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☕️Crypto Daily by Bitcompare — Issue #2

Howdy!

FLOW Blockchain has been in the news due to its 100% price rally in the last 24 hours. So, we will find out the unexpected catalyst behind its recent popularity.

Before now, FLOW has been popular for its immense contribution to the development of Web3 assets like NFTs, DAOs, and crypto games. But this recent event has pushed it into the big boys’ league.

We will also look at other interesting events that took place. Let’s go.

NBA Top Shot creator, FLOW, has gained bullish momentum as its price rallies to 100% after Meta implemented an NFT feature for Instagram across 100 countries.Here’s a rundown of events:

  • Meta has helped its subsidiary platform, Instagram expand NFT platforms to 100 countries. It’s no longer news that the company has been focusing on the metaverse and NFT space to gain a first mover advantage.
  • The NFTs, which they refer to as “digital collectibles,” require a blockchain to run on. Against all predictions that they would choose the leading blockchains in the space, they announced the FLOW blockchain, to everyone’s surprise, as its official partner to host the NFT.
  • Following this news, FLOW blockchain has gained recognition, making its price rally up to 100%. As of writing, FLOW is trading at above $2.50.
  • Although it hasn’t gotten to the point where it competes with established projects like Ethereum, its recent rally has put it in the spotlight. It is now the 29th largest cryptocurrency with a $2.8 billion market cap, surpassing Apecoin, Algorand, and Bitcoin Cash.

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In other news:

Revolut launches crypto trading in Singapore regardless of the possibility of new restrictions. Singapore’s financial regulatory bodies are still unsure of restrictions to impose on the crypto industry. Despite this uncertainty, the fintech company, Revolut has begun its crypto services in the country.

Elon Musk has yet again confirmed that Dogecoin is his favorite cryptocurrency. On August 5, the billionaire appeared on the popular podcast, Full Send, where he discussed various topics. When Dogecoin was brought up, he stated that it was still his favorite because of the ‘theme’ behind it.

Shiba Inu’s burn rate and Binance factors. Shiba Inu has been able to burn as many tokens as they can for the past few days leading to an uptick from $0.0000117 to $0.0000124. However, in the past 24 hours, their burn rate decreased by 18.21%, which they have been able to handle. Regardless, Binance has named them as one of the supported tokens for the Binance card issued in Europe.

Coinbase scrutiny increases as they are slapped with two new lawsuits. the US Securities and Exchange Commission (SEC). The leading US cryptocurrency marketplace is being investigated for “unregistered securities.”

The price of Apecoin (APE) rallies ahead of the $10 mark. Apecoin has rallied after bouncing from a weekly low of $3.10 against Tether. The price has gradually built momentum and rallied towards the $10 price zone, although it still faces resistance.

$BNB outperforms competitors in what is termed a “Breakout Year.” The BNB chainhas been reported to outperform its Ethereum-based competitors in the NFT market owing to the significant rise in secondary sales volumes and the number of unique NFT buyers on the network. The developers also rolled out innovations, including the Binance Bridge 2.0 and the Most Valuable Builder V (MVBV) Accelerator program.

Get real-time crypto updates by following us on Twitter

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