Bitcoin Price: US$ 58,301.50 (-4.41%)
Ethereum Price: US$ 2,688.92 (-7.39%)
A recent Galaxy Research report highlights sustainability challenges for Bitcoin layer-2 rollups due to high data posting costs, which require substantial fee revenue to remain viable, with alternative solutions like Celestia proposed for better cost-effectiveness. Meanwhile, Dogecoin is poised for a major security update with Dogecoin Core 1.14.8, which will enhance compilation reproducibility to improve network security and transparency. As Ethereum struggles to maintain a crucial support level, potentially falling below $2,800 and impacting Bitcoin prices, there is cautious optimism for a rebound, alongside expectations that spot Ether ETFs could attract significant assets within their first year.
The recent shutdown of ZKX prompted Amber Group to call for transparency and support the cryptocurrency community, highlighting its involvement in market-making and liquidity provision despite the project’s lack of economic viability. Amber Group returned 1 million ZKX tokens to reduce circulation, while investors like Hashkey Capital expressed frustration over ZKX’s lack of transparency. A German breakthrough in quantum computing suggests the need for particle physicists in the crypto industry, potentially leading to advances in finance and cryptocurrency through quantum advantage. On Aug. 2, Grayscale’s Ethereum Trust faced $2.1 billion in outflows, while other Ether ETFs, like Fidelity’s and Franklin’s, saw positive inflows, indicating varied investor sentiment across different funds.
Over 2,200 letters were sent to US senators urging support for Senator Cynthia Lummis’s Strategic Bitcoin Reserve bill, demonstrating bipartisan interest in Bitcoin’s potential strategic value, with Lummis’s proposal aiming to establish a national Bitcoin reserve to bolster financial reserves with a decentralised asset, potentially influencing other nations to follow suit. Meanwhile, the XRP Ledger saw a 65.6% drop in transaction volume in Q2 2024, with transaction costs surging by 168%, reversing the previous quarter’s growth, yet Ripple anticipates significant future developments, including tokenised real-world assets and a new stablecoin launch. Additionally, Bitcoin whales have been accumulating BTC and moving it off exchanges at the fastest rate since 2015, adding 84,000 BTC in July and indicating a possible price bottom above $63,000, with analysts optimistic about Bitcoin’s future, expecting a breakout later in the year despite recent resistance at the $70,000 level.
Source: https://cointelegraph.com
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