Today Here’s what happened in crypto today 2024 works

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.

As of my last update in January 2022, the cryptocurrency market was known for its volatility and rapid developments. To give you the latest information, could you please specify today’s date or a recent event you’re interested in?

Certainly! Here are some general updates on what has been happening in the cryptocurrency space recently:today

1. Market Trends: Cryptocurrency prices have been fluctuating. Bitcoin and Ethereum remain the top two cryptocurrencies by market capitalization, with their prices often influencing the broader market.
2. Regulatory Developments: Regulatory scrutiny continues to impact the crypto market globally. Various countries are working on regulations to govern cryptocurrencies and digital assets, which affects market sentiment and operations of crypto exchanges and projects.today
3. Institutional Adoption: There is increasing interest from institutional investors and traditional financial institutions in cryptocurrencies. Some major banks and investment firms have started offering crypto-related services, such as custody and trading.
4. DeFi and NFTs: Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) remain significant sectors within the crypto space. DeFi projects continue to innovate, offering new financial services like lending, borrowing, and yield farming. NFTs are being used across various industries, including art, gaming, and music.
5. Environmental Concerns: The environmental impact of cryptocurrency mining, particularly for Bitcoin, continues to be a topic of debate and concern. Efforts are being made to shift towards more sustainable practices, including the exploration of renewable energy sources for mining.
6. Technological Advancements: Blockchain technology, which underpins cryptocurrencies, is evolving. There are ongoing developments in scalability solutions, interoperability between different blockchain networks, and improvements in security and privacy features.today
7. Geopolitical Factors: Geopolitical events and macroeconomic factors can influence cryptocurrency prices. For example, economic uncertainty in certain regions may drive individuals to seek alternative assets like cryptocurrencies as a hedge against inflation or political instability.

These points provide a broad overview of the current landscape in the cryptocurrency world. For more specific details or recent events, feel free to ask!

Certainly! Here are answers to some frequently asked questions (FAQs) about cryptocurrencies:today

1. What is cryptocurrency?

• Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks based on blockchain technology, which ensures transparency and immutability of transactions.today

2. How do cryptocurrencies work?

• Cryptocurrencies work through a decentralized ledger technology called blockchain. Transactions are recorded on a public ledger and verified by network participants (miners or validators) using cryptographic algorithms. This process ensures security and prevents double-spending.today

3. What is Bitcoin?

• Bitcoin (BTC) was the first cryptocurrency, introduced by an anonymous person or group known as Satoshi Nakamoto in 2008. It is decentralized, peer-to-peer digital cash that allows for direct transactions without intermediaries like banks. Bitcoin is also used as a store of value and has a finite supply capped at 21 million coins.today

4. How can I buy cryptocurrencies?

• Cryptocurrencies can be purchased on cryptocurrency exchanges such as Coinbase, Binance, or Kraken. You can create an account on these platforms, deposit fiat currency (like USD or EUR), and then use that to buy cryptocurrencies.today

5. Are cryptocurrencies legal?

• The legal status of cryptocurrencies varies by country. Some countries have embraced cryptocurrencies and have regulatory frameworks in place, while others have imposed restrictions or outright bans. It’s essential to check local regulations before buying or using cryptocurrencies.today

6. Are cryptocurrencies secure?

• Cryptocurrencies are secured by cryptography and blockchain technology, which make them resistant to fraud and hacking. However, individual security measures (such as keeping private keys secure) are crucial to protect your cryptocurrency holdings from unauthorized access.

7. What are altcoins?

• Altcoins refer to any cryptocurrency other than Bitcoin. There are thousands of altcoins, each with its own unique features and use cases. Examples include Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others.today

8. What is blockchain technology?

• Blockchain is a distributed ledger technology that records transactions across multiple computers in a verifiable and permanent way. It allows for secure and transparent peer-to-peer transactions without the need for a central authority.

9. What are decentralized finance (DeFi) and Non-Fungible Tokens (NFTs)?

• DeFi refers to a category of financial applications built on blockchain technology that aims to recreate traditional financial systems without intermediaries. NFTs are unique digital assets that represent ownership or proof of authenticity of a particular item or piece of content, often used in art, gaming, and collectibles.today

10. What are the risks associated with cryptocurrencies? – Cryptocurrencies are highly volatile, which means their prices can fluctuate dramatically in a short period. Other risks include regulatory uncertainty, security vulnerabilities, and the potential for market manipulation.

These FAQs cover some of the fundamental aspects of cryptocurrencies. If you have more specific questions or need further clarification, feel free to ask!today

When it comes to cryptocurrencies, there are several risks that investors and users should be aware of:

1. Volatility: Cryptocurrency prices can be highly volatile, with significant price swings occurring over short periods. This volatility can lead to substantial gains but also substantial losses, making it a risky asset class for investors.today
2. Regulatory Risks: Regulatory frameworks around cryptocurrencies are still evolving in many countries. Changes in regulations or government policies can impact the legality, use, and taxation of cryptocurrencies, affecting their value and usability.
3. Security Risks: Cryptocurrency exchanges and wallets can be vulnerable to hacking and cybersecurity breaches. If a hacker gains access to your private keys or funds on an exchange, it can result in the loss of your assets.today
4. Market Risks: Cryptocurrency markets can be influenced by market manipulation, insider trading, and other unethical practices. Lack of liquidity in some markets can exacerbate these risks, leading to price distortions and investor losses.
5. Technology Risks: Blockchain technology, while secure, is not immune to technical failures, bugs, or glitches. Smart contract vulnerabilities, for example, have led to significant losses in certain decentralized finance (DeFi) projects.
6. Scams and Fraud: The anonymity and pseudonymity of transactions in cryptocurrencies can be exploited for fraudulent activities such as Ponzi schemes, fake initial coin offerings (ICOs), and phishing scams targeting crypto holders.today
7. Lack of Consumer Protection: Unlike traditional financial systems, cryptocurrencies often operate outside regulatory frameworks that provide consumer protections like deposit insurance or recourse for fraudulent transactions. This lack of protection means investors may have limited recourse in case of loss or theft.today
8. Market Adoption Risks: The adoption and mainstream acceptance of cryptocurrencies as a means of payment or store of value are still uncertain. Factors such as public perception, institutional acceptance, and technological advancements can influence market adoption.today
9. Environmental Concerns: Certain cryptocurrencies, particularly Bitcoin, have faced criticism for their energy-intensive mining processes. Environmental concerns related to carbon emissions and energy consumption may impact regulatory decisions and investor sentiment.today
10. Operational Risks: Issues with software updates, network congestion, or governance disputes within blockchain networks can disrupt operations and affect the usability of cryptocurrencies and decentralized applications (dApps).today
11. To mitigate these risks, it’s essential for cryptocurrency users and investors to conduct thorough research, exercise caution when investing or trading, use reputable exchanges and wallets, and implement strong security measures to protect their assets. Keeping up with regulatory developments and staying informed about market trends can also help manage risk in the cryptocurrency space.today

Advantages:

1. Decentralization: Cryptocurrencies operate on decentralized blockchain networks, which means they are not controlled by any central authority like governments or banks. This decentralization can provide greater transparency, security, and resilience against censorship.today
2. Accessibility: Cryptocurrencies enable financial inclusion by allowing anyone with internet access to participate in the global economy, especially in regions with limited access to traditional banking services.today
3. Lower Transaction Fees: Cryptocurrency transactions typically have lower fees compared to traditional financial systems, especially for international transfers. This can reduce costs for businesses and individuals conducting cross-border transactions.today
4. Security: Cryptocurrencies use cryptographic techniques to secure transactions and control the creation of new units. Blockchain technology ensures transparency and immutability of transaction records, reducing fraud and counterfeiting risks.today
5. Ownership and Control: Users have full control over their cryptocurrency holdings through private keys. This eliminates the need for intermediaries like banks, giving individuals direct ownership and control over their assets.
6. Innovation in Finance: Cryptocurrencies have spurred innovation in financial services through concepts like decentralized finance (DeFi), which aims to recreate traditional financial systems without intermediaries, offering new opportunities for lending, borrowing, and investing.today
7. Global Reach: Cryptocurrencies operate on a global scale without the limitations of traditional banking hours or geographical boundaries, enabling seamless transactions across different countries and time zones.

Disadvantages:

1. Volatility: Cryptocurrency prices can be highly volatile, with significant fluctuations occurring over short periods. This volatility can lead to substantial gains but also pose risks of significant losses for investors.
2. Regulatory Uncertainty: The regulatory environment for cryptocurrencies is still evolving, with varying levels of acceptance and regulation in different countries. Regulatory changes can impact the legality, taxation, and use of cryptocurrencies, affecting market sentiment and operations.
3. Security Risks: Cryptocurrency exchanges and wallets are vulnerable to hacking and cybersecurity breaches. If a hacker gains access to private keys or funds, it can lead to theft and loss of assets, highlighting the importance of robust security measures.
4. Scalability Challenges: Some blockchain networks face scalability issues, meaning they may struggle to handle a large number of transactions quickly and efficiently. This can lead to network congestion and higher transaction fees during peak periods.
5. Anonymity and Illicit Activities: While cryptocurrencies offer pseudonymity, this can be exploited for illicit activities such as money laundering, terrorist financing, and ransomware attacks. This has led to concerns among regulators and governments about the use of cryptocurrencies for illegal purposes.
6. Lack of Consumer Protection: Unlike traditional financial systems, cryptocurrencies often lack consumer protections such as deposit insurance or recourse for fraudulent transactions. Users may have limited avenues for recovering lost or stolen funds.
7. Environmental Impact: Certain cryptocurrencies, particularly Bitcoin, have faced criticism for their energy-intensive mining processes. Concerns about carbon emissions and environmental sustainability have prompted discussions about the ecological footprint of cryptocurrencies.
8. Market Manipulation: Cryptocurrency markets can be susceptible to market manipulation, insider trading, and pump-and-dump schemes. Lack of regulation and liquidity in some markets can exacerbate these risks, leading to price volatility and investor losses.

Understanding these advantages and disadvantages can help individuals and businesses make informed decisions when engaging with cryptocurrencies. Mitigating risks through education, security measures, and regulatory compliance can enhance the benefits while minimizing the drawbacks associated with this emerging technology.

A key fact about cryptocurrencies is their total market capitalization, which represents the combined value of all cryptocurrencies in circulation. As of the latest data available, the total market capitalization of cryptocurrencies has reached hundreds of billions to over a trillion dollars at times, reflecting the growing interest and investment in digital assets globally. This metric is closely watched by investors, analysts, and regulators to gauge the overall size and significance of the cryptocurrency market in the broader financial landscape.

wo Wall Street asset managers have amended their filings for a spot Ether exchange-traded fund. The hamster frenzy shows no signs of letting up as Bybit announced it is listing the token for Hamster Kombat for pre-market trading. Meanwhile, scammers posing as Coinbase reps swindled $1.7 million from one victim in a single phone call. 

VanEck, 21Shares file S-1 amendments with SEC

Asset managers VanEck and 21Shares have amended their S-1 registrations with the U.S. Securities and Exchange Commission (SEC) to list shares of their spot Ether ETFs.

According to the July 8 filings, VanEck amended its registration statement as part of the asset manager’s ongoing efforts to gain approval from the SEC for its spot Ether ETF. Meanwhile, 21Shares made a similar filing for its Core Ethereum ETF. Neither filing specified a launch date for their respective products.

The bottom line about cryptocurrencies is that they represent a revolutionary digital asset class with both significant opportunities and risks:

1. Opportunities:
   • Decentralization: Provides financial inclusion and control over assets without reliance on traditional financial intermediaries.
   • Innovation: Sparks new financial technologies like DeFi and NFTs, offering alternative investment and transaction methods.
   • Global Access: Enables borderless transactions and access to financial services, especially in underserved regions.
   • Lower Costs: Reduces transaction fees and enhances efficiency compared to traditional financial systems.
2. Risks:
   • Volatility: High price volatility can lead to substantial gains or losses in short periods, posing risks for investors.
   • Regulatory Uncertainty: Evolving regulatory landscapes globally can impact legality, taxation, and market stability.
   • Security Concerns: Vulnerabilities in exchanges and wallets can result in theft or loss of funds, highlighting cybersecurity risks.
   • Market Manipulation: Lack of regulation and liquidity can lead to market manipulation and price distortions.
   • Environmental Impact: Energy-intensive mining processes of some cryptocurrencies raise concerns about sustainability and carbon footprints.

Navigating these opportunities and risks requires careful consideration, robust security measures, and staying informed about regulatory developments. Cryptocurrencies continue to evolve, influencing financial markets and reshaping the future of digital transactions worldwide.

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The amendments are part of the final stage of approvals required by the securities regulator before the spot ETFs can be listed and traded. As Cointegraph reported, Bitwise filed its own amended registration last week.

On May 23, the SEC approved spot Ether ETF 19b-4 filings from eight asset managers. The following month, SEC Chair Gary Gensler said approving the S-1 filings was expected to occur “sometime over the course of this summer” but didn’t specify a date.

Bybit lists Hamster Kombat’s token for pre-market trading

Cryptocurrency exchange Bybit is advancing its support for emerging projects on the Telegram Open Network (TON) by listing the token for the record-breaking game Hamster Kombat for pre-market trading.

Bybit, on July 8, officially announced the listing of the Hamster Kombat (HMSTR) token on its over-the-counter (OTC) platform called Bybit Pre-Market Trading.

The platform is designed for trading new tokens before their official listing, enabling buyers and sellers to establish quotes and execute trades at predetermined prices.

According to the announcement, Bybit’s pre-market OTC platform launched trading for HMSTR on July 8 at 10:00 am UTC. Details of the delivery schedule will be released shortly, the statement notes.

Bybit stressed that the inclusion of HMSTR tokens on its pre-market platform represents a “significant step forward,” providing users with the chance to get their hands on HMSTR tokens before they become listed for spot trading. The firm added:

“This exclusive access allows users to secure HMSTR tokens ahead of the market and to lock in their purchase or sale prices early, marking an innovative advancement in our trading offerings.”

Coinbase-posing scammers steal $1.7M in one scam call

Coinbase users have reported being targeted by scammers impersonating as Coinbase staff in the past week, with one victim claiming they were swindled out of $1.7 million.

Edge & Node co-founder Tegan Kline shared that her friend had their self-custody wallet drained of $1.7 million by a scammer who faked being from Coinbase and tricked them into sharing part of their seed phrase.

The scam involved multiple emails that appeared to be from Coinbase claiming the victim’s wallet was being drained. The victim was told to enter their seed phrase into a website to make it stop but hesitated, only typing in “a portion” without sending off the info — still enough for the scammer to catch part of their seed phrase and have a computer guess the rest.

Meanwhile, two X users said a scam caller claimed they were from Coinbase saying someone had attempted to log in to their Coinbase accounts. The scammer sent a phishing email to one user that appeared as a password reset — aiming to nab their account password.

Around $1.19 billion was lost to crypto security incidents in the first half of 2024 — over $900 million was stolen through phishing and seed phrase compromise attacks.