As crypto markets saw some recovery on Tuesday, decentralized finance tokens and applications have once again started swelling in value. Decentralized exchange (dex) trade volumes have increased a great deal, as daily swap volumes stemming from Ethereum-based dex applications have doubled since Monday.
Chainflip is a decentralized, trustless protocol facilitating cross-chain swaps between different blockchains. The platform does not require users to have previous crypto knowledge or an intermediary to swap their tokens, as they can perform these functions in a few clicks. This way, Chainflip provides a trustless environment with no user barriers or heavy trade-offs.
Filecoin (FIL), the decentralized storage network token rose by 9% over the past 24-hours as key on-chain metrics for the altcoin recorded new highs. The price jumped from $58 to $65 in the past 24 hours and currently trading at $60.54, while the trading volume saw a 124% jump during the same time frame.
The Bank of Russia officially announced the establishment of the first pilot group for testing the digital ruble, bringing together 12 Russian banks. The pilot members include Russia’s largest banks like state-backed Sberbank and VTB and major private banks like Tinkoff Bank. Other participants include commercial banks Alfa-Bank, Gazprombank, Promsvyazbank, Rosbank, Ak Bars Bank, Dom.RF, SKB-Bank, TKB and Soyuz bank.
A veteran crypto trader and influencer is singling out one mid-cap altcoin that he says will significantly outperform Ethereum this year.
The pseudonymous trader, who tweets to his 539,500 followers under the alias The Crypto Dog, says that smart contract platform Solana (SOL) has the potential to blaze toward Ethereum’s $250 billion market capitalization.
Coinbase shared plans to focus on global and 3rd party products
According to Coinbase CEO Brian Armstrong, Coinbase believes that “our centralized (CeFi) products will continue to play a critical role in the growth of the crypto economy.”
Dogecoin was the talk of crypto in April and May but since then, the hype has fallen drastically. Dogecoin experienced mind blowing gains the last year rising over 10,000%. As Bitcoin began to fall from $60,000, DOGE followed suit. -77% retracement off highs has left the DOGE army silent. Although, market signs show the bottom may be in for some time.
After a brief lackluster behavior on the crypto markets, ETC now attempts to reach new heights. It has jumped from the lows of $32.25 on June 22 to above $62 within nine days. It is a massive 92% return for investors; Ethereum Classic is showing no signs of stopping. Over the last 24 hours, the ETC coin price was up by 35%. The uptrend rally is far from over, and the indicators show a potential to break all barriers. The next resistance will be instrumental in deciding the time frame required by ETC to reach new heights.
Speaking at the CNBC Financial Advisor Summit on June 29, Senator Cynthia Lummis said she would like to see Bitcoin and other crypto-assets become a normal part of diversified asset allocations used for retirement funds. She said it would help them protect from inflation. “I’d also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act,” U.S. Senator added.
Global banking giant HSBC has announced that it has been successfully onboarded to the regional Know-Your-Customer (KYC)-focused private blockchain backed by Dubai’s government.
HSBC is the first overseas, and fourth founding member, to go live on the “UAE KYC Blockchain Platform,” which was developed by the Dubai-based Department of Economic Development, dubbed “Dubai Economy.”