Bitcoin‘s price saw a significant surge to $66,128 within the past 24 hours, only to retract to $63,854. Despite these fluctuations, the overall trend remains upward. Investors are keenly observing short-term price movements, with Bitcoin having gained more than $10,000 in just a few days. But what exactly transpired today?
What Did the EEA Report Say?
The Enterprise Ethereum Alliance (EEA) has released a detailed report on the risks associated with DeFi protocols. The working group, which includes notable entities such as Consensys, Hacken, CertiK, and Quantstamp, among others, aims to establish the first version of a DeFi security standard. This document is crucial for DeFi protocol developers and owners, providing guidelines to mitigate risks.
Given the billions of dollars lost due to hacks, which reportedly fund North Korea’s missile programs, this effort is significant. Chaals Nevile, the Technical Programs Director, emphasized the need for periodic updates to the guidelines to address new threats and evolving technologies.
Will MTGOX Sales Impact Bitcoin?
Crypto analyst Ki Young Ju expressed excitement about the current market conditions, pointing out that whales have accumulated 100,000 BTC in a single week. According to Ju, the impact of MTGOX sales—ranging from $3 billion to $9 billion—on Bitcoin is minimal given the overall market cap increase in the past 18 months, suggesting that the short-term negative effects might be limited.
Ju stated, “Even if $3 billion from MTGOX is sold on Kraken, it’s manageable liquidity, accounting for just 1% of the capital increase in this bull cycle.”
How Are Investors Reacting to Trump’s Influence?
In the United States, the topic of leveraging presidential votes for profit is trending. After a recent incident, Trump has seen a surge in support from venture capitalists and tech executives, including Andreessen and Horowitz. Trump’s Vice President, an open supporter of cryptocurrency, holds up to $250,000 in Bitcoin.
Key Takeaways from Today
- The SEC reiterated “crypto and fraud risks” before the ETH ETF listing.
- Donald Trump announced that he would allow Fed Chair Jerome Powell to complete his term if elected.
- US Inflation data remains steady at 2.9%.
- Fed officials hinted at a possible policy rate cut in the near future.
- Grayscale introduced a Decentralized AI fund, featuring altcoins like Bittensor (TAO) and Filecoin (FIL).
- Coinbase plans to list Ancient8 (A8).
- IoTeX announced the launch of IoTeX 2.0.
- State Street aims to launch its own stablecoin, managing $4 trillion in assets.
- The Fed’s Beige Book indicates slower economic growth expectations due to various uncertainties.
- Vitalik Buterin urged a comparison of politicians’ current and past views on encrypted messaging rights.