Ndax Weekly TL;DR July 15th

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

• Vitalik Buterin discusses Ethereum's strengths and weaknesses at EthCC conference 
• Cardano's Node 9.0.0 sets the stage for Chang hard fork
• Bitcoin ATM network declines by 334 machines predominantly in US and Europe
• U.S. House unable to overturn president Biden's veto on SAB 121 resolution
   

Speaking at the EthCC conference in Brussels before an attentive audience, Ethereum's co-founder and leading thinker, Vitalik Buterin, shared his insights on the blockchain's current state and future enhancements. He praised Ethereum for its extensive and relatively decentralized staking ecosystem, and its dynamic, international, and intellectual community. These aspects, according to Buterin, are crucial for fostering innovation and maintaining the blockchain's integrity. However, he also addressed certain challenges, such as the technical complexities of running a node, which he believes are surmountable with focused improvements. Coindesk

The Chang Hard Fork represents a pivotal transformation for Cardano, shifting the blockchain's governance from its foundational organizations—Cardano Foundation, EMURGO, and Input-Output Global—to its user community. This strategic move is designed to make Cardano a self-sustaining network, incorporating advanced features like on-chain voting and comprehensive participant rights. This decentralization is facilitated through the introduction of Delegate Representatives (DReps), who are elected by Cardano's token holders to draft a governing constitution. This constitution will serve as the supreme legal framework for the network, guiding the DReps in proposing changes and ensuring that governance remains central to the ecosystem’s scalability and functionality.

In preparation for these significant changes, Cardano recently launched Node 9.0.0, an update aimed at enhancing the blockchain's technical capabilities to support the upcoming hard fork. Charles Hoskinson, Cardano's founder, emphasized the critical nature of this update, noting that Node 9.0.0 lays the technical foundation necessary for the Chang Hard Fork. Hoskinson highlights that these advancements are crucial for Cardano's ambition to become one of the most scalable blockchain ecosystems within the next two years, underscoring governance as a key differentiator in achieving this goal. Cryptoslate

The landscape for Bitcoin ATMs is shifting, with a noticeable reduction in the number of machines globally. This contraction, particularly significant in the US and Europe, might reflect changes in business strategies or adaptations to tightening regulatory environments. This trend could influence consumer access to cryptocurrencies through physical channels and might shift more transactions to digital platforms, affecting how users purchase and interact with cryptocurrencies. While nations such as Australia and Spain are increasing their networks of Bitcoin ATMs, the United States and Europe have been the main regions contributing to a global decline in these machines. The United States alone, home to about 82.6% of the world's total Bitcoin and cryptocurrency ATMs, saw a reduction of 182 ATMs in June and an additional 239 ATMs in just the first week of July. Cointelegraph

The U.S. House of Representatives recently failed to override President Biden's veto of the SAB 121 resolution. This resolution aimed to overturn a specific administrative ruling related to industry regulations. The inability to override the veto means that the original regulatory decision will remain in effect. This decision was a significant point of contention, highlighting ongoing debates about regulatory control and its impact on industry practices. 

SAB 121 is a policy that mandates public companies to ensure transparency concerning the management and potential risks of protecting customer's crypto assets. This requirement aims to enhance accountability and transparency among service providers but has sparked debate due to its potential to complicate financial disclosures and add operational burdens. Although the resolution initially received bipartisan support, leading to its passage in both the House and Senate, it faced significant opposition from the Biden administration. Crypto.news

Ndax's new news feature provides the latest news, stories, and trends to help you keep your hand on the pulse of crypto and blockchain.

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News Nuggets

• Ether staking approaches record high Coindesk
• Germany is close to completing its Bitcoin sale, with only 4,925 units remaining to be transferred Crypto.news
• Pyth Network has launched express relay on mainnet: Express relay lowers transaction costs and mitigates MEV challenges Cryptoslate
• Bitcoin ETFs has experienced a fifth consecutive day of positive net inflows Crypto.news
• The U.S. Senate Armed Services Committee recommends the Defense Department explore blockchain for supply chain security Cointelegraph
• Ethereum’s security team is organizing a four-week, $2 million hackathon, dubbed ‘Attackathon,’ to test the blockchain's security Cointelegraph 
• Economists suggest the Federal Reserve might prioritize the softening labor market over inflation concerns when considering rate cuts Coindesk 

As of 07-14-2024 at 5:30 PM EST

Market Summary

• Over the last seven days, the global cryptocurrency market cap has been gradually increasing and, as of July 14th, it is stabilizing around CA$3.02 trillion.
• Bitcoin maintains a market dominance of approximately 53.7%, while Ethereum holds a share of about 17.4%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$80K and CA$83K, registering a 6.1% change over the past week and a market cap of CA$1.6 trillion. At Ndax, the weekly movers are VET, which saw a 37% increase in the last seven days reaching a market cap of CA$3.5 billion, and AAVE, which experienced a 30% rise with a market cap of CA$2.1 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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We're excited to announce that Pepe (PEPE), one of the internet's favorite amphibian-inspired cryptocurrency, is now available for trading on Ndax. To learn more click here.

Explore the greener side of blockchain technology in this week's educational spotlight, where we dive into the "Proof of Stake: Origins, Evolution and Opportunities." Discover how this innovative consensus mechanism not only conserves energy but also offers you the chance to earn passive income through staking. To learn more about its evolution from 2011 and how it's shaping the future of crypto click here.

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Mark your calendars!

• July 15: Merger of FET, AGIX, and OCEAN into ASI
• July 15: Speech by U.S. Federal Reserve Chairman Powell
• July 18: Announcement of U.S. Initial Jobless Claims
• Q3 2024: Cardano Chang Hard Fork

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Happy trading, 
The team at Ndax