Bitcoin Price: US$ 62,903.27 (-1.85%)
Ethereum Price: US$ 2,680.49 (-2.39%)
PayPal’s PYUSD stablecoin has surpassed a $1 billion market cap, establishing itself as a significant player in the stablecoin market, although it still lags behind Tether and USDC. Despite recent successes, PayPal continues to expand PYUSD’s accessibility through partnerships with platforms like Solana and MoonPay. Meanwhile, several French government websites have been disrupted by a DDoS attack linked to a Russian hacker group, possibly in response to the controversial arrest of Telegram founder Pavel Durov in France. Durov’s arrest has sparked widespread criticism from the crypto community, while French authorities claim the investigation is not politically motivated. Additionally, Telegram is under investigation in India for illegal activities, with the possibility of facing a ban depending on the probe’s outcome, further intensifying the scrutiny on the platform and its co-founder.
EigenLayer’s EigenDA protocol now supports restaking of native tokens for layer-2 networks, allowing them to create custom quorums for enhanced security and token yield while reducing data availability costs for Ethereum’s scaling solutions. Meanwhile, French authorities have extended the custody of Telegram founder Pavel Durov until August 28 as part of a broader investigation, sparking criticism over freedom of expression concerns as Durov’s case draws international attention. Argentina has integrated Ethereum and blockchain education into Buenos Aires’ high school curriculum, offering courses and internships to prepare students for careers in the blockchain industry amid the country’s rising crypto adoption driven by high inflation.
Bitcoin is poised for a potential breakout as US money market funds reach an all-time high of $6.2 trillion driven by expectations of a Federal Reserve interest rate cut which could boost investor appetite for Bitcoin. Meanwhile, India continues its cautious exploration of a central bank digital currency (CBDC) with 5 million users now participating in pilots though authorities emphasise the need for gradual implementation while maintaining ambiguity around cryptocurrency regulations. Ethereum co-founder Vitalik Buterin responded to criticism that he undervalues decentralised finance (DeFi) by reaffirming his support for sustainable applications within the ecosystem while acknowledging the limitations of short-lived trends like liquidity farming.
Crypto investment products have seen their largest inflows in five weeks, with $533 million entering the market from August 18 to August 24, primarily driven by expectations of Federal Reserve interest rate cuts, particularly benefiting Bitcoin-related exchange-traded products (ETPs) which saw $543 million in inflows. Despite Ethereum-related products experiencing $36 million in outflows, the overall growth in Bitcoin prices, which surged 8% amid increasing inflows, underscores the positive impact of new stablecoin minting on Bitcoin’s value. Meanwhile, Bitcoin Runes, a protocol for NFTs, achieved 15.6 million transactions and $162.4 million in fees over four months, but saw a decline in daily transactions recently, while stablecoin market capitalisation reached a new high of $168 billion, reflecting continued growth in the sector despite a drop in trading volumes.
Avalanche and ZKsync experienced Discord server compromises within 48 hours of Polygon’s similar breach, with attackers sharing fake airdrop schemes for Avalanche and ZK tokens and urging users to avoid malicious links. In other news, Ethereum Foundation’s recent transfer of 35,000 ETH to Kraken, part of treasury management activities, drew speculation but was clarified by the Foundation as a routine balance adjustment, amid historical trends of price surges following large ETH sales. Meanwhile, Mac users are being warned about a new malware, “Cthulhu Stealer,” which masquerades as legitimate software to steal crypto wallet credentials and personal information, reflecting an increase in macOS-targeted malware.
Source: https://cointelegraph.com
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