Bitcoin Price: US$ 95,814.13 (+4.19%)
Ethereum Price: US$ 3,653.28 (+9.88%)
Hong Kong’s central bank, the HKMA, has launched the Digital Bond Grant Scheme (DBGS) to subsidise up to 50% of the costs for companies issuing tokenised bonds. The scheme aims to boost the development of digital securities by offering two levels of grants for eligible issuers. It promotes tokenisation in capital markets and supports Project Evergreen’s findings on blockchain adoption in finance. Meanwhile, Coinbase users in Europe are frustrated after the exchange announced it would discontinue its USDC yield program due to the European Union’s Markets in Crypto-Assets (MiCA) laws, which prohibit offering interest on stablecoins. As this regulation takes effect, crypto firms like Tether are adjusting their offerings, and new euro-pegged stablecoins, such as EURØP, are entering the market. In other news, Ether exchange-traded funds (ETFs) have seen higher inflows than Bitcoin ETFs since November 22, following Ethereum’s price rally and a key legal victory for its DeFi ecosystem in the U.S. This surge in Ethereum’s price has also helped increase the ETH/BTC ratio, while Bitcoin ETFs remain strong despite the slowdown in Bitcoin’s price.
Charles Hoskinson, the founder of Cardano, predicts that decentralised finance (DeFi) within the Bitcoin ecosystem will surpass DeFi on other blockchains within two to three years. He believes that Bitcoin’s scale and liquidity, combined with the launch of DeFi capabilities through Cardano’s Bitcoin bridge, will drive this shift. Hoskinson also foresees Bitcoin’s value reaching $250,000-$500,000 as institutional interest continues to grow. In a separate news, Microsoft and Atom Computing have made a breakthrough in quantum computing by achieving a new record in the number of entangled logical qubits. This development could eventually challenge traditional blockchain mining by offering quantum speedup, particularly targeting SHA-256 encryption used in Bitcoin’s proof-of-work mechanism. While this technology is still in its early stages, experts speculate that quantum systems could outpace classical mining rigs in 10-50 years, reshaping blockchain security and mining. In the meantime, publicly traded mining companies have spent $3.6 billion on plant, property, and equipment in 2024, with much of the investment directed toward hardware upgrades. Companies like Bitfarms and CleanSpark are expanding their infrastructure, reflecting the ongoing demand for mining hardware. However, geopolitical issues, such as sanctions against Chinese companies like Bitmain, are complicating the hardware supply chain.
Scroll’s co-founder Sandy Peng addressed allegations of a “predatory” airdrop following the launch of the SCR token on October 22. The Ethereum layer-2 network faced backlash as its token price dropped 32% on the first day, driven by large allocations to whale wallets. Peng clarified that the core team received only a “negligible” portion of the distribution and that the intention was to use the tokens for decentralised exchange liquidity. This incident highlighted the challenges of airdrops in the crypto space, prompting Scroll to reflect on feedback as they prepare for a follow-up “Session 2.” Meanwhile, MetaMask co-founder Dan Finlay launched an experiment with memecoins on Ethereum and Solana to explore issues of consent and trust in Web3. The tokens, initially inflated in value through speculative trading, revealed the financial risks for participants and sparked a wider conversation about the need for clearer systems of accountability in Web3 and AI. Finlay advocates for improved tools to provide better control and transparency for token issuers. In addition to these challenges, November 2024 saw hackers steal over $71 million worth of digital assets, bringing the year’s total to $1.48 billion. Although hacks decreased by 15% compared to 2023, the industry’s vulnerability remains high. Decentralised finance (DeFi) and the total value locked (TVL) in crypto continue to grow, making the ecosystem more attractive to hackers. Vigilance and proactive security measures are crucial as hackers evolve their tactics. The Thala and DEXX hacks were among the largest in November, though some assets were recovered.
Source: https://cointelegraph.com
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