Last week, the Securities and Exchange Commission sent a Wells Notice to Uniswap, declaring intentions to sue the exchange amid increased regulatory efforts. Meanwhile, FTX founder Sam Bankman-Fried seeks to appeal his sentencing. This downward spiral was short-lived, as Bitcoin eventually staged a comeback, rallying 2.15% on April 10 to recover the $70,000 territory. Hayes predicted that BTC could drop immediately before and after the halving.
Bitcoin dropped to the $65,000 zone on April 12 for the first time in over a week. With the Bitcoin decline came a wider collapse in the market, causing the global crypto valuation to fall to $2.2 trillion on April 12. This resulted in massive liquidations across the market, with over $860 million flushed from the derivatives market. Iran eventually fired over 100 drones toward Israel on April 13, further escalating the tension.
Following this unprecedented attack, the crypto market saw a steeper decline, with Bitcoin dropping to a 1-month low of $60,660 on April 13. Uniswap founder Hayden Adams expressed his disappointment in the move, but stressed that he and his team plan to fight. This comes shortly after Ripple revealed intentions to launch a stablecoin this year. This prevailing environment is now prompting multiple firms to explore a move overseas.
To do this, the region seeks to leverage a legislative amendment to regulate the crypto-mining industry. Bankman-Fried was sentenced to 25 years in jail. Other former FTX executives such as Gary Wang and Caroline Ellison also await sentencing. Recently, Andrej Milovic, Montenegro’s Minister of Justice, will determine whether the South Korean developer would be extradited to his home country or the U.S. to face charges.
However, with increased network activity came congestion issues.
