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Crypto

AI Summary

  • Ethereum has seen a significant surge, with an average of 327,000 new wallets created daily over the past week, driven by financial activities and network upgrades.
  • A Ugandan messaging app, Bitchat, has topped charts amidst internet shutdowns by authorities, raising concerns over surveillance and censorship in the crypto space.
  • Bitcoin continues to rise, breaking past $93,000 following favorable inflation data, while the market awaits pivotal regulatory developments, including delays in the Senate's crypto bill markup and discussions around stablecoin regulations.
  • Cryptocurrency firms are increasingly merging with traditional finance structures, as seen with Kraken-linked SPACs and Polygon’s $250 million acquisition for stablecoin payments, reflecting a push for regulated payment systems.
  • Growing scrutiny on yield-bearing stablecoins has led JPMorgan's CFO to caution against the risks of creating a parallel banking system, emphasizing the need for clearer regulations to prevent financial instability in the growing crypto landscape.

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