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 sentiment has now begun to move into the positive. The crypto market has recently been in one of its longest stretches in extreme fear recently. Now it seems there is light at the end of the tunnel as the market pulls itself out of extreme fear. This is in line with the recent price surge Bitcoin experienced following the weekend upturn.
Bitcoin (BTC) Bitcoin is now trading at 39,777 USD (all data from Coingecko.com)
Ethereum (ETH) is now at 2,302 USD
PlatonCoin (PLTC) is now at 0,43 USD
Total marketcap is currently at 1.597 trillion USD
Tip: You could be also interested in our article about Great Reset and SDRs.
Bitcoin dominance: Bitcoin’s market share has spiked to 49.15 percent, its highest level since May 3, according to TradingView data. However, it is still down nearly 33 percent from its Jan. 3 peak of 73.68 percent. The flagship cryptocurrency has been leading the recent recovery, far outperforming top altcoins.
Tesla: The electric car manufacturer had to mark down $23 million worth of Bitcoin on the heels of May’s crypto market dip.
Binance and regulations: During a press conference Tuesday, Binance CEO Changpeng Zhao told reporters the company will shift gears and begin working towards regulatory compliance across the globe. Zhao said that “We will actively work with regulators as more crypto-specific frameworks are introduced.” Binance has been under investigation by several nations in recent months including Japan, Canada, Italy and the United Kingdom.
Binance limits withdrawals: Major cryptocurrency exchange Binance today announced that users who passed only “Basic” verification soon won’t be able to withdraw more than 0.06 Bitcoin (roughly $2,000) worth of funds per day—down from the previous limit of 2 BTC (around $80,000 currently). “Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification,” the platform stated.
Ripple: Distributed ledger tech provider Ripple has announced the launch of a new On-Demand Liquidity (ODL) payment corridor between Japan and the Philippines. SBI Remit, the remittance division of Japanese finance group SBI, picked Philippine crypto exchange Coins.ph as its partner. The ODL product (formerly known as “xRapid”) uses XRP a bridge currency to remove the need for pre-funding by tapping into the cryptocurrency’s liquidity. Thus, it is expected to make remittances more affordable, which is a pressing problem in Japan.
Mastercard: Payments giant Mastercard has launched a new, global program for cryptocurrency startups. Seven crypto companies have already joined the program. Together with Mastercard, they will work to “expand and accelerate innovation around digital asset technology and make it safer and easier for people and institutions to buy, spend and hold cryptocurrencies and digital assets.”
U.S. Senate: Crypto skeptic U.S. senator Elizabeth Warren has been on the warpath again, lambasting cryptocurrencies and their supposed threat to the U.S. financial system. On July 26, Democrat senator Elizabeth Warren sent a letter to U.S. Treasury Secretary Janet Yellen asking for greater regulation for cryptocurrencies. If she had her own way, they would be banned outright. At a July 27 hearing of the Senate Banking Committee labeled “Cryptocurrencies: What are they good for?”, Warren continued to lambaste digital assets proclaiming that “all the warning signs are flashing.” She claims that the tiny $1.6 trillion crypto market is a massive threat to the whopping $25 trillion dollar plus U.S. banking system.
Mining: Wesco Operating Co., an oil producer near Moab, Utah, found in Bitcoin a solution to a years-old problem – the wastage of natural gas that can’t be shipped to market. The company pumps crude oil out of 18 north of Moab, producing natural gas as a byproduct. However, it had been torching a big part of that gas because it couldn’t ship it to market. But now, Wesco is using it to mine bitcoin.