Start up your day with our morning update, which will provide you with all the main information and events on the crypto markets for the previous day.
Crypto market update
Bitcoin increased considerably on July 26, managing to reach the range high at $40,550. However, it failed to break out and is now attempting to find support in order to make another breakout attempt.
Bitcoin (BTC) Bitcoin is now trading at 37,079 USD (all data from Coingecko.com)
Ethereum (ETH) is now at 2,193 USD
PlatonCoin (PLTC) is now at 0,48 USD
Total marketcap is currently at 1.510 trillion USD, a slight drop of 4.5% since yesterday.
Tip: You could be also interested in our weekly update.
Institutions and BTC: Investments in institutional Bitcoin products have continued to decline. CoinShares notes institutional crypto products have experienced outflows for the third consecutive week, with $28 million exiting the sector during the week ending July 23. The findings revealed that Bitcoin-based funds saw the largest outflows with $24 million, or 85% of combined outflows from crypto products. Monthly outflows for BTC are now at $49 million.
Amazon: Amazon is quickly putting to rest rumors the online retail giant plans to offer crypto payment services for its customers, as reported by British newspaper CityAM, which claimed to have spoken to a company insider. Following the news of Amazon’s denial, Bitcoin’s price quickly dropped again. While it may have appeared initial rumors about Amazon were related to Bitcoin’s rise, around the same time Monday, US$950 million worth of crypto shorts were liquidated — which could have had a significant impact on Bitcoin’s price as well.
Facebook: Facebook’s careers page currently shows five openings in Asia-Pacific region for positions dedicated to Novi. Launched in 2019, the social media giant’s digital wallet allows transactions using blockchain-powered digital currency Diem, formerly known as Libra. It is claimed to help people access affordable financial services, with no hidden charges to add, send, receive or withdraw money. Facebook controls 93% of the country’s social media market. Meanwhile, the number of unbanked Filipino adults stood at 51.2 million in 2019, 71% of the total adult population, according to the nation’s central bank.
Goldman Sachs: In a recent filing to the U.S. Securities and Exchange Commission, the bank said its fund — the Goldman Sachs Innovate DeFi and Blockchain Equity ETF — would offer exposure to funds that advance the implementation of blockchain technology and the digitalization of finance.
At least 80% of the fund’s assets would be invested in companies listed on the Decentralized Finance and Blockchain Index by German financial indexer Solactive. Solactive’s methodology requires that the DeFi companies it lists must also be listed on a stock exchange, and have a market cap of more than US$500 million with a daily average volume of at least US$500 million for the previous six months.
NFT: Binance’s NFT marketplace has announced it is teaming up with the Saint Petersburg-based State Hermitage Museum to issue tokenized collectibles depicting the works of renowned artists including Leonardo da Vinci and Vincent van Gogh. On July 27, Binance revealed it is partnering with the museum to create and issue the nonfungible tokens at the end of August. All Binance users will be able to participate in the auction. The blog post attributes the idea to tokenize the artworks to The Hermitage, with the auction slated to launch limited edition NFT copies of Da Vinci’s Madonna Litta, van Gogh’s Lilac Bush, Claude Monet’s Corner of the Garden at Montgeron, and Giorgione’s Judith.