From Bitcoin breaching $40K to Base not launching a coin, here is a 2-minute breakdown of everything important that happened in crypto today.
Bitcoin surged through $40,000 over the weekend, hitting highs not seen in 19 months and surprising many who felt regulatory scrutiny would keep crypto prices suppressed. But this time Bitcoin proved resilient despite regulatory pressure.
We're here today to catch you up on the latest crypto developments fueling this rally and other top stories. We will cover:
- BTC above $40K 📈
- No Base token for Coinbase (for now) despite growth rumors 🚫
- Extra cash incentives approved for Arbitrum developers 💰
- FTX moving crypto assets 👀
- UK cautions slow approach to CBDC adoption 🐢
Now let's dive deeper into today's top crypto headlines!
First up, what triggered Bitcoin's surge back above $40k when many expected prices to remain depressed...
BTC Above $40K 📈
So plenty of obstacles remain on the road back to the former glory days. Lower highs and regulatory turbulence could impede progress if risk appetite falters. Still, strong institutional interest offers hope for smashing through resistance.
But what exactly triggered this $40K breach? Will Bitcoin make further progress or go into correction mode? Read more!
No Base Token! 🚫
Base token airdrop or not?
Rather than keeping Base an exclusive domain, Coinbase takes a more collaborative approach - allowing open access to any crypto player.
For now Base cruises forward without a native crypto. But Coinbase leaves doors open should usage patterns evolve to necessitate one.
Meaning? A Base token is a possibility, just not now. Read more!
Extra Cash Incentives 💰
The move releases another $23 million worth of ARB tokens to catalyze more project building on Arbitrum’s layer-2 solution. But it also stirs debate regarding balancing decentralized governance with properly vetting proposals.
Critics argue injecting capital into lesser-qualified entrants risks diluting returns and inflating subpar development. They favor more selectivity in protocol approvals. But supporters fire back saying the more the merrier - pile everyone in and let the users decide what flies and crashes! Democracy in action!
But what does it mean for Arbitrum and its growth? Read more!
And that brings us to our Word of the Day…
So what is a DAO?
A DAO is essentially an organization that's governed in a decentralized manner, without central leadership.
DAOs are built on blockchains, using smart contracts to codify the rules around governance and decision-making. This allows members to propose and vote on ideas that shape the future of the DAO.
By spreading control among members instead of centralizing power, DAOs aim to democratize leadership and make operations more transparent.
DAOs often provide a way for community members to pool funds that are then used to support projects and operations voted on by the group.
Early DAOs struggled with issues like security flaws. However, the model continues evolving to empower decentralized blockchain-based collaboration and funding.
Wanna understand the relation between a DAO and a dApp? Read more!
Now back to our daily stories!
FTX Funds Flow 👀
Even after the SBF trial, FTX has managed to constantly stay in the news with its crypto transfers.
So far FTX/Alameda stealthily cycled over half a billion dollars worth of crypto through backchannel OTC deals with liquidators since last October. And more distribution likely coming soon. It's like a neverending cryptocurrency yard sale over there!
A recently approved plan allows selling off up to $200 million in digital assets pending oversight approvals.
But how is FTX’s sale not impacting the markets? And which tokens is it going to sell? Read more!
Take It Real Slow 🐢
They acknowledge potential advantages but question the necessity and urgency of digitizing the pound. Further evidence proving the need and keeping risks contained stands necessary before any rollout.
If pursuing a digital pound, UK legislators recommend going slow. Measured limits could reduce instability risks, and strict privacy controls remain essential.
That wraps up today's top crypto headlines. We'll see you tomorrow with the latest news!