🐝 Bitcoin Halving 2024: What you need to know 👀
Hey there, Monday enthusiasts! Web3 Buzz is here again with your daily dose of blockchain highlights. On today's menu:
In this buzz-worthy edition, we bring you:
Coinbase Takes on the SEC 🏛️
Bitcoin Halving Countdown: Just One Year Left! ⏳
Web3 Job Opportunities 🧑💻
zkSync Faces $1.8M Loss Due to Hack 👀
COINBASE TAKES ON THE SEC 🏛️
Have you heard the latest news about Coinbase? It seems like while the European Union is moving forward with crypto regulations, the U.S. is lagging behind. Bummer, right?
The Securities and Exchange Commission (SEC) is still trying to figure out if crypto tokens are securities or not.
It's been a whole ten months since Coinbase filed a rule-making petition for the SEC to give us some answers, but they've been ghosting us.
So, what did Coinbase do? They're taking matters into their own hands and filing a lawsuit!
Coinbase is demanding the SEC to answer their yes or no question on their rule-making petition.
Their legal team is led by the infamous Eugene Scalia, who's had a beef with the SEC for years. You might remember when he beat them in a 2011 lawsuit over the Dodd-Frank Act rule. Savage!
So, what does this mean? Over 1,700 entities and individuals have joined Coinbase in this request for clarity, and the SEC is required to respond within a reasonable time under the Administrative Procedure Act.
If they say no, Coinbase can challenge the decision in court and explain why rule-making is necessary.
Coinbase is all about transparency and dialogue, and they remain available to the SEC and regulators to chat about these issues. They believe it's their duty to seek regulatory clarity for their industry, customers, shareholders, and employees. Go Coinbase!
They're asking the court to compel the SEC to share their decision because they haven't told the public yet.
Coinbase's legal challenge is an attempt to get basic rule-making and clear rules of the road from Washington leaders.
NEXT BITCOIN HALVING IS ONLY A YEAR AWAY! ⏳
Guess what's happening in a year? No, not your birthday, the next Bitcoin halving!
That's right, every four years, the crypto world gets shaken up by this major event, and after a bumpy ride in 2022, investors are already looking ahead to the next one.
So, what's the big deal? Well, every halving slashes the amount of new Bitcoin that gets created in half.
Even though there's a fixed supply of 21 million Bitcoin, only around 19 million have been mined so far. The remaining 2 million will be awarded to future miners, which dilutes the supply over time.
But don't sweat it, the inflation is going down, baby!
And in 2024, the reward will be cut again to 3.125 BTC. At current prices, that'll prevent a whopping $5 billion of new supply from entering the market each year. Woohoo!
"But why should I care?" you ask. Good question.
The halving has been a huge price catalyst in the past, my friend. Let's take a trip down memory lane and check out how Bitcoin reacted to the last three halvings:
- In 2012, BTC soared 365% leading up to the halving, and a whopping 8,000% in the year following it,
- In 2016, BTC rose 142% leading up to the halving, and 284% in the year following it,
- And in 2020, BTC went up 17% leading up to the halving, and then exploded 559% in the year following it.
Can you say ka-ching?
It's all about supply and demand, folks. So let's hope the demand comes back strong.
WEB3 HIRING FRENZY 🧑💻
Welcome to another round of Web3 hiring, where we showcase companies crafting awesome stuff and looking for new talent.
These jobs will have your parents raising their eyebrows (in a good way) and feeling impressed, even if they're still puzzled about wtf you actually do...
• Sr. DevOps Engineer - Remote ($100K-$200K)
• Senior Product Designer - Remote
• Smart Contract Engineer (Solidity) - Remote ($100k-$250K)
• Success Manager - Protocols & DAO - Remote
• Data Scientist - San Francisco ($125k-$169K)
P.S., - Are you trying to hire in Web3? Learn how to get your open jobs in front of 12k+ potential candidates here.
THE SCOOP 🍨
Tornado Cash founder tweets after jail time: "What did I miss?”
Ledger saves Trust Wallet from hack with discovery of vulnerability.
Merlin DEX on zkSync loses $1.8M in hack attack.
Elizabeth Warren's crypto bill delayed due to lack of supporters - will she ever catch a break?
Solana Labs creates ChatGPT plugin - AI assistants finally get into crypto game.
Buzz-worthy Meme 🐝
That's it, folks! Slide into our Twitter DMs for some juicy Web3 gossip. We're like a game night with pals - but with more memes, less drama, and zero burnt pizza @Web3summary.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.