Bitcoin and Ethereum Stabilize as Altcoins Shift and Industry Faces New Challenges

Bitcoin is holding steady at just under $81,000 on Tuesday morning, up around 1 percent for the day. Bitcoin ETFs started the new trading week strongly on Monday with an inflow of $532 million.

A startup called Gudtrip aims to combine “cannabis, Bitcoin, and artificial intelligence.”

At its headquarters in California, cannabis is legalized for recreational use, and Gudtrip manufactures electronic cigarettes (“vapes”) specifically designed for cannabis consumption. These e-joints connect to the internet and, according to the website, offer users an initial reward in Bitcoin worth up to $60 upon registration.

Artificial intelligence then comes into play, allowing users to earn further rewards, such as by consuming cannabis at least once a day. A vape cryptocurrency has also been launched. While this trio of Bitcoin, cannabis, and AI is likely to attract the attention of health advocates, it may also entice regular cannabis users to become loyal customers.

Ethereum was trading at just under $2,400 on Tuesday morning, a slight increase compared to the previous day

Ethereum ETFs reported $61 million in new capital inflows on Monday.

Leading Ethereum developers met for a retreat near the Arctic Circle to discuss details of the next ETH upgrade, Glamsterdam. The minutes reveal that Glamsterdam will increase the Ethereum gas limit from 60 million to 200 million. In practice, this will allow the ETH blockchain to maintain extremely low transaction fees, targeting 1 cent, even under heavy load.

This aligns with the statement by Ethereum mastermind Vitalik Buterin, who aims to reduce the importance of Layer 2 solutions in the ecosystem and wants to handle more use cases directly on the ETH blockchain (Layer 1). A precise date for the rollout of Glamsterdam has not yet been set.

Besides Bitcoin and Ethereum, some altcoins also increased

Toncoin is the day’s winner with a 24 percent gain. Things had gone quiet around TON, the cryptocurrency for the messaging service Telegram, but now, according to founder Pavel Durov, Telegram itself intends to focus more on Toncoin.

SIREN is the day’s biggest loser, down 13 percent. After an 800 percent gain over the last 12 months and a 30 percent increase in the last 30 days, the meme-coin project is experiencing a price correction.

The crypto sentiment barometer remains in the “Neutral” zone; a crypto spring remains wishful thinking for now.

The KELP hack saga takes another turn: While the DeFi United initiative has theoretically already raised around 10 percent more than the actual, direct damage amount of $292 million to mitigate the consequences, the largest single amount of 30,765 Ethereum, which Arbitrum was able to “freeze” from the loot and intended to return, is now in jeopardy.

A New York court has allowed a lawsuit by three victims of terrorism to seek access to the approximately 70 million ETH they have frozen. According to US media reports, they argue that the KELP hack was carried out by the North Korean Lazarus Team. The plaintiffs had previously been awarded damages by US courts against the North Korean regime and now intend to pursue these claims through Arbitrum. The case will be closely watched.

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(Featured image by Kanchanara via Unsplash)

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