After making a daily low of $31,217, Bitcoin is now trading at $31,754.81. Moreover, Bitcoin is testing the key support area of $31,000 for the past two days. If the BTC price slips below $30,000, then BTC/USDT pair could slump to $28,000 and $27,000 range. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $1,891.
Let’s explore some interesting crypto news in detail for today.
1- Bank of America Announced to Approve Bitcoin Futures Trading for Some Clients
America’s second-largest bank, Bank of America, has approved the trading of Bitcoin futures. As reported by Coindesk, this approval of Bitcoin futures trading is started for some clients. As stated, investment in Bitcoin futures has been growing in the past few months.
Interestingly, the volume of Bitcoin futures trading on the Chicago Mercantile Exchange (CME) has skyrocketed from $910,000 to over $23 million. Hence, the Bank of America would also follow some similarities of Goldman Sachs. Additionally, the Bank of America will also utilize the CME for futures trading.
2- Binance Exchange’s BUSD Reaches a Major Milestone of $10B Market Cap
World’s leading cryptocurrency exchange Binance has revealed that its stablecoin BUSD reached the $10B Market Cap milestone. BUSD is a 1:1 USD-backed stablecoin issued by Paxos and approved by the New York State Department of Financial Services (NYDFS).
As stated, the market cap of BUSD is reached from $1B to $10B in less than 6 months. This makes BUSD the second-largest asset by market cap on Binance Smart Chain (BSC). Along with this, BUSD becomes the most widely used stablecoin on BSC and number one in terms of total locked value (TVL). The BUSD was first launched on 15th July 2019, which has currently over 1.1M BUSD holders.
In addition, BUSD is currently issued on Ethereum and BSC, which supports fast transactions with low fees. BUSD also plays a significant role in the DeFi space and provides other features such as fixed, and flexible savings products, yield farming, liquidity pools, utilized on Binance Pay, NFT purchases, and more.
✅ 10B market cap
✅ 1.1M+ holders
✅ Top 10 crypto by market caphttps://t.co/0d7ljwjN9z
— Binance (@binance) July 16, 2021
3- Rubic | Harmony Integration to Empower Users With More Trading Possibilities
Harmony has partnered with Rubic to integrate its consensus in the Rubic platform. As per the tweet, this integration lets users trade on the Harmony network directly through Rubic.exchange. Harmony is a sharding platform designed to facilitate the creation and use of decentralized applications (dApps), and has a two-second finality.
Rubic is a multi-chain DeFi ecosystem, which facilitates the complete DeFi services to enable a project to create, manage, and trade tokens in a decentralized way in one place. With this coalition, Rubic will offer cross-chain swaps from Ethereum, and Binance Smart Chain (BSC) to the Harmony network. Additionally, this would help both platforms to entice new audiences, and provide more trading possibilities for users.
Harmony X Rubic
— Harmony (@harmonyprotocol) July 16, 2021
4- Cryption Network Announced to Launch Defi Suite on Polygon Chain
Cryption Network has declared to launch its Defi suite on the Polygon chain (Formerly Matic). As per the tweet, this integration helps Cryption to expand its features such as PolyDEX- L2 Swap, Seer Prediction market, Cryption Mobile App, Defi Stack, and more.
Cryption Network is a Defi product, which strives to provide user-friendly products and help retail investors be a part of mass crypto adoption. Cryption addresses issues such as the complexity of crypto and the DeFi space, high gas fees, and scalability. Hence, this coalition helps the Cryption team to utilize Polygon to build a Proof-of-Stake (PoS) bridge. Further, this POS bridge empowers users to transfer assets/data to the Ethereum chain. In addition, users can swap their assets and get output tokens either through Layer 2 or directly Layer 1.
Our thesis on why we invested in @CryptionNetwork.
The team has shown real value in the crypto community and is now close to the @Polydex_ mainnet release. We are excited about this milestone and await the launch! https://t.co/biS3LctvJT#DeFi #YieldFarming #polygon
— GravityX Capital (@GravityX_Cap) July 17, 2021
5- DAFI Protocol Celebrating Super Staking Success With Double APY Offer of 68.78%
In our last bit of crypto news for the day, DAFI Protocol has launched Liquidity farm offering 68.78% APY to celebrate the success of Super Staking. Moreover, Super Staking went live on 30th June 2021 to provide lucrative rewards to stakers. Impressively, within two weeks of the span over 50 Million DAFI tokens got locked in this Super Staking. Moreover, this amount was roughly 12% of its circulating supply.
DAFI Protocol addresses various issues faced by the blockchain networks and it aims to mitigate the excess token supply concerns. Recently, DAFI also launched its native bridge to operate with Ethereum, Polygon, and BSC. Hence, these achievements would make the DAFI project stronger to boost its adoption.
More rewards coming your way! 🚀
We're celebrating the success that Super Staking has had by doubling the potential APY to 68.78%.
— DAFI Protocol (@DafiProtocol) July 16, 2021
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