As the sun sets and we wrap up yet another eventful day in the world of cryptocurrency, let's take a moment to digest some of the key developments that have unfolded. A notable headline today featured the unfortunate closure of Harpie, a Coinbase-backed Web3 security firm. Despite raising $4.5 million and its ambitious vision of a theft-free crypto ecosystem, the firm has shuttered due to an unsustainable business model. This news is a reminder of the challenges Web3 companies face despite strong backing. In brighter news for Coinbase, they saw a legal victory as both South Carolina and Vermont dismissed staking lawsuits against them. This marks a positive trend for the crypto exchange, with Chief Legal Officer Paul Grewal noting the potential for other states to follow suit. Meanwhile, in fintech recovery efforts, Terraform Labs has announced plans to launch a claims portal by March 2025. This portal aims to aid creditors affected by the TerraUSD collapse, possibly setting precedents for future crypto regulations. Elsewhere, Hyperliquid exchange is grappling with the fallout from a trading incident involving the JELLY memecoin. With a reported $10.63 million loss and an 11.1% dip in the price of HYPE, Hyperliquid is working to stabilize by upgrading its security measures. As Bitcoin continues to cement its status as digital gold, Brazil is reportedly considering it as a national reserve asset. Discussions between the U.S. and Brazil about national Bitcoin reserves underline Bitcoin's growing role in strategic financial planning. In a surprising turn of events, Sei Foundation is in talks to acquire 23andMe, with plans to secure genetic data on the blockchain. This move aims to enhance user sovereignty and privacy for millions of Americans. The crypto markets are never without volatility, and Cardano (ADA) is currently facing mixed signals. Despite bullish indicators, the asset experiences pressure with a near 5% drop, leaving investors closely monitoring market sentiment. In the stablecoin arena, Tether's USDT has hit a milestone with over 400 million users, as CEO Paolo Ardoino speaks of a burgeoning "stablecoin multiverse." Yet, some experts question the implications of this rapid stablecoin proliferation. Security remains a priority as dark web hackers claim to possess data from over 100,000 Gemini and Binance users, highlighting ongoing concerns about privacy and security in the crypto space. Spot Bitcoin ETFs have marked a 10-day streak of net inflows, signaling renewed institutional interest and possibly foreshadowing a shift in market momentum. Ethereum is not immune to market challenges either, facing low retail interest and recent whale sell-offs. Despite a rise in open interest, its struggle to maintain the $2,000 mark reflects broader market headwinds. As Bitcoin's exchange supply hits a seven-year low with increased holder accumulation, the crypto community speculates on a potential price surge. Galaxy Digital resolved its legal troubles with the NYAG, settling for $200 million over the LUNA case, a sign of ongoing legal complexities in the crypto sector. South Carolina's legislative environment is buzzing with a proposed Bitcoin reserve bill, almost eclipsing the news of the dismissed Coinbase lawsuit, showing the state's forward-thinking stance on crypto. Regulatory winds seem to be shifting as the U.S. SEC drops its appeal against Ripple, closing a long-standing case. Moreover, the regulator has dismissed actions against other key players like Kraken and Crypto.com. On the corporate side, Grayscale and Nasdaq are pushing forward with plans to offer a spot Avalanche ETF, highlighting the continuing intersection of traditional finance and crypto. XRP faces market turbulence post-lawsuit settlement. Price drops have cast doubt on future performance, though bullish regulatory clarity could provide a counterbalance. In Hong Kong, the progressive launch of the world’s first tokenized money market ETFs by HashKey and Bosera promises to enhance transparency by merging blockchain with traditional finance. Looking ahead, the UAE is on the path to a financial revolution with plans for a Digital Dirham CBDC, aiming to strengthen financial stability and inclusion by 2025. In regulatory developments, the FDIC has eased policy, allowing banks to engage in crypto activities without prior approval, signaling a more adaptable approach in the banking sector. In the mix of legal challenges and digital assets, a lawsuit against Andrew Tate over crypto promotions in Beverly Hills has led to a 10% drop in the DADDY token. Lastly, a political twist as former President Trump pardons the BitMEX co-founders, highlighting continued intersections of governance and the crypto world. This evening's recap underscores the dynamic and multifaceted nature of the crypto landscape, reminding us that as the sun sets, the crypto world never sleeps. Stay tuned for more next week.!
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📈💰The Federal Reserve announced today that it will maintain its current interest rates, citing a strong job market and moderate economic growth. This decision comes as no surprise to those in the crypto community, as many have been anticipating this outcome for weeks. However, this news may have some investors feeling slightly disappointed, as they were hoping for a rate cut to boost the market.💸💻Crypto tickers such as BTC, ETH, and XRP have been trending upwards in recent weeks, with many investors hoping for a continued bull run. However, with the Fed's decision to keep interest rates steady, some may be wondering if this will have a negative impact on the market. While it's impossible to predict the exact effect on crypto prices, it's important to remember that the Fed's decision is based on a variety of factors and not solely on the crypto market.📉🌎The Fed's decision also has implications for the stock market, with many investors closely watching the anno...
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