Daily CRYPTO NEWS recap📈🔥- 05.07.2024

•$BTC crashes to $53K, but can it go even lower?

On July 5, Bitcoin plunged to $53,600 on Coinbase, marking its lowest price since February. Analysts fear that the worst may still be ahead. Speaking to Cointelegraph, eToro market analyst Josh Gilbert attributed much of the sell-off to concerns over Mt. Gox creditor repayments, which will release approximately $8 billion worth of BTC into the market in July. However, many other specialists believe that the "buy the dip" mentality will help prevent further losses for Bitcoin.

•$SOL ETFs are coming?! - all You should know

Matthew Sigel, head of digital asset research at VanEck, stated that the launch of a Solana ETF by VanEck depends significantly on the outcome of the 2024 presidential election and whether Gary Gensler remains chairman of the U.S. Securities and Exchange Commission (SEC), according to Odaily. Sigel emphasized the potential influence of cryptocurrency voters in the upcoming election, noting a shift in the regulatory landscape as several Democrats have recently supported cryptocurrency legislation.

•Vitalik Buterin opts for faster Ethereum (EIP-7732 upgrade)

Ethereum developers have introduced a new Ethereum Improvement Proposal, EIP-7732, aimed at overhauling the block validation process to accelerate the blockchain. This proposal brings significant changes by separating block validation into two distinct processes: consensus and execution. The goal is to enhance the blockchain's security and performance. This initiative responds to the growing demand for a more efficient and faster blockchain, aligning with Vitalik Buterin's vision to improve transaction confirmation times.

Stay tuned for more updates from MarMag! New posts coming soon :))

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