Bitcoin Price: US$ 57,399.87 (-2.62%)
Ethereum Price: US$ 2,425.72 (-3.47%)
Ethereum co-founder Vitalik Buterin has proposed a radical vision for pseudo-decentralised cities that blend democracy, capitalism, and decentralisation, advocating for a system where citizens have governance privileges and landowners face higher taxes to align incentives for the city’s success. In a recent legal development, the Supreme Court of British Columbia ordered Daniel Tambosso to repay $1.2 million in Bitcoin to plaintiff Hung Nguyen, marking a notable example of cryptocurrency being involved in traditional court rulings. Meanwhile, authorities continue to strengthen oversight of the crypto industry, as demonstrated by the U.S. federal court denying Kraken’s motion to dismiss a lawsuit for operating an unregistered securities exchange, and in Hong Kong, where operating an unlicensed virtual asset trading platform has become a criminal offense. Despite the growing acceptance of cryptocurrencies in legal and financial contexts, the industry remains plagued by security issues, with hackers stealing $313.86 million in August alone and the formation of an elite team of ethical hackers, Security Alliance (SEAL), aiming to protect the sector from further breaches.
Bitcoin traders are eyeing a favourable buying opportunity as the Puell Multiple index approaches a critical low of 0.6, historically signalling a good time for dollar-cost averaging in Bitcoin investments. Meanwhile, Telegram’s financial statement reveals it held $400 million in digital assets at the end of 2023, despite a $108 million operating loss, with its recent financial activities linked to digital assets and premium user growth. Following the arrest of Telegram CEO Pavel Durov on August 24, Toncoin’s price has dropped by over 21%, though it might rebound if the arrest is seen as an isolated incident rather than a threat to the Toncoin ecosystem. Additionally, Ethereum co-founder Vitalik Buterin has defended his actions against accusations of selling Ether for personal profit, asserting that any sales were to support crypto projects and charities, while also addressing claims that he does not support decentralised finance (DeFi).
Hong Kong’s Securities and Futures Commission has accepted a late digital asset exchange license application from HKDAEx, although it may be returned if incomplete or problematic. Despite the crackdown on unlicensed crypto platforms, Hong Kong aims to be a global crypto hub, ranking second in cryptocurrency adoption behind Singapore. Meanwhile, Coinbase has achieved a milestone with its first AI-to-AI crypto transaction, where AI agents used tokens to acquire other tokens, reflecting growing advancements in AI’s role in cryptocurrency. Additionally, Ledn’s CEO Adam Reeds discusses how Bitcoin-collateralised loans can enhance capital velocity by providing liquidity without requiring the sale of Bitcoin, and highlights their potential to offer financial services in underbanked regions.
Source: https://cointelegraph.com
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