Friday, November 8, 2024

Ethereum & L2's

Coinbase Introduces cbBTC: Wrapped Bitcoin Aims to Rival BitGo’s WBTC

Coinbase has made a bold move into the world of decentralised finance (DeFi) with the launch of cbBTC, its own wrapped version of Bitcoin. This ERC-20 token, backed 1:1 by Bitcoin held in custody by Coinbase, allows Bitcoin holders to leverage their assets within the Ethereum and Base ecosystems. Coinbase’s entry into the wrapped Bitcoin market comes at a time of growing competition, particularly with BitGo, whose Wrapped Bitcoin (WBTC) has long dominated the space. With cbBTC, Coinbase aims to provide an alternative while expanding Bitcoin’s utility in DeFi.

Regulation

UK Parliament Introduces New Bill to Recognise Cryptocurrencies as Personal Property

The UK Parliament has introduced the Property (Digital Assets etc) Bill, officially recognising digital assets like Bitcoin, NFTs, and carbon credits as personal property. This new legislation provides owners with legal protections against fraud and theft, positioning the UK as a global leader in crypto law.

Web3 Security

Bitcoin

Coinbase Introduces cbBTC: Wrapped Bitcoin Aims to Rival BitGo’s WBTC

Coinbase has made a bold move into the world of decentralised finance (DeFi) with the launch of cbBTC, its own wrapped version of Bitcoin. This ERC-20 token, backed 1:1 by Bitcoin held in custody by Coinbase, allows Bitcoin holders to leverage their assets within the Ethereum and Base ecosystems. Coinbase’s entry into the wrapped Bitcoin market comes at a time of growing competition, particularly with BitGo, whose Wrapped Bitcoin (WBTC) has long dominated the space. With cbBTC, Coinbase aims to provide an alternative while expanding Bitcoin’s utility in DeFi.

Bitcoin Surges and Tech Stocks Poised for Impact

Bitcoin has surged to over $64,000 this week, driven by Federal Reserve signals on potential interest rate cuts. As the tech sector braces for Nvidia's crucial earnings report, which is expected to bolster tech stocks, Bitcoin’s performance may be closely linked to these developments. With the possibility of a rate cut and shifting economic factors, the coming weeks could be pivotal for both Bitcoin and the broader market.

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The MAGA coin has witnessed a staggering 500% surge in its value over the past month, boasting a market cap exceeding $400 million. This astonishing growth has not only captured the attention of investors and political enthusiasts alike but has also sparked a broader conversation about the role of meme coins in the digital economy.

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