Crypto News Highlights (15th April to 19th April 2024)
Here are the top stories that happened in crypto this week.
- Ethereum Revenue Surges: $365 Million in Q1, Up 155% YoY
- Bitcoin Rebounds Above $62K Amidst Market Calm After Israeli Attack
- Satoshi-Era Bitcoin Transfers After 14 Years of Dormancy
- Hong Kong SFC Greenlights Bitcoin and Ethereum Spot ETFs
- Worldcoin Introduces Human-Centric Blockchain: World Chain
Ethereum Revenue Surges: $365 Million in Q1, Up 155% Year on Year
The Ethereum network experienced a robust performance in the first quarter of 2024, reporting a remarkable revenue of $365 million. This figure represents an impressive year-on-year growth of 155%. The surge in decentralized finance (DeFi) activity significantly contributed to this substantial increase in revenue.
Ethereum's fee revenue, mainly generated through user transactions, reached a notable milestone of $1.17 billion in Q1, marking a remarkable 155% increase from the same period in 2023 and an 80% upswing from the previous quarter. The surge in network activity, fueled by the DeFi boom, has propelled Ethereum's average daily transactions in 2024 to levels close to its peak during the historic run in 2021.
Despite Ethereum's revenue still being significantly lower than its peak in 2021, this achievement reflects the network's resilience and adaptability following the transition to a proof-of-stake consensus mechanism in September 2022.
Bitcoin Rebounds Above $62K Amidst Market Calm After Israeli Attack
Bitcoin (BTC) has bounced back above the $62,000 mark as the crypto market regained stability following reports of limited damage from an Israeli strike on Iranian military targets.
The market reacted positively after initial reports suggested that the damage caused by the strike was not as severe as feared. Ether (ETH) also saw a slight recovery but remained below the $3,000 mark.
Market analysts are closely watching the $55,000 threshold for Bitcoin, should market turbulence persist. Despite the geopolitical tensions, the market's focus has now shifted to the upcoming Bitcoin halving.
Satoshi-Era Bitcoin Transfers After 14 Years of Dormancy
A significant development has occurred in the cryptocurrency space as Bitcoin from the early days, often referred to as the "Satoshi era," has been moved after 14 years of inactivity.
A miner from the early days of Bitcoin recently transferred 50 BTC, which had remained untouched since 2010. The move, valued at over $3 million, has sparked speculation within the crypto community about the identity and intentions of the original owner of these bitcoins.
Hong Kong SFC Greenlights Bitcoin and Ethereum Spot ETFs
The Hong Kong Securities and Futures Commission (SFC) has approved several prominent asset management companies' applications to launch Bitcoin and Ethereum spot exchange-traded funds (ETFs).
This approval marks a significant milestone in the adoption of cryptocurrencies in traditional financial markets. China Asset Management (Hong Kong), Bosera Capital, and HashKey Capital Limited are among the companies that have received approval to offer these innovative investment products to investors.
Worldcoin Introduces Human-Centric Blockchain: World Chain
Worldcoin, the project led by OpenAI CEO Sam Altman, has launched World Chain, a new blockchain initiative focused on prioritizing human users and increasing efficiency in Web3 applications.
World Chain aims to address the challenges faced by existing blockchains, such as congestion caused by bot activity, by prioritizing transactions from confirmed human users. The project has also introduced measures to enhance user privacy and security, including a petrol allowance for new users and tighter privacy checks.
Despite facing scrutiny from government regulators, Worldcoin remains committed to its mission of creating a more inclusive and user-centric blockchain ecosystem.
Disclaimer: Â The information provided in this crypto news round-up is for informational purposes only and should not be considered financial or investment advice. Obiex will not be held liable for your investment decisions.
