The cryptocurrency market continues to recover from last week’s surprise correction. Bitcoin has stabilized above $6,500 and Ethereum remains above $200 and is steadily climbing back toward $210. XRP recovered nicely from last week’s low near $0.39 and the cryptocurrency now trades at $0.476. Tether (USDT) remains unpegged from the U.S. Dollar and this phenomenon is supporting the Bitcoin and Ethereum premium currently found on Binance and BitFinex.
In other news, Telegram plans to release a test version of its blockchain platform this Autumn and today Mike Novogratz announced that Galaxy Digital is enrolled as Fidelity’s First Custodian Client. Earlier this week at an event in Dubai, CFTC Commissioner Brian Quintenz suggested that smart contract coders could be held responsible for developing predictive code which provides them with an unfair advantage in predicting future events. Quintenz said that the CFTC would interpret and categorize these contracts as “prediction markets” and that they fall within the jurisdiction of the CFTC.
1) Toyota, the popular Japanese car manufacturer, recently partnered with Lucidity, a blockchain advertising analytics firm, in an effort to use blockchain technology to cut down on fraud in digital advertising. Lucidity offers an Ethereum blockchain based solution to track supply chain payments, enabling advertisers to monitor how their advertising funds are being allocated. According to a representative from Toyota, a trial campaign that was run with Lucidity resulted in a 21% uptick in visits to the Toyota website, prompting an extension and expansion of the current contract. (Read More)
2) The Gemini Dollar (GUSD) continues to gain as Tether (USDT) goes through a rough phase. USDT has dropped nearly 20% of its valuation in just a week’s time and its market cap has fallen from $2.7 billion to less than $2.2 billion. Many traders reportedly have shifted to other stable coins such as Gemini Dollar and Paxos Standard Stablecoin. Gemini Dollar, in fact, has climbed to its all-time high $1.19 on Tuesday. At the press time, GUSD is trading at $1.02 according to the data on CoinMarketCap. (Read More)
3) According to Joey Krug, the co-chief investment officer at Pantera Capital, the next Bitcoin bull run could increase the overall crypto market by more than 10 times. “If you look at that next bull run, I think the crypto space overall could hit 10x from here.” With news stories about large financial players like Fidelity Investments, TD Bank and the Intercontinental Exchange (ICE) getting involved, he sees the overall valuation of the crypto market easily surpassing $2 trillion. Krug feels the biggest barrier to adoption is scalability but sees a solution being developed within a next few years. (Read More)