Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
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According to CryptoQuant, Bitcoin price must stay above $80,000 after the halving if miners are to remain profitable. Coinbase’s layer-2 network Base has crossed $4 billion in total value locked as its 30-day transactions outpaced Ethereum and Arbitrum. Meanwhile, Do Kwon and Terraform Labs have been found liable for defrauding investors in a U.S. SEC civil case that ended on April 5.
Bitcoin needs to hold above $80,000 to keep mining profitable post-halving
According to data from CryptoQuant CEO Ki Young Ju, the current cost of mining using Antminer S19 XPs will rise from $40,000 to $80,000 after the Bitcoin halving in mid-April.
Apart from indirectly impacting the price of Bitcoin
BTC $71,919, the halving event significantly impacts miner behavior, as mining costs double to earn the same amount of BTC.
The average Bitcoin mining cost as of April 6 is $49,902, and the BTC price is above $70,000 at the time of writing. After the halving on April 20, average mining costs will rise above $80,000, and for miners to continue operating profitably, the BTC price must trade higher than that price.
Base hits $4B TVL as monthly txs outstrip Ethereum and Arbitrum
Crypto exchange Coinbase’s Ethereum layer-2 blockchain Base has seen its total value locked (TVL) surge by over 13.2% in the past week to surpass $4 billion for the first time as its 30-day transactions beat out Ethereum and its top rival Arbitrum.
L2BEAT data updated on April 7 shows Base’s total TVL at $4.15 billion, including $1.45 billion of canonically bridged value — assets locked on Ethereum to be represented on Base — and $2.7 billion in natively minted assets.
Base’s total TVL chart with the split between canonically bridged funds (purple) and natively minted (pink). Source: L2BEAT
Base is the third largest Ethereum layer 2 by TVL, beating fourth-place rival Blast by around $1.4 billion and $3.5 billion behind the second-place Optimism and $14.6 billion behind leader Arbitrum.
The Ethereum scaler’s TVL bump comes amid an activity surge that’s seen its 30 day transaction count hit 50.34 million, surpassing Arbitrum’s 40.1 million and Ethereum’s 37.9 million.
Base’s average daily transactions per second (TPS) jumped by 29.7% over the week and over the past day has averaged 35.19 TPS — ahigher than the combined TPS’ of rival layer 2 Arbitrum and Ethereum, which saw respective scores of 16.61 and 13.91.
Meanwhile, Base has been one of the main beneficiaries of recent memecoin activity. Base nwhere its meme token market capitalization has reached over $1.6 billion, an over 13% jump over the last day, according to CoinGecko.
Do Kwon and Terraform Labs found liable for fraud
The United States Securities and Exchange Commission’s civil lawsuit against Terraform Labs and Do Kwon has ended, with a jury finding the former executive and his defunct company liable for defrauding investors.
“We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud,” said SEC enforcement director Gurbir Grewal. “Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform’s blockchain to process and settle payments.”
Terraform Labs collapsed in epic fashion in May 2022 after its algorithmic stablecoin crashed, triggering a massive contagion effect across the crypto industry.
Meanwhile, Kwon remains in Montenegro since his arrest last March. His extradition was annulled on April 5.
