Gate.io Blog Daily Flash | Bulls Took Over Bitcoin And Ether On U.S. Independence Day, CoinShares to Acquire Napoleon AM

Daily Flash | Bulls Took Over Bitcoin And Ether On U.S. Independence Day, CoinShares to Acquire Napoleon AM

05 July 10:44

Today's Headline - Central African Republic’s ‘Sango’ Crypto Hub Goes Live

The Central African Republic (CAR) officially launched the ‘Sango’ project in a launch event titled ‘Sango Genesis Event’ on Sunday.

‘Sango’ refers to developing a government-backed crypto hub aimed at attracting businesses and global crypto talent/enthusiasts, ramping up local BTC adoption, and overseeing the rollout of crypto regulatory frameworks and infrastructure. The project also includes the development of a ‘crypto island’ and the ‘Sango coin’ - CAR’s official cryptocurrency.

President Faustin-Archange Touadéra stated,

“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost. This technology will give an identity to the continent by reducing cost. This vision is perfect, and we do not have the time to wait. [...] For us, the formal economy is no longer an option.”

Chart of the Day - OpenSea Monthly Volume Declined by 73% in June

The monthly NFT trading volume on OpenSea (Ethereum network) declined by 73.2% in June, from $2.60B to $697M, the lowest volume since July 2021.

The crypto markets have remained relatively stable on July 4, which is a national holiday for the United States financial markets.

As of this writing, Bitcoin (BTC) was trading at about $20,218, up 5.47% over the past 24 hours. Bitcoin plummeted below $19,000 on Thursday last week before regaining some losses during a Friday rally. The inability of the bears to extend Bitcoin’s decline below $19,600 (monthly support) may suggest a lack of sellers at lower levels.

Ether (ETH) rose along with several other mainstream altcoins as investors seemed more receptive to risk. Ether was trading at more than $1,145, a nearly 7.14% gain over Monday. Among other major cryptos, Solana (SOL) and The Sandbox (SAND) jumped more than 9% and 8%, respectively.

Ether (ETH) plummeted below the psychological level at $1,000 on June 30 but the bears could not bring it further downwards which may suggest that more bulls are buying on dips.

Influencer of the Day - ‘This recession will be the most severe yet’: Peter Schiff

Peter Schiff, the man who called the 2008 financial crash, CEO and chief global strategist at Euro Pacific Capital, wrote in a tweet on Monday:

“Anyone thinking this recession will be mild doesn't understand recessions. The longer interest rates are held too low during a boom, the more mistake that must be corrected during a bust. Since rates have never been so low for so long, this recession will be the most severe yet.”

Buzzes of Yesterday - #Alibaba, Tencent, Baidu to Require ID Checks for NFT Purchases, #CoinShares Bought Out Crypto Asset Manager Napoleon AM

British Army’s Social Media Accounts Hacked And Flooded With Crypto Posts

Argentines Seek Hedging in Stablecoins After Economy Minister Resigns

Singapore's Central Bank Weighs Further Safeguards on Retail Crypto Trading

U.S. 2nd-largest electric power company reportedly explores Bitcoin mining

CoinShares acquires French crypto asset manager Napoleon AM

Chinese Tech Giants Alibaba, Tencent to Require ID Checks for NFT Purchases

Software Firm Meitu Lost Up to $52.3M in H1 Due to Slide in Crypto Prices

Polkadot Builder Parity Technologies Adds 3 Execs to Leadership Team

Solana DeFi Protocol Crema Loses $8.8M in Exploit

Lending Platform Vauld Looks to Restructure Amid Crypto Downturn, Suspends Transactions

Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice. Gate.io reserves all rights to this article.
Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

BTC/USDT + 3.15%

ETH/USDT + 7.52%

SOL/USDT + 2.42%

DOT/USDT -1.22%

SAND/USDT + 1.04%

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