Halving will take place next week, and in April, Bitcoin did not perform as expected. While many major developments caused price fluctuations, sales in the spot Bitcoin ETF channel are frustrating. Meanwhile, the legal pressure of the US on crypto remains strong. So, what’s the current situation? What were the last significant developments?
Latest Developments in Cryptocurrencies
On Tuesday, there was a criminal case for Avraham Eisenberg, the exploiter of the DeFi platform Mango. The trial, which started in a federal court in Manhattan, is quite significant for the US legal system in terms of complexity. The attack in 2022 is being referred to as “market manipulation.”
During the trial, the focus was more on whether DeFi transactions are subject to current US criminal law than whether Eisenberg was behind the hack. Can the US have jurisdiction over decentralized finance protocols? Meanwhile, the attacker had already openly confessed to the crime. Crypto law experts say the trial that started this week could have extremely important consequences for the DeFi field. This case, with high potential to set a precedent, will also clarify the regulatory needs in this area for the future.
Uniswap Case
The latest move by the US Securities and Exchange Commission was also about DeFi. The agency officials had already signaled the steps they would take in this field. Uniswap, one of the largest DeFi protocols, received a notification that they would soon be sued by the SEC.
The crypto community emphasizes the desperation of protocol officials who have been trying to comply with the SEC for 6 years. SEC members Peirce and Uyeda even say that the agency is condemning crypto to lawsuits and deliberately not providing guidance.
Agenda for Tomorrow
Tomorrow we will see how much the exits in the ETF channel will grow. The missiles sent by Iran, which were almost entirely destroyed, leave Israel’s response to the drones uncertain. If the conflict area in the Middle East expands further, it will fuel negativity in risk markets.
On the other hand, altcoins continue the day with double-digit losses, with most at support lows. If the current levels of closure continue, there are signals suggesting that losses will deepen on the technical front as of tomorrow.
