Daily Market Wrap
Crypto market cap: 0.94 trillion, down 2.07%
BTC price stands at USD 19,697, down 1.69%
ETH price stands at USD 1,439, down 3.76%
Top gainer: eCash (XEC), up 51.37%
Top loser: Avalanche (AVAX), down 9.73%
News of the Day
Why it matters:
Bitcoin dipped 6.11% closing at $20,107 on Friday after U.S. Federal Reserve Chair Jerome Powell affirmed a hawkish monetary policy at the central bank’s Economic Symposium
Powell said that more rate hikes will be needed, with “another unusually large” increase still on the table for the Fed’s next meeting in September
Most altcoins also fell following Powell’s speech, with the entire crypto market cap dropping 2.07% to $949.32B at the time of writing
Crypto Daily Spotlight
Brief introduction: Ethereum is a smart-contract-enabled Layer 1 blockchain. Its execution layer, previously known as ETH 1.0, uses Proof-of-Work (PoW) to validate transactions, which contributes to its scalability issues. Recently, the Merge is set to transition Ethereum to its next phase (formerly known as Ethereum 2.0) as the network’s entire blockchain moves to a new system called proof-of-Stake (PoS), which proponents say will make it more efficient, sustainable and scalable.
Why it matters:
Hetzner announced in a Reddit post that its terms of services prohibit customers from using the services for crypto activities
The Ethereum community perceived the move as a threat to the ecosystem, as Hetzner’s cloud services currently host 15.8% of the Ethereum nodes
With the Ethereum ecosystem reaching its final stages preceding The Merge in September, Hetzner repeated its stance against using its services for mining operations for both Proof-of-Stake (PoS) and Proof-of-Work (PoW) applications
Daily Sector Tracker
Daily News Roundup
US Crypto ATM Provider Bitcoin Depot is Paving the Way for Listing on the NASDAQ https://bit.ly/3pM1uQX
MUFG Bank Raises $45 Million At A $500 Million Pre-money Valuation https://bit.ly/3PSkeZt
Esports and Web3 Company Ampverse Expands into the Philippines https://bit.ly/3PTdx9B
Coinbase Says That it Will Evaluate Any Potential Forks of the Ethereum Blockchain https://bit.ly/3KmG9XH
Binance Restricts a $1 Million Corporate Account Due to a Law Enforcement Request https://bit.ly/3ALOv6X
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