating assets. This strategy provides additional revenue streams that can be reinvested in further development, marketing initiatives, and rewarding holders of BNB through NYNYC. The ultimate vision is to establish NYNYC as a leading force at the intersection of AI technology and the blockchain ecosystem. By expanding globally and developing diverse projects that merge trading and gaming, NYNYC intends to usher in a new era for its community.
Melega Secures a New Strategic Partnership With Farmer Coin (FARM)
We are proud to unveil a strategic marketing partnership with Farmer Coin (FARM) as they prepare for their upcoming presale on April 10th at 12:24 pm UTC. Farmer Coin is an innovative project aimed at leveraging blockchain technology to elevate the value and significance of agricultural work. By embracing digital asset technology, Farmer Coin (FARM) aims to empower the agricultural sector and its operators with a wealth of new opportunities.
FERSCOIN (FR) Farm & Pool Listed on MelegaSwap
Empowering Kurdistan’s financial landscape, Fers Coin stands as the region’s first and finest cryptocurrency, ushering in a new era of economic growth and financial empowerment
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