Daily Market Wrap
Crypto market cap: 1.02 trillion, down 1.38%
BTC price stands at USD 22,077, down 1.41%
ETH price stands at USD 1,529, down 1.66%
Top gainer: Uniswap (UNI), up 3.52%
Top loser: Mina (MINA), down 8.36%
News of the Day
Why it matters:
Taiwan’s Financial Supervisory Commission (FSC) issued a letter to the local banking association in early July, asking that credit card agencies stop bringing on crypto platforms as merchants
In the letter, credit card firms have been given three months to make adjustments and comply with the new law
The UK recently introduced a new bill that seeks to regulate stablecoins
Russia has also extended its ban on using crypto for payments, adding security tokens, utility tokens, and non-fungible tokens to the list
Crypto Daily Spotlight
Brief introduction: STEPN is one of the first move-to-earn Web 3 apps that has taken the crypto world by storm. Founded by Find Satoshi Lab and releasing its public beta version in December 2021, STEPN is a Solana-based Web 3 “lifestyle app” with Social-Fi and Game-Fi elements. To participate in the app, users must first purchase a sneaker NFT from the platform. Users can then earn Green Satoshi Tokens, or GSTs, by running while the app tracks an individual’s steps and own GMT tokens, which provide in-game governance rights. These tokens can be spent in the game, sold on an exchange like Binance (where it is now listed), or used to mint a new NFT.
Why it matters:
The Solana-based app recently generated $122.5 million in profits in the second quarter through platform fees
The company said in a Medium post that it intends to leverage 5% of the proceeds to initiate a buyback and burn program of its $GMT token
However, Ryan Mullins, the CEO of NFT (non-fungible token) sneaker game, Aglet, thinks that such a program will not be sustainable
Daily Sector Tracker
Daily News Roundup
Silvergate CEO Sees Bearishness in the Near-Term, But Remains Positive on Bitcoin Lending https://bit.ly/3vbYeBk
BlockFi’s Loan Portfolio Had $1.8B in Open Loans at the End of Q2 https://bit.ly/3PT2ptw
FTX Reportedly Plans to Buy South Korean Exchange Bithumb https://bit.ly/3PP6yib
Su Zhu and Kyle Davies Publicly Talk About 3AC’s Collapse for the First Time https://bit.ly/3cCsWgG
Blockchain.com Cuts 25% of Staff Amid Crypto Bear Market https://bit.ly/3cCJBAF
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