CryptoPunks sales volume has grown by 140% in the last 24 hours, following Tiffany & Co's announcement that it is launching its first crypto collection aimed at NFT holders. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Tiffany & Co boosts the CryptoPunks market
📍Tiffany & Co's NFT collection, aimed at CryptoPunk owners, has driven up the price and trading volume of these NFTs. The average selling price of CryptoPunks is around 79,6 ETH while the sales volume with these crypto assets has grown by 140% in the last 24 hours, according to data from opensea.
The CryptoPunk market has benefited from Tiffany & Co's announcement that it will launch its first NFT collection aimed at Punk holders later this week.
Tiffany & Co announced that its digital collection will include 250 exclusive pieces aimed at CryptoPunk owners. In addition, it offers these holders the possibility of exchanging the NFTs in their collection for a personalized pendant, which will be made of gold, diamonds and precious stones, and will reflect the punk that the NFT owner owns.
July has been the strongest month for crypto funds, according to CoinShares
📍According to CoinShares, cryptocurrency-based investment products saw a significant increase in flow in July. Data from the investment company reveals that in July, cryptocurrency-based investment products recorded a total value inflow of 474 millionThis was the largest monthly inflow recorded by digital asset funds so far this year, the company said.
Cryptocurrency investor and analyst Miles Deutscher believes that although trading volumes in digital asset funds remain low, the recent growth in inflows can be considered a bullish signal.
BofA Talks “The Merge” and Ethereum Scalability
📍Bank of America sees Ethereum's scalability as critical to ensuring its future. In a report, the American bank talked about the “The Merge” merger event that will migrate Ethereum from the Proof of Work consensus protocol to Proof of Stake.
Bank of America highlighted the energy efficiency improvements that the blockchain network's migration to PoS will bring. However, it noted that in order to remain competitive in the market, the Ethereum network must significantly improve its scalability. In the report, BofA analyst Alkesh Shah notes that Ethereum is unlikely to remain the dominant operating system in the blockchain industry if it does not achieve significant improvements in its scalability in the near term.
According to Ethereum Roadmap Shared by Vitalik Buterin in mid-July, The Merge will be the event that will migrate Ethereum to PoS, while “The Surge”, one of the four updates that follow The Merge in the development and construction of the new Ethereum network, will be the one that brings the sharding or fragmentation to the main network.
Sharding is the solution that developers will implement to fragment the blockchain into smaller networks, in order to increase its scalability exponentially.
FCA exempts cryptocurrencies from new advertising rules
📍Cryptocurrencies are not subject to the new rules imposed by the FCA on the advertising of high-risk products. The FCA, the UK's financial authority, is restricting the advertising of high-risk assets and investment products and obliging companies that market such products to warn their investors more clearly and adequately. However, companies that offer cryptocurrency services are excluded from the new rules.
El release The statement issued by the authority states that the new rules seek to guarantee the security and integrity of investors, but that they will not apply to advertising or promotions of cryptoassets.
Continue reading: Vitálik Buterin, creator of Ethereum, charges against Facebook's metaverse: "It will not succeed"
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