Crypto & Blockchain Daily Brief Wednesday, April 17, 2024

OKEx, a cryptocurrency exchange, has launched its layer 2 scaling solution for Ethereum called OKExChain. This network aims to address the high fees and slow transaction times that have been plaguing the Ethereum network. OKExChain is designed to be faster and more cost-effective than the main Ethereum network by utilizing a Proof-of-Authority consensus mechanism. The network is also compatible with the Ethereum Virtual Machine (EVM), making it easy for developers to migrate their decentralized applications (dApps) from Ethereum to OKExChain. OKExChain will support a wide range of decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other blockchain projects. Additionally, OKEx has launched a new decentralized exchange (DEX) called OKEx DEX, which will be integrated with OKExChain. Users will be able to trade various cryptocurrencies on this DEX with lower fees and faster transaction speeds compared to the main Ethereum network. By launching OKExChain and OKEx DEX, OKEx aims to provide users with a more efficient and cost-effective alternative to Ethereum for their decentralized applications and cryptocurrency trading needs. The platform also plans to work on enhancing the security and scalability of OKExChain in the future to ensure a seamless user experience. Overall, OKEx's launch of OKExChain and OKEx DEX represents a significant step towards addressing the scalability and cost issues faced by users on the Ethereum network, while also offering a platform that supports a wide range of blockchain projects and decentralized applications.

Trust Wallet, a popular cryptocurrency wallet application, has advised Apple users to temporarily disable iMessage due to concerns about a potential zero-day exploit. The warning comes after a security researcher discovered a vulnerability in the iMessage app that could potentially allow hackers to gain access to users' devices. The vulnerability in iMessage could allow attackers to remotely install malicious software on a user's device without their knowledge. This could pose a serious security threat to users, especially those who store cryptocurrency on their devices using Trust Wallet. To protect users from potential attacks, Trust Wallet has recommended that Apple users disable iMessage until Apple releases a fix for the vulnerability. In the meantime, users can switch to alternative messaging apps to communicate securely. Trust Wallet's warning highlights the importance of staying vigilant about security threats, especially when dealing with sensitive information such as cryptocurrency. By taking proactive measures to protect their devices and data, users can reduce the risk of falling victim to cyber attacks. It is crucial for users to stay informed about potential security vulnerabilities and take steps to secure their devices and data. Trust Wallet's advice to disable iMessage serves as a reminder of the importance of staying cautious and proactive in the face of evolving cybersecurity threats.

The article discusses the skepticism expressed by Peter Schiff, a prominent gold proponent and Bitcoin critic, towards the $100,000 price predictions for Bitcoin. Schiff questions the feasibility of Bitcoin reaching such a high price level and highlights the speculative nature of the cryptocurrency market. He argues that Bitcoin's price surge is driven by speculation rather than real demand, and he compares it to the dot-com bubble of the late 1990s. Schiff points out that Bitcoin's price is highly volatile and subject to manipulation, making it a risky investment. He also criticizes the lack of intrinsic value in Bitcoin, contrasting it with gold, which he believes has inherent value due to its use in jewelry and industry. Moreover, Schiff questions the sustainability of Bitcoin's price increase, suggesting that it may be a bubble waiting to burst. He warns investors to be cautious and not to get caught up in the hype surrounding Bitcoin. In conclusion, the article highlights the contrasting views between Bitcoin enthusiasts who predict a $100,000 price target and skeptics like Peter Schiff who question the legitimacy and sustainability of such predictions. Schiff's critical stance towards Bitcoin's price surge underscores the ongoing debate surrounding the future of cryptocurrencies and their place in the financial world.

A report by Bybit indicates that there is an imminent supply squeeze of Bitcoin (BTC) on exchanges. The report suggests that within the next nine months, most major exchanges could run out of Bitcoin to sell. The data shows that the amount of BTC held on exchanges is decreasing rapidly, with a significant drop in supply over the past year. This trend is fueled by increased demand for Bitcoin from institutional investors and large corporations. The report highlights that the decreasing supply of Bitcoin on exchanges could lead to a shortage of available BTC for purchase, potentially driving up the price of the cryptocurrency. This scarcity could further accelerate as more institutional investors and companies allocate funds to Bitcoin as a hedge against inflation and economic uncertainty. The analysis emphasizes that the decreasing supply of Bitcoin on exchanges is a positive sign for the cryptocurrency's long-term value. As more Bitcoin is withdrawn from exchanges and held in long-term storage, the circulating supply decreases, potentially driving up the price due to limited availability. Overall, the report suggests that the current trend of decreasing Bitcoin supply on exchanges is a bullish sign for the cryptocurrency market. It indicates a growing interest in Bitcoin as a store of value and a potential scarcity of available BTC for purchase in the near future.