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- Bitcoin, Ethereum, Cosmos and more Week 28 2024
Bitcoin, Ethereum, Cosmos and more Week 28 2024
Keeping you updated on crypto, web3 and blockchain
TL;DR
Trump to Speak at Bitcoin Conference
Asia's MicroStrategy Metaplanet Acquires ¥400M in Bitcoin
CFTC Chairman Declares Bitcoin and Ethereum as Commodities
Vitalik Buterin's Bold Ethereum Vision Unveiled at EthCC
Sei v2 Mainnet Beta Revolutionizes EVM Performance
Telegram's First Layer 1 Mini App TabiZoo Launches
FDIC Nominee Advocates Bank Custody of Crypto Assets
BlackRock's BUIDL Fund Surpasses $500M AUM
and much more!
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Bitcoin Highlights of the Week
Australia's leading stock exchange, the ASX, has approved DigitalX to launch a spot Bitcoin ETF, set to trade under the ticker BTXX on July 12th. This follows the recent approval of the VanEck Bitcoin ETF in June and the Monochrome Bitcoin ETF in April, signaling increasing demand for regulated Bitcoin investment vehicles in Australia.
These developments reflect a growing trend among investors seeking Bitcoin exposure through ETFs rather than direct ownership. The ASX's approval marks a positive shift in attitudes towards Bitcoin assets, aligning with global regulatory acceptance and the successful launch of Bitcoin ETFs in the U.S. earlier this year.
Former U.S. President Donald Trump will speak at the upcoming Bitcoin Conference in Nashville later this month, joining independent candidate Robert F. Kennedy Jr. This move is part of Trump's campaign strategy to engage crypto voters ahead of the November election. Trump, who recently started accepting crypto donations, aims to convert Bitcoin enthusiasts into his supporters.
The conference, running from July 25-27, will also feature keynotes from Michael Saylor and Edward Snowden, with Kennedy participating in a fireside chat. Trump's participation highlights his shift towards supporting Bitcoin, aligning with the Republican Party's stance against the current administration's crypto policies.
Japanese company Metaplanet purchased another ¥400 million ($2.5 million) in Bitcoin on July 8th, continuing its strategy of using Bitcoin as a treasury reserve asset. This acquisition of 42.466 Bitcoin brings Metaplanet's total holdings to around 203 Bitcoin, valued at ¥2.05 billion ($12.7 million). Despite Bitcoin market fluctuations, Metaplanet remains committed to this strategy, similar to U.S.-based MicroStrategy.
By adopting Bitcoin, Metaplanet aims to hedge against the weakening yen and provide domestic investors access to Bitcoin through a public firm. The yen's dramatic decline in 2022 has prompted this approach, positioning Metaplanet to benefit from future Bitcoin adoption.
Block, Inc. and Core Scientific have partnered to decentralize Bitcoin mining using Block's advanced 3 nanometer (3nm) ASIC chips. Core Scientific, a leader in Bitcoin mining, will integrate these cutting-edge ASICs, which offer about 15 EH/s of hashrate, into their large-scale operations. This collaboration is a significant industry milestone, enhancing operational efficiency and sustainability.
The partnership focuses on creating a modular mining platform to optimize resources and simplify infrastructure demands. The initiative, co-designed with ePIC Blockchain Technologies, aims to increase the decentralization, transparency, and resiliency of the Bitcoin network, supporting significant hashrate growth and providing new miner options for the industry.
The German government has initiated another round of Bitcoin sell-offs, moving 6,000 BTC worth $354 million to various exchanges. This follows a recent sale of 3,100 BTC and reflects ongoing efforts to liquidate seized funds from illegal activities linked to Movie2k.
Despite these substantial sales totaling over $1 billion, Bitcoin's price has shown resilience, rebounding to around $58,000 after dipping to $53,900. Questions linger about the efficiency of Germany's sales strategy, with experts suggesting auctions or OTC deals might offer better outcomes amidst concerns over market stability and Bitcoin's role as a global asset.
Ethereum Highlights of the Week
The Ethereum Foundation, in partnership with Immunefi, has initiated the first-ever Ethereum protocol Attackathon, a month-long crowdsourced security audit competition. With a seeded reward pool of $500,000 and a goal to raise over $2 million by August 1, 2024, the event aims to bolster Ethereum's security by identifying vulnerabilities through community engagement and expert scrutiny.
This initiative underscores Ethereum's proactive approach to enhancing its security posture despite being nearly a decade old in the crypto space. By harnessing the collective intelligence of security researchers and fostering continuous improvement, the Attackathon sets a precedent for ongoing vigilance and innovation in safeguarding one of the largest blockchain networks globally.
Vitalik Buterin, co-founder of Ethereum, delivered a compelling keynote at EthCC in Brussels, addressing the blockchain's strengths and weaknesses. He emphasized Ethereum's robust decentralized staking ecosystem and its vibrant international community while acknowledging challenges like transaction censorship and the complexity of solo staking.
Buterin advocated for protocol simplification to enhance Ethereum's resilience against potential 51% attacks, proposing an increase in the quorum threshold. He highlighted the community's need to address technical complexities to maintain Ethereum's high standards and operational efficiency.
Consensys made waves at EthCC with the launch of the MetaMask Delegation Toolkit, a game-changer for Web3 adoption. This toolkit simplifies DApp development on various EVM chains, promising seamless user experiences without the hassle of seed phrase management or excessive gas fee interactions.
Co-founder Dan Finlay highlighted its potential to revolutionize permission and enforcement systems, allowing customizable user policies and uninterrupted interactions within apps. The toolkit aims to bridge the gap between public perception and the potential of Web3, catering to new users and enhancing security with features like Wallet Guard integration.
Chairman Rostin Behnam's recent proclamation at a congressional hearing declaring Bitcoin and Ethereum as commodities sparked jubilation across Crypto Twitter. The statement followed a significant federal court ruling affirming their status under the Commodity Exchange Act, despite ongoing regulatory ambiguity, especially concerning Ethereum's classification.
Judge Mary M. Rowland's decision, while influential, isn't legally binding beyond the Northern District of Illinois, according to legal experts. This development marks a pivotal moment in the ongoing regulatory landscape of cryptocurrencies, influencing market perceptions and potentially reshaping future regulatory actions.
Railgun, a crypto privacy protocol utilizing zero-knowledge cryptography, successfully blocked Inferno Drainer’s attempt to launder $530,000 worth of stolen ETH. The attempt, made on July 9, 2025, was swiftly detected and rejected by Railgun’s automated private proofs of innocence (PPOI) system.
This system forced the tokens back to the attacker's original wallet address, showcasing Railgun’s robust capabilities in filtering out malicious actors. Founded in January 2021, Railgun ensures privacy by shielding wallet balances and transaction details using ZK cryptography. Its PPOI system, introduced in January 2023, verifies transactions to prevent undesirable ones, thereby maintaining the integrity of the protocol.
Cosmos Highlights of the Week
Sei v2 mainnet beta, the most advanced EVM blockchain, has officially launched. With the introduction of the first parallelized EVM, on-chain activity has surged. The Sei Foundation emphasizes its commitment to builders, inviting developers to explore the revamped Sei documentation.
Numerous DeFi projects, NFT platforms, and bridges are already live, including liquid staking with Silo Stake and decentralized trading with Xei Finance. Sei v2 promises rapid finality and high throughput for diverse applications, from DeFi to NFTs. The blockchain aims to support innovation with comprehensive tools, analytics, and security measures.
Fetch.ai has launched a communication hub on GitHub Discussions, inviting developers to explore and collaborate on projects like Agentverse, uAgents, FetchWallet, CosmPy, and Fetchd. This platform aims to foster innovation in AI agents, blockchain technology, and wallet integrations, offering a space for project sharing, Q&A sessions, and polls to shape Fetch.ai's future.
Developers are encouraged to join discussions across major repositories and engage with the core tech team for immediate responses. Fetch.ai emphasizes community interaction through announcements, 'Show and Tell' segments, and various collaborative opportunities, ensuring a vibrant and dynamic development ecosystem.
Tabichain's groundbreaking MiniApp, TabiZoo, is now live on Telegram, marking the first layer 1 integration on the platform. Supported by Binance, Animoca, and Hashkey, this free app offers users various earning opportunities such as daily check-ins, mining coins every eight hours, and completing tasks. Users can boost their earnings by inviting friends and participating in airdrops.
TabiZoo bridges the TON network with the EVM, promoting interoperability. The app's innovative features aim to onboard millions of users. Join now to enjoy the coin rain for pioneers and enhance your mining rate by upgrading your level and linking your Tabi testnet wallet.
The Neutron v4 upgrade proposal has passed, set for block height 12255555, estimated on July 10th at 14:30 UTC. This upgrade introduces Slinky, an ultra-fast oracle powered by Neutron validators, ensuring faster and more consistent price data. The integration of the Skip Fee Market module, similar to Ethereum's EIP 1559, will adjust gas fees based on network demand, enhancing stability during high transaction volumes.
Additionally, Neutron v4 allows transaction fees to be paid in various new tokens. Network downtime is expected during the upgrade process, so users should prepare for a temporary halt in transactions. This upgrade aims to provide better prices, reduce counterparty risk, and support new application use cases.
Osmosis has upgraded its asset page, adding volume charts and a toggle between price and volume views. The new "Advanced" mode now features integrated TradingView charts and additional customization options. The improved "Info" section includes more details, such as liquidity on the Osmosis DEX, enhancing user experience and trading insights.
Users are encouraged to explore these updates and provide feedback on desired features and additional improvements. This upgrade aims to provide a more comprehensive and user-friendly interface for traders, helping them make more informed decisions. Check out the upgraded asset pages and share your thoughts!
Other Highlights of the Week
Nigeria's Minister of Finance, Wale Edun, has urged the Securities and Exchange Commission (SEC) to address the challenges in cryptocurrency regulation, emphasizing the need for stringent oversight to maintain market integrity. Speaking at the SEC board's inauguration in Abuja, Edun highlighted concerns over minimal registration requirements that could be exploited by companies falsely claiming legitimacy.
In response, SEC Chairman Mairiga Katuka assured proactive measures, promising to leverage expertise and innovation to foster growth and resilience in Nigeria's financial ecosystem. The SEC's amendments to digital asset regulations aim to enhance oversight and responsiveness to the evolving fintech landscape, including AI and cryptocurrencies.
Christy Goldsmith Romero, nominated for FDIC chair, affirmed banks' capability to custody crypto assets during a recent congressional hearing. Despite Congress's failed attempt to repeal SAB-121, which mandates banks to list crypto assets as liabilities, Romero emphasized that the FDIC shouldn't dictate banks on asset custody decisions.
This stance underscores her belief that digital assets should be treated like any other business segment within banking operations, reflecting a progressive view aligned with industry interests. The hearing, marked by Senator Cynthia Lummis's inquiry, stood as a pivotal moment addressing crypto regulations amid broader legislative challenges.
Republican Senator Marsha Blackburn has joined the wave of political figures embracing cryptocurrencies by opening her reelection campaign to Bitcoin, Ethereum, and other digital currency donations. Utilizing BitPay for processing, Blackburn aims to connect with a broader base of supporters increasingly engaged in digital transactions.
This move reflects a larger trend within the Republican Party, following in the footsteps of Donald Trump, who initiated cryptocurrency donations earlier. The GOP's draft platform also underscores their commitment to defending Bitcoin mining rights and advocating for digital asset self-custody, positioning cryptocurrencies as a pivotal issue in upcoming political debates.
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