Biden adviser who attended crypto roundtable joins pro-Harris PAC. Whales are preparing for the next altcoin rally

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In the last seven days, we have seen some important events and announcements shaping the crypto industry. Let’s review the most interesting ones together in this weekly digest. If you would like to receive more updates on the crypto market, follow us on Twitter.

quick weekly news

Biden adviser who attended crypto roundtable joins pro-Harris Super PAC 

Senior adviser of the current president of the United States Joe Biden, is leaving the White House administration to join a political action committee (PAC) of the Democratic candidate for the 2024 US elections, Kamala Harris.

On July 30th, 2024, the current president Biden stated that one of its senior advisors, Anita Dunn, is going to leave the White House in the near future. Then, the Washington Post reported that she will join the Democratic-focused Super PAC Future Forward and Future Forward USA Action as a senior adviser. The Future Forward (FF) PAC currently focuses on Harris’ election campaign to defeat a republican election nominee Donald Trump. The Super PAC plans to allocate over $300M to support a democratic election candidate Harris, where Dune will work on campaign-related efforts.

What’s more important, on July 10, 2024, Dunn personally met with some of the representatives of crypto firms and lawmakers to discuss digital asset regulation. It was one of the first times when the White House staff personally engaged with the crypto industry after Biden’s veto of a resolution to change the SEC rule requiring the banks to identify the crypto as a liability in their balance reports.

Whales are preparing for the next altcoin rally  

CryptoQuant founder, Ki Young Ju, recently stated that crypto whales are preparing for the next alt season rally as many traders debate when the alt season will begin.

This opinion is based on the 1-Year Cumulative Buy/Sell Quote Volume Difference for Altcoins, which measures the differential between Buy and Sell limit orders on a yearly time range. According to the graph provided by Ki Young, the amount of limit orders has grown extremely, which is mostly used by institutional investors and whales as they try to avoid slippage.

This indicates a very bullish sign for alt season in the near future, especially for $SOL, $MATIC, $CAKE, $ADA, $ALICE, $ANKR, $AMP, and $CHZ tokens, as they have the most limit buy orders. Conversely, the analyst added that tokens like $BNB, $LINK, $XRP, $COMP, $BNT, and $AAVE currently face a shortfall in buy limit orders.

Meanwhile, another famous crypto analyst on Twitter, Mags, said that the altcoin market is currently in the re-accumulation phase, reasoning that the altcoin market was up only 58% on average after breaking out from a 525-day accumulation phase.

Base hosts 80% of active Uniswap traders 

Coinbase’s L2 blockchain network, Base, according to the crypto researcher Token Terminal, hosts over 80% of active Uniswap traders.

Base was launched about a year ago, in August 2023, and since then has managed to surpass all the main L2 blockchain networks in the DEX trading industry. Previously, the undisputed leaders in DEX trading were Polygon and Arbitrum One blockchain networks, while Arbitrum remains the leader among L2 networks by Total Value Locked (TVL).

Such rapid growth in the protocol’s popularity might be caused by its 42 TPS throughput capacity, which is almost twice that of Arbitrum One blockchain’s 20 TPS throughput. It also benefits from seamless integrations with Coinbase CEX, which is the most popular crypto exchange in the United States. Furthermore, the recent release of Aerodrome Finance, which calls itself “the main liquidity hub for Base,” managed to grow its TVL to an impressive $600M, drawing over $250M from Uniswap’s TVL, according to DefiLlama.

Still, Base has many more challenges upcoming as in the near future it will be competing with next-generation ZK-powered L2 networks, such as StarkNet or zkSync. ZK-powered L2s offer significant advantages as they have higher scalability and increased security.

BIS and Bank of England unveil Project Pyxtrial for stablecoin monitoring 

The Bank for International Settlements and the Bank of England have announced a new protocol to monitor the reserves of asset-backed stablecoins and other tokenized assets – Project Pyxtrial.

Pyxtrial consists of a data model, database, and API that “assess asset quality, the rigor of asset valuations, and the quality of the data sources used”. Data will be collected hourly from blockchains and platforms that host stablecoins and then matched with information about the stablecoins’ backing assets. To access specific data, users will need enforcement authority.

The final data will be available to regulators and supervisors through a customizable dashboard, which should significantly increase transparency in the process of overseeing stablecoin backings. Furthermore, Pyxtrial could be easily adapted to monitor other digital assets, such as tokenized securities or bonds.

Its creators described it as a proof-of-concept and an “important first step” for tokenized asset regulations but noted that the program isn’t ready for launch yet, and the world isn’t prepared for it either.

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We hope this digest was valuable and informative for you! If you want to be the first to receive new crypto insights and stay up-to-date with the market, follow us on Twitter or Telegram. Become a better trader with the Good Crypto app!