Wednesday, 3 July 2024

Market Summary

Market Summary July 3 2024

Bitcoin Price: US$ 62,106.92 (-1.25%) 
Ethereum Price: US$ 3,421.35 (-0.61%)
 

In an effort to leverage low transaction costs and increased throughput, the Aave DAO has deployed the GHO stablecoin on the Arbitrum network, with an eye towards future expansion to other networks. This expansion is made possible by Chainlink’s CCIP protocol, which facilitates the migration of the GHO stablecoin across networks using a burn-and-mint model and a lock-and-release function. This development is a testament to the fruitful partnership between Chainlink and Arbitrum, which has been fostering cross-chain development of decentralised applications since 2020, leading to increased use and adoption of Chainlink’s CCIP in 2024. Amidst these advancements, the crypto world faced a setback when the Ethereum Foundation’s “update” email account was hacked on June 23, leading to a phishing scam, though fortunately, no victims lost cryptocurrency from the attack. In the legal realm, a federal judge has expedited the process for considering software firm Consensys’ lawsuit against the United States Securities and Exchange Commission (SEC), requiring all five SEC commissioners and the regulator to file answers by July 29. 

Paxos International, a major player in the crypto industry, has recently expanded its global footprint by gaining regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services. This marks the third international market where Paxos-related entities can issue stablecoins, with DBS, Southeast Asia’s largest bank, serving as Paxos’ primary banking partner for cash management and custody of the stablecoin reserves. Meanwhile, the crypto market is witnessing potential turbulence as a “German Government (BKA)” labelled cryptocurrency wallet, holding over 43,850 BTC, has sold another $52 million worth of Bitcoin, sparking suspicions of the government liquidating its vast BTC holdings and potentially exerting downward pressure on Bitcoin’s price. Amid these developments, the crypto industry has scored a significant legal victory in the United States, where a federal court ruled that cryptocurrencies and secondary sales of the BNB token do not constitute securities. This ruling came in the wake of the SEC’s lawsuit against Binance and Coinbase for alleged securities violations in June 2023, where Binance, despite no evidence of misappropriation, was charged with violating Anti-Money Laundering laws and agreed to pay a hefty $4.3 billion fine. 

Despite concerns about Polkadot’s $245 million treasury being depleted in two years, the treasury is continually replenished with new funds from staking, ensuring its runway isn’t limited. The blockchain, holding $188 million in liquid assets, spent $87 million in the first half of the year, with over 40% allocated to advertising, influencers, conferences, and events. Meanwhile, U.S.-based spot Bitcoin ETFs marked the fifth consecutive day of positive flows on July 1, recording significant daily inflows of $129.45 million. Even though June was bearish for Bitcoin ETFs and the BTC price, July has historically been a bullish month for Bitcoin, hinting at a potential bullish rally in the crypto market with spot Ether ETF approvals on the horizon. In parallel, the Cardano Foundation, in partnership with the Crypto Carbon Ratings Institute (CCRI), is paving the way for regulatory compliance and industry benchmarking by releasing sustainability indicators for the Cardano network that will comply with the forthcoming Markets in Crypto-Assets (MiCA) regulation in the European Union. This initiative demonstrates how blockchain networks can address ESG concerns while maintaining transparency and efficiency. 

Source: https://cointelegraph.com 

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