Optimism Rallies 100%; Apecoin, Vechain, LidoDAO, IoTex Post Gains; Here Is Another “Big Deal” for Bitcoin, Ethereum

Optimism (OP), the native asset of Optimism, the Layer-2 scaling solution, is up nearly 100% over the last seven days. In the lead-up to the price rally, Optimism saw significant ecosystem updates as it launched its new Optimism onboarding flow for new and experienced cryptocurrency traders. It also launched its first euro-pegged stablecoin. At the time of publication, Optimism was trading at $2.12, up 36.22% in the last 24 hours.

Apecoin (APE) is up 7% at the time of publication. This follows the positive news of BitPay’s integration and the Gucci announcement. Luxury fashion brand Gucci announced that it was “now accepting ApeCoin payments via BitPay, select Gucci boutiques in the USA will expand the range of cryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3’’.

VeChain (VET) was also up 7% at press time on a slew of positive news. The VeChain Foundation announced in a recent tweet that VeChain has clinched an award for its innovation in health care. It states,’’ In 2020, VeChain & I-Dante launched E-HCert, a Digital Lab Test Wallet deployed at Aretaeio Hospital serving patients in Cyprus. We’re proud to share that the dApp won a Cyprus Healthcare Business Award, recognizing innovation and efficiency improvement”. The VeChain Foundation also disclosed its partnership with Amazon Web Services (AWS) to support its VeCarbon platform. The product will allow businesses to obtain information on their carbon footprint to properly manage it and remain compliant with emissions targets.

Lido DAO (LDO) prices edged higher on Aug. 3, partly due to similar upside moves elsewhere in the crypto market and increasing optimism around Ethereum’s network upgrade in September.

Starting as an open-source project in 2017, IoTeX aims to empower open economics for machines—an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives. IOTX was up 11.12% at press time.

Bitcoin (BTC) rebounded on Wednesday, advancing 1.7% to just above $23,300, after five consecutive negative days.

Here Is Another “Big Deal” for Bitcoin, Ethereum

According to Grayscale founder, Barry Silbert, The current U.S. congressional push to steer the majority of cryptocurrency oversight to the Commodity Futures Trading Commission (CFTC) is a ‘’big deal” for the market.

Industry heavyweights like FTX co-founder and CEO Sam Bankman-Fried are applauding the measure from the Senate Agriculture Committee’s leaders because it would make crypto businesses that trade digital commodities like bitcoin (BTC) and Ethereum (ETH) register with the CFTC as their primary regulator.

However, the law depends on the courts and the Securities and Exchange Commission (SEC) to define the parameters for whether tokens may be designated as commodities, even though it would give the CFTC more authority to regulate cryptocurrency spot markets.

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