The crypto markets saw moderate gains this morning, with Bitcoin rising 1.5% to shoot above the US$24,000 barrier while Ethereum added 3.4%, bringing its price up to US$1,940.
The crypto markets as a whole currently stand at US$1.17tn, making for a 2.25% day-on-day increase.
Large-cap meme coins continued to trend, with Dogecoin enjoying double-digit gains, bringing its market cap to the better part of US$12bn; the highest it’s been in three months.
Its competitor Shiba Inu on the other hand, added a conservative 2.4%.
Bullish blockchain networks this Wednesday morning include Cardano, whose 4.2% rally brought its ADA coin close to US$19.5bn, and Solana, which jumped around 3% to US$15.5bn.
Layer-1 scaling solution Optimism, fan-engagement token Chiliz, and move-to-earn (M2E) project Stepn were the morning’s biggest losers, although chalked-up losses were only between 1% and 2%.
In the decentralised finance (DeFi) space, total volumes across protocols fell 1.5% to US$66.6bn.
In the news
Crypto.com has been awarded regulatory approval from the UK’s Financial Conduct Authority, paving the way for the major digital asset exchange to offer products and services to UK customers.
In the US, Republican senator Pat Toomey has accused the Federal Deposit Insurance Corporation (FDIC) of pressuring banks to deny services to lawful cryptocurrency-related companies.
According to a CoinDesk report, FDIC officials also allegedly directed a branch to downgrade the classification of a loan made to a crypto company, which Toomey called "highly atypical."
Publicly listed Bitcoin miners Bitfarms (TSX-V:BITF) and Greenidge Generation reported their second-quarter earnings over the last two days.
Both saw steep losses of US$142mln and US$109mln respectively, with the latter announcing a descaling of its expansion plans as a result of a “sudden change in mining economics”.
Another miner PrimeBlock has cancelled its listing plans while also pulling out of a planned merger with venture capital firm 10X capital.