Bitcoin Dominates in a Bitter-sweet Week for Altcoins
In a week where Bitcoin repeatedly captured the headlines for major occurrence in the crypto space, we take a look at the leading Cryptocurrency’s dominance and its effect on the market.
Altcoins Tumble as BTC Dominance Reaches 26-Month
Bitcoin briefly dropped below 30k on Wednesday 28th June, sending the majority of the smaller cryptocurrencies tumbling.
ADA, MATIC and AVAX suffered the largest falloffs, losing 6%, 7.7% and 8% respectively. This Altcoins underperformance propelled BTC dominance to a 26-months high 52%. This means that for the first time since April 2021, Bitcoin’s Market Cap makes up 52% of the entire cryptocurrency Market Cap.
Bitcoin Miners Send Record $128M in Revenue to Exchanges
Bitcoin Miners have sent a record all-time high amount of BTC to centralized crypto exchanges. This comes in during a week that has seen extremely high exchange interactions from Bitcoin Miners.
These miners have sent a record $128 million to exchanges over the course of the week. This Spike in revenue flows into exchanges is equivalent to a 315% increase of their daily revenue.
Mastercard Set to Launch ‘Blockchain App Store’
Credit Card Giants, Mastercard announced that it will be launching a test version of its Multi-Token Network (MTN) this summer.
In a Wednesday letter, the firm said that MTN will act as a test bed for developing pilot applications. Once launched, Developers will be encouraged to create apps on MasterCard’s permissions Blockchain which is built on the Ethereum network.
KuCoin to Introduce Mandatory KYC
Cryptocurrency exchange, Kucoin announced on June 28th that it will be implementing a mandatory Know-your-customer (KYC) protocol for its users. The New KYC checks to access the trading platform and other services offered, is set to begin on July 15th, 2023.
The exchange also announced that existing customers who do not complete this KYC will have restricted access, being able to withdraw their funds and access spot trading sell orders. CEO Johnny Lyu said that the new Policy is part of the firm’s efforts to meet global compliance requirements and ensure the safety of user assets.
Indonesia Bitcoin Conference 2023 to Take Place in October
The Indonesia Bitcoin conference 2023 is set to take place in October 2023 at the Prime Plaza Hotel in Bali. The Conference will bring together, a diverse group of technology and crypto enthusiast who will deliberate on Bitcoin’s potential to revolutionize the financial industry. With over 40 speakers, the conference will feature top minds including Jack Dorsey, Chairman of Block Inc. and a host of other technology masterminds.
TUSD Depegs Amid Doubts On 100% Backing
TUSD lost its peg in the early hours of Wednesday, 28th June, trading at a discount relative to its compatriot tether (USDT) on Binance.US. Trading view data showed that TUSD traded at 89 cents at mid-day, having hit an 80 cents low on Wednesday morning.
Pseudonymous observer, Parrot Capital suggested that low trading volume in the exchange was responsible for TUSD’s depegging. This downside Volatility on the US based exchange comes after the revelation that Token reserves hold’s $26,000 in the stable coin assets at an institution under investigation.
Scammed Behind Bars
Former NRL superstar Jarryd Hayne has reportedly fallen victim to a Bitcoin scam while serving a prison sentence. Hayne, along with five other inmates at Cooma Correctional Centre in Australia, allegedly lost over $2 million to a fellow prisoner who claimed to be a Bitcoin expert.
The scammer, Ishan Seenar Sappideen, promised significant returns on investment and had previously swindled $4.6 million from others. Despite a settlement, the whereabouts of the victim’s funds remain unknown.
BAYC NFT Declines Drastically as Huang Sells Over 50 Bored Apes
The Bored Ape Yacht Club (BAYC) faced some price turbulence at the beginning of the week, as Jeffrey Huang (Machi Big Brother) initiated a series of transactions, resulting in a decline in floor prices. Huang sold over 50 Bored Apes in the past few days, with one transaction alone generating 651 Ethereum (approximately $1.2 million) on the NFT marketplace Blur.
However, Huang’s subsequent purchases led to a partial rebound in the collection. In April 2022, the floor price for Bored Ape NFTs peaked at around 152 Ethereum, but it recently declined to approximately 33 Ethereum (equivalent to $62,000), according to NFT Price Floor data.
