By Kapil Rajyaguru
Bitcoin Dips Below $61K as Hotter CPI Stirs Market Jitters.
A CPI report from the United States, indicating a yearly inflation of 2.4%, caused Bitcoin to fall below $61,000, which in turn caused the market to lose trust. To control the potential market risk arising from the uncertainties regarding the Federal Reserve’s actions, traders were very careful, which led to Ethereum also aiming for the $2,000 level. Some altcoins, such as Aptos and Ripple, went through great ups and downs, with Aptos falling by 9%.
Metaplanet’s Bitcoin Stash Reaches $40.6 mn After Latest Purchase.
Metaplanet has expanded its Bitcoin holdings to 639.503 BTC, amounting to $40.6 million through the acquisition of an additional 108.786 BTC for $6.7 million. The Tokyo-listed firm, frequently benchmarked against MicroStrategy, acquired Bitcoin at an average price of $61,880 per coin. The additional purchase enabled Metaplanet to increment its total Bitcoin portfolio, and it displayed its positive position for the digital coin.
US Bankruptcy Court Approves FTX Reorganization Plan.
The US bankruptcy court has sanctioned FTX’s reorganization plan, allowing creditors to recover $16.5 billion. Some creditors could potentially receive cash payments equivalent to up to 140% of their debts. The program, which has a wide range of creditors’ support, will organize payments in 60 days. It means FTX’s restitution process, which had started with its collapse in November 2022, was progressing nicely.
Taiwan’s Financial Watchdog Prepares to Test Crypto Custody Services with Local
Banks.
The Financial Supervisory Commission of Taiwan will be rolling out a pilot service for a cryptocurrency custodian program through the collaboration of the local banks. The pilot will take off in 2025 and involve three private banks. All of them have pledged to support the use of new digital assets by institutions. The banks must provide evidence of the virtual currencies they can support, such as Bitcoin, Ethereum, and Dogecoin, and identify the target group for their product.
National Bank of Bahrain Launches Region’s First Bitcoin Investment Fund.
The National Bank of Bahrain has launched the GCC region’s first Bitcoin-linked structured investment fund for institutional and accredited investors. Developed with ARP Digital, this fund offers capital protection while allowing investors to benefit from Bitcoin’s growth. The structured fund limits investor exposure to downside risks, providing a secure option for Bitcoin investment in the region.
Bitcoin Recognized as Divisible Property in South Korean Divorces.
South Korea has officially recognized Bitcoin as divisible property in divorce cases, marking a major shift in cryptocurrency’s legal treatment. Cryptocurrencies can now be split as part of the marital estate, following a 2018 Supreme Court decision. Couples can request court-ordered investigations to determine hidden cryptocurrency assets, ensuring fair division during divorce proceedings.
New Ethereum Upgrade Could Reduce Block Time by 33% and Increase Throughput
by 50%.
Ethereum’s new proposal, EIP-7781, aims to reduce block times by 33%, increasing network throughput by 50%. The upgrade, introduced by Ben Adams, could significantly boost Ethereum’s performance, but concerns have been raised about its impact on solo stakers, as faster block times may require more powerful hardware. The change could dramatically improve the network’s scalability.
Trump’s World Liberty Financial Submits Proposal to Ethereum DeFi Protocol Aave.
World Liberty Financial (WLF), a cryptocurrency venture linked to Donald Trump, has submitted a proposal to Aave’s governance forum to utilize its DeFi infrastructure. The proposal outlines a partnership where AaveDAO would receive 20% of protocol fees generated by WLF, along with 7% of its governance token, WLFI. This move could position WLF as a major player in DeFi.
Peter Todd Denies Being Satoshi Following HBO Film Claims.
Peter Todd, a 39-year-old software developer, denied claims from the HBO documentary Electric Money: The Bitcoin Mystery suggesting he is Satoshi Nakamoto. The documentary presents circumstantial evidence linking Todd to Bitcoin’s creation, but he has publicly called the film “irresponsible” and expressed concerns for his safety due to the allegations.
Crypto Companies Pour $170 mn into Premier League Sponsorships.
Premier League clubs secured a record $170 million in sponsorship deals with crypto companies for the 2024/25 season, according to a Bloomberg report. As gambling sponsorships face tighter regulations, crypto firms have stepped in to fill the gap. This influx of sponsorships is seen as an effort to rebuild the image of the digital asset industry following high-profile company failures.
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