Bitcoin Price: US$ 67,930.66 (+1.45%)
Ethereum Price: US$ 2,507.80 (+1.02%)
Vitalik Buterin defended Ethereum’s recent Ether sales as essential for supporting network development amidst criticism. He clarified that the Ethereum Foundation avoids full staking to retain flexibility in potential hard forks while maintaining his position as a leading voice in crypto. At the same time, Tether CEO Paolo Ardoino dismissed rumours of a U.S. Department of Justice investigation, reaffirming Tether’s solid reserves in U.S. Treasuries, Bitcoin, and gold, along with its ongoing cooperation with law enforcement. Meanwhile, the FTX bankruptcy estate reached a $228 million settlement with Bybit to recover funds and facilitate partial digital asset sales. This move awaits court approval and follows claims over Bybit’s preemptive fund withdrawals during FTX’s collapse. The settlement marks further progress in FTX’s restructuring efforts, which recently included the estate’s exit from bankruptcy proceedings and voluntary dismissal of a related lawsuit against its former law firm, Sullivan & Cromwell.
TON Society’s co-founder Jack Booth underscored the importance of decentralisation for mass crypto adoption through The Open Network (TON), advocating for user control and data security despite concerns that central bank digital currencies may undermine these principles. In a separate news, Crypto analyst Willy Woo warned that future altcoin seasons may bring weaker returns as the market matures, advising against long-term holds in altcoins, which he compared to a “casino” favouring insider. Moreover, A Bitcoin Policy Institute report proposed Bitcoin as a central bank reserve asset to hedge against inflation, geopolitical risks, and sovereign defaults, inspiring U.S. policymakers to propose a Bitcoin Strategic Reserve Bill. However, critics like Cardano’s Charles Hoskinson cautioned that state involvement in Bitcoin could threaten its decentralisation.
Vitalik Buterin’s “The Purge” strategy for Ethereum aims to reduce data bloat by streamlining the protocol and removing outdated data, which may lower operational costs and improve node accessibility without impacting gas fees. In other news, FINRA issued guidelines for finance firms in the metaverse, affirming that regulatory rules apply within virtual environments as metaverse revenue could reach $800 billion in 2024, though security and compliance remain significant challenges for finance-specific applications. Meanwhile, Ethereum’s price sits in a “buy zone” with longer-term bullish potential. Increased activity in its derivatives market hints at potential volatility, and while institutional interest remains stronger for Bitcoin ETFs, Ethereum is recovering from a $2,500 demand zone, indicating possible growth if key trendline support holds.
Source: https://cointelegraph.com
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
