The Bitcoin ETF, Gov’t’s Adoption to drive BTC up to $ 1M by 2029: Finance re -defined
The cryptocurrency market continued its recovery last week as the total capitalization of the crypto market violated the $ 3 trillion mark on the first time since the beginning of March.
Bitcoin (Btc) rose to a more than two months high of $ 97,300 last seen at the end of February, before the US “Liberation Day” announcement, provoking analyst predictions for a rally driven by the “structure” institutional and exchange of funds (ETF) driven in the world’s first cryptocurrency.
The risk of appetite continues to rise to crypto investors, as the outlets related to the Chinese state indicate that the Trump administration has quietly contacted Beijing to discuss tariff cuts.
In the broader crypto space, Ethereum developers have suggested a new token standard to improve the interoperability of the world’s second largest largest network.
Bitcoin up to $ 1 million by 2029 -FUEL of ETF and Gov’t Demand – Bitwise Exec
Expanding the institutional adoption of Bitcoin can provide a “structure” flow that is necessary to overcome the capital of the gold market and push its price beyond $ 1 million by 2029, according to the Head of European Research of Bitwise, André Dramotch.
“Our in-house prediction is $ 1 million by 2029. So Bitcoin will match the Gold Market Cap and Total Addressable Market by 2029,” he told Cointelegraph during the chain reaction daily x Space Show on April 30th.
Gold is currently the world’s largest owner, worth more than $ 21.7 trillion. In comparison, the capitalization of the Bitcoin market seated at $ 1.9 trillion, making it the seventh largest largest asset in the world, According to In CompanymarketCap data.
For the 2025 market cycle, Bitcoin could exceed $ 200,000 in the “base case” and $ 500,000 with more government adoption, Drogosch said.
Eric Trump: USD1 will be used for $ 2 billion MGX investment in Binance
The Abu Dhabi-based firm MGX will use a stablecoin linked to the family of US President Donald Trump to resolve a $ 2 billion investment in Binance, the world’s largest cryptocurrency exchange.
The World Liberty Financial USD .
MGX will use the USD1 Stablecoin for $ 2 billion investment in the Binance Exchange, according to an announcement by Eric Trump in a panel discussion at token2049 in Dubai. Trump, the President’s son, serves as the executive vice president of the Trump Organization.
MGX has announced it Binance investment on March 12, marked the first institutional investment in exchange and is one of the biggest funding deals throughout the web3 industry.
At this time, Binance declined Cointelegraph’s request to reveal what Stablecoin used in the transaction.
It marked the first adventure of the Abu Dhabi firm in the cryptocurrency space.
Ethereum to simplify crosschain transactions with new token standards
Ethereum developers are working to improve blockchain interoperability with two new token standards: ERC-7930 and ERC-7828.
“There is no common way for dompet, apps, or protocols to interpret or display this information,” Decentralized Finance (DEFI) ecosystem Development Association Wonderland wrote on a May 1 X X Post. Wallets, Decentralized application (DAPPS)Block explorers and smart contracts follow different rules.
“The result? A messy, uneven experience that destroys crosschain UX,” Wonderland said.
Wonderland is a group of developers, researchers and data scientists dedicated to improving the Ethereum defi ecosystem. The organization Collaborated with multiple defi protocols, including optimism, aztec, connext and ahikang.
In the post, the organization shared what discussed In a recent call to the Ethereum Foundation Interoperability Working Group Call. Teddy From Wonderland explained that the current goal is to finish the same token standards within the next two weeks. He added:
“We need feedback on the Eth-Magicians Forum.”
Crypto hackers hit Defi for $ 92 million in April as a double attack from March
Cryptocurrency hackers stole more than $ 90 million in April, dealing with another blow to the main reputation of the industry despite ongoing efforts to improve cybersecurity.
The hackers made $ 92 million of digital assets throughout 15 incidents in April, according to an April 30 research report by Blockchain Cybersecurity Firm Immunefi.
The total score of a 124% month-to-month increase from March, when hackers stole $ 41 million.
The largest hack of the moon in the open-source platform UPCX provides most of the damage in April, including More than $ 70 million to losses, while Kiloex loses $ 7.5 million As April’s second largest hack.
The Back to exploit kiloex The stolen funds are only days after the attack.
All of April’s reported attacks are targeted at Decentralized Finance Platforms (DEFI). Centralized exchanges reported that there were no incidents in the month, the report noted.
Immunefi, which says it helps protect $ 190 billion in user funds, pays more than $ 116 million in bounties to white hat hackers.
Crypto Group asked Trump to end the persecution of crypto devs, storms in Rome
The Crypto Lobby Group, the Defi Education Fund, petitioned the Trump administration to end what it claims to be the “lawless persecution” of open-source software developers, along with Roman Storm, a creator of Crypto Mixing Service Tornado Cash.
On an April 28 Letter In the White House Crypto Czar David SacksThe group urged President Donald Trump “to take immediate action to stop the Biden-de Department of Justice’s campaign without a criminal law to provide open-source software.”
The letter specifically noted the storm’s persecution, na charged In August 2023 to help the launder more than $ 1 billion in crypto by Tornado Cash. His test is still set for JulyAnd his fellow charged co-founder Roman Semenov, is large and believed to be in Russia.
Defi Education Fund said that in Storm’s case, the Department of Justice is trying to handle Software developers The criminal is responsible for how others use their code, which is “not only absurd to the principle, but it sets a preceding potential vibration of all crypto development in the United States.”
The group also called for acknowledgment that the prosecution opposed the Treasury Department’s Financial Crimes Enforcement Network (FINCEN) from Trump’s first term, establishing self-customial, peer-to-peer protocol developers.
“This kind of legal environment is not just chill innovative – it will be up to it,” they argue. The letter also added that it also “empowers political implementation and puts every open developer resource, regardless of the industry.”
In January, a federal court in Texas decided that Treasury overstepped its authority By punishing Tornado Cash.
Overall -Defi Market
According to the data from Cointelegraph Markets Pro And tradingview, most of the 100 largest cryptocurrencies by market capitalization ended the week in green.
The Virtuals Protocol (Virtual) token rose more than 103% as the largest Gainer of the week, followed by a soy token (layer), up to 29% last week.
Thanks for reading our summary of the most affecting defi development of this week. Join us next Friday for more stories, perspectives and education about the dynamic advancement of this space.
