Trump Acknowledges Bitcoin’s Popularity
Republican frontrunner and former POTUS Donald Trump has changed his tune on Bitcoin and has acknowledged the growing popularity of the crypto as a payment option for many. Let’s find out how his opinion has changed during his candidacy and look into other interesting events in crypto this last week.
Bitcoin
Former President Donald Trump acknowledges Bitcoin’s growing popularity and hints at potential regulation, marking a notable shift from previous criticisms towards a more nuanced stance on the cryptocurrency.
- The daily trading volume of VanEck’s spot Bitcoin ETF surged to over $300 million, marking an increase of over 1000% compared to its previous highest trading day.
Ethereum
- Cryptocurrency exchange Coinbase has thrown its support behind Grayscale’s application to convert its Ethereum Trust into a spot Ether ETF, urging the SEC for approval.
- Co-founder of Ethereum, Vitalik Buterin, has shared his thoughts on the trade-offs between Layer 1 and Layer 2, stating that he is no longer confident that Layer 2s are better than Layer 1s.
DeFi
- The pioneering restaking project EigenLayer had raised a significant $100 million in a recent funding round led by a16z crypto before it went live.
Technology
- Circle announces the cessation of USDC support on the Tron blockchain, citing ongoing risk assessments and an enterprise-wide approach in alignment with regulatory standards.
- The Stellar Development Foundation (SDF) has announced the deployment of smart contracts on the Stellar Network following the arrival of Soroban smart contracts on its mainnet.
- The newly established Blockchain and Cryptocurrency Commission and the Artificial Intelligence Commission in Virginia are set to receive proposed general funds of $17,192 and $22,048, respectively, for the fiscal years 2025 and 2026.
- Leading peer-to-peer file storage network Filecoin has partnered with leading smart contract platform Solana to focus on delivering decentralized storage solutions that improve reliability, scalability, and security.
- Social platform Reddit has revealed its investments in Bitcoin (BTC) and Ethereum (ETH) and its experiments with Ether and Matic as payment modes as it looks to go public.
NFT
- Greg Solano, a.k.a. Garga, the pseudonymous creator of the NFT giant Bored Ape Yacht Club, has announced that he will be stepping into the CEO role of BAYC creator Yuga Labs.
Security
- A fake version of the popular crypto wallet, Rabby Wallet, has been wreaking havoc on unsuspecting users on the Apple App Store, with multiple users reporting significant financial losses.
- The co-founder of Axie Infinity, Jeff “Jihoz” Zirlin, was targeted by hackers who managed to steal 3248 ETH worth $9.7 million from the compromised wallets.
- Decentralized cryptocurrency exchange FixedFloat has revealed that it was hacked, with the platform losing $26 million worth of Bitcoin and Ethereum.
Regulation
- The United Kingdom has hinted that it could pass comprehensive new legislation that regulates crypto and stablecoins within the next six months.
- The National Banking and Securities Commission (CNBS) of Honduras banned the country’s financial system from trading in crypto and other related virtual assets with immediate effect.
- The US Treasury refutes claims of significant crypto funding for Hamas, clarifying that reported amounts likely misrepresented total wallet assets.
Hot Take: Bitcoin gaining acceptance
It’s noteworthy that former President Donald Trump has acknowledged Bitcoin’s growing popularity and hinted at potential regulation. This shift in stance indicates the increasing acceptance and mainstream recognition of cryptocurrencies. Here are some other news highlights from the crypto space:
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