Argentinians Flock to U.S. Dollar-Pegged Stablecoins Amid Economy Minister’s Resignation— Aspen Market Daily

Daily Market Wrap

  • Crypto market cap: 0.91 trillion, up 4.82%
  • BTC price stands at USD 20,289, up 5.83%
  • ETH price stands at USD 1,147, up 7.21%
  • Top gainer:Convex Finance (CVX), up 19.76%
  • Top loser: TerraClassicUSD (USTC), down 12.19%

News of the Day

Argentinians flocked to U.S. Dollar-pegged stablecoins over the weekend.

  • Argentina saw the price of dollar-pegged stablecoins rise across exchanges on Saturday after the shocked resignation of its Economy Minister
  • Argentina has long been struggling with rising inflation and the continued decline of the peso (local currency) against the U.S. dollar
  • Argentineans have been billing using crypto as a means to hedge against the country’s inflation

Crypto Daily Spotlight

Cardano successfully implements upgrade on its testnet ahead of its mainnet Vasil upgrade.

Brief introduction: Cardano is a public blockchain platform. It is open-source and decentralised, with consensus achieved using proof of stake. The Cardano blockchain can be used to build smart contracts, and in turn, create decentralised applications and protocols.

  • On July 3, Cardano (ADA) successfully conducted a hard fork of its testnet ahead of the upcoming Vasil upgrade
  • The Vasil hard fork is one of the primary features of Cardano’s Basho phase, which is the fourth in a series of five of the network’s building eras
  • The previous three were the foundation (Byron), decentralisation (Shelley), and smart contracts (Goguen) phases, while the Basho phase aims to improve Cardano’s scalability

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Aspen Digital

Aspen Digital

Aspen Digital provides a digital asset management solution for institutional investors, co-founded by EVG & TTB Partners in 2021.