<h2>Enhanced Flexibility and Cost Efficiency for Validators and Stakers</h2><a href="https://coin360.com/coin/eigenlayer-eigen">EigenLayer</a>,&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>’s leading restaking protocol, has announced the launch of its highly anticipated Rewards v2 upgrade, scheduled for January 2025. The overhaul aims to introduce greater flexibility and efficiency for both protocols and validators, cementing EigenLayer’s role in optimizing Ethereum’s staking ecosystem.&nbsp;Detailed in a December 6&nbsp;<a href="https://www.blog.eigenlayer.xyz/coming-soon-rewards-v2/">blog post</a>, this upgrade is the first proposal under the platform's newly established EigenLayer Governance Process, marking a significant milestone for its community-driven development approach.The Rewards v2 upgrade introduces a suite of enhancements designed to improve the functionality of EigenLayer’s reward system. A notable feature is the addition of operator-oriented rewards, enabling Application Validator Sets (AVSs) to distribute rewards based on performance metrics or custom criteria. This innovation, coupled with the introduction of variable operator fees, grants operators the autonomy to adjust their fee structures, promoting economic flexibility and attracting diverse participants to the platform.Another pivotal improvement is the support for batch reward claiming, which allows stakers and operators to consolidate multiple reward claims into a single transaction. This upgrade significantly reduces gas costs, addressing one of the most pressing concerns for Ethereum users. The streamlined process not only boosts efficiency but also enhances the platform’s appeal to both existing and prospective participants.EigenLayer has positioned itself as the first restaking protocol on Ethereum, empowering&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a> stakers to maximize their assets' utility. By permitting additional slashing conditions through its smart contracts, the platform incentivizes participants with increased revenue opportunities tied to service provision. The revamped Rewards v2 system strengthens this value proposition, allowing third-party protocols utilizing EigenLayer to directly align rewards with validator performance.Operators, who act as validators within EigenLayer’s framework, will benefit from the newfound flexibility in setting fees. This dynamic approach aims to foster broader economic engagement and adaptability in a rapidly evolving staking landscape. With the integration of these enhancements, EigenLayer continues to refine its ecosystem, providing a robust infrastructure for Ethereum stakers and validators alike.This article has been refined and enhanced by ChatGPT.

Cubic robot adjusting pastel [fees] dials amid Ethereum nodes

Cubic robot adjusting pastel [fees] dials amid Ethereum nodes_11zon.webp

EigenLayer's January Upgrade Set to Transform Rewards System

<h2>Coinbase Exec Unveils Operation Chokepoint 2.0 Allegations</h2><a href="https://coin360.com/review/coinbase">Coinbase</a>’s chief legal officer Paul Grewal has published previously undisclosed letters from the Federal Deposit Insurance Corporation (FDIC), revealing what he claims to be evidence of a concerted regulatory effort to discourage banks from engaging with the cryptocurrency sector.&nbsp;Dubbed “<a href="https://downloads.ctfassets.net/c5bd0wqjc7v0/6y0GZ2y2LzOZi1gUnCTtxh/55bf6ae9665ca12b9fe7bdfb3ebe746b/-26-1-_Exhibit_A_-_Redacted_Pause_Letters.pdf">pause letters</a>,” these communications, obtained via Freedom of Information Act (FOIA) requests, were issued throughout 2022 and urged banks to suspend or avoid crypto-related services. Grewal contends these actions, which he calls "Operation Chokepoint 2.0," are indicative of politically motivated regulatory measures against the crypto industry.<div class="raw-html-embed"><blockquote class="twitter-tweet">Re: the letters that show Operation Chokepoint 2.0 wasn't just some crypto conspiracy theory. <a href="https://twitter.com/FDICgov?ref_src=twsrc%5Etfw">@FDICgov</a> is still hiding behind way overbroad redactions. And they still haven't produced more than a fraction of them. But we finally got the pause letters: <a href="https://t.co/Me41BXpbdF">https://t.co/Me41BXpbdF</a>…— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1865036008989106594?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The letters, dated as early as March 2022, raised alarms within the crypto community for their extensive redactions and pointed language discouraging banks from pursuing crypto activities. The FDIC cited its lack of clarity on regulatory requirements, stating that no determinations had been made regarding the filings necessary for such operations. This ambiguity was coupled with demands for detailed information about banks’ crypto offerings to ensure their compliance with safety and soundness standards.&nbsp;Legal analyses of these services were also scrutinized under Part 362 of FDIC Rules and Regulations, which govern insured state banks. The heavily redacted nature of the documents has fueled further criticism, with some industry experts questioning the transparency of the FDIC’s oversight.<figure class="image"><img alt="fdic letter.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/fdic_letter_c9874b204c.webp"><figcaption>Source: FDIC</figcaption></figure>Critics argue that the letters represent a deliberate attempt to stifle innovation in the crypto space. Caitlin Long, CEO of Custodia Bank, characterized the communications not as temporary pauses but as indefinite directives aimed at shutting down lawful crypto operations. She described the language as “cease and desist letters cloaked in legalese,” designed to block the industry's development under the guise of regulatory prudence. Long also pointed to the Federal Reserve’s involvement, as it was copied on many of the letters, suggesting a broader, coordinated effort among U.S. regulators.Grewal’s disclosure adds weight to claims that the FDIC and other agencies have targeted the crypto sector through unofficial policies. He emphasized that the letters were not a conspiracy theory but concrete evidence of deliberate action, citing a broader trend of regulatory hostility. The FOIA request, filed by Coinbase in October, also sought clarification on an alleged 15% deposit cap imposed on banks serving crypto clients, further underscoring concerns of systemic discrimination.The implications of these findings are profound, as they highlight the challenges faced by crypto firms attempting to integrate with the traditional financial system. Critics warn that such measures risk driving innovation offshore, leaving the U.S. at a competitive disadvantage in the rapidly evolving blockchain and digital currency space. As the debate intensifies, Grewal has called on the incoming U.S. administration to reverse these policies, advocating for a more balanced approach to crypto regulation.This article has been refined and enhanced by ChatGPT.

Robot leaps, breaking a translucent Pause wall amid pastel tokens

Robot leaps, breaking a translucent Pause wall amid pastel tokens_11zon (1).webp

FDIC’s Crypto Pause Letters Spark Industry Outrage

<h2>Spotlight on Ethereum's Price Rally and Market Activity</h2><a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> has surged past the $4,000 mark for the first time since March 2024, briefly touching $4,100 before stabilizing slightly below that level. This marks a robust 14% increase over the past week, including a 6% gain within the last 24 hours as of December 6, 2024.&nbsp;The surge reflects mounting investor confidence, fueled by significant demand for spot Ethereum ETFs, which recorded their highest-ever single-day net inflows on December 5. The $428.5 million in inflows broke the previous record of $332.9 million set on November 29. BlackRock's ETHA ETF dominated with $292.7 million, while Fidelity's FETH followed with $113.6 million, underscoring the growing institutional appetite for Ethereum exposure.This price rally follows a period of underperformance against other major cryptocurrencies during the "Trump Pump" in November 2024, when&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>,&nbsp;<a href="https://coin360.com/coin/xrp-xrp">XRP</a>,&nbsp;<a href="https://coin360.com/coin/dogecoin-doge">DOGE</a>,&nbsp;<a href="https://coin360.com/coin/solana-sol">SOL</a>, and&nbsp;<a href="https://coin360.com/coin/binance-coin-bnb">BNB</a> outpaced Ethereum. However, Ethereum has since reversed this trend, recovering 28% against Bitcoin from a November 21 low of 0.0322&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> to 0.04 BTC by December 6. Despite this rebound, Ethereum still trades 30% lower against Bitcoin compared to its January 2024 peak, highlighting longer-term challenges in keeping pace with the leading cryptocurrency.<figure class="image"><img alt="ETHBTC_2024-12-07_23-24-38.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/ETHBTC_2024_12_07_23_24_38_cfcec1ccaf.png"></figure><div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Pectra Upgrade: Ethereum's Ambitious Path Forward</h2>Beyond its price movements, Ethereum’s development roadmap is setting the stage for long-term improvements. The upcoming Pectra upgrade, scheduled for phased activation in 2025 and 2026, is poised to be Ethereum's most ambitious post-Merge update. Anchored by key Ethereum Improvement Proposals (EIPs), Pectra seeks to enhance scalability, transaction efficiency, and fee predictability.One of the&nbsp;<a href="https://twitter.com/christine_dkim/status/1865055920310345936">cornerstone proposals</a>, EIP-7691, aims to increase the number of blobs per block—key components for on-chain data management—building on the innovations introduced in the Dencun upgrade. With a target to raise blob throughput to six per block and a maximum of nine, this change could significantly bolster Ethereum’s&nbsp;<a href="https://coin360.com/glossary/layer-2">Layer 2</a> scaling solutions. Additionally, EIP-7623, co-authored by Ethereum co-founder Vitalik Buterin, plans to adjust calldata costs to accommodate more blobs, optimizing network capacity during periods of congestion.Other proposals under review, including EIP-7762, seek to establish a flexible blob gas market, while networking EIP-7639 and retroactive EIP-4803 are expected to enhance system functionality. Although developers encountered issues with the Mekong testnet, progress has been steady with advancements to Devnets 5 and 6.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Market Sentiment and the Road Ahead</h2>Ethereum’s price surge and record ETF inflows underscore a renewed wave of optimism among investors. However, its broader trajectory reveals mixed signals. While technical developments such as the Pectra upgrade position Ethereum as a leader in blockchain scalability and cost-efficiency, its 34% year-to-date decline in trading value against Bitcoin signals ongoing challenges in maintaining competitive dominance.With its ambitious upgrade roadmap and growing institutional support, Ethereum’s evolving landscape suggests a pivotal moment for the network as it balances short-term market pressures with long-term technological advancements.This article has been refined and enhanced by ChatGPT.

Robot leaps over Ethereum platform in a digital landscape

Robot leaps over Ethereum platform in a digital landscape_11zon.webp

Ethereum Tops $4,000 as Demand for ETFs Surges

Coin360 weekly crypto news, cryptocurrency updates, market movement

Coin360 weekly crypto news

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | November 30 - December 6, 2024

<h2>A “Sorry, Not Sorry” Stance as Bitcoin Hits $100K</h2>The Financial Times’ commentary platform, FT Alphaville, stirred controversy among&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> enthusiasts with a cheeky “<a href="https://x.com/FTAlphaville/status/1864587881223737785">apology</a>” that veered more toward mockery than remorse. The statement, issued as Bitcoin surged past the $100,000 mark on December 5, came from city editor Bryce Elder, who asserted the publication’s longstanding critical stance on the cryptocurrency while taking a jab at those who invested despite the skepticism.<figure class="image"><img alt="sorry tweet.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/sorry_tweet_d50356dae7.webp"><figcaption>Source: X</figcaption></figure>Elder’s op-ed opened with a biting acknowledgment of Bitcoin’s milestone, stating, “We’re sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up. It’s nice when your number goes up.” The tone, however, quickly shifted to reinforce FT Alphaville’s cynical view of Bitcoin. “We’re sorry if you misunderstood our crypto cynicism to be a declaration of support for tradfi, because we hate that too,” Elder quipped, maintaining that the outlet stands by “every single one of those posts” critical of Bitcoin.The apology landed far from its intended mark, with the crypto community on X branding it a “<a href="https://x.com/KPapapaschalis/status/1864708409477431720">Cope-Pology</a>” and slamming the Financial Times for its perceived arrogance. Critics&nbsp;<a href="https://x.com/ran_the_numbers/status/1864660063920513414">described</a> the piece as a “faux apology” and lambasted its lack of humility despite Bitcoin’s meteoric rise. One user remarked, “Imagine being so wrong and still having this lack of humility,” encapsulating the frustration among Bitcoin supporters who have long dismissed the publication’s bearish views.<figure class="image"><img alt="CJ__McG.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/CJ_Mc_G_92be77cdb4.png"><figcaption>Source: X</figcaption></figure>Since its first Bitcoin article in 2011, when the asset traded at $15.90, FT Alphaville has taken a firm stance against the cryptocurrency. It has labeled Bitcoin a “negative-sum game,” “chronically inefficient,” and “compromised” as both a means of exchange and a store of value. Elder doubled down on these critiques in the recent op-ed, calling Bitcoin’s price an “arbitrary hype gauge that’s disconnected from any utility.”The platform’s criticisms have spanned over a decade, even targeting Bitcoin’s enigmatic creator, Satoshi Nakamoto. In 2014, a former U.S. Federal Reserve risk examiner likened Nakamoto to a “reckless” doctor, arguing that Bitcoin’s fixed supply schedule ignored the cyclical nature of economic demand. “It’s the equivalent of a doctor giving penicillin to every patient without first checking whether they are suffering from infection, depression, or mania,” Mark Williams wrote at the time.Bitcoin’s ascent to $100,000 has proved many detractors wrong, including high-profile critics such as Warren Buffett, Jamie Dimon, and Peter Schiff, all of whom dismissed the possibility of such a rally in the past. Despite this, skepticism remains deeply entrenched in certain financial circles, with FT Alphaville continuing to champion its critical narrative even in the face of the cryptocurrency’s undeniable market success.This article has been refined and enhanced by ChatGPT.

Dancing robot balances Bitcoin on pastel seesaw of debate

Dancing robot balances Bitcoin on pastel seesaw of debate_11zon.webp

Financial Times Issues a “Cope-Pology” to Bitcoiners

While the crypto space in the United States is facing regulatory pressure, the situation is different in Hong Kong, which is taking steps towards broader adoption and embracing blockchain technology.

As of June 1st, 2023, Hong Kong will officially legalize the purchase, sales and trading of crypto for all its citizens. Recently, the Hong Kong government has also issued the world’s first tokenized $100 million green bond, representing a major milestone in adopting blockchain technology in the financial sector.

Meanwhile, <a href="https://coin360.com/coin/bitcoin-btc" target="_blank">Bitcoin (BTC)</a> has been making significant gains, soaring over $24,000 to reach its 8-month high, which has not been seen since mid-June 2022. [BTC](https://coin360.com/coin/bitcoin-btc) touched $24,700 before retracing a bit to around $24,500, with a remarkable 7.57% rise in the past 24 hours. Short trades made up 87% of $201 million in losses due to the price surge over the past 24 hours.

On-chain data indicates that the current price momentum can be traced back to a mysterious fund that <a href="https://cointelegraph.com/news/bitcoin-single-day-price-surge-linked-to-billions-in-usdc-inflow" target="_blank">started pouring money into the crypto market on February 10th</a>. Additionally, some investors speculate that recent movements by the SEC against stablecoins and staking have led investors to <a href="https://twitter.com/intocryptoverse/status/1625961659624816641?s=20" target="_blank">convert their altcoins into Bitcoin</a>, which has contributed to its recent surge.

Furthermore, BTC has just moved out of <a href="https://www.looknode.com/charts?chartId=NUPL" target="_blank">the Net Unrealized Profit/Loss (NUPL) negative zone</a>, which prompted bullish sentiments among some investors, who expected it to <a href="https://twitter.com/CryptoMichNL/status/1626137284599853056?s=20" target="_blank">move toward $25,000</a>. However, some investors remain cautious and warn of a possible “bear trap.”

The rest of the top 10 cryptos rallied, with <a href="https://coin360.com/coin/floki-inu-floki" target="_blank">FLOKI</a> extending its gains after Elon Musk&rsquo;s tweet to mark a daily surge of 44.88%.

<a href="https://coin360.com/coin/ethereum-eth" target="_blank">ETH</a> rose by 5.47% over the past 24 hours, while <a href="https://coin360.com/coin/polygon-matic" target="_blank">MATIC</a> (+7.24%) continued to be the best winner among the top 10 cryptos, thanks to the impact of positive news.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_168_a4eb2415f7.png" alt="Coin360 (168).png" />

<h1 id="top-altcoin-gainers-and-losers">Top altcoin gainers and losers</h1>

<h2 id="gainers">Gainers:</h2>

<ul>
<li><a href="https://coin360.com/coin/floki-inu-floki" target="_blank">Floki Inu FLOKI</a> (+44.88%)</li>
<li><a href="https://coin360.com/coin/optimism-op" target="_blank">Optimism OP</a> (+13.96%)</li>
<li><a href="https://coin360.com/coin/okb-okb" target="_blank">OKX OKB</a> (+12.49%)</li>
</ul>

<h2 id="losers">Losers:</h2>

<ul>
<li><a href="https://coin360.com/coin/binance-usd-busd" target="_blank">Binance USD BUSD</a> (-4.51%)</li>
<li><a href="https://coin360.com/coin/dai-dai" target="_blank">Dai DAI</a> (-2.86%)</li>
<li><a href="https://coin360.com/coin/pax-gold-paxg" target="_blank">PAX Gold PAXG</a> (-2.10%)</li>
</ul>

<h1 id="nft-market-map">NFT Market Map</h1>

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_169_642ecafdd6.png" alt="Coin360 (169).png" />

<a href="https://coin360.com/nft/0x764aeebcf425d56800ef2c84f2578689415a2daa" target="_blank">SewerPass</a> came back to the top with a 1,613.82% surge in volume traded as BAYC announced that holders can re-enter the sewer <a href="https://twitter.com/BoredApeYC/status/1625993558435012608?s=20" target="_blank">on February 22nd</a> for a separate leaderboard.

<a href="https://coin360.com/nft/0x769272677fab02575e84945f03eca517acc544cc" target="_blank">Captainz</a> (+611.86%) landed as the best performer among the top 10 NFT collections by daily volume as the community was talking about their <a href="https://twitter.com/Memeland/status/1625919697966501889?s=20" target="_blank">latest sneak peek</a>.

<a href="https://coin360.com/nft/0x34d85c9cdeb23fa97cb08333b511ac86e1c4e258" target="_blank">Otherdeed</a> (+119.46% ) saw the most volume in ETH today since its mint in May thanks to higher value trades.

<h2 id="coin360-daily-digest">Coin360 Daily Digest</h2>

Here&rsquo;s a rundown of the major crypto market news from today.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dailydigestfeb16_9d63e732b2.jpg" alt="dailydigestfeb16.jpg" />

For more daily updates and news, follow us on <a href="https://twitter.com/COIN360com" target="_blank">Twitter</a>.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

Bitcoin tests eight-month high as HK embraces crypto amidst US regulatory actions

Top altcoin gainers and losers

Gainers:

Losers:

NFT Market Map

Coin360 Daily Digest

Latest News @Coin360

EigenLayer's January Upgrade Set to Transform Rewards System

FDIC’s Crypto Pause Letters Spark Industry Outrage

Ethereum Tops $4,000 as Demand for ETFs Surges

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | November 30 - December 6, 2024

Financial Times Issues a “Cope-Pology” to Bitcoiners