April will be an eventful month for the crypto industry, with several key events that could have major implications. From halving to regulatory decisions and protocol launches, it is highly likely that these events have the potential to shape the future of the digital asset landscape.
On April 10, the United States will announce the March Consumer Price Index (CPI), a vital indicator that measures the change in average price paid by urban consumers for a basket of goods and services. The Federal Reserve closely monitors the CPI as it influences inflation and, consequently, the central bank’s interest rate decisions. Any change in interest rates can have a ripple effect on the overall performance of the crypto market.
April 19 marks the deadline for the US Securities and Exchange Commission (SEC) and US cryptocurrency exchange Coinbase to reach a settlement in their ongoing legal battle. As reported by a media outlet, the court previously ruled in favor of the SEC, supporting claims that Coinbase operated as an exchange, broker, and clearing agency. However, the court also sided with Coinbase on certain claims related to its wallet.
One of the most anticipated events in the world of cryptocurrencies, the Bitcoin block reward halving, is scheduled for April 25. This event, which occurs approximately every four years, reduces the mining reward for contributors who protect the network by 50%. As a result, the rate at which new BTC is introduced into circulation slows down.
Bitcoin Halving Approaches
Coinciding with the Bitcoin halving on April 25, the Runes protocol is expected to launch around April 25. Runes is a Bitcoin-native digital commodity protocol that introduces a novel fungible token system to the Bitcoin network.
The sentencing hearing for Changpeng Zhao (CZ), former CEO of Binance, is expected to take place on April 30. CZ pleaded guilty to failing to maintain an effective anti-money laundering program at Binance. CZ agreed to resign as CEO and pay a $50 million fine as part of the plea deal. Binance also agreed to pay substantial fines of more than $4.3 billion and restitution.
Finally, the EigenLayer mainnet launch is expected at the end of April. Mainnet is when a blockchain protocol is fully developed and implemented, allowing cryptocurrency transactions to be transmitted, verified and recorded on a distributed ledger technology (blockchain).
The largest cryptocurrency on the market, BTC, is trading at $68,690, marking a price decrease of 2.6% in the last 24 hours and 2.4% in the last seven days.
Halving: Cryptocurrencies to Watch in April Besides Bitcoin and Dogecoin
April marks the beginning of the cycle for altcoins, which can often outperform BTC in terms of gains. It is worth examining which are the most promising cryptocurrencies to take advantage of the April halving.
Doge. Being the largest memecoin in this niche, is ideally positioned to take advantage of the bull cycle. It has a low value, which increases the chances of more potential profits. Furthermore, DOGE is strategically positioned to benefit from a bullish cycle that could be even stronger than that of BTC.
Bitcoin. After the halving, there will be fewer new BTC to satisfy a demand that, in 2024, was 10 times greater than the monthly supply placed by miners. In addition to enthusiasts and companies, ETFs are now competing for these BTC, and managers want to pay a lot. Therefore, this supply shock after the halving could cause strong price increases in the medium term.
By Leonardo Perez
