DeFi News Roundup: July 5 Week

July 5: Ether price hits 2-week high as London hard fork momentum builds

Ether price hits 2-week high as London hard fork momentum builds
Image via Cointelegraph

On Sunday, Ether’s price hit $2,350, the highest since June 18. The reason for this might be the slow recovery of Bitcoin and expect protocol upgrade as Ethereum 2.0 is coming. The market mood seems to have changed in favor of the bulls after the impending London hard fork. Currently, the market capitalization of Ether is $274.8 billion. 

Sunday witnessed positive growth in the decentralized finance (DeFi) sector, which is mainly constructed on top of Ethereum. According to CoinGecko, the entire market value of DeFi tokens is USD$67.3 billion. Meanwhile, the price of Bitcoin went up by 2.6% to USD$35,600. 

July 6: Binance Notes Barclays Block Is Based on ‘Inaccurate Understanding’

Barclays Block Is Based on 'Inaccurate Understanding,' Binance Says

Many of Barclay’s partners cut off users from utilizing Binance, leading to a negative statement from the exchange. Binance said that it was “disappointed” to hear that certain service providers are making unilateral decisions to discontinue Binance user support. 

Barclays has decided to restrict the ability of UK customers to transfer money to Binance. A week ago, it was discovered that Binance was also under investigation by many other countries owing to uncontrolled operations. Binance states that BML is implemented in the UK and regulated by FCA. The renowned exchange platform does not include BML’s goods and services. Binance is dedicated to collaborating with authorities to create regulations that protect consumers, promote innovation, and progress the industry, the firm disclosed.  

July 7: Ether can transcend Bitcoin as a better store of value says Goldman Sachs

Goldman Sachs Ether

In anticipation of Ether surpassing Bitcoin, investment firm Goldman Sachs states Ether has the potential to surpass Bitcoin, the largest cryptocurrency by market capitalization if enough people use it. The popularity of the token is among the many reasons why the cryptocurrency is on its way to replace Bitcoin.

Research states that “ETH currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.” 

For the time being, Ethereum seems to have the upper hand over Bitcoin in the sense that there are more real-world applications for it, but that statement is difficult to fight against. Compared to the transaction speeds of both, Ethereum has greater transaction adoption and an even more generally recognized and used platform. Following in the footsteps of the new and improved Ethereum 2.0 network, $15 Billion of Ether has already been staked on the network.

July 8: Chinese Banks Luring Customers To Use Digital Yuan

Understanding China's Digital Yuan

The research conducted by people in Shenzhen, China, found that the digital yuan isn’t experiencing widespread acceptance. There has been a report that a few state-owned banks in China require their staff to assist them in finding around 200 to 300 users of the crypto.

In an attempt to boost the use of PBOC’s digital yuan, many state-owned banks in Shanghai were ordered to push the CBDC (central bank digital currency) above third-party payment providers such as WeChat and Alipay.

July 9: Stablecoin Issuer Circle Announces $4.5 Billion SPAC Deal

Circle to Go Public via SPAC Deal — Boston Firm Valued  at $4.5 Billion

Circle, a financial company that provides financial services using cryptocurrencies, said that it would go public through the SPAC Concord Acquisition Corporation with a valuation of $4.5 billion. 

The firm is well-known due to its currency called USDC, which is pegged to the US dollar. Investors who wish to gain exposure to the crypto industry while having greater stability in their investment may use stable coins. USDC is denominated in USD. Thus, the price of USDC is contingent on the price of crypto and the quantity of USD in existence. USDC (as of this writing) is at a value of $26 billion. 

Related Posts