Bitcoin, and Ethereum Rise, While Cardano Enters Transition

Bitcoin and Ethereum saw slight gains over the weekend. Cardano’s founding company, Input Output, has definitively withdrawn, while ADA’s reaction has been mixed.

Bitcoin gained around 2 percent over the weekend and was trading at nearly $64,000 on Monday morning

Bitcoin ETFs reported $132 million in inflows on Friday, bringing their overall weekly gains to just under $76 million.

New developments in the discussion about protecting Bitcoin from quantum computers: Project Eleven explains in a blog post that they have found a way for BTC owners to provide proof of their ownership that is uncopyable by quantum computers. This is important because proposals like BIP-360 aim to “freeze” old Bitcoins as a precaution to prevent quantum computers from seizing them.

Team Eleven’s initiative offers a solution that would allow genuine owners of “frozen” Bitcoins to prove their ownership and thus initiate the unlocking of the blocked BTC. However, Team Eleven leaves open the question of whether this will be the final answer to the contentious issue of quantum computers and Bitcoin.

Ethereum was trading at around $1,850 on Monday morning, having gained approximately 3 percent over the weekend. Ethereum ETFs saw an inflow of $37 million on Friday, bringing their total gains for the week to $105 million.

A North Korean hacker apparently infiltrated the Ethereum development team at Consensys

The story was uncovered by the online journal Drop Site, and the incident was confirmed by Consensys. The company is known for its MetaMask wallet and had also involved external companies in the further development of this product.

Through this channel, an individual using the name “Tyler Knapp” gained access to Consensys’ core development team. However, security protocols triggered an alarm, and a background check on “Tyler Knapp” confirmed his North Korean origin and suspected affiliation with hacking groups there.

Consensys subsequently had to postpone planned MetaMask updates to ensure that “Tyler Knapp” had not installed a backdoor. North Korean hackers are believed to have been responsible for the largest cryptocurrency hack of all time, in which $1.4 billion worth of Ethereum was stolen from the cryptocurrency exchange Bybit.

The day’s winner is pump.fun (PUMP) with an 18 percent gain. However, the controversial PUMP token of the meme-coin platform continues to trade far below its issue price.

The biggest loser of the day is Filecoin (FIL ), down 5 percent. At its peak in 2021, the Filecoin project was very popular, but now FILE is heading towards its next all-time low.

The crypto sentiment barometer remains in the upper range of the “fear” zone, with a view to “neutral”; on Sunday evening, US President Donald Trump was busy with the World Cup final and thus took a break from politics.

Crypto company Input Output is completely withdrawing from Cardano (ADA)

The altcoin launched on cryptocurrency exchanges at the end of 2018 and was developed under Input Output’s leadership, with Charles Hoskinson at the helm. The company announced, rather tersely via an ” X ,” that it is handing over its Cardano divisions to external teams who will assume responsibility going forward.

While this aligns with Cardano’s claim to be a fully decentralized, self-managed cryptocurrency with the motto “Built by many. Owned by all,” Input Output’s withdrawal comes at a time when ADA is lagging 95 percent behind its 2021 record highs, has fallen out of the top 10 cryptocurrencies, and even its figurehead, Charles Hoskinson, has noticeably reduced his support for Cardano. The news briefly boosted ADA’s price by a few percent on the crypto markets, but the effect quickly dissipated.

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(Featured image by Jonathan Borba via Unsplash)

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