It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- Truth Labs Introduces Portals
- MT Gox Bitcoin Repayments
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Lido DAO ($LDO): +16.0%
- Injective ($INJ): +10.7%
- Fetch.ai ($FET): +9.7%
Top Losers
- Uniswap ($UNI): -9.0%
- Gnosis ($GNO): -8.1%
- Bitcoin Cash ($BCH): -8.1%
Trending Crypto Sectors/Categories
- Data Availability
- Artificial Intelligence (AI)
- Zero Knowledge (ZK)
Total Crypto Market Cap – 2.332 Trillion
Fear and Greed Index – 51
Top NFT Sale
- Cryptopunks #9827 Sold for 40 ETH
Highlights of the Day
Truth Labs Introduces Portals
Truth Labs, the creators behind Goblintown, have launched an innovative initiative to ensure the longevity and adaptability of NFT collections. The new platform, called Portals, enables NFT holders to move their digital assets across different blockchain networks, providing significant flexibility and future-proofing capabilities for their NFTs.
Supported Chains
At its launch, Portals supports integration with several prominent EVM-compatible chains, including Arbitrum, Base, Blast, Optimism, and Polygon. Users can bridge their assets back to Ethereum, ensuring comprehensive interoperability. Looking ahead, Truth Labs plans to expand Portals’ reach by integrating Solana, facilitated through a partnership with LayerZero Labs.
MT Gox Bitcoin Repayments
After over a decade of anticipation, Mt. Gox creditors are finally on the brink of receiving restitution for their losses. The once-prominent cryptocurrency exchange, which famously lost 850,000 Bitcoin in 2014, will commence repayments starting July 2024.
Creditors’ Long Wait
The trustee overseeing Mt. Gox’s rehabilitation has announced that over 127,000 affected users will receive compensation in Bitcoin (BTC) and Bitcoin Cash (BCH), marking a significant milestone in the long-awaited repayment process. This marks a crucial advancement in the lengthy process, with creditors encouraged to remain patient and informed about the ongoing repayment order and timing.
Project of the Day
Aave
Aave ($AAVE) continues to solidify its position in the cryptocurrency market as a decentralized platform for borrowing and lending. Utilizing smart contracts, Aave automates these processes with predefined rules for fund distribution, collateral management, and fee assessment.
As of now, $AAVE boasts a market cap exceeding $1.27 billion, with its price hovering around $85. Despite recent market downturns, Aave has demonstrated resilience with a modest 5% gain in the past 24 hours. Over the past year, the token has shown substantial growth, surging by 50%. However, it remains 85% below its all-time high of over $600 during the 2021 bull market frenzy.
Notably, key features such as borrowing, lending, staking, liquidity pools, and flash loans underline Aave’s fundamental strengths in the cryptocurrency sector. As such, with the bull market gaining momentum, Aave looks set to maintain a positive trajectory as it continues to innovate and expand its decentralized finance (DeFi) offerings.
Crazy Day in Crypto
- In the past 24 hours, $325 million in cryptocurrency has been liquidated, causing Bitcoin’s price to drop below $60,000 for the first time in two months.
- Ethereum holds its ground despite Bitcoin dropping to $58,000 and other major cryptocurrencies like SOL following in the footsteps of BTC.
Market Sentiment & Predictions
- There is speculation circulating that Donald Trump may be scheduled to speak at the Bitcoin convention scheduled for July.
Business Talks & Political Insights
Since last Thursday, Nvidia ($NVDA) has experienced a significant decline in market capitalization, with losses totaling $550 billion.
