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Bitcoin Cash (BCH) has seen a remarkable surge, with a 30% increase in the last 24 hours alone, reaching a 14-month high of $320. The cryptocurrency's growth is largely attributed to its inclusion as one of only four coins available for trading on EDX Markets, an exchange backed by Fidelity, Charles Schwab, and Citadel. Since the exchange's debut on June 20, BCH has gained a cumulative 183%, according to CoinDesk data. This rally has been fueled significantly by increased trading activity on South Korea's leading digital assets exchange, Upbit. In particular, the BCH-Korean won pair listed on Upbit registered a trading volume of $557.63 million in the past 24 hours, nearly 3.5 times larger than Upbit's BTC/KRW pair and 5.5 times the BCH/USD volume on Coinbase. EDX Markets' decision to include BCH, along with BTC, ETH, and LTC, was based on their compliance with the U.S. Securities and Exchange Commission. Increased trader participation looking to capitalize on the bullish sentiment in the BCH market has also contributed to the surge.
British pop star Harry Styles collaborated with EVNTZ, the official event app for his concert at Slade Castle, Ireland, to offer fans a unique experience powered by blockchain technology. The app allowed fans to open a self-custodial digital wallet to store future blockchain-based rewards, connecting via Co:Create, a Web3 infrastructure company, and Polygon, an Ethereum sidechain. Out of 80,000 attendees, 5,000 claimed wallets through the app, generating over 100,000 unique interactions. The app also provided a one-stop service for booking transportation, social media posting, and merchandise access. EVNTZ founder Kim O’Callaghan hinted at future in-app rewards linked to fan engagement. O’Callaghan believes blockchain can improve the fan experience, offering gamified, integrated experiences that reward fan loyalty and dedication. The app plans to expand its offerings to other artists by 2024, providing an accessible introduction to blockchain technology. Brands can use the platform to deliver blockchain experiences without understanding the intricacies of Web3 or smart contract deployment. Tara Fung, CEO of Co:Create, emphasized the transparency and connectivity blockchain offers, enabling fans to influence brand direction and receive rewards.
Bitcoin Cash (BCH) was the best-performing digital asset in June, gaining 171% following its listing on EDX Markets, a crypto exchange supported by Fidelity, Charles Schwab, and Citadel. The increase was driven by increased trading activity on South Korea's Upbit exchange, where the BCH-Korean won (BCH/KRW) pair registered a trading volume of $558 million over 24 hours. Analysts attribute BCH's success to a belief that Bitcoin blockchain forks might present lower regulatory risk. Notably, around $15m of shorts were liquidated, adding to BCH's strength. Despite regulatory scrutiny causing dips in altcoins, large institutions have shown increased interest in crypto, contributing to positive market sentiment. This led to Bitcoin reaching a one-year high above $31,000. Other noteworthy performers include FTT, the token of bankrupt crypto exchange FTX, which rose by 124%, and Compound's native token (COMP), which saw a 58% increase. The CoinDesk Market Index (CMI) recorded a 2.7% gain for the month.
Shares of Texas-based bitcoin mining and data center firm, Applied Digital Corporation, rose by 12% following the announcement of its third artificial intelligence (AI) deal. The partnership involves using HPE Cray XD supercomputers designed by Hewlett Packard Enterprises and built with NVIDIA H100 GPUs to boost Applied Digital's AI cloud service. The supercomputers will support critical workloads such as AI, machine learning, rendering, and high-performance computing tasks involving digital modeling and simulation. Applied Digital's previous two AI hosting deals could potentially generate up to $640 million in revenues over the next three years. As bitcoin prices slump and network difficulty rises, bitcoin miners like Applied Digital are turning to AI to bolster their revenues. Applied Digital has a custom-built 9 MW facility in Jamestown, N.D., for GPUs and aims to increase its high-performance computing hosting capacity to 200 MW. This deal comes as HPE launches its supercomputing-as-a-service offering, providing customers access to supercomputing on the cloud without requiring infrastructure buildout.
Binance, the leading cryptocurrency exchange, revealed that its institutional clients remain bullish on the future of crypto, based on a survey conducted from March to May 2023. The study, carried out by Binance Research and Binance VIP & Institutional team, involved 208 clients. Over half (52%) of these respondents managed crypto assets under $25 million, while 22.6% had assets exceeding $100 million. Around 63.5% of participants expressed positivity about the crypto outlook for the coming year, with 88% optimistic for the next decade. Despite market downturns and regulatory challenges, 47% of investors retained their crypto allocations over the past year, with over a third even increasing their investments. Only 4.3% planned to reduce their crypto allocations in the upcoming year. When it comes to investment interests, 54% of investors identified infrastructure as the most crucial area, followed by layer 1 and layer 2 projects. In contrast, NFTs, metaverse, and gaming sectors were least important to the institutional investors.