Biden Presidency Boosts Ethereum Price by 3.57 Percent to $412 Per Coin
Ethereum, the world’s second most capitalised cryptocurrency, gained 3.57 percent ahead of Joe Biden’s presidency.
The coin gained 3.57 percent to $412.25 per coin with 24 hours trading volume of 34,753,922 ETH or $14,327,297,975.
The coin market capitalisation rose to $46.709 billion as traders expect Joe Biden Presidency to stimulate the world’s most powerful economy, the United States, with quantitative easing and aid economic recovery.
Bitcoin recorded the most gain as the world’s most dominant digital currency gained 8.33 percent to $15,172.34 per coin in the last 24 hours with a total volume of trade rising as $35,350,632,424 or 2,329,939 BTC.
Joe Biden leading the U.S Presidential election with 264 electoral colleges to 214 by President Donald Trump. Biden is expected to win the US presidential election with him leading Arizona, Nevada and very much in the race in Georgia, Pennsylvania and North Carolina.
Experts believe Biden’s president will force the much-needed decorum across the United States and help bring the people together once again.
Why is this Affecting Cryptocurrency Prices?
It is because the United States has the largest investors, both institutional and individual, in the cryptocurrency space.
A healthy US economy would increase capital inflow into the cryptocurrency space and vice versa.
Cash App’s Quarterly Bitcoin Revenue Triples Despite BTC Impairment Loss For Square
Jack Dorsey’s Square made more than 90 percent more gross profit than the same period last year, with $546 million coming from Cash App’s Bitcoin services.
Jack Dorsey’s Square has reported a 200 percent increase in Bitcoin revenue for the second quarter year-on-year (YoY).
The company announced the impressive earnings figures in its second-quarter shareholder letter on August 1. In the report, Square revealed its total gross profit grew 91 percent YoY to $1.14 billion.
Bitcoin services drove $2.72 billion in revenue for the app, with a gross profit of $55 million, respective increases of 210 percent and 223 percent respectively year-on-year. Cash App generated a gross profit of $546 million overall, up 94 percent YoY.
“Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin and bitcoin activities, and growth in customer demand.”
However, compared to the first quarter of this year, Bitcoin revenue and gross profit decreased and is down 22.3 percent from 3.5 billion.
Square attributed the weaker performance to the more than 50 percent retracement suffered by the broader crypto markets during May and June.
Square also reported an impairment loss of $45 million on the Bitcoin it holds. As Tesla holds its Bitcoin (BTC) as an “intangible asset,” accounting rules require the firm to report an impairment loss when the asset’s price drops below its cost basis. Square is also not required to report increases in the value of its intangible asset holdings until the position is realized through a sale.
According to Bitcoin Treasuries, Square currently holds 8,027 BTC worth an estimated $320 million at the time of writing.
Square recently bought 3,318 BTC in February for $170 million, adding to its initial purchase of 4,709 BTC in October 2020.
On July 30, Cointelegraph reported that mobile software firm MicroStrategy pledged to buy more BTC despite an impairment loss of $425 million on its Bitcoin stash for Q2. Tesla also reported an impairment loss of $23 million for the quarter.
Yele Bademosi Steps Down as CEO of Bundle Africa
Yele Bademosi, the founder and CEO of the Nigeria-based crypto payments app Bundle Africa, is stepping down as the head of the company.
Bademosi announced his decision to step away from his current role in a blog post on Friday. He wrote that he intends to focus on driving digital currency adoption across Africa. He will be succeeded by Binance Africa director Emmanuel Babalola, at least on an interim basis.
“My focus for the next 12 to 18 months is really building infrastructure that can allow the inflow of capital to support innovation beyond the buying and selling of crypto,” Bademosi told said.
Bundle Africa launched last year with backing from global cryptocurrency exchange Binance, which contributed $450,000 in seed funding for the creation of the payments app. According to Bademosi, the app has about 350,000 users now. Bademosi, who grew up in Nigeria, was a former director of Binance Labs before creating Bundle.
Babalola is not only familiar with Africa’s crypto market. but he also knows how to navigate the global crypto sector comfortably, Bademosi said of his successor.
“[Babalola] is someone that I trust because we have the same mission and values, and I basically can’t imagine anybody else taking over,” Bademosi said.
Bademosi did not specify his future projects but said he has seen a lot of innovation in Africa’s crypto market in the last few months and there is a lot of room for innovation in social tokens, non-fungible tokens and peer-to-peer payments.
“I’m very excited,” Bademosi said.
Twitter’s Jack Dorsey Speaks on Blockchain, Crypto; Fintech CEO Says Emerging Economies Should Listen
Recently, outlets reported on comments from Twitter CEO Jack Dorsey made at a conference, as well as on an earnings call, where the executive continued to prosecute the case for emerging blockchain-based technologies, including cryptocurrencies. He noted that cryptocurrencies are part of a technology trend which is beginning to mature and mainstream simultaneously, including artificial intelligence and decentralization.
“It is important to note that Jack Dorsey isn’t just a social media kingpin. He also was the founder of Square. He understands the payments stratosphere, and if he’s looking at cryptocurrencies and other blockchain-based payments to remain a considerable player in the way the world transacts its business, it’s definitely worth noting,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.
Dorsey wrapped up the earnings call saying, “With decentralization, we increased the size of the corpus of conversation we have access to and improved conversational help by giving more people, more power to individuals. And with the global currency, we can ensure people and companies can freely trade goods and services anywhere on the planet.”
“Dorsey is making the same argument that I’ve been making for several years. Blockchain is bigger than blockchain. Blockchain itself is a gamechanger. But, adopting the technology is meaningful, even beyond the immediate implications in the payments space. Dorsey is talking about how shareholders will benefit from the company participating in the space and investing ‘aggressively’ in it. But, it isn’t just an opportunity for shareholders and individual companies. There could be implications for entire economies,” noted Gardner.
“To see that, I really think you need to look at just how Estonia has transformed over the past couple decades. Today, it has carved itself a niche as a startup destination. That was done over the course of time, with leadership which took methodical steps to create a culture of innovation. That same model can be replicated today, as new technologies and innovators are looking for jurisdictions which are friendly,” opined Gardner.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“You’re going to see some startups flock to tech hubs like Silicon Valley or Tel Aviv. But, a lot of innovators that feed into the blockchain pipeline will look for a home that provides regulatory guidance which is friendly to innovation. By now, we’ve found out that innovation moves much faster than bureaucracy. As countries begin to roll out central bank digital currencies, leadership in that arena could be just what a developing economy needs to stand out from the pack. I think we’ve seen countries like The Bahamas, El Salvador, and Ghana all work to begin to build a culture that is seen as friendly by the fintech community. There’s no reason that countries like Kenya or Morocco, or even others that might find themselves well positioned in Eastern Europe or Southeast Asia, to begin to build a regional presence, as well. Right now, the industry is still evolving. Welcoming blockchain-based technologies is the first step to creating a culture that values technology as a way to create jobs and strengthen an economy,” said Gardner.
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