Bitcoin Price: US$ 58,775.97 (-3.72%)
Ethereum Price: US$ 2,555.38 (-2.09%)
In quantum computing, 74.9% of 927 surveyed individuals anticipate that within the next decade, quantum will outperform classical computing for certain tasks. This expectation persists despite the current challenges of scalability and usefulness faced by existing quantum computers in labs such as IBM, Google, and Microsoft, with their profitability contingent on their ability to execute tasks beyond the capabilities of regular computers. Parallel to these technological advancements, Tornado Cash developer Alexey Pertsev is embroiled in a legal battle, seeking additional funding for his appeal against formidable government forces. Despite his dire financial situation and ongoing incarceration, the crypto community has rallied behind him, with advocacy group JusticeDAO raising over 654 Ether to support his cause. Meanwhile, Morgan Stanley is bracing for potential compliance scrutiny after greenlighting its entire team of 15,000 financial advisers to pitch spot Bitcoin ETFs, a move criticised by former US Securities and Exchange Commission official and crypto sceptic John Reed Stark. Undeterred by the criticism, Morgan Stanley continues to recommend spot Bitcoin ETFs to high-net-worth clients, currently endorsing only two products: BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund.
Defunct cryptocurrency exchange Celsius has filed a lawsuit against Tether, seeking approximately $3.5 billion in Bitcoin returns, damages, and legal fees. The lawsuit alleges that Tether liquidated Bitcoin collateral without giving Celsius the opportunity to provide additional collateral. However, Tether has dismissed the lawsuit as baseless, asserting that it was Celsius who requested the sell-off after choosing not to provide additional collateral. Despite the ongoing legal battle, Tether has reassured USDT stakeholders that their interests will not be impacted due to Tether’s robust $12 billion in consolidated equity. Meanwhile, the US Federal Reserve’s enforcement action against the crypto-friendly Customers Bank has cast a shadow over Vice President Kamala Harris’ presidential campaign’s commitment to improving relations with the cryptocurrency industry. The Fed’s action, which mandates Customers Bank to provide a 30-day advance notice before establishing any new banking relationship with a cryptocurrency company, has been criticised for centralising decision-making power and thereby limiting the operational ability of crypto companies. Amidst these developments, venture capitalist Adam Cochran has observed a slowdown in venture capital firms’ investments in crypto. He attributes this trend to the strong returns from Bitcoin and Ether, which allow investors to sidestep the early-stage risks typically associated with other industries. Cochran notes that during the last crypto cycle (2020–2024), VC firms seemed active by investing in applications that had already broken out. However, he suggests that most crypto VCs are merely tech VCs who label themselves as crypto VCs to raise more funds, indicating a potential misalignment in the industry.
The Bitcoin bull-bear market cycle indicator has flipped to signal bullish conditions, with Bitcoin now trading at $60,732. This quick reversal led some traders to believe that the recent price dip might have been a bear trap, although analysts remain split on future trends, with some predicting a bull run and others expecting Bitcoin prices to fall into the low 40,000s. Interestingly, the market downturn on Aug. 5, which led to a 10% plunge in Bitcoin’s price, drove massive inflows into centralised exchanges (CEXs), with Binance recording $1.2 billion in net inflows in 24 hours, indicating strong investor confidence despite market stress. In other developments, the derivatives protocol Synthetix is set to add Chainlink Data Streams to its upcoming v3 deployment on the Arbitrum network, aiming to enhance the performance, security, and reliability of markets on the Synthetix protocol and close the usability gap between centralised and decentralised exchanges. Chainlink, which has been expanding aggressively in 2024, recently announced an integration with Celo and launched its Automation features and CCIP protocol on the Gnosis network, potentially reducing gas fees by up to 90%.
Source: https://cointelegraph.com
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