According to CryptoQuant data, for miners to make profitable transactions, the price of Bitcoin must remain above $80,000 after the halving. Coinbase’s Layer-2 network Base surpassed $4 billion in total locked value (TVL), outperforming Ethereum and Arbitrum in 30-day transactions. Meanwhile, Do Kwon and Terraform Labs were found responsible for defrauding investors in the legal case concluded by the United States Securities and Exchange Commission (SEC) on April 5th.
What to Expect After Bitcoin’s Halving?
CryptoQuant CEO Ki Young Ju’s data suggests that the cost of mining with Antminer S19 XPs will rise from $40,000 to $80,000 after the upcoming Bitcoin halving event in mid-April. The halving event significantly affects miner behavior as mining costs double to earn the same amount of Bitcoin, indirectly influencing Bitcoin’s price.
The average Bitcoin mining cost as of April 6th is $49,902, and the price of Bitcoin at the time of writing is above $70,000; however, after the halving event scheduled for April 20th, average mining costs are expected to exceed $80,000. For miners to continue operating profitably, the price of Bitcoin must trade above this level.
Intense Interest in Coinbase’s Base Ecosystem
Cryptocurrency exchange Coinbase’s Ethereum Layer-2 network Base has surpassed $4 billion in TVL for the first time, with a 13.2% increase over the past week, outperforming Ethereum and its biggest competitor, Arbitrum, in 30-day transactions. According to L2Beat’s updated data on April 7th, Base’s total TVL is $4.15 billion, including $1.45 billion worth of Ethereum on the mainnet and $2.7 billion worth of tokens in the ecosystem.
According to TVL data, Base, the third-largest Ethereum Layer-2 network, has left its fourth-place competitor Blast behind by approximately $1.4 billion, trailing second-place Optimism with $3.5 billion and leader Arbitrum with $14.6 billion. Last week, Base’s average transactions per second (TPS) increased by 29.7%, reaching an average of 35.19 TPS the previous day, surpassing the rival Layer-2 network Arbitrum’s 16.61 and Ethereum mainnet’s 13.91 total TPS.
Verdict Reached in Terraform Case
The SEC’s legal case against Terraform Labs and Do Kwon concluded with the jury finding the former executive and the dissolved company responsible for defrauding investors. The jury members quickly deliberated and reached a decision just hours after the SEC presented its in-court claims that Terraform was built on lies. SEC Enforcement Director Gurbir Grewal shared the following statement:
“We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon accountable for a major crypto fraud. Terraform Labs and its former CEO Kwon deceived investors about the security of crypto assets and the supposed stability of the algorithmic stablecoin Terra USD, and further misled investors about whether a popular payment app was using Terraform’s blockchain network to process and execute payments.”
