Bitcoin Price: US$ 67,654.09 (+0.84%)
Ethereum Price: US$ 3,535.92 (+0.52%)
President Joe Biden has withdrawn from the 2024 presidential race, leaving the Democrats without a confirmed candidate just months before the election, with speculation surrounding Vice President Kamala Harris as a potential replacement, though no official decision has been made. Biden, controversial in the crypto industry, recently faced backlash after vetoing a resolution that would have overruled an SEC staff accounting bulletin, drawing criticism from the crypto community. Meanwhile, former President Donald Trump, promoting his pro-crypto stance and planning to release another NFT collection, survived an assassination attempt and continues to advocate for the US to lead in the crypto industry. Simultaneously, Matthew Ball’s book “The Metaverse: And How It Will Revolutionize Everything” is being re-released under the more subdued title “Building the Spatial Internet,” reflecting a shift in the metaverse narrative; despite Meta’s recent budget cuts, Ball maintains the industry’s progress is on track, paralleling the initial scepticism faced by AI technology. In a strategic move to comply with tax and regulatory requirements, Arkham has transferred 304.5 million ARKM tokens, valued at approximately $487 million, to Coinbase Prime custody, marking the start of a three-year unlocking cycle for the team, investors, and advisers, ensuring proper tax payments and enhanced security for the assets.
US Bitcoin spot exchange-traded funds (ETFs) have set a record with over $17 billion in net inflows, primarily driven by BlackRock’s IBIT and Fidelity’s FBTC, despite substantial outflows from Grayscale’s GBTC, indicating growing acceptance of Bitcoin in mainstream investment portfolios, with BlackRock’s holdings surpassing $20 billion in value. Bitcoin whales have reduced selling pressure, supporting the cryptocurrency’s rise above $67,000, with traders noting bullish indicators and a potential move to $69,000, following a turbulent month where its price recovered from a drop below $60,000. Concurrently, traders are increasing their positions on Dogecoin as its price reaches a monthly high, though some warn against FOMO, suggesting a potential pullback; Dogecoin’s recent price spike coincides with rising market sentiment, indicating possible future gains despite the speculative nature of memecoins.
Recent advances in long-term storage could lead to immortal blockchains capable of preserving data for millions of years without power, utilising technologies like DNA storage and Ceramic Nano Memory, addressing the theoretical threat of a global blackout and ensuring the survival of critical data in extreme scenarios. WazirX, one of India’s leading cryptocurrency exchanges, has halted trading and launched a bounty program to recover stolen assets following a significant cyberattack, involving cooperation with over 500 exchanges and expert groups to trace and freeze the funds, after losing approximately $235 million in what is the second-largest hack of a centralised exchange. The recent CrowdStrike data blackout has raised concerns about its impact on various industries, including cryptocurrency firms, with blockchain researcher Chiagozie Iwu emphasising that while decentralised networks are more resilient to such disruptions, centralised crypto platforms may need to adopt decentralised cloud-based architectures to enhance their security and mitigate future risks.
Source: https://cointelegraph.com
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