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.
Today in crypto, Ethereum co-founder Vitalik Buterin has shared his reflections on the state of the protocol and its potential evolution after the Merge, Bitcoin hit above $64,000 early on Oct. 14 and liquidated over $100 million in crypto shorts, and United States Representative John Curtis said bipartisan support for crypto is “very fragile.”
Vitalik Buterin ponders Ethereum’s post-Merge future
In a detailed blog post on Oct. 14, Buterin highlighted several key areas where Ethereum could see significant advancements, including faster transaction speeds, improved security and greater accessibility for solo stakers.
The Ethereum Merge in 2022 marked the protocol’s transition from proof-of-work to proof-of-stake (PoS). Buterin called the event “hard-earned” and “long-awaited,” but noted there are still important areas where PoS needs improvement.
According to Buterin, one of the primary goals for Ethereum’s future is to reduce the time it takes to complete a transaction.
Currently, it can take about 15 minutes, a delay that can be frustrating given that Ethereum is the most heavily trafficked blockchain network. The lag time can lead to congestion.
Buterin also discussed making Ethereum more accessible to a broader range of users. The current staking requirement of 32 Ether ETH$2,623.24 can be a barrier for many individuals looking to participate in the network. Buterin proposed lowering the minimum staking amount to 1 ETH, enabling more people to contribute to Ethereum’s security and governance.
Crypto short liquidations breach $100 million as Bitcoin reclaims $64,000
Crypto traders that bet the crypto market would fall have been liquidated to the tune of over $100 million in the past day as Bitcoin BTC$65,808 rose above $64,000 early on Monday, Oct. 14, gaining 2.1% in the prior 24 hours.
BTC peaked at $64,173, the highest it’s reached so far in October and returned to levels not seen since late September which and its sudden price move, liquidated over $101.4 million in crypto short positions, according to data from CoinGlass.
In all, 54,649 traders were liquidated for over $166 million, with Bitcoin shorts accounting for $52.33 million of the total, followed by $27.26 million in Ether ETH$2,623.24 short bets.
Meanwhile, Ether reclaimed $2,500, topping out at a two-week high of $2,540 following a 2.9% gain in the last 24 hours.
Bitcoin’s big move also pushed its market dominance back above 58%, which is close to the highest it has been since April 2021.
Rep. Curtis discusses the “fragile” state of crypto support among regulators
Speaking at the Permissionless III conference in Salt Lake City, Utah, United States Representative John Curtis urged crypto advocates to “push” sensible digital asset regulation in the country.
When asked if Congress could once again see bipartisan cooperation around crypto, like there was during the repeal of Staff Accounting Bulletin-121, Curtis said, “I think so, but it’s very fragile.”
“I think it’s really important for all of us — all of you as you push this issue in Washington — to realize if it becomes a partisan issue, we will have a very, very difficult time. Anything in Washington that becomes partisan struggles,” said Curtis.
Senator Mike Lee, who joined Curtis on stage during the panel discussion, said the worst thing that could happen to crypto is for the Federal Reserve to create a central bank digital currency (CBDC). He also cited overregulation by the federal government as a primary concern.
“Cryptocurrency is not a security,” said Lee. “Cryptocurrency is not a commodity. Cryptocurrency is used as a medium of exchange.”
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