Solana

Uniswap

Bitcoin

April

<p class="is-style-lead">The unfolding conflict between Iran and Israel contributed to a collapse in crypto prices on Sunday, April 14. </p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="the-calm-before-the-storm">The calm before the storm</h2> 
<ul> 
 <li>The crypto market started the week favorably, with the global crypto market cap surging 3.6% to a 3-month high of $2.62 trillion on April 8, with Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) reclaiming the $72,000 price threshold following a 3% spike.</li> 
</ul> 
<ul> 
 <li>BTC <a href="https://crypto.news/bitcoin-all-time-high-daily-trading-volume/" rel="">approached</a> its all-time high on April 8 after rising 4% to offset the losses of the previous correction. However, the premier crypto asset recorded a price decline the next day, <a href="https://crypto.news/bitcoin-sinks-68000-us-inflation/" rel="">dropping</a> 3.45% to $68,000 on April 9 as U.S. inflation data came out hotter than expected.&nbsp;</li> 
</ul> 
<ul> 
 <li>This downward spiral was short-lived, as Bitcoin eventually staged a comeback, rallying 2.15% on April 10 to recover the $70,000 territory. This recovery push persisted despite an observable <a href="https://crypto.news/bitcoin-price-surges-amid-declining-whale-activity/" rel="">drop</a> in whale activity.</li> 
</ul> 
<ul> 
 <li><a href="https://crypto.news/arthur-hayes-bitcoin-price-down-halving/" rel="">Reports</a> from April 9 confirmed that BitMEX founder Author Hayes remained skeptical of Bitcoin’s ability to reclaim and hold above its recently set all-time high as the halving nears. Hayes predicted that BTC could drop immediately before and after the halving.</li> 
</ul> 
<h2 class="wp-block-heading" id="iran-israel-conflict-exacerbates-market-crash">Iran-Israel conflict exacerbates market crash</h2> 
<ul> 
 <li>The bears retook control of the scene as the week progressed. 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.</li> 
</ul> 
<ul> 
 <li>The tension surrounding the looming Iran-Israel <a href="https://crypto.news/iran-israel-conflict-funding-rates-860m-sell-off/" rel="">conflict</a> exacerbated the market drop. This resulted in massive liquidations across the market, with over $860 million flushed from the derivatives market.</li> 
</ul> 
<ul> 
 <li>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. </li> 
</ul> 
<ul> 
 <li>Despite the liquidations, renowned computer intelligence consultant and Bitcoin advocate Edward Snowden <a href="https://crypto.news/edward-snowden-not-worried-bitcoin-prices-dropping/" rel="">emphasized</a> that there is no reason to panic.</li> 
</ul> 
<h2 class="wp-block-heading" id="uniswap-receives-a-wells-notice">Uniswap receives a Wells Notice&nbsp;</h2> 
<ul> 
 <li>While the crypto community grappled with price volatility, the U.S. SEC explored the prospect of leveling charges against Ethereum-based decentralized exchange Uniswap, the largest DEX in the world.&nbsp;</li> 
</ul> 
<ul> 
 <li>Notably, Uniswap <a href="https://crypto.news/sec-serves-wells-notice-to-uniswap/" rel="">revealed</a> on April 10 that it had received a Wells Notice from the SEC, with the securities regulator declaring its intentions to pursue legal action against the decentralized exchange.</li> 
</ul> 
<ul> 
 <li>Uniswap founder Hayden Adams expressed his disappointment in the move, but stressed that he and his team plan to fight. Following reports of the development, UNI, the exchange’s native token, <a href="https://crypto.news/uniswap-nosedives-16-on-news-of-wells-notice/" rel="">dropped</a> 17% to $9.27 as selloffs intensified.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="us-regulatory-environment">US regulatory environment</h2> 
<ul> 
 <li>The broader U.S. crypto regulatory environment took center stage this week. Reports <a href="https://crypto.news/us-treasury-seeks-secondary-sanctions-tool-to-go-after-crypto-exchanges/" rel="">surfaced</a>, revealing that the Treasury is seeking greater authority to crack down on crypto use by sanctioned entities like North Korea, Russia and Iran.</li> 
</ul> 
<ul> 
 <li>U.S. lawmaker Senator Kirsten Gillibrand <a href="https://crypto.news/stablecoin-regulation-senators/" rel="">disclosed</a> this week that Congress is already engaged in discussions about introducing a bipartisan bill to regulate stablecoins. This comes shortly after Ripple revealed intentions to launch a stablecoin this year.</li> 
</ul> 
<ul> 
 <li>While federal agencies and Congress push to regulate the crypto scene, former Ethereum advisor Steven Nerayoff <a href="https://crypto.news/ethereum-advisor-sues-united-states/" rel="">initiated</a> a lawsuit against the U.S. government, demanding $9.6 billion in damages for alleged harsh treatment by government agencies over the past four years.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="global-regulatory-efforts">Global regulatory efforts</h2> 
<ul> 
 <li>Besides the U.S., regulatory efforts dominated the scene in other jurisdictions. This week, the central bank of Russia <a href="https://crypto.news/russias-central-bank-urges-lawmakers-to-hasten-crypto-bill-amid-us-sanctions/" rel="">called</a> on the country’s lawmakers to quicken the introduction of a bull that would regulate the use of cryptocurrencies, especially for international settlements amid sanctions from the U.S.</li> 
</ul> 
<ul> 
 <li>Meanwhile, in Hong Kong, <a href="https://crypto.news/hong-kong-faces-uncertainty-as-licensed-crypto-exchanges-eye-oversea-expansion/" rel="">reports</a> from this week suggested that crypto exchanges are battling regulatory uncertainty. This prevailing environment is now prompting multiple firms to explore a move overseas.</li> 
</ul> 
<ul> 
 <li>In British Columbia, the government is looking for ways to <a href="https://crypto.news/british-columbia-cracks-down-on-crypto-miners-citing-energy-consumption/" rel="">address</a> the high energy consumption associated with crypto mining operations. To do this, the region seeks to leverage a legislative amendment to regulate the crypto-mining industry.</li> 
</ul> 
<h2 class="wp-block-heading" id="bankman-fried-to-appeal-sentencing-do-kwon-s-extradition-approved">Bankman-Fried to appeal sentencing, Do Kwon’s extradition approved</h2> 
<ul> 
 <li>Bankman-Fried’s lawyers <a href="https://crypto.news/bankman-fried-remain-brooklyn-prison/" rel="">argued</a> in a letter to Judge Lewis Kaplan on April 8 that it would be more convenient to retain Bankman-Fried in the temporary detention in Brooklyn, where he has been since last August, until an appeal is done.</li> 
</ul> 
<ul> 
 <li>Bankman-Fried was sentenced to 25 years in jail. On April 10, Ryan Salame, a <a href="https://crypto.news/ftx-ryan-salame-sentencing-may-28/" rel="">former FTX executive</a>, will receive his sentencing on May 28 after pleading guilty. Other former FTX executives such as Gary Wang and Caroline Ellison also await sentencing.</li> 
</ul> 
<ul> 
 <li>In a rollercoaster ride, Terra founder Do Kwon’s extradition was again <a href="https://crypto.news/do-kwon-extradition-approved-again/" rel="">approved</a> by a court in Montenegro. 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.</li> 
</ul> 
<h2 class="wp-block-heading" id="solana-suffers-congestion">Solana suffers congestion </h2> 
<ul> 
 <li>This week, Solana witnessed a bittersweet moment marked by increased network adoption and congestion issues. CoinGecko <a href="https://crypto.news/solana-base-dex-listings-meme-coin/" rel="">disclosed</a> on April 8 that DEXs on Solana accounted for most of the trading volume in the DeFi scene.&nbsp;</li> 
</ul> 
<ul> 
 <li>This was primarily due to the growing deployment and interest in meme coins on Solana, following the successes of Bonk (<a href="https://crypto.news/price/bonk/" rel="">BONK</a>) and dogwifhat (<a href="https://crypto.news/price/dogwifhat/" rel="">WIF</a>). However, with increased network activity came congestion issues. Anza, a Solana developer team, <a href="https://crypto.news/anza-congestion-solana/" rel="">deployed</a> an update to try and address this issue.</li> 
</ul> 
<p> Read more: <a href="https://crypto.news/solana-passed-scalability-test-despite-outages-analyst-says/" rel=""> Solana passed scalability test despite outages, analyst says </a> </p>

Iran-Israel conflict brings bear market, SEC to sue Uniswap, Bankman-Fried plans appeal | Weekly Recap

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