The cryptocurrency market remains range-bound, with Bitcoin (BTC) fighting back to rebound above $30,000 after plunging to $29,000 on Wednesday. While writing this article, the numero uno crypto in terms of market cap was trading at $31,990, up 7.1% in the last 24 hours. Ether (ETH) has gained 10.6% in the last 24 hours to trade at $1,978. XRP was trading at $0.5643, reflecting a gain of 6% in the past 24 hours.
Major altcoins, which has gained ground in the past 24 hours, are Dash (DASH-$137.29, 5.50%), Binance Coin (BNB-$289.62, 8.80%), IOTA (IOTA-$0.6270, 7.10%), Cosmos (ATOM, $10.25, 8.40%), Tezos (XTZ-2.35, 8.30%), Tron (TRX-$0.0532, 4.70%), EOS (EOS-$3.45, 5.40%), ChainLink (LINK-$15.12, 9.30%), Cardano (ADA-$1.16, 8.90%), Polkadot (DOT-$11.98, 7.40%), Bitcoin Cash (BCH-$426.02, 6.5%), Stellar (XLM-$0.2264, 6.90%), and Bitcoin SV (BSV-$118.97, 3.70%).
Government level initiatives
Bitcoin bill tabled in Paraguay Congress
Carlitos Rejala, a Paraguayan Congressperson, and Senator Fernando Silva Facetti tabled a Bitcoin (BTC) bill in Congress, highlighting the urgent need to create a comprehensive digital asset framework for the country.
Even though Rejala did not indicate what the bill would achieve, a section of legislators in the country wish to go in the path of El Salvador, which is in the process of making the numero uno crypto the legal tender in the country.
More than two weeks before (June 6), Rejala revealed that Bitcoin and other crypto-assets would be a part of a crucial venture to make the country technically advanced.
On the basis of Rejala’s earlier statement, the upcoming bill will introduce steps to transform Paraguay into a major center for overseas crypto investors, companies, and even Bitcoin miners. The bill will likely include terms for making Bitcoin a legal tender.
People’s Bank of China releases white paper on e-CNY
China’s central bank, the People’s Bank of China (PBoC), published a white paper for the digital yuan (e-CNY), reaffirming its earlier statements related to the central bank’s digital currency and also clarification on some crucial issues.
For instance, the ex-central bank governor had earlier stated that the digital yuan is issued by state banks against the central bank deposits, making the digital yuan a synthetic CBDC. However, the white paper has clearly stated that the CBDC is issued by the PBoC and the central bank and commercial banks only disburse it.
Notably, at the end of June, there were 21 million wallets opened by individuals in addition to 3.40 million wallets by corporates. Furthermore, 70.75 million transactions involving RMB 34.50 billion (~$5.34 billion) had been processed so far.
The paper has highlighted financial inclusion, encouraging fair competition, and facilitating interoperability as core objectives.
Private sector initiatives
Dolce & Gabbana to auction NFT in collaboration with UNXD
High-end brand Dolce & Gabbana is gearing up to unveil a non-fungible token (NFT) collection by partnering with UNXD, a digital marketplace. The collection, named Genesi, will be fostered at Dolce & Gabbana’s forthcoming events Alta Moda, Alta Goilleria, and Alta Sartoria.
UNXD is placing itself as a brand focused on luxury NFT dealings. Every NFT in the collection will be solely auctioned on the UNXD marketplace hosted on the Polygon Network, which is an Ethereum scaling solution.
Polygon Network minimizes the environmental effects and expenses related to the mining of NFTs. Notably, WENEW, Beeple’s NFT venture, is also hosted on Polygon. Interestingly, Gucci was arguably the first to join hands with the platform to create 3D clothing as NFTs.
Dolce & Gabbana’s collection is a premium product aimed at the company’s regular customers rather than millennials in the crypto and gaming market. The collection is centered on artistic chronicles from Venice, where fashion events are conducted regularly. The foremost NFT to be auctioned has been christened “Dress from a Dream.” It is influenced by the vision of the designers Domenico Dolce and Stefano Gabbana.
Apollo Global Management partners with Figure Technologies
Apollo Global Management, the alternative asset manager, has partnered with Figure Technologies for several blockchain initiatives, including retaining funds on the blockchain, creating digital marketplaces, and asset securitization. Of the roughly $463 billion worth of assets being administered, $323 billion is in the form of credit.
Figure established the Provenance blockchain, which is utilized for several financial applications, including asset-backed securities (ABS), administering capitalization tables for equities, and payment processing. In May, Figure, which was founded by Mike Cagney, raised $200 million based on a valuation of $3.20 billion. Notably, Cagney was also the founder of the tech firm SoFi.
Initially, Figure was focused on mortgages or Home Equity Loans and Home Equity Lines of Credit (HELOCs), in particular. The firm deployed a digital marketplace on the Provenance blockchain to trade HELOCs. Since then, it has expanded to loans, equities and funds after getting the Alternative Trading System (ATS) license from the SEC.
Regarding the partnership, John Zito, Senior Partner and Deputy CIO of Credit at Apollo said, “This collaboration extends Apollo’s strategy of working with best-in-class fintech firms to seek the operational and cost benefits that blockchain and other technologies can bring to bear.”
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
