It was another good day for crypto investors, but some had better days than others. Bitcoin ticked up less than 1% as it continues to hold onto gains it made this week. But at the time of publishing, the project has been gaining aggressively and now sits above $52,000
Ethereum set new records yesterday, nudging into the $1,900s and at the time of writing is still there. While DeFi has been the engine propelling the price of ETH ever higher, yesterday NVIDIA announced it was releasing a range of GPUs tailored specifically for Ethereum.
NVIDIA, the computer company known for its chips and graphics cards, has announced a new GPU specifically geared toward mining Ethereum cryptocurrency.
The NVIDIA CMP (cryptocurrency mining processor) is purely focused on computing power, and isn’t built to handle graphics. A lack of display outputs is meant to improve airflow, and lower core voltages will supposedly increase efficiency.
The company is also lowering the computing power of its RTX 3060 graphics drivers, making them less efficient...
In the hours after the announcement, Ethereum’s price reached $1,945 before settling back down to the low $1,900s.
But the prize for ‘most improved’ in the last 24 hours goes to Binance Coin (BNB). The currency created by the exchange of the same name has been surging up the cryptocurrency market cap ranks. At the time of writing BNB has pushed out Tether as the world’s third largest cryptocurrency.
Why the surge? PancakeSwap. The decentralized exchange, which is built on top of Binance’s Smart Chain overtook Uniswap as the world’s largest decentralized exchange by trading volume yesterday.
Binance CEO Changpeng Zhao took to Twitter to announce the news, and the project’s gains against Bitcoin.
#BNB not only made ATHs in fiat terms, it just reached ATH again #BTC. From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years. Many thanks to our community, team, and @BinanceAngels. 🙏🙏🙏 pic.twitter.com/P5oJrNus6J
“From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years,” said Zhao.
The gains for PancakeSwap appear to have come at the expense of other DeFi projects. Uniswap saw a 3% drop in its token price overnight, AAVE is down 8% and Synthetix, which up until only last week had been sat in the top 20 largest projects by market cap, has slid to 31 thanks to back to back losses.
Lastly, Dogecoin the project at the mercy of Elon Musk’s Twitter account, saw 10% gains in the last day, as the project recovers from its most recent hype cycle. Never a dull moment eh?
US Markets Down As Eyes Turn to GameStop Robinhood Hearing
The Dow, S&P 500 and Nasdaq all closed yesterday down after a week of gains, but some fared better than others. The S&P fell for a third straight day - racking up its biggest losing streak since December.
The reason? The overall performance and growth of the market has rotated out of the tech stocks that propelled the market boom last year and into mid and low cap projects that are seeing a return of customers and trading as COVID vaccinations gather pace.
"While performance breadth has increased, our work shows that the dispersion of individual stock returns has been on the rise and the direction and movement among S&P 500 stocks have become more independent," BMO Capital Markets strategist Brian Belski wrote in a note Thursday.
While that’s happening, Robinhood, the company that has helped onboard millions of retail investors into stock markets was raked over the coals for its involvement in the GameStop Short squeeze that took place last month.
The CEOs of Robinhood, Citadel, and Reddit testified before congress today as part of a review of last month’s GameStop short squeeze—a massive, retail-driven spike in the price of GameStop stock—and the tone was harsh.
Much of the testimony has centered around what actually happened, and why Robinhood ended up restricting certain stocks on its brokerage platform. Rep. Maxine Waters, who chairs the House Financial Services Committee, tried her best to keep Citadel’s Ken Griffin and Robinhood’s V...
Senators oscillated between highlighting the project’s customer service issues and tense exchanges between Robinhood CEO Vlad Tenez and Citadel’s Ken Griffin for their long, and often meandering answers.
Who said stock trading couldn’t be as exhilarating as crypto eh?
Grayscale has challenged the U.S. Security and Exchange Commission’s move to pause the debut of its exchange-traded fund that holds Bitcoin, Ethereum, Solana, XRP, and Cardano, alleging its investors are “suffering harm” as a result of the hold-up.
In a letter dated July 8, the asset manager urged the Securities Commission to allow its Digital Large Cap Fund to begin trading.
Grayscale added that it may file a petition to force the regulator to allow its fund to begin trading as soon as possib...
SharpLink Gaming shares rose on Friday after the largest publicly traded Ethereum treasury firm said that it had acquired $30 million worth of Ethereum from the Ethereum Foundation.
SharpLink’s stock was changing hands around $20 per share, a 71% gain over the past week, according to Yahoo Finance. The performance coincides with Ethereum’s climb above $3,000 for the first time in five months, a 17% gain, according to crypto data provider CoinGecko.
The non-profit organization that funds research...
Stablecoin platform Agora has raised $50 million in a Series A round led by Paradigm, with additional backing from Dragonfly Capital, as it seeks to capitalize on growing interest in the potentially lucrative sector.
The funding will support the expansion of Agora’s all-in-one system for issuing and managing stablecoins, as well as the introduction of its new white-labeled stablecoin product, the company announced Thursday.
The raise comes as the U.S. Congress is considering stablecoin legislati...