The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
It's Friday! Crypto markets remain under pressure from macro headwinds, though the past 24 hours have been relatively quiet, providing a little relief. While some analysts remain confident in another leg higher, others warn that further selling pressure could push bitcoin toward $72,000.
In today's newsletter, Solana's key SIMD-228 inflation reduction proposal fails to pass, Russia is reportedly using crypto in its oil trade with China and India to skirt Western sanctions, the Trump family-backed DeFi project World Liberty Financial completes its public token sale and more.
Meanwhile, Ethereum developers plan to launch a new "Hoodi" testnet ahead of the blockchain's much-anticipated Pectra upgrade.
Let's get started.
Solana's SIMD-228 governance proposal, aimed at reducing SOL inflation, failed to pass despite garnering 61.4% of votes in favor, falling short of the 66.67% majority threshold required.
Russia is using crypto in its oil trade with China and India to skirt Western sanctions, Reuters reported, citing sources with direct knowledge of the matter.
The Trump family-backed DeFi project World Liberty Financial has raised $550 million from selling 25% of its 100 billion WLFI supply after completing its public token sale.
BlackRock's BUIDL surpassed $1 billion in assets under management on Thursday, becoming the first tokenized fund to cross the milestone.
Top Democrat of the House Committee on Oversight and Government Reform Rep. Gerald Connolly pressed U.S. Treasury Secretary Scott Bessent to halt President Trump's plan for a Strategic Bitcoin Reserve, citing conflicts of interest tied to his crypto ventures.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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