Bitcoin Drops to $59K Amid Weak Demand; Ethereum Foundation Cuts Costs by 40%
Bitcoin fell to $59,000 as analysts warn of weak buying demand, while Ethereum Foundation plans to reduce spending by 40% and restructure its governance. Other news includes a hack on L2 network Taiko and record outflows from Bitcoin ETFs.
Bitcoin slipped to the $59,000 level, with market analysts highlighting a lack of strong buying interest. The decline coincides with a record consecutive series of capital outflows from spot Bitcoin ETFs, signaling bearish sentiment among institutional investors.
The Ethereum Foundation announced it will cut operational expenses by 40% and overhaul its management structure. Separately, validators proposed redirecting up to 10% of network rewards to fund Ethereum development. In security news, an unknown hacker compromised the Taiko layer-2 network. Token lifespans on the Pumpfun launchpad have shortened to just one day on average, reflecting a challenging environment for new meme coins. SpaceX reportedly lost $600 billion in market value over three days, though the context is unclear. Experts also warned of difficulties in implementing post-quantum security for Bitcoin.
Source: ForkLog