The Crypto Desk

“Today’s Crypto Update: Your Daily Digest of News and Insights”

Crypto Market Overview

In today’s crypto news, the global cryptocurrency market capitalization remains stable at approximately $2.43 trillion over the past 24 hours, while total trading volumes reached $66.8 billion. The market displays a resilient performance, with only a few coins experiencing significant losses among the top 100 cryptocurrencies.

Current Trends: Gainers and Losers

Among the top 100 coins, the biggest decline is observed in Cat in a Dogs World (MEW), which dropped 5.3% to $0.00952. Sui (SUI) follows closely with a decrease of 5.2%, currently trading at $1.72. Ethena (ENA) has also recorded a decline of 4.7%. In contrast, SPX6900 (SPX) has surged, posting an impressive 11% increase, bringing its price to $0.8782. MANTRA (OM) and Popcat (POPCAT) also experienced gains of 9.7% and 6.1%, respectively.

Within the top 10 cryptocurrencies by market cap, only Tron (TRX) is in the red, having fallen 1.1% to $0.16378. Dogecoin (DOGE) leads the pack with a 4.2% increase, trading at $0.14394. Bitcoin (BTC) showed healthy growth, rising 1.9% to $68,409, while Ethereum (ETH) climbed 1.8% to $2,513. Additionally, Japanese investment firm Metaplanet Inc. made headlines by investing $10.4 million to increase its Bitcoin holdings to over 1,000 BTC. Conversely, in India, central bank governor Shaktikanta Das expressed concerns about the potential destabilizing effects of cryptocurrency on financial systems.

BTC Open Interest on the Rise

Recent data reveals a notable increase in speculative activity within the cryptocurrency market, as Bitcoin open interest on centralized exchanges has reached a new all-time high of $45.8 billion. This surge followed Bitcoin’s price hitting the $68,000 mark, with the CME leading the charge, accounting for 31.1% of the open interest. Analysts suggest that this increase reflects optimism as Bitcoin approaches its previous all-time high of $73,737, driven largely by favorable macroeconomic conditions and the upcoming U.S. presidential election in November.

Despite this bullish momentum in Bitcoin, altcoins have displayed mixed results, with only select sectors like Metaverse/Gaming and Infrastructure witnessing minor gains. Notably, meme coins continue to dominate with a year-to-date gain of 238.18%, despite seeing a slight decline this month. Analysts indicate that the focus remains firmly on Bitcoin, which continues to attract institutional interest, particularly through CME futures and options.

Partnership: Babylon Lombard and Chainlink

In a significant development, Lombard, the largest provider of Bitcoin Liquid Staking Tokens (LSTs) on Babylon, has entered a partnership with Chainlink. This collaboration aims to enhance the security of Lombard’s flagship LBTC token through the integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Proof of Reserve (PoR), and Price Feeds. The partnership intends to provide real-time verification of Bitcoin reserves and bolster collateralization transparency, while enabling LBTC’s compatibility across various networks including Arbitrum, Base, and Solana.

Chainlink’s Chief Business Officer, Johann Eid, emphasized that this integration will allow Lombard to develop a robust platform for Bitcoin collateralization and staking, paving the way for innovative financial products within decentralized finance (DeFi). Jacob Phillips, Lombard’s co-founder, highlighted that this initiative sets a new industry standard for Bitcoin in the DeFi space.

MetalCore’s Transition to Solana

In another interesting move within the crypto gaming sector, Studio369 announced the migration of its mech shooter game, MetalCore, to the Solana blockchain. This transition is expected to enhance the game’s infrastructure by offering near-instantaneous in-game actions and improved liquidity for players. The Solana version of MetalCore is slated for release during Season 2 in November.

Existing players will have the ability to bridge their assets to Solana, while newcomers will be welcomed into the platform from the start. MetalCore will utilize Solana Labs’s GameShift platform, streamlining payment systems and making it easier for users to engage with the game’s economy. The studio, comprised of experts from various successful gaming backgrounds, has previously transitioned MetalCore from Unreal Engine 4 to Unreal Engine 5, adding new game modes and functionalities aimed at improving player experience.

Stay Updated

For the latest updates and insights in the world of cryptocurrency, bookmark this page and subscribe to our newsletter!

Visited 1 times, 1 visit(s) today