Bitcoin Price: US$ 58,164.27 (-1.69%)
Ethereum Price: US$ 2,295.68 (-0.88%)
Cathedra Bitcoin is shifting its strategy from mining to maximising Bitcoin reserves, following MicroStrategy’s approach of buying Bitcoin to increase per-share value while developing data centres for steady cash flow and maintaining mining operations, aiming for long-term growth despite financial challenges. MicroStrategy, continuing its debt-leveraging strategy to grow its Bitcoin holdings, announced its third debt offering of 2024, raising $700 million to pay off existing debt and buy more Bitcoin, despite a net loss from Bitcoin volatility, with its stock showing significant market performance. Meanwhile, the BIS’ Project Agora has onboarded 41 private financial firms to explore integrating tokenised commercial bank deposits with tokenised wholesale CBDCs on a unified ledger to address inefficiencies in international payments, focusing on legal and regulatory challenges across multiple jurisdictions, with a final report expected by 2025.
BitGo has launched a regulated platform to manage and custody native tokens for Web3 protocols, aiming to simplify token distribution and management while offering services like staking, liquidity management, and tax reporting to reduce the risks of self-custody. At the same time, the Linux Foundation introduced a Decentralized Trust (LFDT) with over 100 members, including Hedera, focusing on open-source solutions to advance decentralised ecosystems by bringing together ledger, cryptography, and identity projects to drive innovation in regulated industries like finance. Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is now live on ZKsync, enhancing cross-chain interoperability and DApp development, supporting the growing tokenisation of real-world assets, and expanding blockchain use in traditional finance.
Tether’s USDT now controls 75% of the stablecoin market, with a supply reaching $118 billion, reflecting growing demand for stablecoins as a key entry point into crypto. Tether generated $400 million in revenue over the past 30 days, boosted by investor activity and strategic hires like PayPal’s former regulatory head, Jesse Spiro. Meanwhile, Vitalik Buterin emphasised at Ethereum Singapore 2024 that solo staking is crucial for Ethereum’s decentralisation and long-term security, advocating for increasing the quorum threshold to enhance protection against 51% attacks and encouraging more solo stakers to reduce reliance on centralised entities. Additionally, Bybit secured a provisional license in Dubai, underscoring the city’s emergence as a global crypto hub. The exchange, which is the world’s second-largest by derivatives volume, aims for full operational status as Dubai’s progressive regulatory environment drives its global expansion strategy to serve both retail and institutional investors.
BaseBros Fi, a yield optimisation DeFi protocol on the Base blockchain, disappeared on Sept. 13 after stealing $130,000 from users through an unaudited Vault contract, with funds laundered via Tornado Cash, though other protocols like Seamless remained unaffected. Meanwhile, Delta Prime suffered a $6 million breach after a hacker exploited an admin wallet’s private key, marking another major security incident in a year that also saw WazirX lose over $230 million. Onchain security firm Cyvers warned that North Korean hacker groups, including Lazarus, could target US-based Bitcoin ETFs next, as these funds collectively hold $53.4 billion in BTC, making them a prime target for sophisticated attacks. Ether also dropped 6% to $2,260 on Sept. 16, amid FUD and pessimism across social media, with the ETH/BTC ratio hitting its lowest since April 2021, just ahead of the US Federal Reserve’s anticipated interest rate decision and possible rate cut.
Source: https://cointelegraph.com
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