This week, significant amounts of Bitcoin were moved from Mt.Gox wallets as preparations for disbursement to creditors began. The news unsettled the crypto markets, causing Bitcoin’s price to drop below $68,000.
Bitcoin
A recent poll on the influence of crypto in the 2024 Presidential election revealed that nearly half of the voters plan to include crypto in their portfolios, underscoring its importance to American voters.
Officials from Argentina and El Salvador met to discuss Bitcoin adoption and regulation, with Argentine authorities looking to leverage El Salvador’s experience to develop a regulatory framework for Argentina’s growing cryptocurrency industry.
Long-term Bitcoin holders have begun reaccumulating for the first time since December 2023, easing selling pressure and indicating a renewed increase in their holdings.
Ethereum
ENS Labs has proposed the ENSv2 upgrade to facilitate the protocol’s migration to a Layer2 network. Layer2 networks have seen significant adoption, with the total value locked (TVL) on these networks rising to $47 billion.
Analysts predict an imminent Ethereum bull run. According to Kaiko Research, the approval of spot Ethereum ETFs bodes well for ETH’s long-term growth despite potential short-term challenges from anticipated outflows.
Ethereum co-founder Vitalik Buterin emphasized the unique role of Layer2s within the Ethereum ecosystem. Layer2s help foster independent sub-ecosystems that contribute to the broader Ethereum network.
JPMorgan predicted lower demand for spot Ethereum ETFs compared to Bitcoin ETFs, citing several factors. The bank also noted potential hurdles for additional crypto ETFs due to the SEC’s stance on classifying most cryptocurrencies as securities.
Technology
PayPal launched its PYUSD stablecoin on Solana, marking its first expansion beyond the Ethereum ecosystem and underscoring PayPal’s commitment to broadening its crypto offerings.
Business
Polygon, Polyhedra, and StarkWare have challenged xkSync’s use of the “ZK” ticker, demanding Matter Labs withdraw its trademark application for “zero knowledge.” Matter Labs defended its actions, describing its trademarks as “defensive.”
Exclusive: PayPal Expands PYUSD Stablecoin to Solana Blockchain
Security
Gambling platform ZKasino announced a 72-hour window for investors to claim refunds following accusations of a $33 million rug pull, though doubts about the refund process’s legitimacy remain.
On-chain investigator ZachXBT claimed the team behind Solana-based meme coin CAT hacked crypto influencer GCR’s account to manipulate token prices.
Popular meme token Normie Coin suffered a major exploit, losing 99% of its value and rattling the community.
Regulation
Reports suggest Elon Musk will advise Republican presidential candidate Donald Trump on crypto during his election campaign. Discussions between their representatives are ongoing, and campaign strategists are considering inviting Musk to speak at the Republican convention.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.