Bitcoin Price: US$ 57,356.70 (-0.53%)
Ethereum Price: US$ 2,340.55 (-2.01%)
Movement Labs plans to launch a fast finality mechanism for Layer 2 networks by the end of 2024, targeting sub-1 second confirmation times as the total value locked on L2s approaches $35 billion. While current solutions like fraud proofs can take days, Movement’s M2 network aims to improve throughput and scalability. At the same time, the UK government introduced a bill to clarify the legal status of digital assets like Bitcoin and NFTs, classifying them as “things” under local law and providing protection against fraud and scams. This legislation is part of the Labour government’s efforts to address digital asset policies and keep up with technological advancements. Analysts from VanEck and StoneX predict Ether’s price could reach $22,000 by 2030, driven by Ethereum’s growing transaction volume and fee-burning mechanisms. Despite a temporary revenue dip after the March Dencun upgrade, Ethereum is expected to recover as it continues processing trillions in settlements and stablecoin transfers annually.
Friend.tech faces rug pull allegations after relinquishing control of its smart contracts, leading to a 26% drop in token value, though the team insists the app’s functionality remains unchanged. Analysts say the platform, which once generated $52 million, has seen waning interest, with tokens and keys now considered “worthless.” Meanwhile, Bitcoin bears have overtaken bulls in futures markets, but some analysts believe a stable price above $50,000 could trigger a rally driven by potential interest rate cuts. Despite a recent downtrend, Bitcoin ETFs have begun accumulating again, signalling renewed investor interest. Chainlink, though still leading the oracle market, faces growing competition from Pyth, whose total value secured grew 46x in 2024. Pyth excels in derivatives volumes, while WINkLink dominates the Tron ecosystem, positioning itself as the second-largest oracle provider by market share.
Crypto activity in 2024 has surpassed its 2021 peak, fuelled by the launch of Bitcoin ETFs, according to Chainalysis. The Chainalysis Global Crypto Adoption Index shows a surge in transactions, peaking at 0.8 points in Q4 2024, driven by institutional transfers in high-income regions and retail activity in low-income areas. Despite outflows in September 2024, the rapid adoption of spot Bitcoin ETFs has been remarkable. Meanwhile, UAE regulators have strengthened crypto oversight by allowing Dubai-licensed virtual asset service providers (VASPs) to operate nationwide, fostering a unified regulatory framework. This, along with judicial recognition of crypto in employment contracts, positions the country as a global leader in adoption. Bitcoin also saw $750 million in outflows from exchanges in September, which analysts suggest signals investor confidence, with many moving assets into cold storage in anticipation of price increases. Historical patterns show that reduced exchange supply paired with steady or growing demand often leads to upward price pressure.
Indonesian crypto exchange Indodax experienced a suspected $22 million hack, affecting cryptocurrencies like Bitcoin, Tronix, and Ether. Blockchain investigation firms such as PeckShield and SlowMist reported breaches in Indodax’s hot wallets and withdrawal systems, prompting the exchange to shut down operations temporarily for investigation. Cyvers suggested the attack bears similarities to those conducted by North Korea’s Lazarus Group. In Australia, many potential crypto investors are waiting for clearer regulations, as highlighted by Swyftx CEO Jason Titman. A Swyftx survey revealed that a significant number of Australians would enter the market if it were regulated, though adoption has slightly declined despite Bitcoin reaching an all-time high in March 2024. Gen Z showed the most increased activity, and the average profit for investors over the past year was around $9,600. Titman expects adoption to grow once clear regulations are in place. Meanwhile, the Ethereum community is discussing Based Rollups as a solution to Ethereum’s incentive structures amid rising layer-2 fees. These rollups align incentives between layer-1 validators and layer-2 networks, potentially driving long-term demand for Ether and raising its value. Experts like Adam Cochran believe Based Rollups could increase staking rewards, creating a bullish case for Ethereum’s future. Despite concerns over network revenue, many in the Ethereum community remain optimistic about ETH’s growth.
Source: https://cointelegraph.com
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