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Bitcoin's current price is $94,587.43 with a 0.38% increase, bringing its market cap to $1.90 trillion. Other notable cryptocurrencies like Bitcoin Cash and Wrapped Bitcoin are also seeing gains, with prices at $355.30 and $94,583.27, respectively. Bitcoin Depot Inc, a related stock, is trading at $1.40.
The cryptocurrency market is experiencing significant political changes alongside optimistic development forecasts. Tensions surrounding Donald Trump's connections to crypto, as well as positive predictions for Bitcoin, have led to notable shifts in attitudes within the U.S. House Financial Services Committee.
Moreover, partnerships like the one between Singapore’s Grab and the Natix project, which is part of Solana’s decentralized physical infrastructure network (DePIN), are playing a key role in shaping the future of blockchain technology. Here’s a breakdown of today’s key events:
During a joint hearing on digital assets, Representative Maxine Waters, the House Financial Services Committee (HFSC) ranking member, led Democratic lawmakers out of the session. The walkout was in protest against what Waters described as "the corruption of the President of the United States" with cryptocurrencies.
Waters’ concerns stemmed from the involvement of former President Donald Trump with digital assets, including the launch of his memecoin and the offer for token holders to attend an exclusive dinner.
The dispute escalated as Waters accused Trump of using digital assets to enrich himself and his family. Meanwhile, the Republican side of the hearing continued with a "roundtable" format, bypassing traditional procedures. The event featured discussions about the digital asset market structure, which the Republicans are pushing forward, despite Waters' objections.
HFSC Chair French Hill suggested that the hearing focus on creating a regulatory framework for digital assets, but he avoided addressing Waters' allegations. This political friction can potentially slow or derail efforts to pass key crypto legislation.
In an interview, Binance founder Changpeng Zhao (CZ) has predicted that Bitcoin would reach between $500,000 and $1 million before the end of this market cycle. His forecast extends from his previous Bitcoin predictions made in February, illustrating Bitcoin's potential trajectory toward surpassing the $1 million mark.
The cryptocurrency market continues trading at $93,900. However, it reached its peak value of $108,786 this year. Zhao's Bitcoin price predictions align with an elevated market cycle that has attracted more investors to digital currencies.
According to Zhao, the cryptocurrency market capitalization will likely rise to $5 trillion by 2025. Zhao voiced disapproval regarding rush investments into memecoins, which he said pulled attention away from worthwhile developing innovations. The CEO expects artificial intelligence (AI) and decentralized science (DeSci) to drive substantial, enduring growth in the sector over the long term. The crypto industry continues developing, with Zhao highlighting how blockchain interacts with AI through his remarks.
The blockchain sector witnessed a significant growth point with Southeast Asia's superapp Grab teaming up with Natix which operates as a decentralized physical infrastructure network (DePIN) project in Solana's ecosystem. The collaboration combines Grab's crowdsourced mapping expertise with Natix's blockchain-based data system. Autonomous driving and Artificial Intelligence applications will benefit from the initiative to support accurate real-time maps.
Tesla users can now make 360-degree vehicle images with VX360 through a joint project, contributing to more accurate mapping. Natix's decentralized data collection system offers better results at lower prices than traditional methods like Google Street View. The platform rewards users through blockchain transactions to help them update and improve coverage accuracy at reduced costs.
Grab's increasing investment in blockchain technology and cryptocurrency shows how blockchain reshapes industries beyond traditional financial realms. Decentralized networks promise to boost innovations in AI and autonomous driving systems.
