Crypto markets saw a slight rebound Wednesday morning following a poor start to the week.
Total market capitalisation rose by 0.9% to US$976bln, with Bitcoin edging slightly upwards by 0.4% to US$21,200.
Ethereum made modest single-digit gains but has so far failed to break above the crucial US$1,500 support line.
Blockchain networks Polygon, Binance Chain, Qtum and Solana all outperformed, while US$2.8bln privacy coin Monero enjoyed strong 7% gains.
The decentralised finance (DeFi) space saw a number of losses, with Compound Finance and derivatives exchange Synthetix and dropping by 1.9% and decentralised stablecoin exchange Curve falling by 2.3%.
Crypto lender Nexo, which trended in early July after offering to buy distressed lender Vauld, was the day’s biggest loser, having shed 2.6% of its now US$260mln market cap.
In the news
The UK’s National Crime Agency seized nearly £27mln (US$32.5) in digital assets last year, recently published data shows.
The report indicates an increased focus on crypto-based money laundering for the agency, having not made any such seizures in prior years.
Shares in Coinbase continue to plummet following the Securities Exchange Commission’s investigation into the NASDAQ-listed crypto exchange.
Adding to the downward pressure, Cathy Wood’s Ark Investment Management fund offloaded over 1.4 million shares in the company on Tuesday, according to a Bloomberg report.
Solana Spaces — the real-world storefront for the US$13bln blockchain network situated in New York’s Hudson Yard — opened its doors to a limited audience in the run up to its public launch.
Welcome to the world of Solana, IRL. Coming very soon to NYC.
Here's the first visual of what the storefront will look like.
See ???? for the full story of why we're building this. pic.twitter.com/xN7iQquaoU
— Solana Spaces (@solanaspaces) July 15, 2022
Billed as an “embassy” for the ninth-largest cryptocurrency, visitors will be able to learn about Web3 technology, set up their own crypto wallets, buy NFTs, and browse Solana-themed merchandise.