Crypto & Blockchain Daily Brief Friday, February 7, 2025

Bitcoin's price is approaching $98,000 as Eric Trump, the son of former U.S. President Donald Trump, is advocating for World Liberty Financial to consider investing in Bitcoin. This push from Eric Trump is part of a broader trend of influential figures endorsing and promoting Bitcoin as a valuable asset. The cryptocurrency has been experiencing a surge in price recently, with its value steadily increasing. This growth in Bitcoin's price is attributed to various factors, including increasing adoption by institutional investors and a growing interest in cryptocurrencies as a hedge against inflation. Eric Trump's endorsement of Bitcoin is significant as it reflects a shift in attitudes towards cryptocurrencies among high-profile individuals and institutions. The endorsement of Bitcoin by figures like Eric Trump helps to legitimize the cryptocurrency and attract more mainstream acceptance. Additionally, the increasing interest in Bitcoin as an investment option is driving up its price as demand for the digital asset grows. As Bitcoin approaches $98,000, investors are closely watching its price movements and considering the potential for further growth. The cryptocurrency market is known for its volatility, so investors must carefully assess the risks and rewards of investing in Bitcoin. Despite the fluctuations in price, Bitcoin continues to attract attention and investment from individuals and institutions looking to diversify their portfolios and capitalize on the potential of cryptocurrencies.

The United Arab Emirates (UAE) Ministry of Industry and Advanced Technology has partnered with Shiba Inu, a cryptocurrency, to drive innovation in Web3 technology. The collaboration aims to explore the potential of blockchain and Web3 solutions in various sectors, including healthcare, education, and energy. The UAE government has been actively seeking partnerships with global technology companies to advance its digital transformation agenda. The collaboration with Shiba Inu will focus on research and development projects to create innovative solutions using blockchain technology. The ministry sees blockchain as a key enabler for digital transformation and aims to leverage its potential to enhance government services and promote economic growth. Shiba Inu, known for its meme-inspired cryptocurrency, will bring its expertise in blockchain technology to the partnership. The UAE has been making significant investments in blockchain technology and cryptocurrencies in recent years. The country has established itself as a hub for blockchain innovation and is home to numerous blockchain startups and initiatives. The partnership with Shiba Inu reflects the UAE's commitment to driving Web3 innovation and exploring the potential of blockchain technology in various sectors. Overall, the collaboration between the UAE Ministry of Industry and Advanced Technology and Shiba Inu represents a significant step towards advancing blockchain technology and Web3 solutions in the UAE. By partnering with a leading cryptocurrency project, the ministry aims to drive innovation, promote digital transformation, and enhance government services through the use of blockchain technology.

Tornado Cash developer Alexey Perstev, who was recently released from a Russian prison, shared his experience and insights in a recent interview. Perstev was incarcerated for operating a website that enabled individuals to evade censorship by accessing blocked content. He was sentenced to two years in prison but was released after serving only 11 months due to good behavior. Perstev discussed how he used his time in prison to learn new skills, such as coding, and reflected on the importance of staying positive in difficult situations. During his time in prison, Perstev continued to work on Tornado Cash, a privacy-focused Ethereum mixing service that allows users to make anonymous transactions. He emphasized the importance of privacy in the digital age and the need for tools that enable individuals to protect their data and financial information. Perstev also highlighted the challenges of operating a privacy-focused project in a world where governments and corporations are increasingly monitoring and controlling online activities. Despite the challenges he faced, Perstev remains committed to developing privacy-enhancing technologies and supporting the crypto community. He expressed gratitude for the support he received from the community during his time in prison and encouraged others to stay true to their values and beliefs, even in the face of adversity. Perstev's experience serves as a reminder of the importance of privacy, freedom of expression, and perseverance in the fight for a more open and decentralized digital world.

Ethereum's upcoming network upgrade, called the "Pectra" upgrade, is set to go live in three key stages, according to a recent announcement. The first stage, known as the "London hard fork," will introduce five Ethereum Improvement Proposals (EIPs) to the network. The London hard fork is expected to be activated on August 4, 2021, at block 12,965,000. The next stage of the upgrade, called the "Berlin hard fork," will bring additional improvements to the Ethereum network. This stage is scheduled to go live on April 14, 2021, at block 15,300,000. The final stage of the Pectra upgrade, known as the "Istanbul hard fork," will be implemented on October 20, 2021, at block 19,100,000. The Pectra upgrade is designed to enhance the functionality and efficiency of the Ethereum network, making it more scalable and secure. Additionally, the upgrade aims to address some of the network's current challenges and improve the overall user experience for Ethereum users. Overall, the Ethereum Pectra upgrade is a significant milestone for the Ethereum community and is expected to bring a range of benefits to the network. By implementing these key changes and improvements, Ethereum is positioning itself for continued growth and development in the rapidly evolving cryptocurrency landscape.

The US Securities and Exchange Commission (SEC) is seeking public comments on an application made by Grayscale Investments to list its Litecoin Trust as an exchange-traded fund (ETF). Grayscale is a subsidiary of Digital Currency Group and is known for its cryptocurrency investment products. The proposed ETF would be listed on the New York Stock Exchange Arca under the symbol "LITE." The SEC is inviting individuals and entities to submit their views, arguments, and data regarding the application. The commission is particularly interested in hearing about the sufficiency of the liquidity of Litecoin and the trust's ability to prevent market manipulation. The public comments will help the SEC in making an informed decision on whether to approve or reject Grayscale's ETF proposal. The SEC has previously sought public comments on various cryptocurrency-related ETF applications, highlighting the significance of public opinion in shaping regulatory decisions in the crypto space. Grayscale's move to seek approval for a Litecoin ETF comes amidst a growing interest in cryptocurrency investment products, with ETFs seen as a convenient way for traditional investors to gain exposure to digital assets. The public comments on Grayscale's Litecoin Trust ETF proposal are essential as they provide regulators with insights from a diverse range of stakeholders. The feedback will play a crucial role in determining the future of cryptocurrency ETFs in the US market and could potentially influence the broader regulatory landscape for digital assets.