Crypto News- In today’s crypto updates, the stakes are high as Bitcoin’s price hovers above $80,000 post-halving, crucial for miners’ profitability. According to CryptoQuant’s CEO Ki Young Ju, mining costs will double with the upcoming halving, putting pressure on miners to maintain operations amidst rising expenses. With Bitcoin’s current price at $71,773, it’s a nail-biting scenario for miners who rely on sustained high prices to stay afloat.
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On another front, Coinbase’s layer-2 network, Base, has hit a milestone, locking in over $4 billion in total value. Surpassing Ethereum and Arbitrum in 30-day transactions, Base is making waves in the crypto sphere. Its recent surge in activity, with a transaction count of 50.34 million, showcases its growing dominance in the market. Additionally, Base’s meme token market capitalization has soared, reflecting the platform’s popularity amid the memecoin craze.
However, amidst the excitement, a sobering legal battle has concluded. The U.S. SEC’s lawsuit against Do Kwon and Terraform Labs has ended with a damning verdict. Accused of defrauding investors, the jury swiftly found Terraform Labs and Kwon liable for what the SEC described as a “massive crypto fraud.” This marks a significant blow to the once-promising venture, which collapsed dramatically in 2022 following the crash of its algorithmic stablecoin. Kwon’s ongoing legal saga, coupled with Terraform Labs’ downfall, serves as a cautionary tale in the volatile world of cryptocurrency.
As the industry grapples with regulatory scrutiny and market fluctuations, these developments underscore the need for transparency and accountability to safeguard investors and ensure the long-term viability of crypto projects.
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