Dogecoin Takes Center Stage in First Mover Americas

Dogecoin Takes Center Stage in First Mover Americas

The Growing Blockchain Industry: Latest Developments and Insights

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Dogecoin (DOGE) Surges Amidst Summer Lull

Meme cryptocurrency, Dogecoin (DOGE), experienced a significant 10% jump on Tuesday, marking its largest single-day gain since April 3. This surge is fueled by speculation that DOGE could become a payment mechanism on the rebranded Twitter platform. As other crypto themes take a backseat during the summer lull, DOGE is emerging as the highflyer. Markus Thielen, head of research and strategy at Matrixport, attributes this rise to Elon Musk’s ongoing marketing tour in re-inventing Twitter. Meanwhile, Bitcoin (BTC) remains near a one-month low, with investors waiting for the release of the U.S. Federal Reserve policy announcement later today.

Singapore High Court Recognizes Crypto as Property

In a significant legal development, Singapore’s High Court has recognized cryptocurrencies as property capable of being held on trust. This ruling comes from a case involving Seychelles-based exchange Bybit and a contractor. Bybit accused the contractor of breaching her employment contract by transferring over 4.2 million Tether’s USDT stablecoin to her addresses and personal bank account. The presiding Judge Philip Jeyaretnam stated that “Like any other thing in action, USDT is capable of being held on trust.” This recognition solidifies the legal status of cryptocurrencies as valuable assets.

Nigeria Boosts Adoption of eNaira CBDC

Nigeria is taking steps to encourage broader adoption of its central bank digital currency (CBDC), eNaira. The Central Bank of Nigeria (CBN) Acting Governor, Folashodun Shonubi, announced plans to make changes to the eNaira model and enhance its user-friendliness. Currently, the number of eNaira wallets stands at only 13 million, despite Nigeria’s population of nearly 224 million. To facilitate adoption, CBN upgraded the eNaira app to enable contactless payments. However, the specific details of the planned changes are yet to be disclosed.

Chart of the Day

Chart of the Day
  • Futures tied to the Bloomberg commodity index have risen by 9% in four weeks to the highest level since April 18.
  • With China assuring stimulus measures to counter economic slowdown, futures could continue to rise, leading to potential inflation and forcing central banks, including the Federal Reserve, to maintain higher interest rates for a longer period.
  • The Bloomberg commodity index comprises WTI crude oil, brent crude oil, low sulfur gas oil, natural gas, gold, silver, platinum, palladium, copper, zinc, nickel, and aluminum.
  • Source: TradingView
  • Binance Withdraws German Crypto License Application
  • Bitcoin Risks Deeper Price Losses Below 50-Day Average: Analysts
  • Binance to Reenter Japan in August 2 Years After Regulator’s Warning

Edited by Stephen Alpher.

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