- 1. Four senators probe Trump-backed Gaza cryptocurrency plan over transparency and security risks.
- 2. Bitcoin surges to $77,211, up 2.9% on October 10, 2024, per CoinGecko.
- 3. Crypto markets stay strong despite Fear & Greed Index at 26.
Four U.S. senators sent a letter on October 10, 2024. They probe the Trump-backed Gaza cryptocurrency plan. Bitcoin traded at $77,211 that day. It rose 2.9% in 24 hours, per CoinGecko data.
Ethereum reached $2,422, up 3.2%. XRP hit $1.48, up 2.7%. BNB climbed to $644, up 1.6%. USDT stayed at $1.00. The Crypto Fear & Greed Index stood at 26. This score signals fear, per Alternative.me.
Senators Highlight Risks in Gaza Cryptocurrency Plan
Senators Jeff Merkley (D-OR), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), and Bernie Sanders (I-VT) question the plan's transparency and security. A press release from Sen. Merkley's office on October 10, 2024, details their concerns.
The Board of Peace wants to use blockchain. Blockchain is a secure digital ledger. It records transactions publicly and cannot be changed. The goal is to track funds for Gaza's roads, hospitals, and utilities.
Sen. Elizabeth Warren criticized weak consumer protections. She has warned about crypto risks in past Senate releases. Sen. Chris Van Hollen raised national security issues. He noted risks of misuse in Middle East conflicts. Sen. Bernie Sanders called crypto too volatile for humanitarian aid.
Smart contracts would release funds at milestones. For example, they pay out after builders finish a hospital wing. Smart contracts are self-executing code on blockchains. The senators doubt this works in a war zone. Internet and governance there remain unstable.
How the Gaza Cryptocurrency Plan Would Work
The Board of Peace proposes a custom token for Gaza projects. Donors buy these tokens. The tokens fund utilities and infrastructure via decentralized ledgers. No single group controls the funds.
Trump allies say this cuts corruption. Traditional aid loses up to 30% to waste, per World Bank reports on aid efficiency. Funds release through smart contracts. Oracles verify progress. Oracles are trusted services. They feed real-world data like construction photos onto blockchains.
Solana offers high-speed transactions. It handles thousands per second. This suits large aid flows. Ethereum's proof-of-stake upgrade in September 2022 cut energy use. This makes it better for such tasks.
Bitcoin inspires stability. It has a fixed supply of 21 million coins. Critics note volatility. Bitcoin fell 10% in one day last month. The plan ties to U.S. spot Bitcoin ETFs. The SEC approved them on January 10, 2024.
- Asset: BTC · Price (USD): 77,211 · 24h Change: +2.9% · Source: CoinGecko
- Asset: ETH · Price (USD): 2,422 · 24h Change: +3.2% · Source: CoinGecko
- Asset: XRP · Price (USD): 1.48 · 24h Change: +2.7% · Source: CoinGecko
- Asset: BNB · Price (USD): 644 · 24h Change: +1.6% · Source: CoinGecko
CoinGecko data from October 10, 2024, shows market strength.
Crypto Markets Ignore Senate Probe
Bitcoin rose despite the probe. The fear index stayed at 26. Spot Bitcoin ETFs hold over $50 billion in assets, per SEC filings. BlackRock's iShares Bitcoin Trust leads with billions managed. Fidelity and Grayscale see strong inflows.
Ethereum benefits from layer-2 solutions like Optimism. These cut fees and speed apps for aid. XRP gains from Ripple's July 2024 court win against the SEC. The court ruled XRP is not a security. BNB grows through Binance's tools.
Markets often shrug off politics. Read the full letter in Sen. Merkley’s press release.
Future of Gaza Cryptocurrency Plan and Crypto
This probe tests crypto in global aid. Success could spark token-based relief worldwide. It would bypass slow bureaucracies. Failure might lead to stricter U.S. rules. This could slow innovation.
Investors watch for regulations. Bitcoin at $77,211 hints at a bull run. CoinDesk analysts predict $100,000 by year-end. Wallets like MetaMask provide secure storage.
Europe's MiCA rules started phasing in June 2024, per the European Commission. MiCA sets standards for stablecoins and exchanges. U.S. clarity could boost good projects and stop scams.
See Sen. Warren’s page and MiCA overview. Senate hearings on the Gaza cryptocurrency plan loom. Rules will shape crypto's role in finance and aid.
Frequently Asked Questions
What is the Gaza cryptocurrency plan?
Trump-backed Board of Peace proposes tokens and smart contracts for Gaza roads, hospitals. Blockchain tracks milestone payments. Senators question transparency.
Why do senators probe the Gaza cryptocurrency plan?
Merkley, Warren, Van Hollen, Sanders cite transparency gaps, security risks, weak protections. Letter sent October 10, 2024.
How does the probe affect Bitcoin?
BTC at $77,211 up 2.9% per CoinGecko on October 10. Markets resilient; ETFs hold $50B+.
What tech powers the Gaza cryptocurrency plan?
Ethereum smart contracts, Solana speed, oracles for data. Inspired by 2022 Merge and Bitcoin's supply cap.
