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The crypto market got a sigh of relief this week as cryptocurrencies experienced various degrees of bullish corrections. While the retracements might be a small bump on the hill that tosses the wrecking ball up for better downward momentum, the crypto spaces are nevertheless in an exciting frenzy. The week was also packed with innovations and blockchain infrastructure development for scalability, interoperability, and flexibility.
Bitcoin may be preparing for the world’s most significant bullish trend, according to Bloomberg
As the bearish Tsunami of the present crypto disaster continues to sweep assets downhill, crypto supporters and traders have not lost hope in the imminent recovery of the crypto market. One of such vocal believers is Mike McGlone, a Bloomberg senior Analyst, and Strategist.
Mike, in support of the crypto market, stated that the number of users and adoption of Bitcoin would steadily increase and that the Apex coin might be "the biggest bull market in history as the second half of the year wears on for the crypto market. Or the asset might be a failed experiment that is now rendered obsolete".
Ardana incentivizes Cardano decentralization via ISPO rewards
The Ardana Staking Pool Offering has been launched to solidify and strengthen the Cardano platform's decentralization. The Staking pool offerings will ensure a more equitable spread of incentives to Cardano's ASPA stake pools. The Ardana ISPO was created as a reward mechanism to cater to all delegators within the ASPA staking pools to ensure sustainable decentralization.
This move will reduce the substantial staking shares of a few staking pools, which concentrates too much power in these staking pools and jeopardizes decentralization. The Ardana launch will therefore incentivize users to stake their assets in small staking pools to reduce the share of the few big pools. In a statement by the Ardana team, the health and security of the Ecosystem will enjoy utmost priority.
Ethereum to launch Immutable X scaling solution
As blockchain networks continue to search for seamless scalability, Ethereum seems to have found its goldmine in Immutable X. Immutable X is Ethereum's solution to the challenge of scalability. The platform will allow Ether withdrawals into users' bank accounts as US dollars. The Layer 2 Ethereum-based platform will make the same functionality available to developers who build their apps on the Ethereum network. Immutable X will ensure that the Ethereum mainnet is faster, cheaper, and more energy-efficient, with as many as 9000 transactions per second.
This withdrawal service is available in the European Union, the UK, and the US. The fiat conversions are processed by Moonpay digital payment solutions provider. Ferguson Robbie, the founder of Immutable, in discussion with CoinDesk, stated that services platforms like Immutable X are increasingly becoming fundamental to the crypto community as centralized crypto platforms begin to cast doubts on the integrity and trustless design of the blockchain.
Monero's popularity shoots through the roof
Monero's strong privacy and security designs seem to be paying off. John Foss, the author of the Monero Moon Newsletter, revealed the increasing popularity of the Monero network via statistical indicators.
Foss stated that Monero is becoming the most popular cryptocurrency for all kinds of money transfers. In the Privacy coins niche (coins with exceptional privacy measures), Monero receives about 98% of private transactions. Monero comfortably sits among the top 50 coins even though the currency is not present on many exchanges globally. It is the fifth-largest Proof-of-Work blockchain network, the most popular cryptocurrency for purchasing gift cards in the US, and second globally for the same purchase.
Polkadot deploys a new staking dashboard
Polkadot has launched a new staking dashboard. The user-friendly dashboard saw the number of Polkadot nominators cross 30,000 after its launch. Polkadot introduced the feature to allow users to put their assets to use and possibly make a profit from staking rather than watch as the present bearish market erodes values. Dot appeals to simple economics to help the entire Polkadot Ecosystem. More staking will lock up a significant bulk of Dots and eliminate selling pressure, thus creating a gradual momentum for an upward price push.
Shiba Inu: Memecoin launches stablecoin
Shytoshi Kusama, the lead developer of Shiba Inu, revealed that Shiba would launch its algorithmic stablecoin -SHI- this year. The apprehension towards algorithmic stablecoins created by the collapse of Terra's UST and the recent brief depegging of Tron's USDD would not deter Shiba Inu's stablecoin project.
Kasuma stated that Shiba Inu's algorithmic stablecoin is being handled by a team of competent developers within the Shiba Inu network. The developers will deploy strategies that ensure SHI does not suffer the fate of the UST while making it possible for the SHI stablecoin to deploy the stability and safety needed to balance specific payment structures. Kasuma promised to release more comprehensive information on the development and more progress to be made. While the prospects of an algorithmic Stablecoin excite the Shiba Army, a few battalions seem unsettled with the idea.
Solana faces legal battle over Illegal profiting
A federal California court is to decide claims of illegal profiting brought before it by an investor against the Solana platform. Mark Young with Roche Freedman LLP and Schneider Wallace Cottrell Konecky is suing the Solana ecosystem on behalf of other investors. The investor claims that the management of Solana has been illegally profiting from activities that violate federal securities laws.
The argument is that the management of the Solana network had marketed and sold the asset illegally because they sold and promoted unregistered financial assets.
The concerned investor Mark Young claimed the lawsuit was instituted due to losses he had incurred from investing in the Solana assets. The suit asserted investors had turned their financial assets (in fiat currencies) over to Solana and expected returns for their investments. The Suit is likely to affect the crypto community significantly as it may arrive at interpretations and conclusions that might challenge the present status of crypto assets.
Top Gainers and Losers this week
It was a good week for the crypto market as cryptocurrencies experienced some bullish relief. On the losers' chart, Binance leads the pack with a 0.03% decline in the past seven days. Binance seems to be a lone ranger in the loser's category as all other significant networks had experienced moderate growth in the past seven days. However, in the past 24Hrs, Solana follows Binance with a 0.56% decline while Polkadot comes in with a 24% decline in price. On the gainers' chart, Avalanche led with a 22.62% gain, followed by Polygon (MATIC) at 19.09% and Monero at 14.30%.
Dogecoin to be accepted by Elon's Boring Company
Dogecoin continues to enjoy unlimited support for the self-acclaimed Doge Father - Elon Musk. While SpaceX and Tesla pledged their support for the memecoin in the past by accepting the coin as payment for their respective products, Musk added another company to the list of Dogecoin partners who will receive the asset as a means of payment.
The Boring Company, on July 1, 2022, announced that it would allow customers to pay for Loop rides using Dogecoin, CNN stated. The announcement, combined with Musk's response to CNN's article via a tweet, did not deliver the price effect Musk's tweet had produced in the past. The memecoin only saw a 3% rise in price to $0.06924, and by the end of the trading day, the price went back to $0.06818.