EU Report: Cryptocurrencies Can’t Challenge Central Banks
According to the latest Monetary Report issued by the European Union’s Parliamentary Committee on Economic and Monetary Affairs, cryptocurrencies cannot challenge central banks even though they have made financial transactions safer, more transparent and much faster.
The analysis said that while cryptocurrencies have the potential to become proper private money, or even a permanent factor in the global economy, it is not likely that they can threaten the fiat currencies and Central Banks.
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Tezos Foundation Launches Beta Network
According to an official statement from the project’s website, the Tezos Foundation has launched its own beta network, stating that this move is an “inflection point” for the startup. The announcement stated that transactions can now be carried out on this new network and that users will be able to start validating blocks after the first 7 cycles, which the Foundation says will take another 3 weeks.
The Tezos Foundation raised a record-breaking $232 million in its ICO in July 2017. However, since then the startup has been the focus on much controversy and is currently facing multiple lawsuits with regard to compliance issues with the SEC.
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Buglab Strengthening Security Via Contests
Buglab, a new Ethereum-based platform is targeting improving information security by converting the process of finding vulnerabilities in systems and networks into challenges or contests. Certified cybersecurity testers will be given time limits within which they have to identify weaknesses in systems, after which they will get rewarded for their discoveries.
Buglab said that it was going to rope in even cryptocurrency exchanges by offering a reward pool of about $2 million. The startup feels that this method will eliminate current cybersecurity testing issues such as cost efficiencies, few resources as well as weak reporting.
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Total Market Cap: July 02
Trading volume on the first day of the week is currently at $14.19 billion and the value of the cryptocurrency market is at $256.80 billion.
Bitcoin Price Analysis: July 02
The Bitcoin price slipped 0.24% to $6358.52 in trading today. The crypto’s trading volume is $4.59 billion and its capitalization in the market is $109.31 billion.
Ethereum Price Analysis: July 02
ETH also saw slip in its price by 0.42% to currently trade at $451.66. Ethereum’s trading volume is currently at $1.43 billion and its market cap is currently $45.61 billion.
State of the Top 10 Cryptocurrencies: July 02
Three of the top ten cryptocurrencies showed gains in trading so far today. Cardano has shown the highest gains so far, with a price increase of 3.15%, followed by IOTA, which has gained 2.91% on its token price. Stellar also showed minute gains of 0.38%. All other cryptocurrencies in the top ten list showed minute declines of less than 1%, with the exception of BCH, which slipped 1.14%.
- Bitcoin’s price slipped 0.24% to trade at $6358.52. The market value of the crypto is now $109.31 billion.
- Ethereum’s price slipped 0.42% to trade at $451.66. The market value of the crypto is now $45.61 billion.
- Ripple’s price slipped 0.33% to trade at $0.457165. The market value of the crypto is now $18.01 billion.
- Bitcoin Cash’s price slipped 1.14% to trade at $732.52. The market value of the crypto is now $12.70 billion.
- EOS’s price slipped 0.12% to trade at $8.02. The market value of the crypto is now $7.21 billion.
- Litecoin’s price slipped 0.54% to trade at $79.63. The market value of the crypto is now $4.57 billion.
- Cardano’s price gained 3.15% to trade at $0.141101. The market value of the crypto is now $3.69 billion.
- Stellar’s price gained 0.38% to trade at $0.194406. The market value of the crypto is now $3.66 billion.
- IOTA’s price gained 2.91% to trade at $1.06. The market value of the crypto is now $2.93 billion.
- Tether’s price slipped 0.06% to trade at $0.998625. The market value of the crypto is now $2.7 billion.