The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

The world’s largest asset manager with $10 trillion in assets under management, BlackRock, has announced the launch of a spot Bitcoin private trust. The private trust will be available only to institutional clients in the U.S.

Ethereum core developers have discussed potential dates for the Merge upgrade on a Consensus Layer Call. The Merge will be split into two upgrades: Bellatrix and Paris, with the second being when the Merge is fully implemented.

Leading cryptocurrency exchange Binance has revealed it froze or recovered $450,000 that was stolen from decentralized finance (DeFi) protocol Curve earlier this week. CEO Changpeng Zhao detailed the hacker “kept on sending the funds to Binance in different ways.”

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Top stories in the Crypto Roundup today:

BlackRock Launches Bitcoin Private Trust
Ethereum Merge Tentatively Scheduled for Mid-September
Binance Recovers 83% of Funds Stolen From DeFi Protocol Curve
Crypto Market Movers – BOND, ETC, OP
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BlackRock Launches Bitcoin Private Trust

The move potentially puts the world’s largest asset manager, whose CEO, Larry Find, has publicly criticized Bitcoin, in competition with Grayscale, the world’s biggest investment vehicle for digital assets.

The company wrote in a post:

“Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities.”

Earlier this week, BlackRock partnered with Coinbase to provide clients of its Aladdin investment platform access to cryptocurrencies.

Ethereum Merge Tentatively Scheduled for Mid-September

The Ethereum Merge describes the network’s current mainnet merging with the Beacon Chain’s PoS system, setting the stage for future scaling upgrades, including sharding. The move is expected to reduce Ethereum’s energy consumption by 99.95%.

The move away from PoW is said to make the network cheaper, faster, and more environmentally friendly, however, it will also mark the end of an income stream for Ethereum miners who were being rewarded for securing the network.

The Paris upgrade is set to occur when the network reaches a certain total terminal difficulty (TTD), which is related to the network’s hashrate. Core developers debated which dates would be most suitable to target, with consensus falling on the 144896 epoch for Bellatrix, meaning September 6.

Developers set a tentative date of September 15 – at a TTD of 58750000000000000000000 – for Paris. These dates aren’t definitive yet and may be altered in the coming days or weeks. If Ethereum’s hashrate falls significantly, the dates may be manually altered.

Binance Recovers 83% of Funds Stolen From DeFi Protocol Curve

Curve was hacked earlier this week for nearly $570,000 after hackers managed to hijack it to get users to approve a malicious contract. The issue was quickly identified and resolved, but not before many were affected.

Curve is a major DeFi protocol, partly thanks to its CRV token rewards. Binance is now reportedly in talks with law enforcement to return the funds to impacted users.

Crypto Market Movers – BOND, ETC, OP

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

BarnBridge (BOND) - BarnBridge is a risk tokenizing protocol. It allows hedging yield sensitivity and price volatility. BarnBridge does this by accessing debt pools on other DeFi protocols, and transforming single pools into multiple assets with varying risk/return characteristics.

Ethereum Classic (ETC) - Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. ETC is a different cryptocurrency with different goals than Ethereum, with a focus on immutability.

Optimism (OP) - Optimism is a layer-two smart contract network that aims to enable low-cost, near-instantaneous Ethereum transactions. Optimism speeds up Ethereum transactions and cuts their costs by settling them on another blockchain.

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