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Today in crypto, a Worldcoin executive said the project is concentrating on markets where governments are more open to emerging technologies, a new proposal for Ethereum aims to increase its throughput by 50%, and the price of Bitcoin received a boost from a stellar United States jobs report.
Europe not a top priority for Sam Altman’s Worldcoin, exec says
Worldcoin, the digital identity project co-founded by OpenAI CEO Sam Altman, is shifting its focus from Europe to Asia and other regions, according to an executive.
Fabian Bodensteiner, managing director of Worldcoin Europe and a founding team member, said Worldcoin is concentrating on markets where governments are more open to emerging technologies.
Speaking at the Sifted Summit — a Financial Times-backed event focused on European startups — Bodensteiner reportedly claimed that European markets are not a large focus for Worldcoin. He said:
“We just see a larger dynamic in other regions of the world and because we’re not 1,000 employees we need to prioritize where we see the biggest business opportunities.”
According to Bodensteiner, countries in the Asia-Pacific (APAC) region, such as Japan and Malaysia, and Latin American jurisdictions like Argentina, look more promising in terms of technology adoption.
Despite shifting focus to other regions, Worldcoin is continuing its operations in Europe, though the project has faced challenges.
Authorities in European countries like Spain and Portugal temporarily suspended Worldcoin operations in 2024 over concerns about processing sensitive data.
Still, Worldcoin successfully launched operations in Poland in September and started World ID verifications in Austria in July.
New Ethereum proposal aims to increase throughput by 50%
A new Ethereum Improvement Proposal (EIP) would slash block times on Ethereum by 33% and increase data capacity — increasing overall throughput by 50%, developers claim.
EIP-7781 aims to slash Ethereum’s block times from its current 12 seconds to eight seconds, increase the latency of based rollups, and boost the capacity of blobs — a temporary data structure to reduce layer-2 network fees.
Ethereum Foundation researcher Justin Drake voiced his approval of the EIP on GitHub, saying that its immediate proposal aligned with some of the broader goals proposed by Ethereum co-founder Vitalik Buterin and Ethereum scaling organizations.
Drake claimed that reducing block times would see decentralized exchanges such as Uniswap v3 be “1.22x more efficient” and could save “roughly $100M in CEX-DEX arbitrage per year and ultimately leading to better execution for users.”
The proposal comes just three days after Buterin discussed the idea of reducing the minimum amount required to become a validator on the Ethereum network in a bid to improve network security and decentralization.
Bitcoin hits $62,000 following US jobs report
The price of Bitcoin BTC$63,709.93 rallied on Oct. 4 after the US Labor Department reported an unexpected surge in job creation in September.
Data fromTradingView showed Bitcoin trading above $62,200. The gains were associated with a broad rally in equity markets.
The main catalyst for the rally came from the September nonfarm payrolls report, which showed the US economy adding 254,000 jobs — well above the 147,000 expected. The unemployment rate also edged lower to 4.1%.
“The clear answer here is that risk appetite is incredibly strong,” wrote The Kobeissi Letter, a financial publication. “Markets are perceiving all news as good news for the first time in years.”
The jobs report seemed to confirm that the US economy remained strong at the end of the third quarter, which caused investors to reprice their expectations for aggressive Federal Reserve rate cuts.
According to CME Group’s fed fund futures prices, the likelihood of another 0.5% rate cut in November plunged from over 50% last week to just under 2% on Oct. 4.
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