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The cryptocurrency market has seen a mix of developments, with Bitcoin’s security and quantum-proofing being a major focus. According to CoinDesk, developers are considering ways to quantum-proof the world’s oldest cryptocurrency as the threat of quantum computing moves beyond a hypothetical. Meanwhile, CoinTelegraph reports that bearish social media chatter about Bitcoin has reached a 5-week high.

Markets

The market has been experiencing a thinning of demand, with CoinDesk reporting that overall Bitcoin demand is contracting at -63,000 BTC per month. However, institutional buyers are accelerating their purchases, with large holders distributing nearly 188,000 BTC over the past month. Additionally, CoinTelegraph notes that Bitcoin shorts risk a $2.5 billion liquidation at $72K, potentially putting bears in danger.

Regulation and Security

In terms of regulation, a Nevada judge has extended a ban on Kalshi, rejecting their event contract defense, as reported by CoinTelegraph. Meanwhile, Solana is preparing for the potential threat of quantum computing, with CoinDesk noting that the blockchain’s quantum-threat readiness reveals a harsh tradeoff between security and speed.

Adoption and Developments

In other news, former UK Chancellor Kwasi Kwarteng has backed Bitcoin as an alternative to failing systems, as reported by CoinDesk. Additionally, CoinTelegraph notes that Telegram founder Pavel Durov says the Iranian government’s ban on the platform has backfired. Sources: CoinDesk, CoinTelegraph

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