Kraken Launches Wrapped Bitcoin, Worldcoin Rebrands, and Vitalik Buterin Hopes for Ethereum - October 18, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
Kraken: Expands Ethereum-based wrapped Bitcoin options for DeFi users.
Worldcoin: Sam Altman-backed project launches its mainnet.
Cardi B: Joins Solana blockchain with “WAP” movement.
Hamster Kombat: Founders announce expansion plans.
World Liberty Financial: Faces criticism for low token sales.
Ethereum: Vitalik Buterin targets 100,000 transactions per second for Ethereum.
Price Update
Bitcoin Dips to $67K as Profit-Taking Slows Rally
Bitcoin has retreated to $67,000 after a strong rally, as ongoing profit-taking by traders slows its push toward new record highs. While optimism around U.S. spot Bitcoin ETFs and institutional inflows remains strong, this pullback highlights the volatility that still characterizes the market. However, analysts are hopeful to see another rally if the price stabilizes.
Recent Launches
Kraken Launches Wrapped Bitcoin (KBTC) on Ethereum
Kraken has introduced a new Ethereum-based wrapped Bitcoin token, KBTC, allowing Bitcoin holders to participate in decentralized finance (DeFi) on the Ethereum network. This move is part of the trend of wrapping Bitcoin for use on various blockchains, providing users with greater flexibility and liquidity.
Sam Altman’s Worldcoin Rebrands and Launches Mainnet
Sam Altman’s Worldcoin project has officially launched its mainnet following a rebrand, following its mission to create a decentralized identity and financial infrastructure for the world. The project continues to attract attention for its innovative approach to biometric identity verification through blockchain, even though concerns about data privacy continue.
Cardi B Joins Solana Blockchain with “WAP” Movement
Cardi B made a big entrance to the crypto world by joining the Solana blockchain with her new "WAP" movement. The initiative is looking to capitalize on the growing trend of celebrity-backed projects and Web3 engagement.
Business Developments
Hamster Kombat’s Founders Announce Expansion Plans
Hamster Kombat, a blockchain-based game, has seen high trading volumes despite its token’s recent price decline. The game’s founders are pushing forward with expansion plans and the launch of a new season, hoping to renew interest in the project.
World Liberty Financial Faces Criticism for Lackluster Token Sales
World Liberty Financial continues to face backlash after disappointing sales of its WLFI token. Critics have labeled the project a “meme masquerading as utility,” raising doubts about its long-term viability.
Vitalik Buterin Targets 100,000 Transactions per Second for Ethereum
Ethereum co-founder Vitalik Buterin aspires to increase the network’s transaction capacity to 100,000 per second using rollups. This ambitious scaling solution is critical for Ethereum to maintain its position as the leading smart contract platform and handle increasing on-chain demand.
Bitcoin’s pullback to $67K shows that profit-taking is impacting its momentum, though market sentiment remains positive. Meanwhile, projects like Kraken’s wrapped Bitcoin and Worldcoin’s mainnet launch are a strong reflection of the continued evolution of blockchain technology. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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