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The Federal Reserve Bank of New York published a report Wednesday morning assessing the effect sanctions had on Tornado Cash.

Holders cumulatively bought over 100,000 ETH in spot markets on Tuesday, the highest daily level since September 2023.

The outflow come despite a broader crypto market rally fueled by recent Federal Reserve rate cuts, which helped lift ether prices by 11% over the past week.

The proposal, initially introduced in February, could harden Ethereum's native cryptocurrency, ether, as as a form of money – by reducing the inflation of new supply. But some members of the community say if it's not broke, don't fix it.

TKTK

A new, non-standard token standard called ERC-404 circumvented the usual token approval process and is capitalizing on a term with an actual definition.

The funding round was co-led by Blockchain Capital, Maven 11 and Distributed Global and included contributions from Coinbase Ventures, Placeholder and Digital Currency Group.

The Ethereum blockchain has the most active developers, the most active users and a market cap that is five times larger than its nearest competitor, the report said.

The valuation is based on the future expected usage of several layer 2 networks across usecases such as metaverse, banking and gaming.