In the past 24 hours, the cryptocurrency market has continued to experience slight adjustments, with a total market cap decline of 0.76%, dropping to $4.099 trillion. Bitcoin has dipped by 0.03%, hovering around $115,100; Ethereum has slightly decreased by 1.9%, currently priced at approximately $4,525. Most mainstream cryptocurrencies have seen declines ranging from 1% to 4%, reflecting a decrease in investor risk appetite and a cautious market atmosphere.
The rise of new political forces in the cryptocurrency industry 🗳️
Fellowship PAC, a super political action committee for cryptocurrency, has officially been established with plans to invest over $100 million in support of pro-crypto political candidates in the United States. The stance leans towards the Republican Party and former President Trump. Stablecoin giant Tether will also establish a new entity in the U.S. to support this PAC and has launched a USAT stablecoin that complies with the GENIUS Act standards, demonstrating that the industry is actively seeking more lenient regulations through political means.
PayPal expands cryptocurrency payment features 💸
PayPal has launched a new peer-to-peer cryptocurrency payment service, PayPal Link, supporting seamless transfers of Bitcoin, Ethereum, and PayPal's own PYUSD stablecoin, covering PayPal, Venmo, and its wallet network. Personal transfers do not trigger 1099-K tax reporting, reducing the tax burden on users and enhancing the convenience of crypto transactions.
EU regulatory fragmentation raises arbitrage concerns ⚖️
Regulators from France, Austria, and Italy have jointly expressed that, after the implementation of the MiCA regulations, there are significant differences in law enforcement among member states. Regulatory fragmentation may lead companies to exploit 'regulatory arbitrage', posing challenges to investor protection and the overall competitiveness of the EU market. It is recommended to empower ESMA with greater authority to close loopholes that allow orders to shift to offshore platforms.
Base Network token issuance and cross-chain bridge plan 🔗
The Base network supported by Coinbase has revealed that it is in the early stages of discussions to issue a native token to incentivize ecological development, provided that compliance is ensured. Base also announced the integration of a new cross-chain bridge with Solana to facilitate the free flow of assets between the two blockchains, promoting multi-chain ecosystem integration.
Shibarium faces flash loan attack ⚠️
Shiba Inu's Layer 2 network Shibarium recently encountered a flash loan attack valued at approximately $2.4 million. The attacker borrowed 4.6 million BONE governance tokens to control validator keys, executing unauthorized transactions and stealing assets through the cross-chain bridge, once again highlighting the importance of security assurances in the industry.
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