Category: crypto

Unexpected job losses in the US in February and a higher unemployment rate have raised hopes for a rate cut but have left Bitcoin stuck around $70,000. The market is in a risk-off mood, with falling equities and rising oil prices complicating the situation for crypto assets despite the soft jobs data.

As part of Outset PR’s Web3 communications talks, founder Mike Ermolaev spoke with Bitget Wallet CMO Jamie Elkaleh about marketing changes as crypto wallets evolve into broader financial interfaces. Insights include utility-driven adoption, regional marketing differences, data-driven media credibility, and the influence of institutional capital on crypto markets.

Kazakhstan will invest up to $350M from its gold and FX reserves into crypto assets starting April-May. This move aims to reduce exposure to sanctioned assets and gain indirect exposure to Bitcoin and Ethereum through funds and stocks. It comes as Bitcoin nears $70K, tightening the link between sovereign flows and crypto prices.

Vitalik Buterin supports a controversial switch from Casper FFG to Minimmit in Ethereum, prioritizing censorship resistance over fault tolerance. The proposed change aims to improve real-world safety and response to attacks. This debate occurs as ETH trades near $2,000, with markets considering the impact of faster finality on the network’s value.

Justin Sun has settled a multi-year lawsuit with the SEC, paying a $10 million fine through Rainberry. The lawsuit accused Sun of fraud and securities violations related to TRX and BTT token sales. The SEC dropped the claims after the payment, although some lawmakers are questioning the circumstances of the settlement.

John Daghita, a U.S. government contractor, was arrested in Saint Martin for allegedly stealing $46 million in cryptocurrency from the U.S. Marshals Service. The arrest was the result of a joint international operation between the FBI and French law enforcement. The stolen cryptocurrency has not been recovered, and legal proceedings are expected to follow.

Bitcoin-focused Solv Protocol was exploited, resulting in $2.7 million worth of funds drained from a token vault. The project offered a 10% bounty to attackers. The exploit involved a double-minting flaw in a BitcoinReserveOffering contract. Less than 10 users were affected, and compensation will be provided. Third-party security analysts are investigating the incident.

Social mentions of “altseason” have dropped to extremely low levels, signaling a potential rally in alternative cryptocurrencies. Bitcoin is trading near $70,300 after being rejected at $74,000, indicating short-term weakness. Analysts warn of downside risk towards $60,000. Santiment notes that low altseason mentions could precede market rallies.

Vancouver city officials recommend dropping Mayor Ken Sim’s proposal to make the city “Bitcoin-friendly” due to regulatory limits, financial risks, and operational challenges. The proposal aimed to explore accepting Bitcoin payments and adding the asset to municipal reserves. The staff report advises council to take no further action on the motion.

Short-selling firm Culper Research has taken a bearish position against Ethereum’s native token and related companies, citing a deterioration in the blockchain’s economic model due to recent network changes. Culper argues that Ethereum’s fee revenue has collapsed, weakening the network’s economic incentives, and questions the validity of some network activity metrics.