Today, crypto enthusiasts and even the conventional finance experts are paying heed to the fascinating turns of events in the crypto realm. One cannot ignore the impressive resurgence of Bitcoin (BTC), which saw a 3% leap almost touching the $30,000 mark. This upswing can be pinned down to the unexpected fall in global long-end government bond yields, provoked by the disappointing trade record from China for July. In concert with Bitcoin, other cryptocurrencies such as Solana (SOL), Toncoin (TON), and Chainlink (LINK) have also marked above 4% gains.
On another note, here’s a heads up for our readers. PayPal’s latest stablecoin launch has sparked interest among crypto enthusiasts. However, some unscrupulous elements are exploiting this anticipation by flooding the market with sham PYUSD tokens on sundry blockchains. This should be a forewarning for all investors to carry out proper due diligence and ensure the legitimacy of tokens before executing any transactions.
Echoing the general jubilation in the crypto space, well-known figures such as Ark Invest CEO Cathie Wood and Galaxy Digital CEO Mike Novogratz have voiced optimism about the approval of a spot bitcoin ETF by the SEC. With the crypto community keeping their fingers crossed for a positive verdict, several applications are now on hold.
In one of the intriguing movements, Huobi, one of the leading cryptocurrency exchanges, recently saw hefty deposits from a crypto whale which includes $200 million USDT and 5,000 ether (ETH). This comes amid ongoing outflows from the exchange.
On the digital currencies trading front, Reddit’s Moons (MOON) and Bricks (BRICK) community tokens marked substantial price leaps following their addition to Kraken. Primarily used as rewards within specific Reddit communities, these coins have been the centre of attention following their inclusion on a major crypto exchange.
The ever-fluctuating crypto landscape makes for an interesting blend of innovative strides, market responses coupled with occasional potholes. As Bitcoin retakes the $30k threshold and key players like PayPal take bigger strides into the crypto world, there’s an increasing intersection of the traditional financial systems and digital currencies.
Source: Coindesk
