Kyle Torpey

While no one can predict which way the price will ultimately head, here are some cues that market watchers are trying to decode to get a better picture of the cryptocurrency markets.

Key Takeaways Ethereum's next major network update, known as "Dencun," is scheduled for Wednesday. Dencun is expected to lower transaction fees on the many Layer 2 networks built on top of the base Ethereum blockchain. This update is part of a major push by Ethereum developers to head toward mass scalability via Layer 2 blockchains. Reports from digital asset managers Grayscale and Fidelity Digital Assets indicate the update could be a boon for scaling the overall Ethereum userbase.

Key Takeaways Grayscale Investments has filed for a new spot bitcoin exchange-traded fund (ETF) with the SEC. Grayscale offers the largest spot bitcoin ETF in terms of assets under management, GBTC, but has experienced more than $10 billion in outflows since its conversion to an ETF.

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Key Takeaways Cryptocurrency exchange KuCoin and two of its founders have been charged with violations of the Bank Secrecy Act. The exchange is accused of skirting U.S. regulations in an effort to quickly expand its user base. KuCoin is said to have received more than $5 billion and sent more than $4 billion of suspicious funds. The lawsuit against KuCoin is similar to past charges against crypto exchanges BitMEX and Binance.

Key Takeaways Blockchain technology company Ripple on Thursday announced a plan to issue a U.S. dollar-backed stablecoin on the XRP Ledger and Ethereum networks. Stablecoins operate at the center of the emerging decentralized finance (DeFi) sector, and this new stablecoin issuance is intended to attract new users and liquidity to XRP Ledger.

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Key Takeaways The next bitcoin halving is expected to occur late next week. Past bitcoin halving events have been followed by bitcoin bull runs to new all-time highs. Miners could boost revenue via higher transaction fee on Ordinals and Layer 2 transactions. Some miners like Marathon are looking at alternative revenue streams, as future halvings will squeeze incentive further while mining costs are unlikely to abate.

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The much awaited bitcoin halving occurred late Friday evening. While it cuts the new bitcoin issuance rate and bitcoin miner rewards in half, its impact on price of bitcoin is still in question.