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Bitcoin and Ethereum kick the week off with moderate gains while PancakeSwap goes bullish

Published: 03:33 08 Aug 2022 EDT

Tiffany & Co.’s CryptoPunks project a resounding success for the luxury jeweller
Tiffany & Co.’s CryptoPunks project a resounding success for the luxury jeweller

The crypto markets saw some healthy recovery over the weekend, enjoying a 6.6% rally to US$1.13tn come Monday morning.

Bitcoin slightly underperformed with a 3.3% rise US$23,600, while Ethereum took the charge by rallying 7% to open the week at US$1,730.

It was a bullish weekend for Binance’s largest decentralised exchange (DEX) PancakeSwap, having added over 16% to its US$680mln market capitalisation.

Ethereum’s largest DEX Uniswap, on the other hand, added a more conservative 1.2%.

The decentralised finance (DeFi) space as a whole is up 2.9% since Friday, with MakerDAO, Aave and decentralised stablecoin exchange Curve all performing well on the markets.

Oasis Network’s ROSE token jumped 25% in the past 24 hours alone.

The Layer-1 blockchain gained attention recently following a partnership announcement with Meta to develop privacy-protected AI systems.

In the news

Support for an Ethereum “hard fork” network is growing, with Tron blockchain founder Justin Sun pledging to donate funds to developers of the proposed network.

A hard fork is being pushed by existing Ethereum miners who stand to lose substantial revenue streams when Ethereum moves away from mining in the coming months.

Confusion is mounting over Binance’s involvement with Indian crypto exchange WazirX after the latter’s assets were frozen by India’s financial crime-fighting agency on forex violations.

Binance had previously acknowledged ownership of the exchange; CEO Changpeng Zhao has now denied the fact in a series of Tweets.

Luxury jewellery retailer Tiffany’s sold out of its limited-edition CryptoPunks pendants in a matter of minutes, raising an estimated US$12.5mln this weekend.

Selling for approximately US$50,000 each, the pendants will be designed based on each buyer’s CryptoPunks NFT and shipped in early 2023.

Tiffany’s has hinted that a second round will be offered in the near future.
 

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