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.