The Block
Quick Take Equity indices rose after Fed Chair Jerome Powell’s cautious optimism on inflation during his Congressional testimony, but the cryptocurrency market remained stagnant. Powell stated that recent inflation readings have shown “modest further progress,” a development that markets interpreted positively.
Quick Take The agreement will supply Core Scientific with Block’s new 3nm mining ASICs, built by Block’s Proto team, representing approximately 15 EH/s of hashrate. Since April’s bitcoin halving, bitcoin miners have been seeking ways to expand revenues.
Quick Take Skale Labs CEO and co-founder Jack O’Holleran calls this most recent version of the network “a huge technical upgrade.” The network “has over 5 million active wallets,” according to the company.
Bitwise CIO Matt Hougan outlined the key tailwinds that could drive bitcoin’s price to $100,000 by the end of 2024.That’s despite current headwinds, including Mt. Gox distributions, potential Silk Road sales and the German government’s bitcoin selling.
Goldman Sachs reportedly plans to launch three tokenization projects by the end of the year, focused on U.S. and European markets.The 150-year-old bank’s global digital asset lead, Mathew McDermott, has long been a proponent of cryptocurrency and tokenization.Unlike many of its competitors, including BlackRock and Franklin Templeton, Goldman is primarily focused on using permissioned networks due to regulatory concerns.
Quick Take Hypersphere Ventures has opened its $130 million liquid fund to outside investors. The firm is also set to raise a new, separate VC fund worth $75 million, founder Jack Platts told The Block.
Bitcoin long-term holders are accumulating at their fastest rate in over one year, CryptoQuant analysts said.However, the lack of stablecoin liquidity could dampen the effect of any subsequent price rally, the analysts added.
Quick Take Ethereum co-founder Vitalik Buterin is pushing for the Ethereum network to be more prepared in the case of a 51% attack. He argued that an automated response to such attacks should be prepared, which would reduce the weight on the social layer.
Quick Take Native token staking has been proposed to come to Starknet by the end of this year. Pending community approval, Starknet token staking may go live on testnet soon. Under the current proposal, there would be a 21-day time-lock period before funds could be withdrawn.
Quick Take =nil; Foundation CPO Avi Zurlo explains the difference between horizontal and vertical scaling solutions for blockchains.
