Hey there, welcome back! Here is a recap of all that happened in the last 24 hours in the crypto community. With The Blockchain Bulletin, get to know the latest updates on institutional firms, tokens, market volatility, and even regulatory facts.
On Friday, XT Exchange, a Seychelles-based cryptocurrency exchange announced a phishing attack on one of its wallets. Following the announcement, the exchange halted all withdrawals after losing nearly $1.7 million in the hack. This attack serves as a reminder of the persistent risks faced by the crypto exchanges. It also sheds light on the security and stability of those exchanges as the market becomes more interconnected.
Ethereum’s push for scalability has given a boost to the Ethereum Foundation. By declaring interests in investing on zkVMs (zero-knowledge virtual machines), it has enhanced the transaction speeds and cost effectiveness in Ethereum. This will help to counter new blockchains. Further, it is crucial in boosting the network’s ability to accommodate decentralized applications. This will strengthen its position as the ideal network for blockchain infrastructure.
On the other side, Solana is shifting its focus to multi-signature technology to strengthen its security. This comes at a time when work on network stability is being questioned. By taking the move, the network can be made stronger to avoid such mishaps in the future.
In the South Asian province, Indonesia’s cryptocurrency market has been rapidly growing. It has surpassed over $30 billion in trading. Some of the reasons leading to this growth include local sentiment, favorable regulatory environment, and the ability of the crypto asset to form an integral part of payments. This indicates that the trading activity is witnessing a surge among the public. It also shows that they are eager to adopt new digital assets and financial technologies.
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On the market front, with Bitcoin rising above $97K, its dominance has been restored. This rise suggests that smaller and decentralized token projects are gaining attention and channelling investor interest. Further, XRP stepped up, pushing beyond Binance Coin in market capitalization.
With the Black Friday sale, discounts and promotional offers increased awareness on digital assets. Further, it increased short term trading activity. Due to this, the e-commerce shops that accept cryptocurrency payments experienced a short-term traffic spike.
Finally, there were several significant tokens that existed on the horizon, gained momentum. Tokens under the Real World Asset (RWA) model are entering into the market as a reliable investment tool and helps in gaining tangible assets. Also, tokens related to artificial intelligence (AI) were contributing to the evolution of blockchain technologies.
