Hey there, PoI readers! 🌈

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From the Bitcoin halving hype reaching fever pitch and U.S. Senators introducing groundbreaking stablecoin legislation to Telegram's crypto-inspired vision for privacy and Bored Ape NFTs in freefall, we've got a lot to unpack. So, buckle up and get ready for a wild ride through the wonderland of digital assets! ⭐

INTEL BRIEF

🟧 Google searches for "Bitcoin halving" have reached an all-time high, as excitement builds for the upcoming event set to occur on April 20, 2024.

🟧 U.S. Senators Kirsten Gillibrand and Cynthia Lummis have introduced the Lummis-Gillibrand Payment Stablecoin Act, establishing a regulatory framework for payment stablecoins.

🟧 Telegram founder Pavel Durov predicts that Governments' increasing surveillance will lead to the development of secure communication hardware devices, similar to cryptocurrency wallets, while whistleblower Edward Snowden warns of the NSA's impending internet takeover.

🟧 The floor price of Bored Ape Yacht Club NFTs has dropped to its lowest point since August 2021, falling over 90% from its peak during the NFT bull market.

Bitcoin Halving Fever: Google Searches Soar to All-Time High

The anticipation surrounding the upcoming Bitcoin halving has reached a fever pitch, with Google searches for the term "Bitcoin halving" skyrocketing to an all-time high. According to Google Trends data, the search interest for the term has already reached a score of 45, with predictions suggesting it will hit a whopping 100 by the end of the month – more than double the interest seen during the last halving in 2020.

For those who may not be familiar, the Bitcoin halving is an event that occurs approximately every four years, where the rewards paid to miners for verifying transactions are cut in half. The 2024 halving will see block rewards drop from 6.25 BTC to 3.125 BTC, a move that has historically been followed by significant price rallies.

The countries showing the most interest in the halving are Nigeria, the Netherlands, Switzerland, and Cyprus. This record-breaking enthusiasm comes on the heels of Bitcoin's impressive performance in recent months, which saw the cryptocurrency soar to a new all-time high of $73,600 on March 13.

While the price has since cooled off, trading at around $61,078 at the time of writing, many market commentators believe that the halving could trigger another massive rally in the months to come, based on historical patterns.

Google searches for "Bitcoin halving" have reached an all-time high.

The 2024 halving will reduce mining rewards from 6.25 BTC to 3.125 BTC

Despite recent price dips, many believe the halving could trigger a significant rally.

U.S. Senators Unveil Groundbreaking Stablecoin Legislation

In a move that could shape the future of digital assets, U.S. Senators Kirsten Gillibrand and Cynthia Lummis have finally introduced their long-awaited legislation focused on payment stablecoins. The Lummis-Gillibrand Payment Stablecoin Act, which has been in the works for months, aims to establish clear guidelines for stablecoin issuers and users while promoting responsible innovation and protecting consumers.

The bill takes a firm stance against "unbacked, algorithmic stablecoins" (perhaps a nod to the infamous TerraUSD debacle) and mandates one-to-one reserves for issuers. It also creates a dual regulatory regime, allowing state non-depository trust companies to issue up to $10 billion in payment stablecoins, while authorized institutions can issue stablecoins "up to any amount" under a limited-purpose state charter.

Proper custody practices for issuers are a key focus of the legislation, especially in light of the recent FTX scandal. The bill aims to uphold the current system of state and federal charters while establishing rules on custody for non-depository trust companies.

Senator Gillibrand emphasized the importance of this regulatory framework in maintaining the U.S. dollar's dominance, promoting innovation, protecting consumers, and cracking down on illicit finance. The senators worked closely with relevant federal and state agencies to draft the strongest bill possible.

Senators Gillibrand and Lummis introduce the Lummis-Gillibrand Payment Stablecoin Act.

The bill establishes a regulatory framework for payment stablecoins and prohibits unbacked, algorithmic stablecoins.

Proper custody practices and a dual regulatory regime are key focuses of the legislation.

Telegram’s founder, Durov's Crypto-Inspired Vision for Privacy Amidst Snowden's NSA Warning

As governments continue to tighten their grip on digital privacy, Telegram Messenger founder Pavel Durov envisions a future where secure communication hardware devices, inspired by cryptocurrency wallets, will become a necessity. In a recent interview with Tucker Carlson, Durov shared his concerns about the growing trend of governments suppressing the private exchange of information, citing their increasing technological power as a primary factor.

Durov's experiences with government entities attempting to compromise Telegram's security have only strengthened his resolve to protect users' privacy. He revealed that the FBI had tried to persuade Telegram affiliates to install backdoors for surveillance purposes, highlighting the urgency for innovative solutions.

Interestingly, Durov sees the United Arab Emirates (UAE) as a haven for privacy-focused entrepreneurs due to its geopolitical neutrality. He believes that the UAE's desire to maintain friendly relations with all nations makes it an ideal location for neutral platforms like Telegram to operate without compromising users' privacy and freedom of speech.

To maintain full control over Telegram's operations, Durov avoids venture capital investments, instead relying on his substantial holdings in fiat currency and Bitcoin to bootstrap his projects. While he has raised funds for a few projects in the past, including a cryptocurrency project, he remains committed to protecting Telegram from external influence.

Echoing Durov's concerns, American whistleblower Edward Snowden recently warned that the NSA is on the verge of "taking over the internet" through a massive expansion of its surveillance powers.

Snowden's alert comes after changes to the Foreign Intelligence Surveillance Act (FISA) 702 bill, which could allow the U.S. government to force nearly every company and individual providing internet-related services to assist with NSA surveillance.

Telegram founder predicts secure communication hardware devices will emerge due to increasing government surveillance.

UAE seen as a haven for privacy-focused entrepreneurs due to its geopolitical neutrality.

Whistleblower Edward Snowden warns of the NSA's impending internet takeover through changes to the FISA 702 bill.

Bored Ape NFT Floor Price Plummets to Two-and-a-Half-Year Low

The once-soaring Bored Ape Yacht Club (BAYC) NFT collection has hit a new low, with its floor price tumbling to 11.1 Ether – a staggering 90% drop from its peak during the height of the NFT bull market. This marks the lowest point for the collection since August 2021, just four months after its launch.

The recent 50% fall since March 1 alone has brought the Yuga Labs-backed NFT project dangerously close to a sub-10-ETH floor price, according to NFT Price Floor. The industry-wide decline in popularity for digital art NFTs has played a significant role in BAYC's price plunge.

However, it's worth noting that some rare BAYC NFTs have managed to maintain their value, selling well above the floor price. For instance, BAYC #830 sold for an impressive 504.3 ETH ($1.92 million at the time) last month, while several other rare items have fetched prices above 30 ETH in recent days.

CryptoPunks, the largest NFT collection by market cap, has also experienced a decline from its peak floor price of 113.9 ETH, although not as severe as BAYC, with a 64% drop.

As the industry grapples with the future of digital art NFTs, Shi Khai Wei, co-founder and COO of LongHash Ventures, believes that these NFTs should be integrated with other blockchain industry verticals to remain relevant and useful. He argues that projects with a clear vision, in-game economies, and NFT ownership have a better chance of success.

Bored Ape Yacht Club NFT floor price hits lowest point since August 2021, falling over 90% from its peak.

Industry-wide decline in digital art NFT popularity contributes to the price plunge.

Some rare BAYC NFTs still sell well above floor price.

Expert suggests integrating digital art NFTs with other blockchain verticals for long-term success.

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe even a little bit more prepared for the exciting developments in the world of crypto. Remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual fist bump! 👊✨

P.S. Don't forget to share your thoughts, questions, and favorite crypto memes with us. Every voice matters in the PoI community! 📣❤️ Share the newsletter and let's keep the crypto conversation going!

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