Bitcoin Price: US$ 101,186.35 (+1.20%)
Ethereum Price: US$ 4,004. (+0.20%)
EigenLayer, Ethereum’s largest restaking protocol, is upgrading its rewards program to offer greater flexibility for protocols and validators, enabling customised reward distribution and independent fee setting. With nearly $19 billion in restaked collateral and growing adoption of its actively validated services, the protocol continues to evolve as it prepares to launch the upgrades in January 2024. Meanwhile, Ether’s price is poised to potentially surpass $5,000, driven by bullish momentum, fractal patterns, and strong ETF inflows, including BlackRock’s recent $500 million purchase, signalling robust institutional interest. Analysts predict Ether’s long-term rally could reach $15,000 by 2025, supported by positive market signals such as a golden cross. In the memecoin sector, Pepe, a frog-themed token, has surged in market capitalisation to over $11 billion, outperforming Uniswap’s UNI and achieving an 18x growth since the start of 2024. This highlights the ongoing appeal of memecoins despite their self-claimed lack of intrinsic value, as evidenced by a Binance.US listing and continued trader enthusiasm.
El Salvador’s President Nayib Bukele celebrated the nation’s unrealised Bitcoin gains, which have surpassed $333 million following Bitcoin’s surge past $100,000, despite calls from the IMF to scale back Bitcoin policies due to financial stability concerns. The country has seen significant profits and increased tourism since adopting Bitcoin as legal tender, underscoring the positive impact of the decision. In other news, the Cardano Foundation’s X account was hacked, promoting a fraudulent “ADAsol” token that generated $500,000 in trading volume before collapsing. Although the scam posts were quickly removed, the ecosystem remains unaffected. Users are advised to exercise caution as X account hacks continue to target high-profile entities in the crypto space. In the corporate world, the National Center for Public Policy Research has urged Amazon to adopt a Bitcoin treasury strategy, citing Bitcoin’s strong performance over traditional assets and the success of companies like MicroStrategy, Marathon Digital, and Genius Group. This reflects growing institutional interest in the cryptocurrency.
David Sacks, recently appointed as President-elect Trump’s AI and Cryptocurrency advisor, envisions Bitcoin as a tool to decouple money from the state, similar to the historical separation of church and state. He also aims to establish a regulatory framework for digital assets. A supporter of Bitcoin and Solana, Sacks has earned praise for his crypto-friendly stance, reflecting the administration’s openness to innovation in blockchain technologies. In contrast, Telegram founder Pavel Durov faces legal scrutiny in France for allegedly facilitating criminal activity on his platform, raising broader concerns about privacy-preserving technologies in the Web3 space. Industry insiders fear that his arrest, alongside similar cases like Tornado Cash’s developer, signals potential overreach against developers of privacy-focused tools. Additionally, the U.S. Financial Services Oversight Council (FSOC) has flagged stablecoins as a risk to financial stability due to their vulnerability to market runs and the concentration of dominance, particularly with Tether accounting for 66% of the market. The FSOC urged Congress to create a comprehensive regulatory framework for stablecoin issuers, highlighting the lack of transparency and compliance in the sector as a challenge for market discipline and consumer protection.
Source: https://cointelegraph.com
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