POKKET: Crypto Market Update (Aug 10)
Bitcoin is +6.0% to just under $46,000, ETH is +6.4% to $3150. Movers are CTSI +77%, NKN +35%, SXP +19%, AST UMA +17%, CELR +14%, WABI +13%, REEF BZRX +12%, CHZ +11%, nothing on downside stands out.
The verdict is out on the US Infrastructure Bill for crypto as the Senate rejects the revised crypto tax provisions. The crypto-friendly amendment failed after Senator Richard Shelby, who is retiring this year, tried to tack on $50B in military infrastructure spending but was voted against, so he voted against the crypto-amendments (as he threw his toys, naturally). Bernie Sanders voted against the crypto-amendment as well. Senator Cruz made a bold speech and even tweeted this Bill’s spirit is killing innovation and putting a cap on an industry the entire Senate knows nothing about. Despite the negative headlines, crypto goes on and Bitcoin touches $46k, the first time since the May crash.
Ethereum Pet Rocks, known as EtherRock, are fetching more than $100k as the NFT hype train continues. OpenSea has taken the lead over Uniswap in terms of Ethereum usage, as this summer is proving to be “NFT Summer” much like last year was “DeFi Summer”.
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