Institutional Crypto Activity Expected To Surge In 2024
Ethereum Worth $10M Was Just Burned, zkSync Era Had An Outage On Christmas Day, Telcoin Exploited
Welcome to Coinfeeds Daily Digest and happy holidays! Today we cover Bitcoin miners facing record mining power and profit squeeze sparking ever more competition, as well as regulatory pressure that is putting Bitcoin at risk of protocol-level censorship. 1 billion USDT was minted by the Tether Treasury, Ethereum burned 4,558 ETH worth around $10 million as the network transitions with EIP-1559's new fee structure, and over the last week, the market saw a $103 million inflow led by the US, Canada, and Germany. On the more unfortunate side, Telcoin suffered a $1.2 million exploit that later caused a 40% drop in the token, and zkSync Era tripped once again due to a 4-hour block production halt on Christmas Day — the community worries that this might have become a trend.
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Analysts Expect Institutional Crypto Activity to Surge in 2024
As we move into 2024, analysts are observing a significant trend: institutional investors are gearing up to deepen their involvement in the cryptocurrency market. This shift is attributed to a confluence of factors that are expected to make the digital asset space more appealing to traditional financial entities. | Read More
Ethereum Burns $10M in ETH, Aims for Deflation
On a particular Sunday, the Ethereum network burned 4,548.49 ETH, which was valued at approximately $10.37 million at the time of the event. This occurrence is not an isolated incident but part of a systematic process integrated into Ethereum's transaction mechanism. | Read More
Crypto Market Sees $103M Inflow Over The Last Week
Recent reports from Coinshares have highlighted a remarkable shift in the cryptocurrency investment landscape. Over the past week, there has been a notable inflow of $103 million into crypto products. This is particularly noteworthy given that it follows a $16 million outflow just the week prior. | Read More
Telcoin Suffers $1.2M Exploit, Drops 40%
The cryptocurrency Telcoin (TEL) experienced a significant price drop of 40% due to an exploit that targeted its Polygon wallet implementation. This security breach led to an alarming decrease in user balances on the Telcoin mobile app, with over $1.2 million reportedly drained from accounts. | Read More
zkSync Era's Block Production Halts On Christmas Day
On December 25th, zkSync Era users faced a significant disruption when block production came to a halt for four hours. This was not an isolated incident; similar outages occurred earlier in April and December, highlighting the teething problems of Layer 2 solutions. | Read More
Tether Treasury Minted 1B USDT
The minting of 1 billion USDT is not an immediate influx of new tokens into the market but rather a proactive measure. The newly created USDT is held in reserve, ready to be used to fulfill future issuance requests and to facilitate chain swaps between different blockchain networks. | Read More