🚨Uniswap is ready to fight The SEC

Hey, Degens.

Bitcoin’s currently on a streak — and not just in mentions in Web3 Creator — but also in terms of its positive performance. 💹💹

It is month seven of positive performance (from September to March). In October, bitcoin jumped 29%, and then, in February, it jumped 44%. The last time Bitcoin saw this kind of streak was in 2017 which lasted six months.

Now, Everyone’s eyes are peeled for how the halving will affect the BTC prices.

Here’s what we got for you today:

• Uniswap Vs. SEC ⚔️

• Ordinals' Surge Pre-Bitcoin Halving

• Will Bitcoin hit $150K after the halving? 💹

• News from the decentralized world 🗺️

• Tweet of the week + Meme of the week 😎

Uniswap is ready to fight SEC ⚔️

SEC has slapped Uniswap Labs, the company behind the popular decentralized exchange, with a Wells notice.

This is basically the SEC saying "Hey, we're planning to take enforcement action against you." 

Not exactly the kind of news you want to wake up to, am I right?

Uniswap’s chief legal officer Marvin Ammori, confirmed the receipt, stating that it was "disappointing, but not unexpected."

Ammori argued that:

•  If the SEC claims authority over Uniswap's self-custodial, non-intermediated products, it should provide clear guidance on how to register them, which it has failed to do.

• Moreover, Uniswap founder Hayden Adams expressed his intention to fight the SEC's proposed action, stating that the battle may go all the way to the Supreme Court.
  

  

In response to the news, the UNI token, Uniswap's native cryptocurrency, dropped 10% in value, reaching a six-week low of around $9.66. 

The X community seems to stand with Uniswap showing very positive support. 

Bitcoin's Ordinals inscriptions exceed 65M ahead of halving

The Bitcoin network has recorded over 65 million Ordinals inscriptions (NFTs) ahead of the upcoming Bitcoin halving, which is expected to occur around April 19.

But here's where Ordinals come into play:

Launched in January 2023, Ordinals have generated over $458 million in network fees, providing a financial boost to Bitcoin miners. This is significant as the halving event will reduce miners' block rewards from 6.25 to 3.125 BTC.

So in a way, Ordinals have become this unexpected savior for the Bitcoin mining ecosystem. 

The growing popularity of Ordinals also highlights the increasing demand for Bitcoin block space and the network's evolving utility. 

Why it matters:

Bitcoin is now rivaling Ethereum in terms of decentralized applications and NFTs, demonstrating its ability to expand beyond its original use case.

That's a big deal!

It just goes to show how dynamic and innovative the Bitcoin network can be. Sure, it may not have the same level of development as Ethereum, but it's more than holding its own. 

These Ordinals inscriptions are proof that there's still plenty of room for Bitcoin to grow and evolve.

It'll be fascinating to see if this trend continues and whether it can help cushion the impact for Bitcoin miners.

With 10 days to the halving, analysts predict $150K Bitcoin top

We used to pray for times like this.

Analysts predict Bitcoin could surge over 160% after the upcoming halving event, potentially hitting a cycle top of above $150,000.

This prediction is based on a "straightforward regression model" used by Bitfinex analysts in their research report.

More details: 

• However, the analysts note there is more built-up selling pressure this cycle, as 1.87 million BTC (9.5% of circulating supply) was bought above $60,000.

• This reflects evolving ownership dynamics and increased activity by short-term holders taking profits.

• Bitcoin could see a sharp decline during the halving period due to the Federal Reserve's quantitative tightening and removal of market liquidity, according to BitMEX co-founder Arthur Hayes.

Bitcoin ETFs have amassed over 841,900 BTC (4.28% of circulating supply), with inflows accounting for a significant portion of Bitcoin's recent price rally.

The ETFs are set to absorb around 2.6% of Bitcoin's supply per year, further driving demand for the cryptocurrency.

News from the decentralized world 🗺️

• Solana rival Base hits 400 TPS, claims core contributor. (Link)

• Ethereum layer-2 transaction counts are up almost 200% since Dencun’s blobs made them much cheaper last month. (Link)

• Hong Kong is on the cusp of approving a slate of spot bitcoin ETFs, Reuters reports. (Link)

• Worldcoin is now allowing people to delete their eyeball scans. (Link)

• Bitcoin Puppets reached a new ATH. (Link)

• Animoca Brands is partnering with Imaginary Ones to help with tokenomics and building "an inventive airdrop campaign".  (Link)

• Illuvium partnered with Samsung to bridge the Digital and Physical Worlds. (Link)

Tweet of the week 🐤

Significant community engagement and a tribute by Beeple underscore the popularity of the Ordinals project. 👇

Meme of the week 🤡

That’s a wrap! See you next week for more BTC madness. 🤠