Cryptocurrency

According to a report from J.P. Morgan, the total cryptocurrency market capitalization ended July at around $2.28 trillion, up 1% month-over-month and 42% year-to-date. This figure is nearly double its value from a year ago.While volumes improved, market cap trends varied across different tokens and crypto products. Bitcoin’s market cap grew to $1.28 trillion, reflecting a 3% MoM increase. In contrast, Ethereum’s market cap contracted by 6% MoM to $388 billion, largely due to net outflows from newly launched spot ETH ETFs in the U.S. Other major altcoins like Dogecoin and Cardano also saw price declines in July.”The total crypto market cap ended around $2.28 trillion, up 1% MoM, 42% YTD and nearly double its value of a year ago,” J.P. Morgan wrote. The report further states that trading volumes saw a modest rebound, with average daily volumes (ADV) increasing by 9% MoM. Bitcoin and Ethereum both saw double-digit volume jumps, with Bitcoin’s average daily volume up 18% and Ethereum’s up 23%. However, DeFi and NFT volumes kept dropping despite these gains.”TradingView estimates July average daily volume (ADV) associated with the total crypto market increased +9% MoM,” J.P. Morgan stated. “This sequential improvement represents the first rebound in volumes since 1Q24.”One of the key events in July was the launch of spot ETH ETFs in the U.S., which, despite initial enthusiasm, saw net redemptions totaling $484 million during the first seven trading days. The SEC’s approval of these ETFs and their subsequent performance highlighted the difficulties in attracting sustained inflows.J.P. Morgan explains, “We estimate the group of the nine U.S. spot Ether ETFs approved saw -$484 million of total net redemptions in July, which included seven trading days.”The report also pointed out that traditional finance (TradFi) asset managers are increasingly engaging in blockchain technology and tokenization projects. Hamilton Lane, for example, launched a fund on the Solana blockchain, and Goldman Sachs plans to launch three tokenization products by year-end.”More examples of tokenization projects only further supports the use case and utility of the technology,” J.P. Morgan noted.Bitcoin mining saw increased competition with the monthly average network hashrate rising 5% in July. However, profitability dipped to all-time lows, with miners earning an average of $46,000 per exahash (EH/s) in daily block reward revenue, the lowest on record.”The monthly average network hashrate increased 30 EH/s (5%) in July to 615 EH/s, marking the first month-over-month increase in mining competition/difficulty since the halving,” the report stated. More

However, unlike Bitcoin, much of Ethereum’s recent price action since the ETFs launched has been more influenced by equity market movements rather than ETF flows.Citi analysts pointed out that the recent market correction in risky assets shows once again that crypto currently provides limited diversification benefits. They added, “Crypto fundamentals are holding up overall, as stablecoins have avoided sharp outflows and hash rate has risen despite weaker price action.”Moreover, Citi argues that Bitcoin hasn’t yet lived up to its reputation as “digital gold,” stating, “Despite both gold and Bitcoin being limited supply, zero-coupon instruments, the original cryptocurrency does not exhibit gold’s ‘store of value’ properties.” They concluded that during the recent market correction, Bitcoin did not act as a safe haven, which confirms its current status as a risk asset.Through August 5, spot Bitcoin ETF net inflows have totaled $19.1 billion. These flows have explained over 40% of the variance in weekly Bitcoin price action since the ETFs launched in January. In contrast, ETH ETFs have seen $460 million in net outflows in their first two weeks of trading. “The variance in price action between Bitcoin and Ethereum highlights differing investor behaviors and market reactions to these two leading cryptocurrencies. The initial ETH ETF flows have been negative, but the Bitcoin ETF launch also had a post-launch decline between days 4 and 12,” Citi pointed out.Despite the crypto selloff, certain fundamentals have held up well. Search interest in cryptocurrencies has risen, and stablecoins have not seen decent outflows. While Ethereum network activity slowed, Bitcoin activity remained relatively stable, though at low levels. “Hash rate remains volatile though has moved higher as of late,” Citi noted. Additionally, decentralized exchange volumes continue to rise compared to centralized volumes. More

Australian gemstone company NYBlue Pty Ltd has emerged as a key player working to redefine the global gemstone market. The company’s strategic venture involves a plan to secure control over the world’s blue zircon supply, a move that holds the potential to reshape the value dynamics of the global gemstone market. Previously this month, the company released its whitepaper, detailing its current pre-sale and subsequent public float of its ‘real world asset’ cryptocurrency, following its announcement of holdings of more than one million carats of the rare gemstone.NYBlue’s primary strategy lies in systematically increasing its current holdings, to continue acquiring all available Cambodian blue zircons, establishing control over the supply chain and potentially influencing the future value of these precious stones.Earlier today company representatives were interviewed on CryptoBanters’ Town Hall podcast, to announce the launch of their RWA token pre-sale which has garnered considerable interest from the crypto community since being announced earlier this year.A video released by NYBlue questions rhetorically “What would be a more appropriate display of affection, for your significant other; a piece of compressed, common, carbon, or instead something more ancient than Earth, exceedingly rare, and twice as brilliant as diamond? The Australian company NYBlue; is financed by Australian AgTech founder & former political advisor; Mitch Brownlie, who has recently discussed the project on various podcasts; often comparing the NYBlue project with a previous gemstone rally; when the African gemstone ‘tanzanite’ surged from obscurity, to reach parity with Diamond. Tanzanite Spot Price – An inspiration for NYBlue.NYBlue draws inspiration from the historical trajectory of the tanzanite market, where prices experienced a tenfold increase over three years. The company anticipates a similar trajectory for zircons, aligning its strategy with past successes to project a potential surge in value. NYBlue, has previously announced its plan to launch its gemstone-backed cryptocurrency codenamed ZIRC where each token is fully backed by and redeemable for a 1-carat blue zircon gemstone. This approach allows consumers to benefit from the rise of blue zircon without the risks of volatility associated with traditional cryptocurrencies. Owners of Zirc tokens will have the option to redeem their cryptocurrency for gemstones at any time, ensuring a stable, arbitrage-enforced peg between the two assets. NYBlue aims to acquire the majority of globally available gem-quality blue zircons, effectively positioning itself as a dominant force in the market. This approach is designed to exert influence over the supply chain, creating a ripple effect on the market value of blue zircons across the industry.NYBlue’s strategic initiative is not a short-term play; it is an ambitious endgame to secure a controlling stake in the multi-billion-dollar gemstone market. With a collection of gemstones valued at around $300m, NYBlue aspires to redefine the gemstone narrative on a global scale. This venture positions the company as a significant player, with the potential to impact the industry’s landscape for years to come.In their quest for dominance in the gemstone market, NYBlue has announced a new and highly disruptive initiative; the launch of a blockchain-backed cryptocurrency named ZIRC, with each unit of the blockchain being fully backed by; and redeemable for a 1 carat blue zircon gemstone. This innovative approach allows individuals to participate in the potential rally of blue zircon values, by offering exposure to the underlying commodity without the inherent risks associated with traditional highly volatile cryptocurrencies.Buyers have the option to redeem their ZIRC tokens for actual gemstones at any time, effectively eliminating the possibility of the token’s value dropping below the market price of the gemstone itself, providing consumers with a tangible and secure asset. This strategic integration of blockchain technology not only enhances transparency and security but also democratises access to the exclusive world of the international gemstone trade.NYBlue’s PreSale is now live on Zir.co.nzAbout Zirc Zirc offers a cryptocurrency fully backed by blue zircon gemstones. Each ZIRC token is redeemable for a 1-carat blue zircon, providing a stable and tangible asset. The platform aims to integrate blockchain technology to enhance transparency and security, making it accessible for individuals to participate in the gemstone market without the risks associated with traditional cryptocurrencies. Zirc’s approach democratizes access to blue zircons and offers a unique investment opportunity backed by real-world assets.ContactDirectorMitch BrownlieNYBlue Pty Ltdredeem@nyblue.comThis article was originally published on Chainwire More

The aviation industry is plagued by outdated technologies, last-minute maintenance, and poor sustainability. Believe it or not, blockchain technology can address these issues and more.The Aventus study specifically highlights how blockchain technology can tackle challenges in traditional ULD (Unit Load Device) management.Since the 1990s, the tools used for global ULD management have remained largely unchanged, relying heavily on manual data entry. This leads to problems with data visibility, accuracy, secure information sharing, and costly losses, damages, and delays of ULDs. These inefficiencies cost airlines more than $1.6 billion each year. “Web3 technology, through blockchain, offers a robust solution by providing immutable, tamper-proof records, automating manual processes with self-executing smart contracts, and enabling real-time visibility into ULD location, custodianship, and condition. These capabilities streamline data sharing and optimize operations,” the study reads.In a pilot study at Heathrow Airport, Aventus, which provides Web3 solutions and operates on Polkadot, showed off the perks of their blockchain-based cargo handling system. The results  revealed that communication and error incidents dropped by 90% thanks to digitized data capture, manual paperwork time was slashed by 83%, and ULD stock updates went from taking 3-4 hours to just 30 minutes. On top of that, loading times were cut by 28% due to more efficient ULD loading.“These results are truly remarkable, underscoring the transformative potential of blockchain for not only the aviation industry but for supply chains globally,” said Alan Vey, Founder of Aventus. “We are proud to be empowering enterprises to enhance data accuracy, reduce operational inefficiencies, and achieve greater transparency. As we expand our partnerships across North America, Europe, the Middle East, and Asia, we anticipate these results to only improve via network effects.”Michelle Roosevelt, Director at Aviation Perishables Handling, added, “Aventus’ technology is fast and responsive, which is key in our busy airport environment. We’ve seen huge improvements in productivity. The app is more than a tool – it’s reshaped how we manage and track our aircraft containers, and the Aventus team’s support and expertise in meeting our needs has been outstanding.”Founded in 2020, Aventus develops Web3 environments for launching programs and product activations. Leveraging industry knowledge and a grasp of enterprise needs, Aventus blends the features of Web3 with the familiarity of Web2. Moreover, Aventus’ aviation solution brings partnerships with major enterprises to the Polkadot ecosystem, including Aviation Perishables Handling at Heathrow Airport, Vodafone’s Digital Asset Broker, and other major airlines across Asia and the Middle East. More

Ebi.xyz, a perpetual DEX built on Arbitrium One, is announcing the launch of its points program. This initiative aims to provide a rewarding trading experience for active traders and community builders. Addressing the Market Gap for “Degen” Perpetual TradersEbi.xyz sets itself apart from other perpetual DEXes by tailoring its ecosystem for high-beta or “degen” assets. The platform is also an orderbook protocol, providing traders a high level of transparency on market data, with the ability to execute various strategies through complex order types. Since the launch, the platform has listed over 15 pairs, including notable trading pairs such as $MOTHER, $MAGA, and $WIF. Points Program Focused On Rewarding Active Community Growth The new points system is designed with users participation at its core, aiming to honor and reward the community. Users can earn points through trading, referrals, and social interactions. The points program will also be rolling out dynamic rankings and leaderboard systems, fostering an engaging environment on the platform. This approach not only incentivizes active participation but also ensures that community contributions are recognized and rewarded. Strategic Engagement and Partnerships with Leading Communities Ebi.xyz plans to collaborate with leading projects and their respective communities. These partnerships will entitle community members to special benefits, enhancing their experience with the points program.How to Earn ebi PointsEbi.xyz is deploying a robust points system where objectives and tasks are launched in phases. This provides users with ample opportunities to earn points based on the user’s edge throughout the program. Users can earn points through simple tasks such as connecting their social accounts, depositing, trading, referring users and more. Full details on the points program can be found at https://ebi.xyz/en/points/About ebi.xyzEbi.xyz is a non-custodial limit order book decentralized platform for trading perpetual futures. Engineered for traders, ebi.xyz offers deep liquidity and access to prominent new assets in the market. All trades are settled on the Ebi chain, an Ethereum L2 blockchain powered by Arbitrum Orbit. Website | X | Telegram | DiscordContactHead of PR & MarketingAkira Ebimarketing@ebi.xyzThis article was originally published on Chainwire More

Size Credit is the first fixed-rate primitive to solve fractured liquidity with its unique yield curve order book model and enable users to structure loan terms around any tenor.According to the team, fixed-rate lending is the world’s largest financial market but until now has struggled to translate over to DeFi.For the first time, DeFi users can define their own rates and durations while having the option to earn an Aave variable rate on unmatched offers.This not only means sophisticated degens can de-risk from market volatility, it also finally delivers flexibility and scale institutional players have been waiting for from DeFi.The protocol launch will take place at 8/7/2024 at 10am ET on Base, an Ethereum L2 operated by Coinbase (NASDAQ:COIN). This launch has been built on a security-first approach with three independent audits from Spearbit, Solidified, and a $200,000 Code4rena competition.Fixed terms are the bedrock of TradFi and enable a range of derivatives and structured products.SummarySize Credit the first protocol to unify liquidity and enable flexible fixed-term lending. The team has been developing the protocol in stealth for the last two years on its mission to finally scale DeFi lending to match institutional demands.Website: https://size.credit/X: https://x.com/SizeCreditDocs: https://docs.size.credit/Media kit: https://docs.size.credit/official-links/media-kit/ContactBusiness DevelopmentJamie WhiteSize Creditjamie@size.creditThis article was originally published on Chainwire More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, today announced an unprecedented milestone, achieving an all-time high daily trading volume of over 107 billion earlier this week. This remarkable figure represents a staggering four times increase compared to Bybit’s daily average trading volume of 25 billion, solidifying its position as the world’s second-largest cryptocurrency exchange.The record-breaking volume was driven by robust trading activities across a diverse range of products, including perpetuals, futures, spot, and options. Bybit’s unwavering commitment to providing a superior trading experience, coupled with its robust platform infrastructure, has been instrumental in driving this exceptional growth.Platform Stability and Security at the CoreBybit prides itself on delivering a secure, stable, and efficient trading environment. The platform’s advanced security measures, including triple-layer asset protection and robust privacy protocols, ensure the safety of user funds and personal information. Moreover, Bybit’s world-class trading system consistently delivers exceptional performance, with a Trading Per Second (TPS) capacity of 800,000 – a significant upgrade from the previous 500,000.Global Reach, User Trust, and Unmatched SupportWith support for over 20 languages, Bybit caters to a global user base of more than 39 million registered users. This substantial growth underscores the platform’s appeal to traders worldwide. Bybit is committed to providing unparalleled support to its users, with 24/7 customer service available to assist with any inquiries or issues.About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 39 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit Press. For media inquiries, please contact: media@bybit.comFor more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

As of early Monday, over $370 billion had been erased from the market capitalization of all crypto assets over 24 hours, with Bitcoin experiencing its greatest single-day drop in three years. Much of the sell-off was linked to a broader market rout, with equities falling around the world.A death cross occurs when a short-term moving average crosses below a long-term moving average, typically signaling potential bearish momentum.In Bitcoin’s case, this pattern has emerged on the four-hour chart as the 50-hour moving average has crossed below the 200-hour moving average, an indication that many market analysts view as a bearish signal.At the time of writing, Bitcoin was up 9% in the last 24 hours to $54,851, according to CoinMarketCap data.On-chain analytics firm IntoTheBlock highlighted key levels to watch as the Bitcoin price shows signs of recovery.According to IntoTheBlock, on the upside, resistance is fairly distributed, but two price levels with notable historic volume stand out, which are $55,500 and $60,500.On the other hand, if declines continue, a significant demand level is concentrated below $50,000 with strong support anticipated around $47,500.Meanwhile, Bitcoin wallets holding between 1,000 and 10,000 BTC showed confidence during the recent dip, consistently increasing their holdings as prices fell. On the other hand, wallets with less than 1 BTC showed weak hands, with the most substantial decrease in holdings during yesterday’s market downturn.This article was originally published on U.Today More