Bitcoin is up 7% in the past week and ended July with a bullish boom that could mark the end of a multi-month decline. Across the market, cryptoassets are flashing double-digit weekly returns. Ethereum has doubled Bitcoin’s gains by adding 14% ahead of the EIP-1559 upgrade on its way to Ethereum 2.0, XRP is up 15% on freshly signed partnerships, and the release of a new roadmap has hit the so-called ‘Ethereum killer’ NEO helped to rise 36. %.
The market-wide rebound comes despite heightened regulatory uncertainty, with developments in Washington D.C. threatening to dampen market sentiment by introducing cumbersome tax reporting rules. In addition to the upcoming EIP-1559 upgrade, Ethereum’s higher jump could be driven by increased trading activity in non-fungible tokens (NFTs). (XTZ) Tezos has risen.
Certificates of Authenticity
These unique certificates of authenticity minted on the blockchain have sparked a craze for collectible avatars and artwork. Among the most coveted collections are Stoner Cats, created by American actress Mila Kunis, and CryptoPunks, a copy of which went on sale last week for more than $90 million.
Ethereum scaling solution Polygon is also benefiting from the NFT boom. Matic, the token powering the network, is up 4% in the past week – contributing to a rapid increase of over 60% since the launch of NFT-focused Polygon Studio in late July.
Regulators put crypto in their sights
Rising prices appear to be reinvigorating regulators, and last week marked a dramatic turn for lawmakers in Washington DC. good for?” Senator Elizabeth Warren was the most ardent crypto critic and unknowingly created a new meme by suggesting that the market is controlled by “shadowy super-coders”.
Then it was announced Thursday that a last minute change had been made to the $550 billion infrastructure bill. This added new tax reporting requirements for cryptoassets, which some analysts suggest could slow the industry’s growth. Cryptocurrency soorten can be found online.
Maker, Enjin and Shiba Inu featured on eToro
In response to the overwhelming demand, eToro Maker (MKR), Enjin (ENJ) and Shiba Inu (SHIBxM) took notes. Lending Protocol MakerDAO is one of the most popular DeFi applications, Enjin is a blockchain development platform targeting NFTs and Shiba Inu is an Ethereum-based rival to Dogecoin. Shiba Inu is represented on eToro as Shiba (in millions), where one Shiba (in millions) unit on eToro is equivalent to one million Shiba Inu Tokens.
Week ahead
The looming infrastructure bill will have the attention of merchants this week as it could be presented to the House of Representatives and the US Senate within days, according to Senate Democratic leader Chuck Schumer.
On Wednesday, the London hard fork of Ethereum is expected to go live and could cause volatility for the leading smart contact platform or launch smaller proof-of-stake competitors in the event of delays or accidents.