Bitcoin and Ethereum's prices jump as halving approaches, Nigeria's legal actions against Binance, and Do Kwon's release in Montenegro.
BTC and ETH Prices Jump as Halving Looms

BTC and ETH Prices Jump as Halving Looms

Bitcoin and Ethereum's prices jump as halving approaches, Nigeria's legal actions against Binance, and Do Kwon's release in Montenegro.

Last update:
Mar 26, 2024
| Issue

Welcome to the first edition of Datawallet Daily for the week. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

BTC and ETH Prices Jump as Halving Looms

Following a dip to $63,000 over the weekend, Bitcoin has experienced a 3% gain, reaching $66,964, despite a 2.5% decrease over the last week. This rebound occurs as anticipation builds for the upcoming Bitcoin halving set for April 19, reducing mining rewards from 6.25 to 3.125 BTC. The event’s exact date is subject to change due to the nature of block processing times.

Ethereum has similarly seen a positive trend, gaining 2.6% in the last 24 hours and hitting a price of $3,452. This increase comes after a momentary dip below $3,000, showcasing a 17% monthly growth. Amidst these developments, the SEC has postponed its decision on the Grayscale Ethereum Trust’s conversion to a spot Ethereum ETF until May 30, fueling further speculation and anticipation within the cryptocurrency market.

Nigeria Accuses Binance and Detained Executives of Tax Evasion

Nigeria has accused Binance and its executives of tax evasion, escalating a confrontation that saw two senior figures from the cryptocurrency exchange detained. The charges, lodged by the Federal Inland Revenue Service, encompass allegations of non-payment of taxes, including Value-Added Tax and Company Income Tax, failure to file tax returns, and facilitating tax evasion for its users. 

This legal action follows accusations against Binance of processing criminal funds and influencing the local currency’s exchange rate. The situation has drawn significant attention, with one detained executive, Nadeem Anjarwalla, managing to escape government custody.

Binance Ceases USDC Support on Tron Blockchain

Binance has announced it will cease supporting USDC transactions on the Tron blockchain starting April 5, following Circle’s decision to stop minting the stablecoin on Tron. The termination affects deposits and withdrawals of TRC20 USDC tokens, but not those on other networks like Ethereum, nor does it impact USDC trading on Binance. 

This move comes as part of Circle’s risk management, aiming to maintain USDC’s trustworthiness and security. Despite this change, Tron remains a significant platform for USDT, the leading stablecoin, indicating a shift rather than an end to Tron’s role in the stablecoin landscape.

Do Kwon Freed from Detainment in Montenegro 

Do Kwon, the Terraform Labs co-founder, was released in Montenegro as the Supreme Court evaluates his extradition to either the U.S. or South Korea. His release followed the completion of his sentence for using falsified documents. The Supreme Court has paused a lower court’s extradition decision to South Korea, where Kwon faces milder penalties compared to the U.S. 

He is accused in both jurisdictions due to the TerraUSD stablecoin collapse, leading to significant financial losses. Kwon’s passport has been retained, restricting his travel as legal proceedings continue, with his future uncertain pending further court decisions on extradition matters.

Other breaking news

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