Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Layer-1 blockchain Cardano has upgraded via its long-awaited Chang hard fork, bringing in a shift to decentralized governance. Meanwhile, a Brazilian judge has suspended social media platform X after Elon Musk failed to name a legal representative in the country, and Mt. Gox and the United States government could add nearly $15 billion of selling pressure to Bitcoin in September.
Cardano’s Chang hard fork goes live as it shifts to decentralized governance
The Cardano blockchain has successfully undergone its highly anticipated hard fork, upgrading voting mechanisms and smart contracts and heralding a new era of decentralized governance.
On Sept. 1, at 21:44 UTC at block 10764778, the layer-1 proof-of-stake blockchain Cardano underwent the Chang upgrade which ushered in what the project calls the “Conway ledger era.”
One small step for Cardano; One giant leap for the industry https://t.co/ENXV41XdhZ— Charles Hoskinson (@IOHK_Charles) September 1, 2024
One of the key changes is transforming Cardano governance enabling any ADA holder to submit or participate in the voting process for governance actions as part of the project’s “Voltaire” upgrade phase.
In a post on X on Sept. 2, the Cardano Foundation wrote:
“Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network.”
Judge suspends social media platform X
On Aug. 30, Brazilian Supreme Court Justice Alexandre de Moraes ordered social media platform X to be suspended in the country after its owner, Elon Musk, refused to name a legal representative for the firm.
According to an Associated Press report, Moraes followed through with his intention to suspend the platform after X’s Global Government Affairs team said it “would not comply with [de Moraes’] illegal orders to censor political opponents.”
Musk has openly criticized Moraes, calling him “evil” and a “dictator” for his alleged “illegal political censorship.” Moraes claims he was investigating the social media platform for allowing the spread of misinformation related to former President Jair Bolsonaro.
Shortly after the suspension was announced, Brazilian users still reported they could access the social media platform.
Mt. Gox and US government could introduce $14 billion Bitcoin selling pressure
Bitcoin’s sluggish momentum could carry over into September as Mt. Gox and the United States government could introduce nearly $15 billion worth of additional selling pressure.
Over $14.8 billion worth of Bitcoin
BTC $58,389 could soon flood the market and put more downward pressure on price.
The US government holds over 203,000 Bitcoin worth $12.1 billion, while defunct crypto exchange Mt. Gox is set to distribute another 46,000 Bitcoin worth over $2.7 billion.
Mt. Gox is set to distribute the $2.7 billion before the end of 2024 on Kraken, but the repayments are unlikely to cause a significant market impact, according to an Aug. 29 report by crypto analytics provider Kaiko:
“Kraken has handled BTC ETF flows with just a minor increase in slippage at the US market close. Its liquidity profile suggests that any additional selling pressure from the Mt. Gox repayments is unlikely to cause structural issues that could affect the broader market.”
Mt. Gox creditors have been waiting to receive over $9.4 billion worth of Bitcoin for the past 10 years, which has since appreciated over 8,500% in value, meaning that numerous investors will likely look to sell.
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