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NFT Marketplace TravelX Collaborates with an Argentine Airline; Miners are Offloading their Ethereum

Daily Market Wrap

  • Crypto market cap: 950.88 Billion, up 4.82%

  • BTC price stands at USD 19,411, up 3.65%

  • ETH price stands at USD 1,343, up 6.18%

  • Top gainer: XRP (XRP), up 34.51%

  • Top loser: Helium (HNT), down 1.26%

News of the Day

NFT Marketplace TravelX Launches With Tickets From Low-Cost Argentinian Airline Flybondi

Why it matters:

  • TravelX is a marketplace for tokenised travel products and has launched 2.5 million Flybondi, an Argentine low-cost airline, tickets for sale, which will be converted into an NFT (NFTicket) when sold

  • Built on the Algorand blockchain, it is a peer-to-peer system where customers can auction, sell, transfer, gift or exchange their tickets

  • Diaz, co-founder of TravelX, said that while the platform only allows for transactions using USDC, they plan to integrate other coins developed by other airlines

Crypto Daily Spotlight

Ethereum miners’ $319M crypto hoard hangs over market after merge

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 has been completed and has transitioned 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:

  • Ethereum miners had accumulated over $340 million worth of Ethereum through mining up to the Merge, of which $21 million was dumped during the week of the merge

  • Head of Research at IntoTheBlock, Lucas Outumuro, claims the decline in balances is due to “miners moving onto other chains” and that they are “taking profits from their ETH holdings”

  • Ethereum’s price increased as the Merge date approached but has since fallen, potentially due to external macroeconomic indicators, the lack of certainty and miners dumping their tokens

Daily Sector Tracker

Daily News Roundup

  1. Celsius Network Might Be Planning to Turn Its Debt Into Crypto ‘IOU’ Tokens

  2. BTC Mining Firm Compute North Files for Bankruptcy

  3. Coinbase Refutes Claims It Tested Proprietary Trading

  4. Helium Migrates its Blockchain to Solana Following T-Mobile Partnership]

  5. CFTC Files Lawsuit against Decentralized Autonomous Organization

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