Jan 31, 2024

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest stories impacting the crypto world today, including Block Inc., which is the blockchain and payments firm led by Twitter founder Jack Dorsey, confirming to CoinDesk that it has begun laying off employees this week. An analyst has a bullish outlook on ether (ETH) and layer 1 blockchain Sui notches a new milestone.

Video transcript

Bitcoin trading slightly lower this morning and block begins layoffs. You're watching Coin Desk daily. I'm your host, Jen Sasi Bitcoin is trading slightly lower around $42,700 on Wednesday. As one analyst thinks Ether could have a banner year. A new report from Standard Chartered Bank predicts the second largest Cryptocurrency by market value could rise nearly 70% from current levels and hit $4000 by May as applications for spot based ETF S will likely win regulatory approval in the United States. The research goes on to state that this is because the market currently underestimates the odds of an approval, but there's no fundamental reason for the SEC to treat it differently than Bitcoin. Later on Blockchain sui became a top 10 DFI Blockchain in less than a year on Tuesday. According to data from DFI Lama, the total value locked has jumped by more than 1000% in four months. Catapulting the Blockchain above more established incumbents like Bitcoin Cardano and Coinbase layer two face and the Jack Dorsey led Blockchain and payments company block confirmed to Coin Desk. It has started laying off employees this week as part of their previously disclosed plan to cut head count by as much as 10%. By the end of 2024. The exact size of this week's layoffs weren't clear, but block did say its overall targets hadn't changed and would be reached gradually through a combination of performance adjustments and other reorganizing measures. Block is the parent company to Square Cash App and title. That's it for coin desk daily. Get more updates on coindesk.com and we'll see you next time.

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