Hello everyone, the LUMI team is back with you! There was a lot of hype this week, so we are here and tell you about the main events of this week. Let’s start with casual news. Information appeared on the net that Amazon will accept Bitcoin as payment for purchases.
After that, the entire crypto market literally flared up. The price of the first cryptocurrency rose above $41k. The market dominance of BTC is 47.63%. However, later it turned out that these were just rumors and the company was simply studying cryptocurrencies, but no real implementations were foreseen yet.
From Thursday to Friday, a record amount of BTC was withdrawn from exchanges, there was only one instance of more BTC withdrawn in 2016. Now investors are wondering what this signal means and what the next week is preparing for us.
By the way, while all Bitcoin optimists are rejoicing that the price of the first cryptocurrency has finally overcome a 2-month stagnation, the IMF Managing Director said: “Bitcoin is not money yet, CBDC is the future”. He believes that Bitcoin is currently difficult to classify as money, but in the future, the first cryptocurrency has a chance to become a real means of payment.
Also, the Head of the IMF said that CBDC will become the safest form of payment – the IMF, in turn, should provide countries with a universal platform that will ensure interoperability of digital national currencies in the future.
Now a little about Ethereum. The main altcoin celebrated its 6th anniversary on Friday! We would like to remember a few interesting facts:
- Since its launch, the cost of ETH has increased by 234,200%
- The name of the cryptocurrency and its emblem is a reference to the 1986 anime “Castle in the Sky”, one of the characters used a magic crystal to obtain energy called “aetherium”
- Ethereum is not just a cryptocurrency, according to the creators’ idea, the digital asset is, first of all, a “fuel” for smart contracts
- Ethereum exchange units are called ether (abbreviated – ETH), fractional parts have their own names: 1/1000 – finney, 1/106 – szabo, 1/1018 – wei
- The amount of funds locked in DeFi protocols on the Ethereum blockchain is more than $66 billion
- According to The Economist magazine, smart contract technology heralded a new era in financial technology
- Ethereum is the first cryptocurrency to be directly invested in by such large tech companies as Microsoft, IBM and others.
And a little about the changes in the wake of the hype of the cryptocurrency. At the time of writing, Ethereum is hovering between $2k and $2.6k. The current Market Dominance of ETH is 17.79%.
Among other things, there is one more piece of news: Ethereum has surpassed Bitcoin in terms of investment profitability and growth rate of trading volumes. According to a report by Coinbase, the ETH trading volume was $1.4 trillion in half a year, an increase of 1,461% from $92 billion in the second half of 2020. BTC trading volumes for the same time increased by 489% to $2.1 trillion. Analysts associate such indicators with the rapid development of the DeFi sector and optimism regarding the transition to Proof-of-Stake.
Okay, we have dealt with the most obvious. Let’s explore this week’s top news!
- Let’s start with some very powerful news – a new update for LUMI Wallet. Staking TON Crystal is now available in LUMI Wallet! And this is really very cool! You can receive your reward without leaving the LUMI app. All the details can be found in the article, which describes in detail how to take advantage of the new features. Also we now have YFI and 1inch available for exchange.
And our team also got into the top crypto wallets of ETH and BTC. Thanks to Cada News team! Yes, yes, we know we are cool. You can remind us of this on our social networks!
2. PayPal has announced the launch of its own cryptocurrency wallet for US residents.
3. About NFTs. Coca-Cola will release its own Friendship Day NFTs on July 30. Also on July 26 it became known that the State Hermitage will issue a limited series of NFT tokens with digital copies of paintings from its collection. To this end, the museum began a partnership with Binance NFT.
The NFT collection consists of works such as Madonna Litta (Leonardo da Vinci), Judith (Giorgione), Lilac Bush (Vincent van Gogh), Composition VI (Wassily Kandinsky), and Corner of the Garden at Montgeron (Claude Monet). Each art will have two NFT copies: one of them will be stored in the Hermitage, and the second will be sold at auction on the Binance NFT marketplace. All proceeds from the sale will be transferred to The State Hermitage Museum.
4. The US Congress plans to raise about $28 billion in taxes from the cryptocurrency market. According to estimates by the US Internal Revenue Service (IRS), most of the profits of traders and crypto investors remain “in the shadows” due to the peculiarities of the blockchain and the lack of control methods. The new bill will oblige brokers to report on each transaction, equating them to the standards for reporting on securities. In addition, wallet operators, DEX exchanges and DeFi protocols, as well as miners will have to submit transaction reporting.
5. Now about the leaders in cryptocurrency. There are two pieces of news. First, a criminal case was opened against Tether executives for possible provision of false data and fraud.
Secondly, the CEO of Binance said that from now on, the exchange is moving from a decentralized management model and wants to gain recognition from regulators around the world. CZ also noted that he is looking for someone “with strong regulatory experience” who can replace him in the future as CEO of Binance.
6. Give cryptocurrency to the masses! Mastercard launches a new global New Start Path program dedicated to supporting promising blockchain projects and crypto companies.
7. One of the first Chinese Bitcoin whales and co-founder of the BTCC exchange said that the Celestial Empire could deliver a final blow to the market and ban the ownership of cryptocurrencies. He linked the new wave of crackdown on cryptocurrencies with the reluctance of the authorities to deal with an unregulated product, and not with the fight for the environment.
And some more news from the near region. Regulators in South Korea have proposed amendments to the legislation to be able to confiscate cryptocurrency from citizens.
8. A new prediction from a Bloomberg strategist: “Bitcoin more likely to hit $60k than $20k based on historical price patterns”. Our own survey among social media users confirmed that the majority of cryptocurrency holders believe in the new PUMP.
9. And lastly, a small fact: The number of cryptocurrency users worldwide doubled from 100 million in January to 221 million in June.
This is all the main news of the week so far. Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, TikTok and LinkedIn. Let’s learn the cryptocurrency market together step by step!