The world of cryptocurrency continues to evolve at a rapid pace, with major developments unfolding across regulatory, financial, and technological fronts. From cities embracing digital assets for public services to foundational blockchain organizations revealing their financial health, the past 24 hours have brought significant news that underscores crypto’s growing integration into mainstream systems.
This article explores key updates including Detroit’s groundbreaking move toward citywide crypto adoption, the Ethereum Foundation’s transparent 2024 financial report, insights from top analysts on Bitcoin’s price trajectory, and developments in Layer 2 ecosystems — all while maintaining a clear focus on real-world implications and long-term trends.
Detroit to Launch Citywide Cryptocurrency Payment System
In a landmark decision for U.S. municipal finance, Detroit is set to become the largest American city to accept cryptocurrency payments for taxes and public fees. According to city officials, residents will soon be able to use digital assets through a secure PayPal-managed platform, with full rollout expected by mid-2025.
Nikhil Patel, Detroit’s Financial Director, emphasized that this initiative is part of a broader strategy to modernize civic infrastructure using innovative technologies. The goal is not only to improve payment convenience but also to increase citizen engagement and stimulate local economic growth.
This integration reflects a growing trend among U.S. cities exploring blockchain-based solutions. By adopting crypto-friendly policies, Detroit positions itself as a forward-thinking hub in the emerging digital economy.
👉 Discover how cities are reshaping finance with blockchain technology.
Ethereum Foundation’s 2024 Report: $970M in Reserves, 99.45% Held in ETH
The Ethereum Foundation (EF) released its 2024 financial report, offering rare transparency into its asset holdings and long-term sustainability strategy. As of October 31, 2024, EF held approximately $970.2 million in total reserves:
- $788.7 million in crypto assets (primarily ETH)
- $181.5 million in non-crypto investments
Notably, 99.45% of its crypto holdings are in ETH, representing about 0.26% of Ethereum’s total supply. This strategic concentration reflects EF’s strong belief in Ethereum’s long-term potential and its commitment to supporting the network’s public goods.
To ensure stability during market downturns, the foundation follows a conservative fiscal model involving periodic ETH sales to fund operations during bear markets, while accumulating fiat reserves during bull cycles.
This approach ensures multi-year funding for critical ecosystem projects such as protocol research, developer grants, and security audits — reinforcing Ethereum’s position as a resilient and community-driven platform.
Trump’s Election Win Sparks Crypto Market Optimism
Recent political developments have had immediate ripple effects across digital asset markets. Following Donald Trump’s victory in the 2024 U.S. presidential election, analysts are revising Bitcoin price forecasts upward.
James Butterfill, Research Director at CoinShares, stated that a Trump administration could pave the way for a more crypto-friendly regulatory environment, increasing the likelihood of Bitcoin reaching $100,000 — a 33% rise from current levels.
Key catalysts identified include potential changes in SEC leadership, supportive federal policies, and increasing corporate adoption. Additionally, Trump’s transition team is reportedly considering Dan Gallagher, Robinhood’s Chief Legal and Compliance Officer, for the role of SEC Chair — a move that could further accelerate pro-innovation reforms.
Market sentiment has already responded positively: Bitcoin surged past $75,000**, setting new all-time highs, while Ethereum rebounded to nearly **$2,900.
Ethereum Developers Signal Progress on Pectra Upgrade
At the 200th Ethereum Core Developer Execution (ACDE) meeting, progress was shared on the upcoming Pectra upgrade, a major enhancement aimed at improving scalability and user experience.
Christine Kim, Vice President of Research at Galaxy, summarized key points from the discussion:
- The team plans to retire Pectra Devnet 4 soon, signaling advancement toward mainnet readiness.
- Work continues on PeerDAS Devnet, an experimental layer focused on data availability scaling.
- Developers discussed short-term strategies to manage Ethereum’s historical data growth.
- EIP-7610 has been removed from the Pectra scope for now.
These technical refinements highlight Ethereum’s ongoing evolution — balancing innovation with network stability.
Nansen CEO Hints at Breakthrough in Bitcoin Layer 2 Space
Alex Svanevik, CEO of blockchain analytics firm Nansen, recently teased a major discovery after extensive research into Bitcoin Layer 2 networks.
In a social media post, he said: “Spent a lot of time researching Bitcoin L2s. I think we’ve found the winner. Stay tuned.”
While specifics remain under wraps, this statement has sparked speculation about which scaling solution — such as Stacks, Lightning Network, Rootstock, or newer entrants like Merlin Chain or Babylon — might emerge as the dominant player in enabling smart contracts and decentralized applications on Bitcoin.
With increased institutional interest in Bitcoin’s utility beyond store-of-value use cases, the race for effective L2 solutions is heating up.
Market Data Highlights: SOL Overtakes BNB, Options Expiry Impact
Recent market movements underscore shifting dynamics within the top-tier cryptocurrencies.
SOL Becomes Fourth-Largest Crypto by Market Cap
According to CoinGecko, Solana (SOL) reclaimed fourth place from Binance Coin (BNB) after a nearly 6% price increase, pushing its market cap above **$93.9 billion** compared to BNB’s $87.8 billion. This marks the second time in 2024 that SOL has surpassed BNB.
Major Options Expiry with Limited Market Impact
Today marked the expiry of:
- 49,000 BTC options ($3.7B nominal value), max pain at $69,000
- 295,000 ETH options ($860M nominal value), max pain at $2,500
Despite the large volume — accounting for about 15% of open interest — markets remained stable due to optimistic sentiment post-election and declining implied volatility (IV).
👉 Explore how options expiry influences crypto price action.
Hong Kong ETFs See Strong Trading Volume
Six virtual asset ETFs listed in Hong Kong recorded combined trading volume of approximately 29.55 million HKD today:
- CSOP Bitcoin ETF (3042.HK): 7.32M HKD
- CSOP Ethereum ETF (3046.HK): 13.88M HKD
- Harvest Bitcoin ETF (3439.HK): 1.91M HKD
- Harvest Ethereum ETF (3179.HK): 2.84M HKD
- Boishares HashKey Bitcoin ETF (3008.HK): 1.85M HKD
- Boishares HashKey Ethereum ETF (3009.HK): 2.25M HKD
The strong performance of spot Ethereum ETFs signals growing institutional appetite in Asia.
Frequently Asked Questions (FAQ)
What does it mean for a city to accept cryptocurrency payments?
It means residents can pay taxes, fines, or other municipal fees using digital currencies like Bitcoin or Ethereum via approved platforms. It enhances payment flexibility and signals support for financial innovation.
Why does the Ethereum Foundation hold most of its reserves in ETH?
Holding ETH aligns with EF’s mission to support Ethereum’s long-term success. It demonstrates confidence in the network and avoids reliance on external assets.
Could Trump really influence crypto regulation?
Yes. As president, he can appoint regulators like the SEC chair and shape federal policy direction — both of which directly impact how cryptocurrencies are regulated.
What is the significance of Bitcoin Layer 2 networks?
They enable faster transactions and smart contract functionality on Bitcoin without altering its base layer — expanding its use beyond simple peer-to-peer payments.
Is Ethereum becoming more centralized due to EF's large ETH holdings?
No. The Ethereum Foundation holds less than 0.3% of total supply and operates transparently. Development remains highly decentralized across global contributors.
How do expiring crypto options affect prices?
Large expiries can cause short-term volatility if they concentrate around specific strike prices (max pain). However, current trends show minimal impact due to stable market sentiment.
👉 Stay ahead of market shifts with real-time crypto insights and tools.
As blockchain technology becomes increasingly embedded in governance, finance, and infrastructure, these developments signal a maturing ecosystem where innovation meets real-world application. Whether through city-level adoption or foundational protocol stewardship, the path forward is clear: digital assets are no longer speculative outliers — they’re becoming core components of tomorrow’s economy.