Bitcoin Navigates Market Outflows and Mining Shifts Amid Regulatory Discussions, Ethereum Users Face Security Threat
Bitcoin Navigates Market Outflows and Mining Shifts Amid Regulatory Discussions, Ethereum Users Face Security Threat
The cryptocurrency market is experiencing a period of mixed signals, with Bitcoin facing significant headwinds. Bitcoin ETFs recorded their second-worst day on record, bleeding $866 million in outflows and contributing to BTC's six-month low. Adding to the pressure, major Bitcoin miner Bitfarms announced plans to wind down its Bitcoin mining operations to pivot towards AI, suggesting a strategic shift away from dedicated BTC mining for some entities. While Bitcoin whales are selling, analysts suggest this is a typical profit-taking phase rather than a sudden exodus.
Despite these market pressures, a survey indicates Bitcoin holds significant appeal across the US political spectrum, lauded for financial inclusion and decentralization. Meanwhile, the Ethereum ecosystem has been hit with a security alert, as a malicious "Safery: Ethereum Wallet" extension on the Chrome Web Store has been found capable of stealing user seed phrases, posing a serious threat to users. Broader market discussions also include US regulators mulling guidance for stablecoin issuance and deposit insurance, as well as Aave's plans for zero-fee stablecoin ramps in Europe post-MiCA approval, highlighting an evolving regulatory landscape.
Bitcoin ETFs saw $866 million in outflows as the US shutdown ended, pushing BTC to a six-month low and raising concerns over market structure and investor demand.
Bitcoin’s ability to boost financial inclusion, allow transactions without government interference, and strengthen the energy grid means it can align with the values of nearly any voter.
A malicious “Safery: Ethereum Wallet” extension is currently live on the Chrome Web Store, using a crafty backdoor to exfiltrate seed phrases. Here's how it works.
Analysts at Glassnode argue that the recent wave of Bitcoin whale sales is a typical part of a late-stage crypto cycle when older hands take profits.
Bitfarms said it plans to shift its Bitcoin mining sites over the next two years and convert them to power AI, starting with its major site in Washington.
Aave said compliant, audited payment pathways are crucial for onboarding new users to decentralized finance.
Acting FDIC Chair Travis Hill said the agency is also working on a regime for stablecoin issuance and expects to issue a proposal for an application process by the end of year.
Coinbase Institute has criticized banking groups for asking regulators to prevent merchant rewards for stablecoin customers, arguing the request has no merit under the GENIUS Act.