The cryptocurrency market remains range bound with a slight bearish bias as Bitcoin (BTC) continues to struggle to stay above $20,000. While preparing this report, Bitcoin was trading at $20,173, a decline of 1% in the last 24 hours. Ethereum (ETH) has lost 1.50% to trade at $1,568. XRP was trading at $0.3276, reflecting a loss of 1.80% in the past 24 hours.
The list of major cryptos, which gained in the last 24 hours, include Stellar (XLM, $0.1051, 0.40%), Polygon (MATIC – $0.8487, 2%) and Dogecoin (DOGE – $0.0616, -2.70%).
Major altcoins, which have lost ground in the past 24 hours, include VeChain (VET, $0.02432, -2.50%), Tezos (XTZ, $1.51, -1.60%), Uniswap (UNI, $6.17, -2.50%), IOTA (IOTA – $0.2828, -3.70%), Binance Coin (BNB – $279.62, -3.10%), Cardano (ADA, $0.4502, -2.60%), Internet Computer (ICP, $6.24, -3.60%), Solana (SOL, $31.56, -2.70%), Shiba Inu ( SHIB, $0.00001223, -2.40%), Polkadot (DOT, $7.06, -2.70%), Avalanche (Avax- $19.26, -3.40%), ChainLink (LINK – $6.64, -2.60%), EOS (EOS – $1.37, -5%), and Bitcoin Cash (BCH, $116.46, -1.10%).
Private sector initiatives
Baton Systems includes OCC to its list of central clearing counterparties
DLT (distributed ledger technology)-based collateral management solution provider Baton Systems revealed the inclusion of Options Clearing Corporation (OCC) to its list of central clearing counterparties (CCPs). The collateral management platform enables automation of margin management for exchange-traded and cleared FX derivatives. Prominent users of the platform include Citi and JP Morgan. The platform links eleven CCPs, including ICE Clear Europe, LCH, CME, Eurex, and SGX.
So far, the platform has handled over 68 million transactions, valued at $7.10 trillion (cash plus securities). By widening connectivity, clearing institutions will be able to automate collateral administration throughout 11 major CCPs across the globe, together constituting over 93% of the margin.
With a rising interest rate scenario, there is a dire need for FCMs to maximize their non-cash collateral utilization.
Baton’s core collateral platform facilitates Clearing Members to automate and optimize their collateral management procedures by offering intra-day visibility of prevailing margin obligations and collateral holdings at the CCPs.
Mercado Libre launches cashback reward shopping token
Brazil-headquartered Mercado Libre has unveiled a token in Brazil as a cashback reward for shopping. The crypto token will also be accepted as a mode of payment for goods on its platform. Also referred to as MercadoCoin, the Ethereum-powered token is tradable through the company’s digital payments platform, Mercado Pago. The initiative is a portion of its loyalty program, structured to lure and retain clients.
Mercado’s cryptocurrency initiatives are perceived as a smart play considering the high usage rates of cryptos in Latin America. Specifically, as per Chainalysis data, the region accounts for 8% to 10% of worldwide cryptocurrency activity.
The e-commerce behemoth started offering users access to Ether (ETH), Bitcoin (BTC), and stablecoin Paxos (PAX) in December 2021. Mercado also bought a stake in the cryptocurrency exchange.
Notably, MercadoCoin is anticipated to be priced at $0.10 during the pre-sale. In the initial stage, the crypto will be made available to 500,000 customers of the company. By the end of August, the crypto is expected to be owned by about 80 million people.
Tether contracts BDO Italy for asset attestation process
Tether, the number one stablecoin in terms of market cap, has revealed that it has contracted BDO Italy, a subsidiary of the world’s fifth largest accounting firm, BDO group, for asset attestation process. Notably, BDO is only 1/3rd the size of KPMG, which is the fourth largest accounting firm in the world. Earlier, the asset attestations were done by Moore Cayman.
In February 2021, Tether was prohibited from functioning in New York. Later in October, the firm was slapped with a fine of $41 million by the Commodity Futures Trading Commission (CFTC) over fake and deceptive statements about the reserves pegged to the stablecoin.
Following the collapse of Terra algorithmic stablecoin in May, Tether’s market cap has declined to $67 billion, from $83 billion. This was coupled with the stablecoin losing its peg to the US dollar, dropping to 95 cents around May 12 before rebounding to establish the 1:1 peg. Currently, the market cap of second-ranked stablecoin USDC has increased to $54 billion, from $49 billion.
The initiative taken by Tether is perceived as the “next step” towards a detailed audit process, a move Tether executives have guaranteed many times in the past.
Miscellaneous
Gordon Ramsay looking to launch Hell’s Kitchen in the metaverse
Celebrity Chef Gordon Ramsay is collaborating with metaverse platform The Sandbox to launch his cooking program Hell’s Kitchen in the metaverse. The Hell’s Kitchen game – planned to be hosted on ITV’s LAND – will feature the initial cooking-themed programs in The Sandbox. Interestingly, the Sandbox will also be composed of Hell’s Kitchen-themed digital collectibles, Gordon Ramsay avatars, for example.
This is all a component of the advertising campaign for the television show. It shows that film and television are starting to exploit the metaverse to captivate their audiences. This is where blockchain technology-based metaverses such as The Sandbox and Decentraland enter the equation, giving digital real estate for businesses to develop their own immersive experiences for interaction.
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.
