Federal Reserve Nominee Backs Crypto, Bitcoin Surges Above $78,000 Amid Exploit Woes

Kevin Warsh, the Federal Reserve's nominee for chair, made waves during a recent Senate hearing by expressing his support for cryptocurrency's role in finance.

This development comes as Bitcoin's price has seen significant growth, surpassing $78,000 for the first time. The Fear & Greed Index, which tracks market sentiment, has also exited extreme fear territory.

However, not all news is positive, as two major exploits have been reported in recent days. Volo Protocol, a Sui-based platform, was targeted by hackers, with the team pledging to absorb losses. Similarly, Kelp DAO's exploit funds continue to be laundered, with approximately $80 million in Ethereum reportedly affected.