Buterin’s New Privacy Pursuit, Australia's Crypto Setback & PayPal Dives Deeper!
What’s happening in the market?
?? BTC, ETH, and Altcoins
Over the last seven days, Bitcoin has dropped by 2.99% to AU$40,192 at the time of writing. Ethereum follows to AU$2,477, moving -5.63% week-on-week. And in other altcoin movements, Solana experiences a -14.39% decline, Cardano follows with -8.30%, and XRP by -8.04%.
???What’s happening in the news?
As the week unfolds, the crypto world doesn't disappoint, giving us a mix of innovation, regulatory rollercoasters, and strategic integrations. Here's a glimpse of what's making waves.
Ethereum's founder, Vitalik Buterin, is making his mark yet again. Co-authoring a research paper on Privacy Pools, it's being pegged as a potential alternative to Tornado Cash. By leveraging zero-knowledge proofs, this protocol checks if user funds come from legit sources without spilling all the beans. For the crypto world, this could mean a new era where transactions maintain their privacy, while still adhering to regulatory bodies.
Back here in Australia, the much-discussed Digital Assets (Market Regulation) Bill 2023 faced a hurdle in the Senate Committee. These changes proposed an extensive framework that addressed digital asset exchanges, management of crypto custody services, the issuance of stablecoins, and obligatory oversight and documentation for certain international central bank digital currencies (CBDCs). However, the Senate Committee opted not to pass the bill, suggesting more dialogue and consultation.
It's not the end of the story though. With these continued discussions on the horizon, we're keenly watching how we, as a nation, evolve our stance on digital assets.
Wrapping up with some PayPal tidbits: the MetaMask integration we discussed last week is live! US users can now funnel their crypto directly into their PayPal balance. With this move, PayPal isn't just giving a nod to decentralized apps and NFT enthusiasts. Some would argue, it is also laying out the red carpet for web3 merchants to tap into its globally trusted payment ecosystem.
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?? What we’ve been reading
First Ethereum Smartphones Sell out Within 24 Hours
“The ethOS phone includes tools for payments, messaging, and Ethereum Virtual Machines, and supports Layer 2 scaling networks.”
Spot Bitcoin ETF Race Heats Up
“Franklin Templeton has become the latest asset manager to file with the Securities and Exchange Commission for a spot bitcoin ETF.”
OneCoin Co-Founder Greenwood Gets 20 Years in US Jail for Fraud
“Karl Greenwood will also have to pay back the $300 million he made in commissions in the OneCoin pyramid scheme”
Disclaimer:?The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.