A potential "global economic reset" could push the price of Bitcoin (BTC) down to levels not seen since mid-2020, according to Bloomberg Intelligence senior macro strategist Mike McGlone. In an interview with Kitco News, McGlone highlighted troubling economic indicators from China as a potential catalyst for the next major global downturn. He suggested that Bitcoin could drop to $10,000 in such a scenario. However, despite the potential decline, McGlone still considers Bitcoin to be the best-performing asset ever and remains hopeful that it could reach $200,000.
Aptos Network Forms Partnership with Lotte Group
Aptos Network, a layer-1 blockchain, has announced a partnership with Daehong Communications, a marketing business owned by the multi-industry conglomerate Lotte Group. The collaboration is centered around the development of a reward system called "Super Jelly," which is linked to Daehong's non-fungible token (NFT) collection Bellygom and its upcoming virtual world Bellyland. Aptos Network's mainnet will host the rewards earned through gaming activities in Bellyland. The partnership is expected to explore Web3 innovation across various sectors of the Lotte business network.
Ethereum Layer-2 Blockchains Process Five Times More Transactions Than Mainnet
Ethereum's layer-2 blockchains have experienced significant scaling in the past week, surpassing the transaction throughput of the Ethereum mainnet by over five times. According to L2Beat data, layer-2 solutions like Polygon and Coinbase's Base bundle thousands of transactions for processing on Ethereum, delivering higher transaction speeds and lower fees. L2Beat reports Arbitrum, Optimism OP Mainnet, and zkSync Era as the top layer-2 solutions, with Arbitrum holding the largest market share at nearly 56%.
Scammers Exploit Verified Accounts on Social Media
Blockchain analyst ZachXBT has raised concerns about the proliferation of copycat verified accounts on social media platforms, particularly X. These fake accounts impersonate legitimate crypto projects and post phishing links to deceive unsuspecting users. Twitter recently introduced a paid verification system, allowing businesses to pay $1,000 per month for a gold checkmark. Despite this change, scammers continue to exploit verified accounts, with alleged scammers purchasing already-verified accounts on Telegram. ZachXBT emphasized that the prevalence of these fake accounts has created a new black market, making it difficult to report and take them down effectively.
