Celo Community Proposal Vote of transition to an Ethereum L2 starts Today
According to Celo, This governance proposal is a vote for the community in support of Celo returning home to Ethereum by transitioning from being an independent EVM-compatible Layer 1 blockchain to an Ethereum Layer 2. Specifically, it is not a vote on the architecture or design choices of how to achieve that goal of becoming a Layer 2.<br>
Spanish Private Bank A&G Launches Crypto Investment Fund in Response to Investor Demand
A&G, the leading private bank in Spain, has launched a crypto investment fund, becoming the first of its kind in the country. The fund will have exposure to Bitcoin and Ethereum, as well as a minority exposure to other cryptocurrencies with satisfactory levels of volume and liquidity. A&G stated that investors had expressed great interest in crypto investment and that the fund will be regulated and involve professionals subject to supervision, making it a safer choice for crypto-keen investors. However, the fund involves high levels of risk due to the extreme volatility, complexity, lack of transparency, custody, and concentration risk of cryptocurrencies, which may lead to the total loss of investment.
ZigZag Founder Raises $500,000 for New Project at $10M Valuation
The founder of Ethereum's second-tier ZK Rollup order book DEX ZigZag intends to raise $500,000 for its new Perp DEX Invisible at a $10 million valuation to pay for audits, ZK certifiers, and initial operating costs. Invisible will be launched as an independent project, and a portion of its platform tokens (at least 20%) will eventually be unlocked and released to ZZ holders.
Fidelity Report Reveals Key Metrics to Watch for Ethereum in Coming Months
Fidelity, a major financial services provider, has released a report on Ethereum (ETH) that highlights key metrics to watch for in the coming months. The report notes that Ethereum has remained above key support levels and is currently in a neutral zone, potentially setting the stage for a bull run or sideways price action.
Bitcoin Investment Products Record First Week of Outflows Since June ETF Filing
Investment products related to Bitcoin have experienced outflows for the first time since June, when Blackrock filed for a spot Bitcoin ETF, according to a report by CoinShares. Outflows of $13 million were recorded for the week ending July 21, reversing five weeks of inflows. Short Bitcoin products also saw outflows of $5.5 million in the week. Ethereum and XRP investment products, on the other hand, recorded a combined inflow of $9.2 million over the last week, with Ethereum being the best performer. Despite this, Bitcoin remains the dominant digital asset investment product, with $558 million in inflows so far in 2023 and a total of $25.0 billion in assets under management.
Fidelity Bullish on Ethereum for Long-Term Due to Burn Rate Exceeding Issuance
Fidelity Digital Assets remains optimistic about Ethereum for the long term, despite its already impressive 50% increase in value this year. The platform is particularly positive about Ethereum's burn rate, which now exceeds issuance, resulting in a decline in net supply. Fidelity also cites an increase in active Ethereum validators and the upcoming EIP-1153 update as reasons for further upside potential. A recent survey suggests that 46% of Americans believe Ethereum could eventually surpass Bitcoin in market capitalization, and Coinshares confirms that Ethereum remains the largest holding in investors' portfolios.
Moon and Brick Subreddit Tokens Experience Surge and Subsequent Drop in Price
According to Coinshares, digital assets investment products experienced outflows of $6.5 million this week, breaking a streak of four consecutive weeks of inflows totaling $742 million. The outflows coincide with the recent market downturn that saw Bitcoin's price drop to its lowest value since June 21.
Shiba Inu Surges While Ethereum and Cardano Experience Volatility
Shiba Inu (SHIB), a meme-based cryptocurrency known for its volatility, has surprised the market with a steady and sustained growth of over 20% during a period of correction. This unexpected rally has defied the usual reputation of SHIB as a highly speculative asset.
Bitcoin Drops Below Key Support Level, Other Top Coins Follow Suit
At the start of the week, sellers hold more power than buyers. Bitcoin has dropped by 2.66% in the past 24 hours and has broken the support level at $29,508. Ethereum's rate has only dropped by 1.47%, but is also testing a support level at $1,827. Cardano and Binance Coin are both experiencing declines, with Cardano's rate testing the $0.2996 support level and Binance Coin trading in a consolidation around $235. However, Dogecoin's rate has risen by over 4% and may experience a breakout if it closes around the resistance level at $0.07756.
Vitalik Buterin Raises Privacy Concerns Over OpenAI's Worldcoin Crypto Project
Vitalik Buterin, the creator of Ethereum, has expressed concerns about Worldcoin, a new cryptocurrency project launched by OpenAI. Worldcoin aims to use a hardware device called the "Orb" to scan users' irises and create a decentralized database of identities. However, Buterin has highlighted four major risks to the project, including potential privacy breaches and security vulnerabilities. Despite these concerns, the WLD token has already achieved a fully diluted valuation of $22.5 billion and risen by 33% since launch.
