Bitcoin and Ether set records, Arbitrum DAO revises donation plan, Buterin proposes Ethereum quantum defense, and Dogwifhat's Vegas ad campaign.
Bitcoin Surges Above $71,000 & Ether Above $4,000

Bitcoin Surges Above $71,000 & Ether Above $4,000

Bitcoin and Ether set records, Arbitrum DAO revises donation plan, Buterin proposes Ethereum quantum defense, and Dogwifhat's Vegas ad campaign.

Last update:
Mar 12, 2024
| Issue

Welcome to the first edition of Datawallet Daily for the week. As always, we’re spotlighting the key stories that have shaped the crypto market in the last 24 hours:

Bitcoin Surges Above $71,000 & Ether Above $4,000

Bitcoin’s value soared above $71,000, reaching new record highs and crossing the $70,000 mark for the second time, initially surpassing this milestone on March 8 before experiencing a slight pullback. The cryptocurrency’s resurgence to over $71,000 is attributed to the launch of spot Bitcoin ETFs in the United States, which have significantly increased Bitcoin’s market presence by accumulating an additional 177,000 bitcoins. This comes in addition to the 621,000 bitcoins managed by Grayscale’s Bitcoin Trust, now an ETF, accounting for 4% of the total bitcoins in circulation. 

The anticipated Bitcoin halving event, expected to occur around April 19, will halve the block rewards, decreasing the daily Bitcoin issuance and potentially affecting its market value. Concurrently, Ether is approaching a value of $4,000, indicating overall positive momentum in the cryptocurrency market.

Arbitrum DAO Withdraws $1M Tornado Cash Donation Proposal

The Arbitrum DAO initially proposed a $1.28 million crypto donation to support Tornado Cash developers Roman Storm and Alexey Pertsev against criminal charges. Concerns over legal risks led to the proposal’s deletion, with plans for revision. The donation aimed to aid their legal defense, as they are accused of creating a protocol that obscures crypto transactions, challenging financial transparency norms. 

Despite the withdrawal, alternatives for supporting their legal fight are being explored. The community’s response reflects broader debates on DeFi’s principles and the legal boundaries of crypto activism, with ongoing deliberations on the best path forward amidst potential legal implications.

Buterin Proposes Solution Against Ethereum Quantum Attack

Vitalik Buterin suggests that Ethereum could swiftly counter a quantum computing threat with a “simple” hard fork, a measure that could start being developed “tomorrow.” He believes Ethereum is already well-prepared to mitigate such an attack’s effects. In a potential quantum emergency, the proposed solution involves rolling back the Ethereum network before large-scale thefts and implementing a new transaction type from smart contract wallets, using technologies like Winternitz signatures and STARKs.

This approach aims to protect users’ funds by preventing the exposure of private keys during transactions, making accounts quantum-resistant. Buterin reassures that the infrastructure for this hard fork could theoretically be initiated immediately, despite the general consensus that quantum computing poses a distant threat.

Dogwifhat Holders Target Sphere Vegas Ad, Raise $300,000

Supporters of the Solana meme coin, Dogwifhat, are fundraising to advertise their Shiba Inu in a hat emblem on Sphere, a notable LED-clad venue in Las Vegas, for one week. The goal is to gather $650,000 for the initiative, dubbed “sphere wif hat,” and they’ve already amassed over $300,000. Contributions range from $1 to $10,000, indicating broad community support. This move follows the meme coin’s recent surge in value, achieving an all-time high after being listed on Binance, spotlighting the community’s ambition to elevate their presence in a high-profile location.

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