Daily Crypto News Digest: Why is Crypto Up Today?

Daily Crypto News Digest: Why is Crypto Up Today?

The global cryptocurrency market capitalization remains unchanged over the past 24 hours, standing at $2.43 trillion, with a total trading volume of $109 billion. Despite an increase in the number of coins in the red zone compared to yesterday, the market remains predominantly green.

Market Overview

Uniswap (UNI) experienced the largest drop among the top 100 coins, falling by 5% to $8.05. Optimism (OP), Polkadot (DOT), and Stacks (STX) also saw declines of just over 4%, with their prices now at $1.75, $6.24, and $1.82, respectively. Conversely, PEPE emerged as the top performer, soaring 20% to $0.00001168. Other notable gainers include MANTRA (OM), Dogwifhat (WIF), and FLOKI, which recorded increases between 18% and 15.8%.

In the top 10 coins by market cap, all but one are in the green. Toncoin (TON) is the only coin down today, dropping 1.7% to $7.4. Bitcoin (BTC) remains steady with minimal change, currently trading at $62,896. XRP leads the pack with a 2.3% increase to $0.54194, followed by Dogecoin (DOGE) which is up 2% to $0.12111. Ethereum (ETH) also saw a slight rise of 0.8%, bringing its price to $3,381.

Spot Ethereum and Bitcoin ETFs See Activity

Analyst Eric Balchunas recently shared on Twitter that spot Ethereum exchange-traded funds (ETFs) are set to launch on July 23. Additionally, spot Bitcoin ETFs witnessed $301 million in inflows on Monday.

Wirex and Visa Expand Partnership

In other crypto news, Web3 money app Wirex and payments giant Visa have expanded their partnership to enhance the use of digital currencies in the UK and the European Economic Area (EEA). This collaboration aims to leverage innovative Visa cards and reduce friction in payment experiences, leading to the launch of Wirex Pay, a modular Zero Knowledge (ZK) payment chain incubated by Wirex. Wirex Pay is designed to revolutionize the management and spending of crypto and traditional currencies.

Cuy Sheffield, Head of Crypto at Visa, highlighted that the partnership aligns with Visa’s vision for the future of payments, emphasizing the importance of collaboration in driving fintech innovation. Sviatoslav Garal, Global Head of Payments at Wirex, added that the move comes at a time when the financial world is transitioning towards Web3 and decentralization.

Ubisoft Enters Web3 Gaming

Gaming giant Ubisoft has announced its latest venture in Web3 gaming with the launch of “Champions Tactics: Grimoria Chronicles,” a tactical game featuring unique mythical Champions characters. This marks Ubisoft’s first original Web3 game developed with NFTs at its core. The game will use Twentysix Cloud’s decentralized computing network Aleph.im for secure storage of NFT metadata.

Champions Tactics also introduced the Warlords, a collection of 9,999 unique digital collectibles, providing exclusive early access to future Champions drops. The upcoming collection, “The Champions,” will allow players to mint three Champions for free on July 18.

Bima Labs Raises $2.5 Million for Bitcoin-Backed Stablecoins

Bima Labs, a developer of Bitcoin-backed stablecoins, announced the successful completion of its seed fundraising round, raising over $2.25 million. Led by Portal Ventures, the round included participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, Delta Blockchain Fund, Halo Capital, CoreDAO, and several angel investors.

Bima Labs’ universal stablecoin, backed by restaked BTC and chain-agnostic, allows users across various Bitcoin Layer 2s and side chains to stake their BTC as collateral. Users can then mint Universal Stable Bitcoin Dollar (USBD) for lending, borrowing, swapping, and as credit against staked BTC. Additionally, the platform offers a protocol governance token, BIMA, with stakers earning fees from the protocol. The stablecoin has launched its testnet, ready to handle significant liquidity with $200 billion in active liquidity prepared for Bitcoin.

This digest provides a comprehensive overview of the latest developments in the cryptocurrency market, highlighting key trends, major price movements, and significant news events impacting the industry.

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