CFA Report Pegs US Crypto Fraud Losses at $80.7B

Bitcoin surged to $107,000, nearing its all-time high set in January at $108,786. The cryptocurrency market has seen a significant rebound, with Ethereum, Dogecoin, and Solana also experiencing notable gains. Liquidations have increased in the past 24 hours, with a majority coming from short positions.

Mayor Eric Adams announced the formation of a digital assets advisory council at the NYC Crypto Summit to attract jobs and investments to New York City. He emphasized the importance of utilizing blockchain technology for tasks like managing vital records and potentially allowing city services to be paid with crypto.

KULR Technology Group, a publicly traded company based in Houston, has purchased an additional $9 million worth of Bitcoin for its corporate treasury, bringing its total holdings to 800.3 tokens valued at around $85 million. The company acquired the Bitcoin at an average price of $103,234 per token.

According to Bernstein analysts, Bitcoin is expected to double by the end of 2025, driven by a new institutional era. Institutions now hold $60 billion worth of Bitcoin, a five-fold increase from September 2022. The top cryptocurrency has macro tailwinds and Wall Street interest.

Solana is set to undergo a significant upgrade with the proposed consensus mechanism change called "Alpenglow," aiming to drastically reduce transaction latency. This upgrade could potentially revolutionize blockchain technology by enabling real-time performance for various applications.

Geoff Kendrick of Standard Chartered notes that government entities like South Korea’s National Pension Service and the Swiss National Bank have increased their exposure to Bitcoin through holdings in Strategy, reflecting a growing demand for Bitcoin. Sovereign wealth funds, state retirement funds, and institutional investors are also showing interest in Bitcoin through various investment vehicles.

TechCrunch founder Michael Arrington expressed concern over Coinbase's data breach potentially leading to fatalities, emphasizing the need for stricter regulations and consequences for executives. The breach exposed sensitive customer data, prompting a U.S. Justice Department investigation and concerns about physical safety for crypto holders.

True Markets, a DeFi trading platform, has launched a mobile app on Solana after closing an $11 million Series A funding round. Co-led by Accomplice and RRE Ventures, the funding includes support from Paxos Ventures and the Solana Foundation.

The Supreme Court of India has questioned the central government's lack of a clear policy on cryptocurrency regulation, expressing concerns about the impact of the unregulated crypto market on the economy. Justices Kant and Singh highlighted the need for regulation to monitor cryptocurrency trading activities effectively.

Kraken has introduced regulated crypto derivatives trading in Europe, following the acquisition of Greenfield Wealth and a license from CySEC. The exchange's move aligns with the recent trend of major players entering the crypto derivatives space in Europe.