Episode 516
📍 South Dakota lawmakers have voted down a bill that would have allowed the state to invest up to 10% of its public funds in Bitcoin, citing concerns over the cryptocurrency's volatility and lack of intrinsic value.
📍 Despite setbacks in some states, the momentum for Bitcoin reserve proposals is not dead, with around 18 state-level bills still pending, including in Florida, Arizona, Utah, and Texas.
📍 Bitcoin's price has taken a hit, falling 3.9% to $91,980, amid fresh trade concerns and a steep drop in technology stocks, contributing to a general risk-off atmosphere across global markets.
📍 Ethena Labs has integrated Chaos Labs' Edge Proof of Reserves Oracles to strengthen the risk management framework for its synthetic dollar token USDe, providing a real-time, transparent mechanism to verify the token's reserves.
📍 Binance has seen a significant jump in open Bitcoin futures bets, with over $1 billion in new shorts opened as BTC's price fell from $96,000 to under $92,000, indicating seller dominance and potential further losses ahead.
