POKKET: Crypto Market Update (Aug 5)
Bitcoin is up +3.6% to just a touch under $40k, ETH is up a whopping +8.3% to $2700 prior to the EIP-1559 fork. Movers are COMP +16%, AXS BQS TRU PNT +13%, ALPHA +12%, rest are calm.
Ethereum’s long awaited London hard fork happens soon, which includes the big change EIP-1559 which changes how transactions are structured by introducing a new base fee to make transaction costs transparent and less of a guessing game. It will also add a level of gamification by burning the transition fees, which used to go to the miners, while paying miners a fixed fee of 2 ETH per block plus tips. Long story short, this will tend to lead to less inflation by lowering the rate at which new ETH is produced.
Bitcoin and the crypto industry as a whole continues to follow the US Infrastructure Bill, and is encouraged to support the latest amendments penned by 3 senators, from both sides, as they explicitly exclude validators, hardware and software wallet makers and protocol devs from the tax reporting provisions which were previously interpreted as literally anyone having touched crypto.
Meanwhile, the next trend brewing in crypto is called Web 3.0 tokens — a collection of projects focused on the next-gen tech for web apps, notably bittorent, helium and livepeer. Messari reports Web 3.0 tokens have seen a +244% gain YTD vs. +159% across all of crypto, but still well behind this year’s trend of NFT which is +2726%.
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