Welcome to today’s overview of crypto news:
Yesterday was the culmination of several consecutive days of unfavorable price movements. In less than a week, BTC has already lost several thousand dollars in value and has struggled with around $ 31,000. However, the situation deteriorated relatively quickly, falling below $ 30,000 in a matter of hours and falling further to an intraday low of around $ 29,000.
At this point, however, the bulls strengthened and reversed the trajectory. BTC began to gain again and jumped above $ 30,000 earlier this day. In addition, the cryptocurrency continued to rise, reaching just over $ 31,000.
Apart from BTC, most altcoins suffered badly yesterday. ETH fell to $ 1,720, making it its lowest price tag in a month. However, after the decline, ETH reacted positively and added more than $ 100 in value.
The Fear and Greed Index hit an annual low
After a big sale at the crypto market, BTC opened today in the green zone. It rose back to a strong support price of $ 30,000. Some market participants believe that the movement of BTC was caused by the upcoming “B-Word” conference, which will be discussed by Elon Musk, Jack Dorsey and Cathie Wood.
But even the occurrence of what appears to be a “bull event” did not move the index higher. Most likely, market participants observe a general declining trend on the BTC chart according to the intersection of moving averages and created trend lines.
However, the new lows on the indicator can also be good news for the market. According to the correlation between the market and the Fear and Greed Index, it last reached values close to 10 in March 2020. That’s when the previous bull series began.
Former “Dogecoin millionaire” still buys dips, DOGE calls his savings account
33 DOGE investor and YouTuber Glauber Contessoto, who previously touted itself on the web and in the media as a “Dogecoin millionaire”, recently stopped, because the value of his DOGE stakes no longer makes him a millionaire. Contessoto continues to buy Dogecoin dips and now considers DOGE as his savings account.
After the popular coin reached a historic high of $ 0.74 in May, Glauber Contessot’s cryptocurrencies gained more than $ 2 million in this meme currency. After that, however, the price of DOGE began to fall and is currently trading at $ 0.1869, according to CoinMarketCap.
Banks, crypto exchanges, companies
Mastercard is collaborating with the USDC on a crypto payment pilot project
Mastercard has announced a pilot program in collaboration with Circle’s stablecoin from Circle and others, which, according to a press release from the company, will allow cardholders to pay at merchants with cryptocurrencies wherever Mastercard is accepted.
The USDC will act as an intermediary between Fiat and other cryptocurrencies in the new system, allowing all merchants to offer card cryptographers to cardholders, carrying out transactions only in Fiat. Although it may seem inefficient to convert all currencies in a transaction to USDC, for many tokens it is easier to convert them to stablecoin than directly to fiat.
It was only yesterday that Circle revealed the exact distribution of what holds the value of the USDC, with “cash or cash equivalents” accounting for 61% of coin support. The rest consisted of a combination of non-US bank certificates of deposit of 13%, US government bonds of 12%, commercial paper accounts of 9%, and the remainder of municipal and corporate bonds.
SushiSwap DeFi Protocol introduces the new generation of Trident AMM
The decentralized SushiSwap (DEX) is set to launch another automated market maker (AMM), which it claims is a “next generation product”.
SushiSwap revealed this in a blog post on July 20, stating that automated market maker Trident will focus on capital efficiency and protection against cryptocurrency volatility.
She added that there were certain “pain points” for decentralized finance (DeFi) users, which made simple transactions confusing or expensive, leading to costly and irreversible errors. A simple upgrade would not be enough, Sushi said, so she decided on a brand new product instead of another hard fortress.
The Bank of Canada spoke in favor of the CBDC
The Bank of Canada has put forward positive arguments for the issuance of the central bank’s digital currency, stating that it could be an effective competition policy tool that will be necessary to support innovation in the digital economy, as set out in a recent report.
The report argues that the current competition problems of the Canadian economy and the distribution of wealth would be likely to worsen without public access to digital payment options.
Although the report outlined positive arguments for the CBDC, it also outlined two scenarios that would have to occur before one could be issued. The first would be for citizens to stop using cash extensively, which could have adverse effects on certain sections of the population. The second question concerned the case where the adoption of digital currencies, whether public or private, would spread so far as to jeopardize the sovereignty of the existing Canadian currency.
Kakao’s Ground X wins South Korea’s CBDC bidding war
South Korea’s central bank has named Ground X, Kakao’s blockchain subsidiary, as its partner in the country’s central bank digital currency simulation project.
Ground X was identified as the preferred bidder and defeated Naver and SK C&C. He has more experience with blockchain than other candidates, because he runs the public blockchain platform Klaytn and publishes his own cryptocurrency KLAY.
Following the announcement, Ground X also unveiled its subcontractors in the project, ETH-based developers, Consensys and Onther, and subsidiaries of Kakao, KakaoBank and KakaoPay.