Bitcoin Price: US$ 90.459.32 (+2.73%)
Ethereum Price: US$ 3,187.16 (-1.75%)
Safe co-founder Lukas Schor believes Ethereum Improvement Proposal EIP-7702 will drive the adoption of smart accounts by simplifying wallet upgrades and easing a transition that has faced hurdles due to user reluctance and the focus on onboarding new users. Schor anticipates that EIP-7702, which introduces a transaction type allowing externally owned accounts to incorporate smart features, will transform every Ethereum account into a smart account within five years. This change will enhance non-custodial control, convenience and security.
The FBI raided Polymarket CEO Shayne Coplan’s home on Nov. 13, seizing his phone and electronics in what a spokesperson described as politically motivated retribution for the platform’s accurate 2024 presidential election market. Although no arrests were made, reports indicate the government is building a case for market manipulation following Polymarket’s previous $1.4 million fine by the US commodities regulator for unregistered event-based options. In parallel, following Donald Trump’s reelection and a Republican Senate majority, crypto firms are advocating for regulatory changes and expressing hope for a more favourable stance from agencies like the SEC. Ripple’s chief legal officer Stuart Alderoty and Coinbase’s chief legal officer Paul Grewal have indicated optimism that new leadership might halt aggressive litigation against crypto, signalling potential shifts in regulatory policy.
Arca and BlockTower Capital are merging to form a unified cryptocurrency investment platform, enhancing their combined investment management resources while keeping BlockTower’s venture arm independent. This merger aligns with a broader trend of consolidation in the Web3 sector as firms look to scale and expand capabilities amid increasing industry competition. Meanwhile, Mike Novogratz of Galaxy Digital has downplayed the likelihood of President-elect Trump establishing a Bitcoin strategic reserve, pointing to potential intergovernmental conflicts and emphasising that the US dollar remains dominant without requiring backing from other assets. However, Novogratz acknowledged that if such a reserve were created, it could spark a global race for Bitcoin, potentially driving its value to $500,000. El Salvador and Bhutan have also experienced notable gains in their significant Bitcoin reserves during the recent price rally. Bhutan alone was revealed to hold approximately $780 million in digital assets as of September 2024, while El Salvador reported substantial profits. Additionally, Wall Street banks have profited an estimated $1.4 billion from the post-election Bitcoin surge, benefiting from their substantial holdings in futures contracts at the CME. These contracts allowed them to speculate on Bitcoin’s price without direct ownership, leading to significant gains as Bitcoin rose by 22% in early November.
BlackRock is expanding its tokenised money market fund BUIDL across multiple blockchain networks including Aptos, Arbitrum and Polygon following its initial launch on Ethereum. This expansion aims to provide investors with streamlined access to short-dated U.S. Treasury bills and low-risk securities, aligning with the increasing demand for tokenised real-world assets (RWAs). The market for tokenised U.S. Treasury debt has reached $2.3 billion, reflecting a significant global opportunity valued at $30 trillion. In parallel, Curve Finance has launched “Savings-crvUSD,” a decentralised stablecoin designed to offer low-risk returns and enhance DeFi scalability by leveraging overcollateralised assets like Ether and Wrapped Bitcoin. This ensures that user funds remain securely stored in vaults. Curve has also pivoted to using its crvUSD stablecoin for fee distribution and formed strategic partnerships including one with The Open Network to improve composability and optimise DeFi infrastructure. The Cardano Foundation reported holding assets worth $478 million in 2023, underscoring its commitment to transparency through its Financial Insights Report. This report details fund usage in areas like education and ecosystem adoption, showcasing Cardano’s dedication to fostering growth and resilience within its blockchain community.
Ethereum researcher Vlad Zamfir and Smart Transactions (STXN) introduced an innovative “time machine” feature for Ethereum, enabling users to reverse transactions while maintaining the blockchain’s core immutability and enhancing flexibility. Co-founder Anuj Das Gupta showcased this breakthrough at DevCon, likening it to an “unsend” button with potential applications in decentralised match-making services such as a decentralised Uber. Spot Ether ETFs in the U.S. experienced positive net inflows, highlighted by BlackRock’s iShares Ethereum Trust, which secured a significant $131.4 million inflow and reached a cumulative $1.67 billion without any net outflow days, marking a pivotal net positive since July. President-elect Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead the newly established Department of Government Efficiency (DOGE), aimed at reducing federal expenditure and streamlining regulations. Trump stated that this agency’s efforts would send “shockwaves through the system” by eliminating waste and reshaping federal structures.
Source: https://cointelegraph.com
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