🐳 Daily Edition: Crypto Market Bounces as Ethereum Breaks Transaction Records

Most of last week’s red turned to green today as Ethereum returned to $3,700 from lows of $3,300 just 24 hours ago. A few weeks ago I reiterated a target price of $10,000 for ETH by the end of this cycle, in response to which a few readers reached out and called me crazy. If you thought that was crazy, wait until you see the $706,000 price target set by this research paper. The recent strength of ETH versus BTC is very telling of how sentiment has shifted towards Ethereum, a massive change from the negativity only a few months ago. Sentiment isn’t the only thing improving, however, as ETH’s monthly transaction volume hit a 4-year high in July. This coincides with its highest ever recorded monthly transaction count, all while gas fees on mainnet have stayed quite cheap. In short, Ethereum is growing faster than its price is.

As attention shifts back to coins, crypto-related stocked have taken quite a hit. It should come as no surprise to see many of these treasury companies already struggling, however Coinbase taking an 18% hit on Friday on missed earnings is more interesting. We all know how quickly money shifts onchain, but it seems the stock market wasn’t quite prepared for the crypto degen mindset. To wrap things up, today’s strength shows market interest in digital assets is far from over, and we should continue to view dips as buying opportunities rather than panic points.

His Excellency Justin Sun always finds a way to make headlines

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Ethereum’s onchain revival on full display last month as transaction volume nears $240 billion

• Michael Saylor’s Strategy makes its third-largest Bitcoin purchase ever

Alt Coins and Stocks

• Coinbase, PayPal press forward with stablecoin rewards despite GENIUS prohibitions—here’s how

• Tom Lee’s BitMine builds $3 billion Ethereum stash, now third largest public crypto treasury

Regulatory

• Former Chancellor Osborne warns UK is ‘Completely left behind’ on crypto

Random

• Bitcoin creator Satoshi Nakamoto statue recovered from Lake Lugano after vandalism

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