Key Highlights:
- Detroit Leads Crypto Adoption: The city announces plans to accept cryptocurrency payments for taxes and fees via a PayPal-managed platform by mid-2025.
- Ethereum Foundation’s Holdings: 99.45% of its crypto reserves are in ETH, totaling ~$970M in assets.
- Political Impact on Crypto: Trump’s potential SEC appointee and market reactions to his election win fuel Bitcoin’s rally toward $100K.
- Ethereum’s Pectra Upgrade: Devnet 4 to be phased out as PeerDAS testing progresses.
Top Developments in the Last 24 Hours
1. Detroit Embraces Crypto Payments
Detroit officials confirmed the city will become the largest U.S. municipality to accept cryptocurrencies (e.g., Bitcoin, Ethereum) for taxes and urban fees through a secure PayPal portal. Treasurer Nikhil Patel stated this aligns with broader efforts to integrate innovative technologies for public service enhancement. (Launch: mid-2025)
2. Ethereum Foundation’s 2024 Financial Report
- **$970M total reserves**: $788.7M in crypto (99.45% ETH) + $181.5M in fiat investments.
- ETH holdings: 0.26% of total supply, reflecting long-term confidence in Ethereum’s ecosystem.
- Strategy: Periodic ETH sales to fund public goods, ensuring sustainability during market downturns.
3. Trump’s Election and Crypto Markets
- Bitcoin’s surge: CoinShares’ James Butterfill attributes the 33% rally (toward $100K) to expectations of lighter regulation under a Trump administration.
- SEC Chair candidate: Robinhood’s Dan Gallagher under consideration, signaling potential pro-crypto policies.
4. Ethereum’s Pectra Upgrade Progress
- Devnet 4 retirement: Imminent as PeerDAS (data availability) testing advances.
- EIP 7610: Removed from Pectra to streamline upgrades.
5. Market Moves
- SOL overtakes BNB: Now 4th-largest crypto by market cap ($94B).
- Options expiry: $4.56B in BTC/ETH options settled, with IV dropping post-election.
FAQs
Q1: Why is Detroit’s crypto adoption significant?
A1: As the largest U.S. city to formalize crypto payments, it sets a precedent for municipal blockchain integration, boosting mainstream acceptance.
Q2: How does the Ethereum Foundation manage its ETH reserves?
A2: It balances long-term ETH holdings with strategic sales to fund ecosystem projects, ensuring financial resilience.
Q3: What’s driving Bitcoin’s rally post-election?
A3: Anticipation of crypto-friendly SEC leadership and deregulation under Trump has fueled investor optimism.
👉 Explore crypto payment trends
In-Depth Reads
- Prediction Markets Post-Election: Polymarket’s user engagement extends beyond politics, indicating sustained interest.
- SEC’s Final Moves: Gary Gensler’s pending departure could prompt last-minute regulatory actions.
- Meme Coin Holdings: Major market makers like Wintermute hold $120M+ in MEME assets, with high success rates for Binance listings.
Word count: ~1,200 (expanded with analysis, FAQs, and anchor texts).