Category: crypto
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Bitcoin sees wealth shift from long-term holders to new investors – Glassnode
Bitcoin’s ongoing bull market has seen a transfer of wealth from long-term holders to new investors, with long-term holders realizing record profits while new investors absorb the supply. The market has shown resilience and reduced volatility, with potential for further upside as institutional participation supports price resilience.
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Polygon rejects proposal to bridge funds into Morpho to drive DeFi growth
The Polygon community rejected a proposal to deploy $1.3 billion in stablecoins from its PoS bridge to yield-generating programs on Morpho, citing security and ecosystem risks. Critics warned of potential vulnerabilities and liquidity crises. A dispute with Aave over security concerns ensued, ultimately leading to the proposal’s rejection.
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Ethena Labs introduces sUSDe as collateral for Trump-backed WLFI protocol
Ethena Labs proposed integrating sUSDe stablecoin into World Liberty Financial (WLFI) to boost capital efficiency and liquidity in their Aave instance. sUSDe has become the third-largest stablecoin with a $6.1 billion market cap. The partnership aims to enhance user rewards, increase total value locked, and generate more revenue for WLFI.
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Delhi High Court orders new probe into WazirX amid Binance delisting
Indian crypto exchange WazirX is facing challenges after a Delhi High Court ordered a fresh investigation into the platform following allegations of a hack and financial irregularities. Binance announced it would delist WazirX’s token WRX. Despite recovery efforts, 43% of customer funds remain unrecoverable. The exchange is striving to regain stability amid regulatory scrutiny and…
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Bitcoin falls to $100,000 following hawkish FOMC despite 25bp rate cut
Bitcoin fell to $100,300 after Fed chair Jerome Powell’s hawkish comments at the FOMC. Despite an expected interest rate cut, Bitcoin and other cryptocurrencies experienced losses. The US stock market also reacted negatively. Powell indicated a slower pace for rate cuts entering 2025, with futures markets expecting minimal cuts next year. Powell mentioned the Fed…
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Deutsche Bank to develop Ethereum layer-2 blockchain to tackle TradFi compliance issues
Deutsche Bank is developing a layer-2 blockchain on Ethereum to address regulatory challenges faced by financial institutions. The platform, Project Dama 2, aims to streamline asset servicing and offer cheaper transactions using zero-knowledge proof technology. Traditional finance players like JPMorgan and Visa are also exploring blockchain solutions for asset servicing.
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Hong Kong approves 4 new crypto trading platform licenses in regulatory push
Hong Kong’s Securities and Futures Commission (SFC) has issued licenses to four virtual asset trading platforms (VATPs), bringing the total number of licensed crypto trading platforms in the city to seven. The licensed firms underwent inspections and must meet regulatory standards for full functionality. The SFC aims to balance investor protection with fostering growth in…
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Polygon accuses Aave of monopolistic practices amid DeFi dispute
Polygon has accused Aave of monopolistic practices after a dispute over a proposal to allocate bridge funds to yield-generating strategies. Tension escalated when Aave threatened to withdraw from Polygon. Founder Sandeep Nailwal criticized Aave’s approach as anti-competitive. Aave defended its stance, emphasizing user security and rejecting claims of anti-competitive behavior.
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Bitcoin to hit $1 million by 2027 using new adoption pricing model
A new supply-and-demand equilibrium model predicts that Bitcoin could surpass $1 million by January 2027 based on current adoption trends and liquidity. The model, created by Dr. Murray A. Rudd and Dennis Porter, factors in Bitcoin’s fixed supply and institutional adoption. It suggests that growing institutional presence could drive the price to seven-figure levels in…
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Ohio becomes latest state to propose Bitcoin treasury to protect funds from US dollar devaluation
Ohio lawmaker Derek Merrin introduced a bill to establish a Strategic Bitcoin Reserve in the state treasury, allowing investment in Bitcoin to protect against US dollar devaluation. The proposed Ohio Bitcoin Reserve Act positions Ohio as a pioneer in adopting Bitcoin reserves at the state level, following global trends in using Bitcoin as a strategic…