Ndax Weekly TL;DR July 22nd

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.

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Top Stories

Happy Monday, Ndaxers— Here’s what happened last week:

Polygon announces transition from MATIC to POL tokens starting September 4 as part of network upgrade
Craig Wright retracts claim of being Satoshi Nakamoto following court Order
Chainlink launches tokenization sandbox to boost institutional blockchain innovation
SEC commissioner Peirce indicates staking may be reconsidered for spot Ethereum ETFs

In a recent announcement on social media platform X dated July 18; the Polygon Foundation revealed that the upgrade to POL tokens is scheduled to begin on September 4. This upgrade will see POL replacing MATIC as the primary token for gas payments and as the staking token within Polygon's proof-of-stake (PoS) consensus mechanism.

This upgrade is designed to enhance Polygon's network capabilities and align with the broader goals of scalability and efficiency improvements within the blockchain. The transition to POL tokens is expected to have a considerable impact on the Polygon ecosystem, potentially increasing its attractiveness to developers and users seeking advanced decentralized solutions. This development reflects ongoing efforts in the cryptocurrency industry to optimize blockchain technologies for greater performance and user engagement. crypto.news

After court ruling and imposed requirements, Craig Wright has made a public admission by publishing the legal notice on his website that he is not Satoshi Nakamoto, the anonymous founder of Bitcoin. This development follows a series of legal challenges and public scrutiny over Wright's previous claims of being the creator of Bitcoin. The court's intervention has led to this significant reversal, resolving a contentious issue that has been part of the crypto community's discussions for years. Wright's admission may influence related legal proceedings and is likely to affect how the cryptocurrency's foundational history is viewed, putting to rest one of the most high-profile identity debates in the technology world. CoinDesk

Chainlink has introduced a tokenization sandbox, designed to meet the growing demand among institutions for secure environments where they can experiment with digital assets. Angela Walker, the global head of banking and capital markets at Chainlink Labs, stated that this new platform is a response to the need for safer testing spaces that can drive blockchain innovation and development of new use cases. The sandbox provides essential tools and resources, enabling large institutions to explore and enhance their strategies for integrating real-world assets into blockchain technology. This initiative is part of Chainlink's broader effort to facilitate the adoption of blockchain applications across various industries by providing a reliable platform for institutional experimentation and innovation. Cointelegraph

SEC Commissioner Hester Peirce has indicated that the approach to staking for spot Ether ETFs might be open for reconsideration. In her recent statements, Commissioner Peirce highlighted the possibility of revising regulatory perspectives on how Ether ETFs could incorporate staking mechanisms. This openness to reevaluation represents a potential shift in the regulatory framework, reflecting an evolving understanding of cryptocurrency functionalities and their integration into financial products. Such changes could have significant implications for the structure and appeal of Ether ETFs, potentially broadening their acceptance and utility in the investment landscape. crypto.news

Weekly Moves

As of 07-21-2024 at 9:00 PM EST

Market Summary

Over the last seven days, the global cryptocurrency market cap has been gradually increasing, and as of July 21st, it is stabilizing around CA$3.41 trillion.
Bitcoin maintains a market dominance of approximately 54.2%, showing a slight increase compared to last week's data, while Ethereum holds a share of about 17.2%.

Performance

Over the past 24 hours, the price of BTC has fluctuated between CA$93,111 and CA$93,961, registering a 12.35% change over the past week and a market cap of CA$1.8 trillion.
At Ndax, the weekly movers are PEPE, which saw a 26% increase in the last seven days reaching a market cap of CA$7.2 billion, and INJ, which experienced a 26% rise with a market cap of CA$3.6 billion. (At time of writing)

Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market.
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From Ndax Lighthouse

Dive into the dynamics of cryptocurrency markets with this week's blog, "Guide to Understanding Market Indicators." Whether you're new to cryptocurrencies or looking to deepen your knowledge, ideal for anyone curious about how these market indicators work, this blog explains market indicators' role in identifying market trends and understanding overall market behavior. To learn more click here.

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July 24: Canada Interest Rate Announcement
July 26: Core PCE Announcement
July 31: EOS Spring 1.0 Hard Fork
Q3 2024: Cardano Chang Hard Fork

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Happy trading,
The team at Ndax

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