Daily Market Wrap
Crypto market cap: 0.91 trillion, down 1.39%
BTC price stands at USD 20,318, down 1.39%
ETH price stands at USD 1,148, down 2.14%
Top gainer: TerraClassicUSD (USTC), up 42.00%
Top loser: Chiliz (CHZ), down 10.58%
News of the Day
Why it matters:
Cryptocurrency exchange Huobi Global plans experienced a sharp drop in revenue after the removal of all Chinese users last year
Huobi gradually stopped serving Chinese customers last September amid China’s crypto trading ban
Last week, Bybit also announced similar cost-cutting measures, laying off 30% of its staff
Coinbase, BlockFi, and Crypto.com have fired a total of over 1400 employees, preparing for a potential recession
Crypto Daily Spotlight
Brief introduction: The Open Network (TON) is a layer-1 (L1) proof-of-stake (PoS) blockchain compatible with messaging service Telegram (TG). It plans to integrate its native token Toncoin into Telegram to make it available and accessible to TG’s 500M monthly active users (MAUs).
Why it matters:
The final TON was mined on June 28; new TON tokens will only enter circulation through a proof-of-stake (PoS) consensus mechanism, which will result in a ~75% decrease of new TON entering the network to (roughly 200,000 TON tokens daily)
“In proof-of-work consensus mechanisms, anyone with the appropriate equipment can become a miner, creating an honest and even distribution of tokens amongst participants in a network,” the TON Foundation said on Tuesday
Daily Sector Tracker
Daily News Roundup
Azuro Closes a $4 Million Funding Round For ‘Decentralised Sportsbook Protocol’ https://bit.ly/3Aagwq0
Horizon Bridge Hackers Send $100 Million of Stolen Funds to Tornado Cash https://bit.ly/3bDJRis
EU Plans to Charge Interest Rates on Stablecoin Deposits https://bit.ly/3QTNbWv
SBF Refutes Rumours About Plans to Buy Robinhood https://bit.ly/3Ori9nj
Hedge Funds Reportedly Shorting USDT Using Hundreds of Millions of Dollars https://bit.ly/3QRTCJO
About Aspen Digital
Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.
For more information, please visit https://www.aspendigital.co/
Sign Up on Aspen Digital
We have launched the beta version of our platform. If you would like to know more, please sign up here.