Bitcoin Surges Past $65K, Avalanche Unveils $40M Developer Grants, Celo Soars 38% in One Week
26 Setembro 2024 - 2:32PM
IH Market News
Bitcoin surpasses $65,000 after Fed rate cuts and China news
The price of Bitcoin (COIN:BTCUSD) reached a high of $65,632 in
the last 24 hours, marking the highest value in almost two months.
Priced at $65,380 at the last check, the increase began with the
Federal Reserve’s 50 basis-point rate cut and was boosted by news
from China, which plans to inject $142 billion into its biggest
banks.
The move also renewed interest in bitcoin ETFs in the U.S., such
as the iShares Bitcoin Trust (NASDAQ:IBIT), which received $184.4
million in new investments on Wednesday, surpassing all other funds
this month.
On September 25, total inflows amounted to $105.9 million. In
addition to IBIT, the Bitwise Bitcoin ETF (AMEX:BITB) raised $2.1
million, while Fidelity (AMEX:FBTC) and Ark (AMEX:ARKB) ETFs saw
significant outflows. So far, spot Bitcoin ETFs have accumulated
total inflows of $17.94 billion since their launch.
On September 23, BlackRock filed for an amendment to its Bitcoin
ETF due to investor concerns about Coinbase’s settlement practices.
The amendment requires Coinbase to process Bitcoin withdrawals
within 12 hours, while traders pressure Coinbase to provide
on-chain proof of Bitcoin purchases made for ETFs.
Avalanche Foundation launches $40 million developer grant program
The Avalanche Foundation (COIN:AVAXUSD) announced a $40 million
grant to support developers in building layer 1 (L1) blockchains on
its network. The “Retro9000” program, launched on September 26,
encourages development on the new “Avalanche9000” update, which
aims to simplify and reduce costs for developers. Avalanche also
highlighted that the program will allow the community to vote on
the best projects, helping direct the distribution of grants. The
goal is to foster a robust L1 ecosystem and support new technical
solutions that could benefit the Avalanche network.
Cardano signals rally with 13% rise in one week
The price of Cardano (COIN:ADAUSD) has dropped about 37% in 2024
but increased by 15.8% in the past week, suggesting a potential
long-term rally. Indicators such as the Exponential Moving Average
(EMA) and the Market Value to Realized Value (MVRV) ratio point to
an upward trend. Currently priced at $0.40, ADA could reach $0.70
by the end of 2024 if momentum continues, though there are risks of
a drop to $0.27.
Worldcoin fined $829K for violating privacy laws in South Korea
South Korea’s Personal Information Protection Commission fined
the Worldcoin Foundation (COIN:WLDUSD) and its affiliate Tools For
Humanity approximately $829,000 for collecting biometric data
without legal authorization. Nearly 30,000 South Koreans had their
iris scans collected without transparency regarding the use and
transfer of this data. In addition to the fine, the company was
ordered to correct its practices. Despite this, the Worldcoin token
rose 37.5% over the last 7 days.
Celo challenges Tron with rising daily active addresses using
stablecoins
Celo, a blockchain ecosystem based on Ethereum, is competing
with Tron (COIN:TRXUSD) in the number of daily active addresses
using stablecoins. Celo’s moving average reached nearly 700,000,
driven by the implementation of USDT, which has already issued over
$200 million on the network. The partnership with Opera in
launching the MiniPay wallet also attracted more than 1 million
users. Vitalik Buterin praised Celo’s progress, sparking interest
in the CELO token (COIN:CELOUSD), which rose 38.3% this week.
However, Celo still trails Tron and Ethereum in on-chain transfer
volume.
Ethena develops new UStb stablecoin with BlackRock-backed reserves
Ethena has announced the creation of UStb, a stablecoin backed
by investments in BlackRock’s BUIDL fund (COIN:BUIDLUSD). Unlike
its first stablecoin, USDe, which uses an arbitrage strategy to
maintain its peg to the dollar, UStb offers a distinct risk
profile. UStb will also help USDe manage risks during volatile
markets and could be integrated with centralized exchanges like
Bybit and Bitget.
The uncertain future of CBDCs and their importance for
interoperability
From the start, many of the world’s central banks have worked
tirelessly to develop digital currencies known as CBDCs. Nearly
every central bank globally is involved in this process, with many
G20 countries in advanced stages. However, recent shifts, such as
Canada and Australia revising their approaches, signal a potential
re-evaluation of the project. Interoperability between financial
systems is a critical challenge, and the success of CBDCs may
dictate the future of this global integration.
Losses from cryptocurrency hacks hit record in 2024
Cyvers reported that in 2024, losses from hacks and scams in the
cryptocurrency sector reached $2.1 billion, surpassing the previous
year. The centralized finance (CeFi) sector was the hardest hit,
with losses increasing by 984%, while decentralized finance (DeFi)
saw a 25% decline. Smart contract vulnerabilities led to losses of
$380.4 million across 79 incidents in 2024, down from $429.6
million lost in 28 incidents during the same period the previous
year.
WazirX gains temporary relief after $230 million hack
Following the $230 million hack in July, the WazirX exchange
received a four-month moratorium from a Singapore court, although
it requested six. The decision requires the company to reveal
wallet addresses and answer user queries. WazirX must also present
its ledger within six weeks and conduct future votes independently.
While seeking a partner for financial recovery, the company
continues to face challenges in allowing full withdrawal of user
assets.
Ledger expands crypto purchases with Uphold’s Topper integration
Ledger, a leader in hardware wallets for cryptocurrencies,
announced a new partnership with Uphold’s Topper, integrating its
fiat-to-crypto conversion platform into Ledger Live. Now, users can
buy cryptocurrencies directly in the wallet, with 14 on-ramp
provider options. Although Ledger has more on-ramp than off-ramp
solutions, Topper plans to launch an off-ramp option in Q4 2024,
expanding geographical coverage and payment methods, including Pix
in Brazil.
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