Crypto News Today: Find Out What's Driving the Crypto Market Now

Crypto News Today: BlackRock Bitcoin, Ethereum Pectra & Pudgy Penguins

BlackRock Bitcoin ETF Sees $188M Outflow Amid Weak ETF Performance

BlackRock’s iShares Bitcoin ETF (IBIT) recorded its largest-ever outflow of $188.7 million on Tuesday, sparking concerns about future market implications. US-based spot Bitcoin ETFs, including Fidelity’s FBTC and Ark Invest’s ARKB, faced consecutive outflows for the fourth day, with over $1.5 billion withdrawn recently. However, the crypto market showed signs of recovery, with Bitcoin currently trading at around $98,297.66, with an 4.69% increase from the past 24 hours as traders engaged in a Santa Claus rally. 

Russia Extends Crypto Mining Ban Until 2031 for Energy Management

Russia has extended its winter crypto mining ban to a six-year period due to rising energy consumption. From January 1, 2025, to March 15, 2031, mining will be prohibited in regions like Dagestan, Chechnya, and parts of the Donetsk and Luhansk republics. Additional restrictions will apply in Irkutsk, Buryatia, and Zabaikalsky Krai from January 1 to March 15 in 2025, and from November 15 to March 15 in subsequent years. The ban aims to manage the country’s energy resources efficiently.

Ethereum's Pectra Upgrade : What’s Next?

Ethereum is set for a major upgrade with Pectra, scheduled for Q1 2025. This upgrade will merge the network’s execution and consensus layers, improving scalability, security, and performance. After extensive revisions to Ethereum Improvement Proposals (EIPs), Pectra is ready to roll out. Following this, Ethereum’s evolution continues with the Fusaka upgrade. With Ethereum's Layer-2 solutions thriving in the DeFi space, Pectra’s enhancements could provide a much-needed boost. At the time of writing, ETH is trading at $3,512.80, marking a 3.67% increase in the last 24 hours.

Security Alert: Malicious Ads Target Pudgy Penguins Amid Token Surge

A security alert has been issued after a malicious ad campaign targeted Pudgy Penguins users, coinciding with a rise in the token's price. Users attempting to access a Singaporean news site are being redirected to a fake Pudgy Penguins website. The attack works by distributing harmful ads through the Google ad network, which loads a code that checks for Web3 wallets. Upon detecting a wallet, users are redirected to a fraudulent site. While the campaign is currently focused on Pudgy Penguins, other projects may also be targeted in the future