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The summer sizzle
As the weather’s heated up, so has the cryptocurrency market. The combined value of the 11,000 cryptocurrencies listed on CoinMarketCap has climbed further over $2 trillion during the weekend with some major coins making huge moves.
But bitcoin isn’t one of them, with the world’s largest cryptocurrency failing to make a break above $50,000 over the last couple of days. $50k is very much still in play, however, with some traders and investors eyeing even bigger prizes.
Ethereum has continued to run victory laps since its early-August upgrade, with its price now firmly above $3,000. Ethereum’s biggest rivals are though painting a mixed picture, with cardano and Binance’s BNB making low single-digit percentage gains. Meanwhile, polkadot, up 10%, pales in comparison to solana‘s near-40% rally over the last 24 hours that’s pushed it into the crypto top ten by value, as measured by CoinGecko.
Solana, a blockchain trying to win market share from ethereum, has close links with the FTX crypto exchange—FTX’s sister company Alameda Research is an investor in solana, and FTX also operates its own decentralized exchange called Serum on the solana blockchain.
Elsewhere, the meme-based dogecoin has climbed over 10% during the last 24-hour period as traders cheer support from billionaires-turned-crypto influencers Mark Cuban and Elon Musk—both of whom reaffirmed their support of the memecoin over the weekend.
Walmart shops for a crypto hire
Same-day delivery: After news broke in July that online “everything store” Amazon was in the market for a crypto hire led to a confused market pump, we may see something similar again this week.
Move fast: The ad has already attracted over 65 applicants, according to LinkedIn.
Break things: The successful candidate “will be responsible for developing the digital currency strategy and product roadmap,” the ad said. “As an expert in digital currencies/cryptocurrency and blockchain-related technologies, you will drive the vision for the product and capabilities roadmap.”
Biden’s looming CFTC chair pick
- President Joe Biden plans to name Rostin Behnam to lead the U.S. Commodity Futures Trading Commission (CFTC), according to a Bloomberg report, citing “people with knowledge of the matter.”
- The CFTC, which oversees much of the $582 trillion global derivatives market including cryptocurrency trading, has become a powerful force on Wall Street since the 2008 financial crisis.
- It’s thought Behnam’s appointment announcement is still some weeks away, however.
- Behnam, a commissioner at the CFTC since 2017 and acting chairman since January, signaled his broad support of blockchain technology and called for an “open mind” on the regulation of financial technology (fintech).
- The CFTC has previously said it sees bitcoin as a commodity and permitted the CME Group, which it regulates, to list bitcoin futures contracts.