Author: Max Bauer
Bitcoin’s recent surge past $106,000 could be just the beginning, according to Matt Hougan, CIO of Bitwise Asset Management. In a recent interview, Hougan predicted that Bitcoin could reach $200,000 within the next year, driven by “three irrepressible sources of demand”: ETFs, public companies like MicroStrategy, and potentially, governments. Hougan pointed to the possibility of a US Bitcoin strategic reserve as a major catalyst. Citing a bill proposed by Senator Lummis for the government to acquire one million Bitcoin, he argued that such a move could propel the price to $300,000, $400,000, or even $500,000, triggering similar actions by governments…
Ethena (ENA), a decentralized finance platform, has announced a strategic partnership with World Liberty Financial (WLFI), a cryptocurrency project associated with former President Donald Trump. The collaboration centers around a proposal to integrate Ethena’s stablecoin, sUSDe, into WLFI’s forthcoming Aave v3 instance. This proposed integration aims to leverage sUSDe as a core collateral asset within WLFI’s decentralized lending platform. If approved by Aave governance, WLFI users would be able to earn rewards in both sUSDe and WLF, World Liberty Financial’s native token. The move is expected to boost stablecoin liquidity and utilization rates on the platform, mirroring the positive impact…
A legal battle has erupted between cryptocurrency exchange Coinbase and BitGo, the company behind Wrapped Bitcoin (WBTC), following Coinbase’s decision to delist WBTC. BitGo, along with Justin Sun, who recently joined WBTC’s management, filed a lawsuit alleging that Coinbase acted in bad faith by delisting WBTC after launching its own wrapped Bitcoin alternative, cbBTC. The lawsuit contends that Coinbase’s delisting decision was a retaliatory move, motivated by the launch of cbBTC. However, Coinbase has vehemently denied these claims, asserting that the delisting was solely based on a “rigorous internal process” that identified “unacceptable risk” associated with Justin Sun’s involvement in…
The launch of Pudgy Penguin’s Solana-based token, PENGU, was meant to be a bonanza for holders, with its fully diluted market cap soaring to over $3.5 billion and generating over $290 million in trading volume within just two hours. However, for one unlucky trader, the event turned into a financial catastrophe. In a matter of seconds, the trader saw $10,000 evaporate, leaving them with less than $5 worth of PENGU. The incident occurred just minutes before the official token launch when the trader attempted to swap 45 wrapped Solana tokens for PENGU. A combination of a quirk in the decentralized…
New advancements in quantum computing pose a significant threat to Bitcoin’s security, with experts predicting that within five years, these powerful machines could be capable of stealing Bitcoin directly from users’ wallets. The unveiling of Google’s new quantum computing chip, Willow, has intensified these concerns. Willow represents a 56% improvement over Google’s previous chip, accelerating the timeline for quantum computers to break the encryption protecting the $3.8 trillion cryptocurrency industry. Pierre-Luc Dallaire-Demers, a scientist-in-residence at the University of Calgary and founder of a quantum-resistant crypto infrastructure company, warns, “We are about five years away from commercial quantum computers being able…
MicroStrategy Chairman Michael Saylor believes former President Donald Trump is serious about establishing a US strategic Bitcoin reserve. In a recent interview, Saylor compared such a move to historical land acquisitions like the Louisiana Purchase, emphasizing the potential for immense long-term gains. Saylor highlighted proposals from Senator Cynthia Lummis and Robert F. Kennedy Jr., suggesting a potential acquisition of one million Bitcoin, which he estimates could be worth $16 trillion. He further speculated that Trump might exceed these proposals, potentially targeting $81 trillion in gains, dwarfing the current US national debt of $36 trillion. Saylor argues that global capital is…
FTX and its affiliated debtors announced today that their court-approved Chapter 11 Plan of Reorganization will become effective on January 3, 2025. This date also marks the initial distribution record date for holders of allowed claims within the Plan’s Convenience Classes. The initial distribution is anticipated to commence within 60 days of the effective date, subject to know-your-customer (KYC) and other distribution requirements. It’s important to note that this initial distribution is specifically for the Convenience Classes outlined in the plan. Separate record and payment dates for other claim classes will be announced later. John J. Ray III, CEO of…
Avalanche, a prominent layer-1 blockchain and the tenth largest by total value locked (TVL), has activated its highly anticipated ‘Avalanche9000’ upgrade (also known as the Etna upgrade). This landmark upgrade represents the most significant technical overhaul in the network’s history since its 2020 launch. The upgrade, which has been in development for months, introduces a suite of improvements designed to reduce transaction costs, lower validator operating expenses, and streamline application development. Avalanche leadership has previously stated that a key objective of ‘Avalanche9000’ is to attract developers and encourage the creation of customized blockchains, known as subnets or “L1s,” using Avalanche’s…
Ripple Labs has officially launched its highly anticipated U.S. dollar-pegged stablecoin, RLUSD, entering the competitive stablecoin market currently dominated by Tether. The stablecoin became available on global exchanges starting today, following final regulatory approval from the New York State Department of Financial Services (NYDFS) last week. RLUSD distinguishes itself through its robust reserve backing, consisting of U.S. dollar deposits, U.S. government bonds, and cash equivalents. To ensure transparency, Ripple has committed to monthly attestations of these reserve assets, conducted by an independent auditing firm. This move aims to address concerns surrounding reserve transparency that have plagued some existing stablecoin issuers.…
Despite a lack of progress in curbing inflation in November, market analysts widely anticipate the Federal Reserve will cut its benchmark interest rate by 25 basis points at its December 17-18 meeting. Federal funds futures indicate a near 100% probability of this rate cut, according to analyst Megan Leonhardt. This move is likely motivated by a desire to align the benchmark rate with current economic conditions, including cooling inflation and a normalizing labor market. However, the future path of interest rates remains uncertain. While the December cut seems almost guaranteed, Federal Reserve Chair Jerome Powell is expected to signal a…