Cardano prepares for the Voltaire era with Chang fork
Charles Hoskinson, founder of Cardano (COIN:ADAUSD), announced
that the blockchain is about to reach its most significant
milestone with the Chang fork, which will usher in the “Voltaire
Era.” This update, scheduled for June, will introduce essential
tools for the network’s self-sustainability, allowing for proposed
and voted improvements by participants. A new treasury system will
finance ongoing development. With this, Cardano will become fully
decentralized, community-governed, and ready for global growth.
Fireblocks collaborates with Coinbase for cryptocurrency operations
security
Fireblocks is collaborating with Coinbase International Exchange
(NASDAQ:COIN), which offers perpetual futures and spot trading for
institutional and retail clients outside the US. Fireblocks
customers can connect their Coinbase accounts, securing withdrawals
and deposits with governance rules. Coinbase International received
a license from the Bermuda Monetary Authority in May 2023.
Fireblocks uses MPC technology for security and rigorous governance
of exchange operations.
Buying opportunity for Bitcoin and Ether after US economic data,
says QCP Capital
Bitcoin (COIN:BTCUSD) traded around $69,828 in the last 24 hours
after remaining stable over the weekend. Last Friday, Bitcoin faced
a $400 million drop, falling from over $71,000 to below $69,000 due
to employment data showing a surprising increase in job numbers but
also a slight rise in the unemployment rate, causing uncertainty
before crucial economic decisions. Futures contracts fell from $99
billion to $60 billion, indicating reduced trader bets.
Singapore-based QCP Capital identified a “buy-the-dip” opportunity
for Bitcoin and Ether (COIN:ETHUSD). With market volatility, the
firm noted an increase in Bitcoin options purchases, suggesting
confidence in the price recovery of these cryptocurrencies.
Volatility is expected to rise this week with the release of the
CPI on Wednesday.
Bitcoin ETFs achieve record demand and investments
Last week, US Bitcoin ETFs received $1.8 billion, marking a
record 18 consecutive days of high demand. The trading volume of
these funds grew by 55%, reaching $12.8 billion. Notably, they
acquired about 25,700 BTC, equivalent to the new Bitcoin supply
during the period, indicating a market squeeze. Managing over $70
billion in assets, ETFs are solidifying Bitcoin as a recognized
institutional asset class, encouraging further investments as
global markets adapt.
Bitcoin ETFs spark a silent revolution in the financial market
Recent records reveal that 534 major institutions now include
Bitcoin (COIN:BTCUSD) in their portfolios, reflecting widespread
institutional adoption. Spot Bitcoin ETFs have become an attractive
option for these investors due to their ease of integration with
traditional financial systems, despite certain limitations.
Solana expels validators involved in sandwich attacks
The Solana Foundation (COIN:SOLUSD) permanently expelled several
validators for conducting sandwich attacks against retail users. A
sandwich attack manipulates cryptocurrency prices by placing a buy
order before and a sell order after another user’s transaction.
This artificially inflates the price, allowing the attacker to
profit while the target user pays an unfavorable price. Tim Garcia
from Solana’s validator relations team confirmed that the
foundation identified operators using mempool activities to
facilitate these attacks, involving price manipulation and profit
at the expense of retail investors. The crypto community criticized
the measure, pointing to centralization of the network.
MATIC faces downward pressure and tests critical support
The price of MATIC, the currency of the Polygon platform
(COIN:MATICUSD), fell by 5.3% in the last week, approaching the
lower limit of its trading channel established since April. With
the current price at $0.63, the lowest since October 2023, MATIC
may be about to drop below its critical support of $0.64.
Persistent selling pressure and predominantly negative market
sentiment increase the risk of further declines unless the bulls
can reverse this trend and strengthen the support.
Polkadot expands leadership in tokenization and strengthens DeFi
with million-dollar investment
Polkadot is standing out in the real-world asset (RWA)
tokenization space, with the potential to lead the market.
Polkadot’s framework is designed for interoperability and
scalability, ideal for tokenizing various assets such as real
estate and commodities. With the recent publication of the JAM
Whitepaper (Polkadot 2.0), the platform aims to further reinforce
its position in the RWA market. Additionally, several projects
within the Polkadot ecosystem focus on practical RWA applications,
contributing to the expansion of this technology in the crypto
economy.
Furthermore, the Polkadot Treasury allocated 2 million DOT
(COIN:DOTUSD), equivalent to $14.4 million, to strengthen the DeFi
Hydration project. This funding aims to enhance the liquidity and
efficiency of the Omnipool platform, which allows users to
provision liquidity unilaterally. Implemented in two phases, the
allocation includes generous rewards for liquidity providers,
aiming to attract new resources and improve the liquidity layer of
the Polkadot 2.0 ecosystem.
Ripple expands cooperation with the National Bank of Georgia for
economic digitalization
Ripple (COIN:XRPUSD) is intensifying its collaboration with the
National Bank of Georgia to explore the digitalization of the local
economy. In a recent meeting with bank and Ripple executives,
advancements in financial technology and digitalization were
discussed. This partnership includes Ripple’s contribution to the
digital lari pilot project, a central bank digital currency (CBDC).
Besides Georgia, Ripple is also involved in similar projects in
several other countries, highlighting its growing role in
supporting global CBDC development.
The role and challenges of stablecoins in the cryptocurrency market
Stablecoins are crucial for transactions in the digital economy,
mimicking conventional currencies like the dollar, without the
volatility of cryptocurrencies. They generate profits for issuers
by investing in safe assets but do not share these profits with
holders. With rising interest rates, there is increasing pressure
to share these gains. New competitors are offering more equitable
models, challenging giants like Tether and Circle, and promoting
innovation in using stablecoins for efficient payments. Companies
like Ondo, Mountain, Agora, and Paxos are challenging the status
quo of traditional stablecoins, promising to distribute returns to
users. For instance, Paxos (COIN:PAXGUSD) recently launched the
Lift Dollar, a yield-generating stablecoin regulated by the United
Arab Emirates, increasing competition in the market.
HSBC China offers eCNY services for corporate clients
The Chinese branch of HSBC (NYSE:HSBC) now offers e-CNY
services, becoming the first foreign bank to provide services
related to the People’s Bank of China’s digital yuan for corporate
and retail clients. HSBC corporate clients can link their bank
accounts to digital yuan accounts. HSBC helped an educational group
accept e-CNY payments at six branches located in Shanghai, Beijing,
Guangzhou, Jiaxing, and Suzhou.
Fidelity International explores asset tokenization with JPMorgan’s
blockchain technology
Fidelity International, a London-based fund manager, used
JPMorgan’s (NYSE:JPM) blockchain technology, Onyx Digital Assets,
to tokenize shares of a money market fund. This action was executed
instantly, connecting the fund’s transfer agent to the Tokenized
Collateral Network, which facilitates transactions between
collateral receivers and providers. Tokenization, which seeks to
represent real assets in a digital format, is a growing trend among
banks, offering cost efficiencies and reducing operational
risks.
UwU Lend exploitation results in $19.3 million loss in crypto
assets
The UwU Lend lending protocol was compromised, resulting in a
loss of $19.3 million, as reported by security firms like Arkham.
The exploitation involved diverting crypto assets, including
wrapped ether and wrapped bitcoin, as well as stablecoins, which
were subsequently sold on Uniswap. The cause of the incident is
still under investigation, and UwU Lend announced on X that it
plans to reimburse affected users. The protocol’s founder, Michael
Patryn, has a controversial history, including connections to the
collapse of Quadriga CX.
Squads Labs raises $10 million and launches smart wallet for iOS
Squads Labs, focused on facilitating digital asset transactions
and management, raised $10 million in Series A funding led by
Electric Capital, with participation from RockawayX, Coinbase
Ventures, L1 Digital, and Placeholder. The company, which already
offers a Solana-based wallet for businesses, unveiled Fuse, a new
smart wallet for individuals, available for public testing on iOS.
The funding will be used to enhance technology and products, as
well as expand the team.
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