Bitcoin Price: US$ 66,252.72 (-0.83%)
Ethereum Price: US$ 3,279.21 (-1.16%)
California’s Department of Motor Vehicles (DMV) is leveraging the Avalanche network to develop a blockchain system for digitising vehicle title transfers. This initiative, which could potentially eliminate the need for physical DMV visits, forms part of a broader plan by the state of California to integrate blockchain solutions into government operations and foster a conducive regulatory environment for Web3 companies. Meanwhile, across the Atlantic, the Bank of England (BOE) is embarking on an experimental program that utilises its Real-Time Gross Settlement (RTGS) system and a wholesale central bank digital currency (wCBDC). The aim is to assess their settlement capacity and interoperability through a series of five experiments, which include testing delivery-versus-payment (DvP) transactions with securities and foreign exchange payment-versus-payment (PvP) transactions. In other news, Solana has managed to surpass Ethereum on several metrics. However, research indicates that this surge in activity is largely driven by bots, with automated traders pumping volumes on Solana throughout the year, leading to impressive metrics but also causing network congestion.
Launched nine years ago, Ethereum has evolved from an ambitious project to a cornerstone of the crypto ecosystem, fostering a vibrant community of developers, entrepreneurs, and enthusiasts, and influencing countless innovations. Despite facing scalability challenges, particularly in emerging markets, it continues to evolve to accommodate the increasing activity on its platform. In parallel, the Trezor Model One, one of the world’s first hardware wallets launched a decade ago by the Czech firm Trezor, remains intact and supported in Trezor’s software ecosystem as of July 2024. Meanwhile, Tether has reached a circulating supply of $113.13 billion as of July, a significant milestone since the Silicon Valley Bank (SVB) collapse in March 2023. Even though Circle USD (USDC) made regulatory strides in July, becoming the first global stablecoin issuer to comply with the new European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, the gap between it and USDT’s $113.13 billion market cap remains substantial.
Over 41.5% of the Bitcoin owed to Mt. Gox creditors has been distributed, yet many are still holding onto their coins, indicating a shift back to “hodling”. This lack of selling pressure is surprising, especially considering the 8,500% increase in Bitcoin price since Mt. Gox’s collapse a decade ago. Meanwhile, Grayscale Investments has seen over $20.4 billion in outflows from its Bitcoin and Ether ETFs combined, with the Grayscale Bitcoin Trust ETF losing an average of approximately $137.7 million daily over nearly seven months. Despite these massive outflows, analysts predict a peak outflow sometime this week, potentially signalling a short-term bullish trend. Concurrently, since July 23, Tron has outperformed Ethereum in revenue generation, accruing $1.42 million in revenue over the last 24 hours, compared to Ethereum’s $844,276, despite Ethereum’s spot ETFs driving $2.2 billion in inflows. This dynamic interplay of factors illustrates the complex and ever-evolving nature of the cryptocurrency market.
The United States Securities and Exchange Commission (SEC) has withdrawn its request for a court to classify several tokens, including SOL, ADA, and MATIC, as securities in its lawsuit against Binance. This change comes on the heels of attempts by presidential candidates to appeal to pro-crypto US voters, with former President Donald Trump pledging to end the war on crypto and Democratic Party members advocating for a forward-looking approach to blockchain and digital assets. Meanwhile, in the DeFi sector, the Compound governance voting bloc “Golden Boys” has agreed to rescind their controversial proposal in favour of an alternative following accusations of a governance attack. This new proposal, which has garnered approval from major stakeholders, recommends distributing 30% of both existing and upcoming market reserves to COMP stakers, leading to a rebound in the DeFi protocol’s native token, COMP. On the investment front, BlackRock’s chief investment officer for ETFs predicts that digital currency-backed exchange-traded funds will likely be included in “model portfolios” by the end of 2024. Despite witnessing net outflows from spot Ether ETFs since their launch, BlackRock views these funds as an access point for investors desiring ETH in their portfolios and anticipates model portfolio management to grow from $4.2 trillion currently to $10 trillion in the next five years.
Source: https://cointelegraph.com
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
