Author: Coindesk
“Beyond … bitcoin pushing to a fresh record high, the market should perhaps be paying attention to what could be a more bullish development,” Joel Kruger, market strategist at LMAX Group, said in a Thursday market update. “The crypto market is looking for a resurgence in the decentralized finance space, with Ethereum playing an important part in this initiative.” Read the full article here
Square is also focusing more on its self-custody wallet, Bitkey, which the company started shipping in March. At the time, the company said that Bitkey will not only provide standard wallet functionality, but also connect to Block’s payments platform Cash App and crypto exchange Coinbase (COIN) to allow buying and selling BTC. Read the full article here
The publication comes as Bitcoin, the oldest and largest blockchain, has attracted hordes of developers trying to add programmability and additional network layers that could lead to not only more applications being built atop the peer-to-peer network but also faster and cheaper venues for transaction execution. The goal is to catch up to what Ethereum, the second-largest blockchain, has achieved — but with Bitcoin’s famously robust security. Read the full article here
The crypto payment option, which will be offered through a “secure payment platform managed by PayPal,” according to the release, is expected to go live in mid-2025. A spokesperson for the city did not immediately respond to questions about which cryptocurrencies Detroit plans to accept, but PayPal only supports a small handful of tokens — bitcoin, ether, bitcoin cash, litecoin, and PayPal’s own stablecoin, PayPal USD. Read the full article here
Like the internet itself, decentralized networks aren’t always the most efficient tools for some tasks. However, the open, permissionless nature of these networks creates intense competition that often serves customers better than technical efficiency alone, says EY’s Paul Brody. Read the full article here
“Chain unification is inevitable — like ACH or SWIFT for crypto,” said Sean Li, CEO of Magic Labs, in a press release shared with CoinDesk. “Developers can build user experiences that eliminate barriers. Users should only care about transaction cost and speed, not the chain. Eliminating UX barriers will unlock the best use cases.” Read the full article here
Gensler has been on the forefront of those actions, being openly skeptical of cryptocurrencies. Just last month, he reiterated his views haven’t changed. Speaking at NYU’s School of Law in Manhattan in October, he said: “With all respect, the leading lights of this field in 202[4] are either in jail or awaiting extradition right now.” Read the full article here
On election night, Nov. 5, bitcoin surged to an all-time high, breaking past $75,000 as Trump claimed victory. With a Republican sweep across Congress, this outcome is seen by the crypto community as the most favorable result for digital assets. Trump’s vocal support for crypto, along with his criticism of the SEC’s restrictive stance, has fueled expectations for a regulatory landscape that encourages innovation and growth. The market’s swift reaction, even before the race was called, underscores crypto’s role as a 24/7 barometer of major events. Read the full article here
The scrutiny comes after a French national, known only by his first name, Theo, profited handsomely on Polymarket by placing large, and ultimately correct, bets that Donald Trump would win the U.S. presidential election, despite polls that indicated the contest with Kamala Harris would be a toss-up. According to the Wall Street Journal, Theo is set to make $50 million on his trades. Read the full article here
In March 2022, the Fed started raising interest rates due to the economic distortions it saw. We looked at the same aberrations above in labor, inflation, and economic output. However, now, all those measures have returned back to normal. Yet, monetary policy has not. So, like I said at the start, don’t be surprised when policymakers cut rates later this week and even more moving forward. And as this happens, it should support more stability in economic growth and underpin a steady rally in crypto investments like bitcoin and ether. Read the full article here