Bitcoin Price: US$ 64,671.33 (-2.39%)
Ethereum Price: US$ 3,232.74 (-1.42%)
Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill, aiming to create a decentralised network of secure Bitcoin vaults under U.S. Treasury control and accumulate 1 million Bitcoin using existing Treasury funds, while also reaffirming the right to self-custody in the U.S. amidst rising concerns about inflation and national debt. Meanwhile, crypto whales are positioning for an altcoin rally, with rising buy-limit orders for altcoins like Solana and Polygon, while others like XRP see fewer buy orders, leading analysts to predict a potential altcoin market rally, noting a re-accumulation phase and minor pullbacks in altcoin prices. In July, USDC trading volume surged 48% due to market growth and the European Union’s MiCA regulatory framework, making Circle the first approved stablecoin issuer in the region, while Tether, growing at a slower rate, saw a record 11 consecutive monthly market capitalisation increases, with the stablecoin market cap reaching $164 billion, the highest since April 2022.
Base, Coinbase’s layer-2 blockchain, hosts about 80% of Uniswap’s monthly active traders, having rapidly gained market share since its August 2023 launch and largely displacing Ethereum and Arbitrum One; partnered with Optimism, Base processes nearly 42 transactions per second and benefits from Coinbase’s seamless integrations and large user base, positioning it in close competition with Arbitrum for dominance in decentralised finance. Bybit has introduced digital rupee (CBDC) payments, enhancing security for rupee users and expanding payment options on its platform, which already includes bank transfers and third-party services like Paytm; the e-rupee, part of a pilot project that began in December 2022, aims to elevate the payment experience for INR users and attract more merchants despite limited wholesale use and criticisms of its cumbersome nature. Bitcoin’s price recovery in July led to increased mining activity and reduced selling pressure from miners, with daily miner revenues rising by nearly 50% and hashrate increasing to 604 EH/s; higher revenues have supported the network’s hashrate comeback, resulting in fewer BTC sales from miner reserves, particularly among larger miners, while smaller miners have significantly reduced their BTC ownership in 2024.
Tether reported record-breaking profits of $5.2 billion in the first half of 2024, with its US Treasury portfolio now worth approximately $97.6 billion, reflecting the ongoing proliferation of Tether stablecoins, which are backed 1:1 with liquid US dollar-denominated assets. With a total market capitalisation of $114 billion and extensive investments in various industries, Tether continues to lead in stability and liquidity, as stablecoins like Tether and USD Coin gain rapid adoption, driving demand for US Treasurys. The Aptos Foundation announced the launch of Ondo Finance’s yield-bearing stablecoin, USDY, on the Aptos blockchain, available for non-US residents and backed by US Treasurys, aiming to democratise finance and serve underserved communities. Stablecoin issuers are becoming significant buyers of US government debt, with research strategist Tom Wan predicting the tokenised US Treasury market will reach $3 billion by the end of 2024, driven by offerings from BlackRock and Securitize. Ronin network surpassed popular chains in daily active users, reaching 2 million DAUs on July 29, driven by a surge in activities in Ronin-based games like Wildforest, Lumiterra, and Pixels, which saw a massive increase in users after migrating from Polygon. Jeffrey Zirlin, co-founder of Sky Mavis, attributes Ronin’s success to its focus on onboarding users and launching products, creating a gaming-centric ecosystem where many users are new to Web3 technology.
Source: https://cointelegraph.com
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