Daily Market Update - July 1st, 2020

#BTC 24 Hour High $9,217.84 $BTC 24 Hour Low $9,084.84 $BTC +1.45%

Total Market Cap $259.9 BN (+0.35%)

24 Hour Volume $55.2 BN (-0.90%)

Notable Movers Electroneum (ETN(+16.76%)

BTC Dominance 64.8% (+0.15%)

Crypto News

COMP Holders Vote to Change Yield Farming Rules on Compound

Compound giveth, and Compound taketh away. The Compound community has voted to approve a change to the distribution of COMP tokens in an effort to realign incentives and more effectively allocate the capital being used in "yield farming." COMP tokens used in the vote today have elevated Compound to the top of the DeFi market cap charts after a price surge following their initial distribution earlier in June.

Iota Enters First Phase to Become ‘Fully Decentralized Network’ by 2021 Iota, a major blockchain project designed for the Internet of Things, or IOT, has entered the first phase in its roadmap for upgrading the network to IOTA 2.0. According to a June 30 blog post, users can now download the new Pollen release in the first fully decentralized IOTA test network. The release is the first phase in Iota’s IOTA 2.0 transition roadmap, released on June 29.

ETH Scalability Isn’t Going to Be an Issue Soon, Suggests Vitalik Buterin Ethereum expects boosted transactions per second, or TPS, as the network shifts toward the long-awaited Ethereum 2.0, or ETH 2.0, according to Ethereum co-founder Vitalik Buterin. "ETH2 scaling for data will be available before ETH2 scaling for general computation," Ethereum Buterin said in a June 30 tweet. "This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with ETH1 as data layer, then ~100k TPS with ETH2 (phase 1)," he noted, adding — "Adjust accordingly."

DC Bar Association Gives Nod to Crypto Payments for Lawyers Four bar associations across the United States have now issued opinions stating they are not opposed to cryptocurrency or digital currency as a form of payment for an advance or services rendered. The District of Columbia Bar Association (DCB) became the most recent, releasing an ethics opinion which states that lawyers in the nation’s capital could accept cryptocurrency as a form of payment as long as the fee is reasonable and objectively fair to clients.

Israeli Firm Develops Tech Allowing Crypto Users to Retrieve Funds Sent in Error Blockchain startup Kirobo says its technology can prevent the loss of cryptocurrency caused by human error when sending what are normally irreversible transactions between wallets. The firm’s Retrievable Transfer feature works by building a new layer onto existing blockchain protocols. Users then have the ability to "cancel" a transaction sent to an incorrect cryptocurrency wallet address, the Israeli company said in a press release Tuesday.

Crypto.com’s Chain Token Dominated Markets in June With 33% Gain

Credit-card lender and wallet provider Crypto.com’s Chain (CRO) token surged 33% in June, dominating digital-asset markets as bitcoin, ether and XRP from Ripple all declined. The CRO token’s gains made it the top performer during the month among digital assets with a market value of at least $1 billion, according to the data provider Messari.

Legacy Markets

DOW, NASDAQ and S&P were up at the time of writing on news that Pfizer has had positive results on initial vaccine testing.

Preliminary trial results of an experimental coronavirus vaccine from Pfizer — a Dow component stock that rallied by over 5% at the open— and BioNtech SE showed the drug was safe for use, and facilitated the production of antibodies against the novel virus that causes COVID-19. Encouraging manufacturing data also helped to bolster investors appetite for risk-sensitive assets.

Expectations are riding high that a safe and effective vaccine will be found, even though it’s unlikely one will be available before 2021.

Gold and Silver were both down by 1.3% and 2.29% respectively. Crude was up 1.6% to trade at $39.90 a barrel.

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