July has been a rollercoaster month for the crypto market with Ethereum and Bitcoin witnessing a drop in their market prices, whereas Ripples XRP surged, following a victorious outcome in the SEC lawsuit. Despite Bitcoins price declining by 5.5% and Ethereums by 4.7%, Ethereum has shown resilience, gaining 4.9% against Bitcoin over the past month, according to the Santiment report.

Ethereums utility numbers by the end of July were reminiscent of those in May when its price dominance against Bitcoin was more significant. This could be an indicator of Ethereums robust network utility playing a part in its market resilience.

Santiment report also revealed that in contrast, Ripples XRP emerged as one of the biggest winners of the month, posting 42% return. The positive performance was largely attributed to the landmark ruling in the SEC lawsuit, which established that XRP is not a security. This unexpected verdict sparked significant buying activity, elevating XRP even as other crypto assets witnessed declining market caps. Other digital assets that saw gains in July included Stellar, Maker, and XinFin.

On the negative side, Santiments statistics showed a worrisomely low amount of whale transactions, implying that important stakeholders are not interested in purchasing the dip. The market capitalization of Bitcoin has been steadily falling and is currently hovering around the $29k price point. Even though the price of Bitcoin has dropped below $30k, large investors have exhibited reluctance, possibly indicating doubt about the near-term prospects of the market.

Also Read: Top DeFi Tokens Crash Following Curve Event, Will the Domino Spread Further?

The general mood of the cryptocurrency market has changed from greed to neutral. The most popular cryptocurrency in the world, Bitcoin, is currently trading at much more constrained level of $29,500 after reaching $31,000 on July 4, 2023. The U.S. Federal Reserve increased its benchmark lending rate by 25 basis points to a range between 5.25% and 5.50%, as the market had anticipated, which helped to support Bitcoin a little bit.

Also Read: Will XRP Price Gains Come Undone As Federal Court Rejects Ripple Ruling?

View post:
Bitcoin Takes a Backseat, Ethereum and XRP Dominate July's Crypto Market: Report - CoinGape

Velar announces the launch of Velar Dharma Mainnet

Dubai, UAE, July 31, 2023 (GLOBE NEWSWIRE) -- Velar, the leading DeFi protocol with Bitcoin finality, is thrilled to announce the launch of Velar Dharma Mainnet, marking a groundbreaking milestone in the world of decentralized finance on Bitcoin. This highly anticipated release brings unparalleled opportunities for users to unlock the true potential of DeFi on the Bitcoin network.

Velar Dharma Mainnet introduces a first-of-its-kind automated liquidity protocol on Bitcoin, providing users with a seamless and efficient DeFi experience. With the aim to unlock over $500 billion in potential liquid value of Bitcoin, Velar empowers individuals to launch and trade tokens on the Bitcoin network while earning rewards through liquidity provision.

The journey towards the Velar Dharma Mainnet launch has been driven by Velar's commitment to pushing boundaries and revolutionizing the financial landscape. The recent success of the Velar Incentivized Testnet, which attracted over 100,000 unique wallets and surpassed all expectations, exemplifies the immense interest and excitement surrounding the project.

"Our launch of Velar Dharma Mainnet represents a pivotal moment in the evolution of decentralized finance on Bitcoin," said Mithil Thakore, Co-founder and CEO of Velar. "We are thrilled to provide users with a secure, efficient, and transparent platform to harness the true potential of Bitcoin and reshape the financial industry."

Velar's strategic partnership with Bitcoin Startup Lab further solidifies its position as a trailblazer in the Bitcoin ecosystem. This collaboration brings together a vibrant community of founders, mentors, and investors, fostering unparalleled innovation and providing a springboard for the growth of DeFi on Bitcoin.

Looking ahead, Velar is set to release future versions, including Velar Artha, Kama, and Moksha, each introducing new features that will redefine the boundaries of DeFi on Bitcoin. These upgrades will include governance, an improvised DEX with concentrated liquidity, perpetual derivatives trading exchange with up to 20x leverage, and a cross-chain bridge for seamless asset movement across different L2 networks on Bitcoin.

Story continues

Velar's journey has been built upon the strong foundation of Bitcoin's security, network effect, and decentralization, combined with the scalability and programmability of Stacks, a Bitcoin L2 solution. Aravind Sathyanandam, Chief Strategic Officer at Velar mentioned, We are casting the foundations of DeFi on the bedrock of Bitcoin. With Dharma Mainnet, we embrace the spirit of decentralized finance, forging a path that combines the power of Bitcoin mother chain with the limitless possibilities of DeFi..

For more information about Velar and the Velar Dharma Mainnet launch, please visit [insert website link]. Join us in shaping the future of DeFi on Bitcoin and be part of the Velar community. It's essential to keep in mind that this is a Beta mainnet launch, where the Velar team will test for security flaws and scaling issues. Users are advised to proceed with caution during swaps and not provide liquidity until the stable version of Mainnet is officially rolled out.

About Velar Protocol:

Velar Protocol is a leading DeFi protocol with Bitcoin finality, revolutionizing the way we interact with digital assets. Built on the Stacks L2 network and powered by Clarity language, Velar provides a comprehensive suite of DeFi products, including automated liquidity provision, token launches, and rewarding opportunities. Velar aims to unleash the full potential of Bitcoin and create a sustainable and inclusive financial ecosystem.

Disclaimer: There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. This is not investment advice. Please do your own research.

Website: https://velar.co

Media contact:

Name - Mithil Thakore

Company name - Velar

Email - info@velar.co

Location - Dubai, UAE

Original post:
Velar Protocol Unveils Velar Dharma Mainnet: Revolutionizing DeFi on Bitcoin - Yahoo Finance

Illustration by Mitchell Preffer for Decrypt.

The beginning of the week saw the underwhelming launch of Worldcoin Protocol, along with its native cryptocurrency, WLD.

Worldcoin is co-founded by Open AI CEO Sam Altman and the premise is at once utopian and dystopian: anyone wanting some WLD has to visit an Orbthese can currently be found in Berlin, Dubai, London, Mexico City, Miami, New York City, San Francisco, Seoul, and Tokyo and get a snapshot of their eyeballs taken.

This biometric data is used alongside verification of their government-issued ID to confirm someones personhood before distributing a set number of coins to them.

Worldcoin believes its building the infrastructure to bank the worlds unbanked, enabling everyone to broadly share the coming technological prosperity says its website. but many are skeptical, including Ethereum creator Vitalik Buterin who listed major issues of privacy, accessibility, centralization and security and said it could take years for the protocol to work.

British privacy watchdog the Information Commissioner's Office (ICO) agrees, at least on privacy and security concerns and told Decrypt that it "[the organization notes] the launch of Worldcoin in the U.K. and will be making enquiries."

WLD currently trades for $2.30, about 30% down from its high on launch day of $3.30, according to crypto data aggregator CoinGecko.

It was the fifth consecutive week of underwhelming price performance for market leaders Bitcoin and Ethereum.

Bitcoin (BTC) lost 1.7% and now starts the weekend at $29,291, while Ethereum (ETH) lost 0.9% and changes hands at $1,872.

The market leaders had a pretty static week overall and their prices havent moved much since Monday. This weeks news that the Fed was hiking interest rates yet again did not immediately move the leading coins.

Last year, the U.S. central bank hiked interest rates by 75 basis points four times and finished the year with a 50 basis point hike. This year there have so far been two hikesincluding Wednesdaysof only 25 basis points each, but interest rates are now the highest theyve been for 22 years.

XRPs recent growth spurt, which was prompted by a small but significant courtroom victory against the SEC a fortnight ago, appears to have settled. Ripples cryptocurrencywhich is definitely not a securityis down 7.7% for the week and currently trades at $0.70786.

The only other notable price movement this week came from Toncoin (TON), which fell almost 15% this week to trade at $1.24 at the time of writing.

On Monday, Russian President Vladimir Putin signed into law a bill granting legal tender to a digital ruble, the issuance of which will be overseen by the countrys central bankalthough officials say it could take years before the central bank digital currency (CBDC) is widely adopted.

On Wednesday, South Korea rolled out a new interagency investigation unit to tackle crypto crime and take a leading role in investor protection before regulations are implemented.

Operating from the Seoul Southern District Prosecutors Office, The Joint Investigation Centre for Crypto Crimes will consist of 30 investigators drawn from several government agencies and bodies, including the prosecutor's office, the Financial Supervisory Service, the National Tax Service, and the Korea Customs Service.

That day, over in the states, Democrats and Republicans locked horns over the Financial Innovation and Technology (FIT) for the 21st Century Act. Rep. Maxine Waters (D-CA), the ranking Democrat on the House Financial Services committee, assailed the bill as a wish list for the crypto industry, and said it undermined the role of the SEC and existing legislation.

Democrats also accused the bill of having weak consumer protections, though this point was parried by Republicans like Committee chairman Patrick McHenry (R-NC), who argued that, while not perfect, the bill is better at worst case than the current regulatory regime.

The Committee members also debated a stablecoin bill called the Clarity for Payment Stablecoins Act of 2023. Democrats accuse Republicans of rushing to pass the bill, and Waters said the proposed legislation lacks clarity over the reserves underpinning stablecoins that are pegged to the U.S. dollar.

Continue reading here:
This Week in Coins: Weak Week for Bitcoin and Ethereumand Worldcoin - Decrypt

Kuwaits capital markets regulator banned bitcoin mining this week as they reiterated prohibitions on crypto activities.

The prohibition came down via an official circular released on Tuesday. Kuwaiti authorities had previously only expressed disapproval of crypto payments.

As early as 2017, the local regulator had warned banks and other intermediaries that crypto wasnt legal tender and prohibited institutions from handling digital assets.

Kuwait is now reinforcing restrictions on institutions and other payment services touching crypto, but so far it seems to have stopped short of outright criminalizing interactions with crypto for individuals.

Still, regulators stated the use of crypto as a form of payment is strictly prohibited, and residents are advised against engaging in any transactions involving cryptocurrency.

But until now, the regulatory status of crypto mining had been ambiguous. The recent circular changes that.

Bitcoin mining is a resource-intensive process, requiring specialized equipment and substantial energy consumption so low energy costs can greatly impact profitability.

Gauging realistic costs of mining bitcoin is difficult. Large-scale operations are often vertically integrated with their own power sources, or have specialized deals for cheaper rates, which can bring down costs.

Still, estimates have previously dubbed Kuwait the most affordable location to mine bitcoin (BTC) worldwide. One roundup suggested the cost of mining in Kuwait was just $1,400 per BTC in 2022 compared to more than $18,000 in Texas (bitcoin was worth more than $40,000 at the time).

Local reports indicated some crypto miners had exploited Kuwaits low electricity tariffs by disconnecting home cooling devices in favor of mining rigs to avoid drawing suspicion with high electricity usage.

The Ministry of Electricity and Water reportedly took measures to curb such practices, including cutting off power supplies.

Bitcoin mining aside, Kuwait regulators emphasized that theyre banned from granting licenses to entities for the purpose of offering crypto services as a commercial enterprise.

The capital markets authority warned that any violation of this regulation would be subject to penalties in accordance with the rules pertaining to money laundering and terrorist financing.

In contrast, neighboring Dubai has taken a more inclusive stance towards crypto, positioning itself as an attractive destination for the digital asset ecosystem.

At the beginning of the year, Dubais crypto zone had already attracted over 500 crypto companies.

More specific to mining, major outfit Marathon recently pledged to open two facilities in nearby Abu Dhabi.

Get the days top crypto news and insights delivered to your email every evening.Subscribe to Blockworks free newsletternow.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, cant-miss tweets and more fromBlockworks Researchs Daily Debrief.

Cant wait? Get our news the fastest way possible.Join us on Telegramand follow us onGoogle News.

Here is the original post:
'Cheapest country to mine bitcoin' just banned the practice altogether - Blockworks