Tuesday, 15 August 2023

Market Summary

Market Summary 15 August 2023

Bitcoin Price: US$ 29,430.93 (+0.43%)
Ethereum Price: US$ 1,845.50 (+0.26%)  

 

The HBAR token of Hedera Hashgraph has surged by over 15% subsequent to its integration into the U.S. Federal Reserve’s instant payment system, FedNow, which has incorporated the Hedera-based micropayments platform called “Dropp.” FedNow’s adoption of Dropp offers a pay-by-bank alternative for small-value digital purchases, circumventing substantial transaction fees commonly associated with credit card payments. Dropp facilitates microtransactions in HBAR, U.S. dollars, and Circle’s USDC, propelling HBAR’s recent upswing to nearly 50% since mid-June and elevating its market capitalisation to surpass $2.1 billion. Hedera Hashgraph distinguishes itself with its hashgraph consensus, enabling over 10,000 transactions per second and rapid finality. Notably, Hadera’s accounts have demonstrated remarkable growth in 2023, as active accounts increased by 288% and new accounts by 340%, primarily attributed to non-fungible token (NFT) activities, notably the Karateka Web3 game. In another development, the enigmatic developer behind the volatile “BALD” token transferred approximately $12 million in ether back to the Ethereum network, following a dramatic capitalisation ascent and subsequent price plunge. The transfer signifies a shift in the balance of funds moving out of the Base network, marking a significant event. The narrative around “BALD” is one of swift and intense momentum, driven by the cryptocurrency community’s interest, though it was short-lived due to liquidity adjustments. Meanwhile, the FTX saga continues with former CEO Sam Bankman-Fried’s bail revocation and impending trials on multiple criminal charges. Furthermore, prominent venture capital firms associated with FTX, including Temasek and Sequoia Capital, face legal action claiming complicity in the alleged multibillion-dollar fraud of the exchange. Likewise, FTX’s previous primary counsel, Fenwick & West, has been implicated in a class-action lawsuit, accused of aiding the purported fraud by establishing obscure entities for fraudulent activities.

The Reserve Bank of Zimbabwe (RBZ) is on the cusp of introducing a gold-backed digital token (GBDT) for retail use, leveraging its successful reception among investors. Having commenced its issuance in April, the GBDT, underpinned by tangible gold holdings, has undergone 11 rounds of issuance totaling 325 kilograms of gold. This strategic initiative is poised to transition into a transactional phase for the general public, aligning with the national demand for the US dollar in domestic transactions, offering an enhanced, secure, and value-retaining medium of exchange. Meanwhile, CoinDesk, in anticipation of a stake sale to investors, is reportedly preparing a restructuring within its editorial team, an undertaking that follows a persistent trend of potential ownership changes within the publication. In China, a legal precedent emerges as a citizen, “Mr. Chen,” is sentenced to a prison term of nine months, alongside a fine, for his involvement in procuring Tether (USDT) worth approximately $13,067—a verdict that underscores the ongoing rigorous enforcement of cryptocurrency-related regulations by the Chinese authorities, coupled with heightened scrutiny of the intersection between digital assets and criminal activities.

Coinbase CEO Brian Armstrong has acknowledged the suboptimal user experience of the Coinbase app due to the increased on-chain activities on its layer-2 network, Base. Armstrong pledged to enhance the app’s usability, addressing issues encountered during the “Onchain Summer” event. PayPal has updated its terms and conditions to introduce the Cryptocurrencies Hub feature, enabling users to hold and interact with Bitcoin and cryptocurrencies within their PayPal accounts. This new service facilitates crypto trading, payments for purchases using funds from crypto sales, and conversions between the PayPal USD stablecoin and other crypto assets. Moreover, Take-Two Interactive Software, the publisher behind the renowned “Grand Theft Auto” gaming franchise, is launching its first web3 game, “Sugartown,” built on Ethereum. The move could signal a transformative shift in the gaming industry, as a major developer ventures into the realm of blockchain-enabled video games, potentially motivating others to explore this promising market.

 

Source:

https://coindesk.com
https://cointelegraph.com
https://theblock.co

 

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