Latest news with #AsiaMorningBriefing
Yahoo
20 hours ago
- Business
- Yahoo
Asia Morning Briefing: Michael Saylor Downplays BTC's Quantum Threat
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. BlackRock calls Quantum computers, with their ability to outperform classical binary computers and break traditional encryption, a threat to crypto. So surely bitcoin BTC would price this in, as the threat of computers soon being able to break the encryption that enables the scarcity of bitcoin is an existential one. But on a recent CNBC appearance, Strategy's Michael Saylor downplayed quantum's threat to BTC, arguing that the Bitcoin protocol would implement a software upgrade – just like any other tech company – when the threat becomes imminent. "It's mainly marketing from people that want to sell you the next quantum yo-yo token," Saylor said on CNBC. "Google and Microsoft aren't going to sell you a computer that cracks modern cryptography because it would destroy Google and Microsoft – and the U.S. Government and the banking system." Already, there are a number of proposals about how to secure Proof of Work against the quantum threat, including from BTQ, a startup building quantum-proof crypto hardware. One Bitcoin developer has put forward a draft Bitcoin Improvement Protocol that proposes a hard fork which would move everyone's wallets to quantum-secure addresses. "Bitcoin is a protocol; the software gets upgraded every year," Saylor concluded, arguing that the bigger security threat for bitcoin is phishing. Saylor's view isn't a universal one, however. A recent report from Presto Research argued that the crypto industry is "unprepared" for the coming quantum threat. With BTC above $100K and the market getting ready to challenge another all-time high, traders just don't seem to be concerned. Circle (CRCL) recently had a blockbuster initial public offering, and is set to open the U.S. trading week Monday at over $107 – an impressive rally over its opening price of $69. The number of stablecoins in circulation – the market cap of the asset category – is a well-known fact. Issuance can be seen on-chain after all, and that number comes in at $254 billion, according to CoinGecko data. But figuring out the volume of stablecoins used in payments is a little trickier. In a recent thread on X, Nic Carter, partner at Castle Island Ventures and the cofounder of blockchain data aggregator Coinmetrics, parsed through the available data and found that there's a huge discrepancy in the numbers. Estimating the genuine share of stablecoin transactions driven by payments rather than trading is complicated due to challenges like MEV bot interference, duplicative on-chain transactions, and spam activity designed purely to inflate metrics. Recent analyses illustrate this uncertainty starkly. A top-down heuristic from Visa and Allium estimates stablecoin transaction volumes at roughly $9 trillion annually as of May 2025. However, this figure broadly encompasses trading, DeFi activity, and settlements—not purely payments. In contrast, more detailed bottom-up analyses offer narrower but clearer insights. Fireblocks, a major custody provider, reported annual verified stablecoin payments of around $232 billion, compared with a significantly larger $2.12 trillion in trading volumes among its clients, suggesting that genuine payment transactions represent about 10% of their total stablecoin activity. Similarly, a targeted joint study by Artemis and Dragonfly sampled 20 stablecoin-focused payment providers directly. It calculated a conservative annualized payment volume of approximately $72.3 billion, acknowledging this as a probable undercount given limited sampling. In comparison to that $72.3 billion figure at the high end, Carter writes, is $232 billion, underscoring the substantial uncertainty around how extensively stablecoins are genuinely used as a payment mechanism. As for Circle, the stablecoin issuer doesn't provide a figure in its IPO filing on how much USDC is used for payments, only pointing to general transaction volume. BiT Global and Coinbase have settled their legal dispute over Coinbase's delisting of wrapped bitcoin (wBTC), CoinDesk previously reported. According to a joint court filing, BiT Global agreed to dismiss its lawsuit with prejudice—meaning the case cannot be refiled—and each company will cover its own legal costs. BiT Global initially sued Coinbase last year, claiming the delisting unfairly damaged wBTC's liquidity and reputation, while favoring Coinbase's competing token, cbBTC. Coinbase cited concerns over crypto billionaire Justin Sun's involvement with wBTC, labeling it an "unacceptable risk," though specific settlement terms beyond the dismissal were not disclosed. Gemini, the cryptocurrency exchange and custody platform founded by billionaires Cameron and Tyler Winklevoss, has confidentially filed paperwork with the U.S. Securities and Exchange Commission (SEC) to go public, CoinDesk previously reported. The IPO details, including the size and valuation, remain undisclosed, but Gemini has already engaged Goldman Sachs and Citigroup as financial advisors, positioning itself prominently among crypto-native firms entering traditional markets. This filing follows the successful IPO of stablecoin issuer Circle, whose shares surged dramatically upon debuting on the New York Stock Exchange. Gemini's planned IPO represents a significant step for crypto companies seeking broader acceptance in mainstream finance, although the timing of the offering will depend on the SEC's review and market conditions. BTC: Bitcoin trades flat at $105,600.30 after recovering from an intraday dip, as miners' recent surge in exchange transfers signals potential volatility ahead. ETH: Ethereum held strong above critical $2,500 support amid volatility, closing bullishly near $2,534, as BlackRock's ETH ETF nears $5 billion on sustained institutional inflows. Gold: Gold trades slightly lower at $3,314.92 but heads for weekly gains, supported by weak U.S. jobs data despite easing U.S.-China tensions. Nikkei 225: Japan's Nikkei 225 opens higher at 37,741.61 (+0.50%), extending recent gains after winning sessions in two of the past three trading days
Yahoo
4 days ago
- Business
- Yahoo
Asia Morning Briefing: Bitcoin Bulls Eye $120K Despite Trump-Musk Turmoil
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. Bitcoin BTC is trading above $101.5K as Asia begins its trading day, shrugging off fresh tariff uncertainties from the Trump administration. However, the real story, according to Semir Gabeljic, director of capital formation at Pythagoras Investments, is that traders continue to be laser-focused on a bull market throughout the remainder of the year, with a high degree of confidence that BTC will reach $120,000, buoyed by persistent corporate buying and declining volatility. "The uncertainty from unexpected tariff increases by the Trump administration is causing some volatility," Gabeljic said in an email to CoinDesk. "However, bitcoin remains relatively strong, with lower volatility compared to other digital assets." Institutional bullishness remains resilient, Gabeljic highlighted, noting that traders on Polymarket are "pricing in a 69% probability that Bitcoin will hit at least $120,000 by year-end." FlowDesk, a Paris-based market maker, echoed this optimistic outlook despite recent subdued market conditions in a recent note on Telegram. "The market is clearly coiling, waiting to break out of a narrow band just below all-time highs," FlowDesk wrote in their market update note. "Significant repositioning and rotation from Bitcoin towards altcoins has occurred, though BTC's underlying strength remains evident." FlowDesk also noted cautious market behavior, as indicated by a modest decline in BTC funding rates on major exchanges like Binance, which suggests a reduction in leverage. However, on-chain borrowing activity has seen renewed vigor, potentially signaling anticipation of an imminent market breakout. Further bolstering the bullish BTC narrative is the continued accumulation by corporate treasuries. Listed companies now hold approximately 809,100 BTC, worth nearly $85 billion, nearly doubling the amount held a year ago, driven by favorable regulatory shifts and accounting changes that allow for the recognition of bitcoin gains. "The expectation of a continued strong bitcoin remains," said Gabeljic. The presidential-themed $TRUMP memecoin fell 9.3% on Thursday, significantly underperforming the broader crypto market as tracked by the CoinDesk 20, an index covering the largest digital assets, which declined 5%. The token's sharp downturn followed a heated public exchange between President Donald Trump and Elon Musk, sparked by disagreements over Trump's proposed 'Big, Beautiful Bill' and its impact on national debt, CoinDesk previously reported. The argument escalated quickly, with Musk threatening to ground SpaceX's Dragon spacecraft and Trump countering by suggesting the government might sever contracts with Musk-led enterprises. Further pressure on the memecoin came after its newly launched crypto wallet, created in partnership with NFT marketplace Magic Eden, went offline following a cease-and-desist from another Trump-affiliated crypto venture. Trump's sons publicly distanced themselves from the memecoin project, highlighting their involvement in a separate Ethereum-based DeFi initiative, World Liberty Financial. The internal branding clash added another layer of uncertainty, amplifying investor concerns and weighing heavily on the token's price. Circle (CRCL) shares soared 167% on their first day of trading, closing at $83 after pricing its IPO at $31, briefly hitting an intraday peak of $104. The surge recalls Coinbase's volatile 2021 IPO, which similarly started strong but rapidly lost momentum, raising caution among investors about long-term stability. The jump in Circle's stock price came amid a modest uptick in stablecoin market activity. Trading volume for Circle's USDC rose 22% over the past 24 hours, while market leader Tether's USDT saw volume increase by 13%. Despite the bullish debut, the coming weeks will test Circle's staying power as investors assess whether enthusiasm around stablecoin infrastructure translates into sustained stock performance. The U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctioned Philippines-based tech firm Funnull Technology Inc. and its administrator, Liu Lizhi, for facilitating "pig butchering" crypto scams responsible for over $200 million in losses from U.S. victims, CoinDesk previously reported. OFAC accused Funnull Technology of providing digital infrastructure, such as IP addresses and domains, used by cybercriminals to host hundreds of thousands of scam websites designed to deceive victims into fraudulent crypto investments. "Pig butchering" refers to elaborate crypto scams that groom victims over time, often beginning through unsolicited messages and fake romantic overtures, before convincing them to invest significant sums. With these sanctions, OFAC prohibits any U.S. persons from engaging in transactions with Funnull or Liu, aiming to disrupt the networks enabling these extensive cyber scams and to safeguard investors in the digital asset ecosystem. BTC: Bitcoin dropped nearly 4% to test the $100K support level before rebounding above $101.5K, as high-volume selling and major exchange outflows signaled growing market stress amid weakening retail activity. ETH: Ethereum dropped 4% after repeatedly failing to surpass the critical $2,640 resistance level, despite increased institutional buying and notable whale accumulation of over $285 million in ETH. Gold: Gold edged higher to $3,363.58 in early Asian trading amid weak U.S. economic data and signs of easing U.S.-China tensions, as the Gold-Silver Ratio surged past 100—a rare signal historically linked to outsized silver returns. Nikkei 225: Asia-Pacific markets opened higher, with Japan's Nikkei 225 up 0.14%, after a positive 90-minute call between U.S. President Trump and China's Xi Jinping set the stage for resumed trade negotiations. S&P 500: U.S. stock futures flatlined as a public feud between President Trump and Tesla CEO Elon Musk added uncertainty to market sentiment. 'A Different Era': Bored Ape Creator Yuga Labs Wants to Kill the ApeCoin DAO (Decrypt) They Make No Money': Here's What Tether's CEO Had to Say About Circle Before Its Massive IPO (Decrypt) White House Crypto Chief Bo Hines Met With El Salvador's Bukele to Discuss Bitcoin (CoinDesk) Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Asia Morning Briefing: Vitalik's Plan Can Bring ETH to $3K and Crypto 'More Popular' Than Stocks in South Korea
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. ETH traders are eying $2600 as Asia begins its business day, but OKX's Chief Commercial Officer Lennix Lai sees an easy path for the token to hit $3000 if Vitalik Buterin can get rid of Ethereum's reliance on Layer-2s. Layer 1 refers to the main blockchain infrastructure, such as Ethereum itself, while Layer 2 solutions are secondary systems built on top of Layer 1 to enhance scalability and speed up transactions. "Vitalik's pivot to scale Ethereum Layer 1 by 10x will be a game-changer, shifting focus away from heavy reliance on Layer 2 solutions like sharding," Lai said in a note to CoinDesk, referring to recent comments Buterin made at ETHGlobal Prauge. "On our platform, ETH perpetual futures made up 44.2% of trading volume over the past 7 days, showing us that sophisticated investors are closely tracking this evolution," he continued. Lai points to this week's key macro events, like the ECB's rate decision and U.S. jobs data, as factors that could significantly impact risk-on appetite, potentially pushing ETH past $3,000 short-term, though Ethereum's long-term success hinges on Vitalik's ambitious roadmap. Elsewhere, CoinDesk Research's technical analysis model bot highlights Ethereum's resilience above critical support at $2,600, driven by institutional inflows nearing $1.2 billion and significant whale buying, positioning ETH for a possible altcoin rally. Simon Kim, the CEO of Korea's largest crypto fund Hashed, believes crypto has become a critical force in South Korean politics, and it's going to be business as usual for the industry under the country's new left-leaning President Lee Jae-myung. "Officially, crypto is more popular than the stock market in Korea," Kim said in a recent interview with CoinDesk. He pointed to data showing 16.29 million daily active crypto traders compared to 14.24 million active equity traders, noting that political parties now see supporting crypto as essential to winning elections. South Korea's crypto policies also continue to be closely tied to U.S. regulatory developments, according to Kim. "All the Korean politicians are following the U.S.," he explained, noting how American institutions and regulators are guiding global standards. Kim added that Korea's previously set crypto capital gains tax policy, scheduled to begin in early 2027, remains unchanged. Kim expects Lee's administration to develop stablecoin policy, as they currently account for about one-tenth of Korea's crypto trading volume. Issuing a stablecoin in Korea might be complicated because the Korean won is a tightly controlled onshore currency with strict capital restrictions, making it challenging to integrate into borderless crypto markets. Kim said that in his conversations with some policymakers, they say there is "no kind of benefit to adopting stablecoin won in the Korean market," given its advanced payments ecosystem. But stablecoins are here to stay, as Kim says they already account for one-tenth of trading volume in the country, and there's a growing recognition that they need to be safely integrated into the economy, where they can be taxed. "Stablecoins are not just a payment network," he said. "It's building a unique digital platform enabling smart contracts and making an autonomous economy." Beyond crypto, Kim expects Lee's administration to pursue substantial investment in artificial intelligence. Yet Kim expressed skepticism about plans to create a sovereign generalized AI platform comparable to U.S. giants like OpenAI. Instead, he argued Korea's strength is in "physical AI", building specialized solutions tailored to sectors where Korea excels, including semiconductors, electronics, and advanced manufacturing. 'I believe the new administration has some sense that we have unfair advantages in the physical AI ecosystem. That's the point I'm very excited about,' he said. Circle priced its IPO at $31 per share, surpassing the anticipated range of $24 to $26, raising approximately $1.1 billion and valuing the stablecoin issuer at around $6.9 billion, CoinDesk previously reported. The offering included about 34 million shares, significantly more than the initially planned 24 million, indicating strong market demand. Trading under the ticker "CRCL," Circle will debut Thursday on the New York Stock Exchange, marking a major milestone after a previous failed SPAC attempt in 2021. As issuer of the USDC stablecoin, Circle's listing arrives amid renewed legislative interest in digital assets and potential regulatory clarity, potentially strengthening investor confidence amid recent crypto volatility. U.S. House Republicans are advancing legislation to regulate crypto markets through the Digital Asset Market Clarity Act, CoinDesk previously reported, holding two hearings Wednesday in preparation for a potential committee markup next week. Republicans argue the bill urgently addresses the crypto industry's demand for clear regulatory frameworks to prevent innovations from moving offshore, highlighting the risk of the U.S. falling behind Europe and Asia in crypto oversight. Democrats, however, criticize the legislation as rushed, complex, and lacking sufficient consumer protection, particularly citing unresolved conflict-of-interest concerns related to President Donald Trump's personal cryptocurrency business activities. Democrats insist the bill needs stringent safeguards and transparency measures, as Representative Jim Himes emphasized, to secure bipartisan support, while Republicans largely dismiss these allegations as politically motivated distractions. BTC: Bitcoin saw notable volatility, swinging 1.67% amid significant institutional withdrawals, struggling to hold support above $105,000 as trade disputes heightened market uncertainty. ETH: Ethereum surged 4%, rebounding from a strong support near $2,590 driven by institutional buying and whale accumulation, forming a potential base for an upward breakout. Gold: Gold rallied over 0.80% to $3,382, recovering from a $3,343 low after weaker U.S. economic data and escalating US-China trade tensions boosted safe-haven demand Nikkei 225: Japan's Nikkei 225 dipped 0.39% at the open amid mixed Asia-Pacific trading, driven by concerns over a cooling U.S. job market S&P 500: The S&P 500 closed modestly higher at 5,970.81 Wednesday, supported by tech shares despite concerns over weak hiring data and escalating trade tensions. Trump's CFTC pick Brian Quintenz set for Senate hearing on June 10 (The Block) Ethereum Foundation expects 2025-26 to be 'pivotal' for the ecosystem as it reforms its treasury management (The Block) Vitalik Buterin Uses Privacy Tool Railgun Again, Signaling Ongoing Embrace of On-Chain Anonymity (CoinDesk)
Yahoo
6 days ago
- Business
- Yahoo
Asia Morning Briefing: ETH On-Chain Metrics Signal Potential Bull Run Ahead
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. Keep an eye on ETH, is what fund manager March Zheng is telling investors. As Asia begins its business day, ETH is trading above $2,500, down 0.4%. While this might not seem like a lot in the volatile world of crypto, ETH has defied the odds and is up 40% on-month, which is impressive because its performance is only matched by memecoin stalwarts like PEPE, and Decentralized Finance lending protocols like AAVE. The latter's performance has helped push up Total Value Locked (TVL) in Ethereum past $60 billion. Zheng, the co-founder and managing partner of Bizantine Capital, is bullish on ETH because he argues that Ethereum might dominate as the primary layer-one blockchain due to its superior scalability compared to Solana, thanks to the recent Pectra upgrade, and persistently lower inflation rate than Bitcoin BTC. "It may be reaching an inflection point where both of these leads continue to grow," Zheng said in a note to CoinDesk. "It will be a very interesting year." Still, there are potential limits to ETH's growth story this year. Bettors on Polymarket are only giving it a 26% chance of breaking its all-time high of $4,868 in November 2021. Meanwhile, CoinDesk Market Insight Bot notes institutional interest in Ethereum is growing sharply, with exchange balances dropping to seven-year lows and ETH-focused investment products seeing significant inflows, signaling bullish long-term accumulation. Artificial Intelligence tokens are one of the year's growth stories, with the market cap of the token category worth over $27 billion according to CoinGecko data. But there's a problem, as analyst Teng Yang from the Crypto-AI research house Chain of Thought argued in a thread on X. The decentralized compute infrastructure, known as Decentralized Compute Networks (DCN) needed to make decentralized AI a reality, isn't keeping pace. In Semianalysis' March 2025 rankings of GPU cloud providers, decentralized compute platforms barely registered. Only Akash and Prime Intellect appeared, stuck at the very bottom of the list. Most decentralized platforms didn't even make the cut, underscoring the deep challenges these projects face in competing with centralized hyperscalers like AWS or Google Cloud. Coordination, the ability to organize scattered computing resources into a seamless service, remains a critical weak spot. Unlike centralized services, decentralized platforms struggle with basic tasks such as predictable job routing, efficient data transfers, and built-in fault tolerance, essentials for enterprises accustomed to the streamlined functionality of Kubernetes or Slurm – software tools that enterprises use to easily manage and schedule large computing tasks. Security and technical reliability present additional hurdles. Most decentralized networks lack essential certifications, such as SOC2 or ISO 27001, leaving their systems prone to fragile networking, storage inconsistencies, and frequent latency spikes. As Yan notes, decentralized networks suffer from dashboards that feel cumbersome, unclear payment systems, and confusing onboarding processes, failing the straightforward "spin-up-and-scale" benchmark enterprises expect. Finally, economic sustainability remains elusive. Current decentralized networks are overly reliant on temporary token incentives, risking collapse when emissions slow down or halt altogether. Aethir's token, after all, is up 70% in the last month which adds inflationary pressures if someone is subscribing to cloud services denominated in ATH – its eponymous token. Yan argues decentralized platforms don't need to entirely replace AWS, but they must at least be stable, economical, and easy enough to compete meaningfully. Until then, the ambitious growth of decentralized AI will remain dependent on centralized computing infrastructure. The Trump Organization has distanced itself from a newly announced cryptocurrency wallet called the "$TRUMP Wallet," despite promotional branding explicitly linked to the former president, CoinDesk previously reported. A spokesperson stated unequivocally that the organization "knows nothing" about the wallet, contradicting announcements made by Magic Eden CEO Jack Lu, who had confirmed a partnership via social media. Donald Trump Jr. and Barron Trump separately clarified that the Trump Organization has "zero involvement," although Trump Jr. mentioned a forthcoming official wallet from World Liberty Financial, a separate stablecoin project associated with the family. The $TRUMP Wallet's website is currently active, inviting users to a waitlist while promising digital asset trading features, yet provides no substantial technical details or release timeline. The confusion around the project highlights Trump's controversial but ongoing entanglement with crypto, previously illustrated by ventures such as World Liberty Financial and memecoins like Trump Coin and Melania Coin. Revolut is exploring an expansion into cryptocurrency derivatives, as indicated by a new job listing seeking a general manager to launch and scale a related offering, CoinDesk previously reported. This development follows the successful rollout of its professional-focused crypto exchange, first in the U.K. in May 2024 and later across the European Union. The U.K. market for crypto derivatives has recently gained traction, highlighted by the launch of GFO-X, the country's first FCA-regulated, centrally-cleared derivatives platform. Additionally, Galaxy's U.K. subsidiary, led by Mike Novogratz, received FCA approval in April, positioning itself to compete in the growing market segment. BTC: Bitcoin rose 2% above $105K, buoyed by MicroStrategy's aggressive $84 billion Bitcoin acquisition plan, despite lingering geopolitical concerns and long-term risk questions. ETH: ETH established a clear uptrend amid strong volume spikes, facing firm resistance at $2,651 and solidifying support near $2,618-$2,620. Gold: Gold dipped 0.51% to around $3,356 per ounce Tuesday as a rebounding dollar and rising U.S. job openings prompted traders to rotate into riskier assets. Nikkei 225: Japan's Nikkei 225 rose 0.83% Wednesday, leading Asia-Pacific markets higher after Wall Street's tech-driven rally powered by Nvidia. S&P 500: The S&P 500 climbed 0.58% Tuesday to 5,970.37, boosted by Nvidia gains and investor optimism over U.S. trade deals, as Deutsche Bank raised its year-end target to 6,550. Why a Bitcoin Treasury Strategy Is Risky: Analyst (Decrypt) Stablecoin Bills in House and Senate Still Need to Mesh on Several Points: French Hill (CoinDesk) plans $1B token sale at $4B valuation: Sources (Blockworks) France Charges 25 People, Including 6 Minors, in Crypto Kidnapping Cases (CoinDesk) How HYPE Surged on Hyperliquid's Growing Perpetual Futures Stardom (Decrypt) Sign in to access your portfolio
Yahoo
7 days ago
- Business
- Yahoo
Asia Morning Briefing: Crypto Industry 'Unprepared' For Quantum Threat Says Analyst
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. Bitcoin BTC is trading around $106,402.39 as Asia begins its trading day, up roughly 0.9%, recovering slightly from a weekend decline attributed to significant outflows from spot Bitcoin ETFs and increased geopolitical uncertainty. The largest digital asset by market cap had previously dropped 2% from $105,987 to $103,748 amid notable trading volume spikes, influenced by $616 million in ETF outflows, marking the end of BlackRock's iShares Bitcoin Trust's 31-day inflow streak, and heightened tensions from stalled U.S.-China trade talks. Analysts are increasingly watching BTC's unconventional correlation with Japan's 30-year government bond yields, as highlighted by macro strategist Weston Nakamura. Nakamura suggests that this alignment, stronger recently than traditional connections with U.S. equities, implies a deeper global macro shift in financial markets, indicating Japan's growing influence over cross-asset dynamics. As investors navigate these complex macroeconomic factors, bitcoin continues to test crucial support levels near $104,300, reflecting both caution and ongoing market volatility. Crypto could face catastrophe if it continues to overlook quantum computing's advancing threat, warns Rick Maeda of Presto Research, who recently published a report on quantum risks, which argued that the industry was unprepared. A key barrier, he said in an interview with CoinDesk, is an economic incentive issue, as investors remain reluctant to fund quantum-resistant technology because he argued that 'it's difficult to create a way to monetize this.' "Crypto is underprepared," he said. "The biggest risk is just waiting too long." Maeda argues that blockchains dependent on elliptic curve cryptography (ECC) urgently need systematic preparation to withstand future quantum attacks. "Preparation has to come almost linearly, because we can't wait until the threat is real to start taking it seriously," he told CoinDesk in an interview. "By then, it's already too late." Yet Maeda offers several caveats to balance fears about quantum computing's immediate capabilities. He argues that current quantum systems operate at only around 10 logical qubits with high error rates, significantly below the thousands needed to compromise ECC. Additionally, recent quantum advancements, such as Google's processor developments, come with trade-offs in efficiency versus accuracy. While immediate panic isn't necessary, Maeda emphasizes the urgency of incremental, sustained efforts to bolster cryptocurrency's defenses before quantum threats become a reality. Meta shareholders overwhelmingly rejected a proposal to shift some of the company's $72 billion cash reserves into bitcoin, with only 0.08% of nearly 5 billion votes cast supporting the initiative, CoinDesk previously reported. Proposed by Ethan Peck of wealth management firm Strive and backed by the conservative National Center for Public Policy Research, the measure aimed to hedge inflation risks by using bitcoin as a strategic treasury asset. Meta has previously ventured into crypto projects, notably the Libra stablecoin effort in 2019, which later collapsed amid regulatory pressures. Despite recent pullbacks from ambitious metaverse projects, the company continues exploring stablecoin-based payments across its platforms. Meta shares rose 3.5% on Monday, trading at $670.09 each. Crypto industry lobbyists are urging U.S. senators to stay focused as the GENIUS Act, a bill aimed at regulating stablecoin issuers, faces potential distraction from unrelated amendments during its final Senate debate, CoinDesk previously reported. Advocacy groups like the Blockchain Association and Crypto Council for Innovation emphasized the need to maintain the bill's narrow goal, especially as senators behind the Credit Card Competition Act try to attach their unrelated legislation as an amendment. The GENIUS Act, which targets the regulation of stablecoins such as Tether's USDT and Circle's USDC, has already garnered bipartisan support in the Senate Banking Committee. Despite complications from unrelated legislative additions, analysts from Capital Alpha Partners give the stablecoin bill a 60-65% chance of becoming law this year, noting that success in the Senate would mark a significant milestone, though the House of Representatives would also need to approve the legislation. BTC: Bitcoin rose 0.9% to $106,402.39, rebounding slightly after ETF outflows and geopolitical tensions triggered a weekend drop, as analysts highlighted its growing correlation with Japanese long-end bond yields. ETH: Ethereum gained 3% to $2,539.04 after staging a V-shaped recovery from intraday lows, supported by strong institutional inflows and resilient buying around the key $2,500 level. Gold: Gold surged over 2% to $3,371.40 on Monday, hitting a three-week high as the U.S. dollar weakened 0.27%, boosting safe-haven demand amid geopolitical tensions and economic uncertainty. Nikkei 225: Japan's Nikkei 225 rose 0.36% Tuesday morning, as Asia-Pacific markets advanced following overnight Wall Street gains despite a resurgence in global trade tensions. S&P 500: U.S. stocks rose Monday, with the S&P 500 gaining 0.4%, as investors brushed aside escalating trade tensions with China and the EU. Ethereum Foundation Lays Off Some Staff Amid R&D Restructuring (CoinDesk) Strategy to offer 2.5 million new 'Stride' preferred shares to fund its bitcoin buying spree (The Block) Ethereum Should Scale by 10X Over the Next Year: Vitalik Buterin (Decrypt)
