Bitcoin Price: US$ 54,861.39 (+1.39%)
Ethereum Price: US$ 2,297.30 (+1.04%)
Financial advisor Suze Orman recently endorsed Bitcoin as a must-have investment, highlighting its potential to attract the next generation of investors despite concerns about security and complexity, which she mitigates by investing through Bitcoin ETFs. Meanwhile, Stacks achieved a record high in smart contract deployments in August 2024, just ahead of the Nakamoto upgrade. This upgrade is set to enhance Bitcoin’s DeFi capabilities and layer-2 scalability by transitioning Stacks to a “Bitcoin-native” model. Arthur Hayes, after initially predicting a drop below $50,000, closed his Bitcoin short position and now anticipates a potential rally driven by increased US dollar liquidity from the Federal Reserve. This sentiment is echoed by historical trends showing Bitcoin’s typical volatility in September, with analysts expecting a possible rebound in October.
Elon Musk’s recent meme about leading a “Department of Government Efficiency” has sparked speculation about his potential involvement in a new government role if Donald Trump wins the 2024 election, especially after Musk’s retweet of Trump’s proposal for a government efficiency commission. At the same time, Bitcoin faces potential downward pressure as whales sell large amounts of BTC, with experts predicting a correction below $50,000, a trend consistent with historical September volatility, although an anticipated U.S. Federal Reserve interest rate cut might provide some relief. Additionally, a new Android malware called SpyAgent, capable of stealing private keys from screenshots using optical character recognition, has emerged, mainly targeting South Korean users, underscoring the increasing frequency of sophisticated malware attacks in 2024.
WisdomTree has withdrawn its S-1 filing for a spot Ethereum ETF, which had been pending with the SEC since May 2021, acknowledging that no securities have been issued or sold under the registration statement. This move aligns with VanEck’s decision to shut down its futures-based Ether ETF due to low demand, with the fund’s assets scheduled for liquidation by September 23, as spot crypto ETFs, now commanding significant assets under management, continue to outperform their futures-based counterparts. Meanwhile, Synthetix has introduced SNAXchain, a new app chain aimed at enhancing cross-chain liquidity and governance for its DeFi protocol, initially focusing on Ethereum mainnet and layer-2 solutions like Optimism and Arbitrum. The SNAXchain will also explore future functionalities such as SNX staking, cross-chain liquidity, and custom-built perpetual futures products, operating on Optimism’s Superchain and utilising Conduit and Wormhole for interoperability.
Source: https://cointelegraph.com
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