Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Happy Monday, Ndaxers— Here’s what happened last week:
At Devcon 2024 in Bangkok, Ethereum co-founder Vitalik Buterin highlighted Ethereum’s evolution into a decentralized "world computer" supporting a diverse on-chain economy and global community. He emphasized the importance of Ethereum's transition from proof-of-work to proof-of-stake, which has enhanced the platform's decentralization, security, and sustainability. Buterin underscored scalability as key to Ethereum’s growth, pointing to advancements in layer two solutions like Optimistic Rollups and ZK Rollups that have dramatically lowered transaction fees. Looking ahead, Buterin called for continuous improvements to ensure Ethereum remains decentralized, inclusive, and adaptable to a rapidly evolving digital landscape. Cryptonews
Pennsylvania has introduced legislation to allocate a portion of its $7 billion state fund to a Bitcoin strategic reserve, marking a significant step in state-level digital asset policy. Led by Representative Mike Cabell, the proposal aims to diversify the state's financial reserves as a hedge against inflation, with an initial allocation of 1% to 10% under consideration. The bill has passed the Pennsylvania House and is under Senate review, with Governor Josh Shapiro’s endorsement seen as pivotal. Advocates view this as a model for other states, with similar initiatives reportedly in development across the US, potentially signaling broader adoption of Bitcoin in state fiscal strategies. CrypoSlate
Crypto markets experienced a brief pullback after Federal Reserve Chairman Jerome Powell’s comments late Thursday, which dampened expectations of a rate cut in December. Powell stated that the strength in the economy allows the Fed to approach decisions carefully and emphasized that there are no signals indicating the need to lower rates. While this caused slight declines in major cryptocurrencies like Bitcoin and Ether, the broader market remained resilient, with strong weekly gains. Ripple (XRP) led the way with significant growth, and other altcoins such as Cardano (ADA) and NEAR also saw notable increases. CoinDesk
The class-action lawsuit against Elon Musk and Tesla, which accused them of influencing Dogecoin’s price through public statements and social media posts, is nearing its conclusion as investors have withdrawn their appeal. The suit, initially dismissed in August, alleged that Musk’s comments, including during his Saturday Night Live appearance, caused significant price changes in Dogecoin for personal gain. With the appeal withdrawn, the case now awaits formal closure by the judge. crypto.news
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