- Coinpaper Digest
- It's a New Summer For Solana!
It's a New Summer For Solana!
SOL overtakes MATIC and OP in transaction volume while BTC surpasses Berkshire Hathaway in terms of market cap
Solana is making a comeback, with its new and exciting developments and price successes drawing attention from all corners of the cryptocurrency industry.
At the start of this month, Solana (SOL) attracted a lot of attention in the cryptocurrency space by surpassing both Polygon (MATIC) and Optimism (OP) in terms of on-chain trading volume. Additionally, on Saturday, Solana's native token SOL outperformed its competitor Avalanche (AVAX) in Total Value Locked (TVL) within its decentralized application (dApp) ecosystem. Solana's dApp ecosystem achieved a TVL of $688 million, while Avalanche's TVL stood at $660 million.
Bitcoin achieved a massive victory by exceeding the market capitalization of Warren Buffett's Berkshire Hathaway, a development pointed out by venture capital investor Anthony Pompliano.
Despite Warren Buffett's historical criticism of Bitcoin, recent developments in both the cryptocurrency and financial markets have set the stage for the digital asset to surpass one of its most vocal opponents. Charlie Munger, a close associate and vice president of Berkshire Hathaway, shared Warren Buffett's skepticism towards Bitcoin, even going so far as to refer to it as a "disruptive stink ball" in the world of traditional finance.
Tether has gained over $1 billion in profits from its Bitcoin holdings as BTC’s price experiences significant growth.
Tether, the blockchain-based platform and issuer of the USDT stablecoin, has recently recorded a profit exceeding $1.1 billion from its Bitcoin holdings. The increase in the price of BTC, which has surged past $41,000 in the past few days, certainly played a huge role in Tether's $1+ billion profit. Tether has been regularly purchasing cryptocurrency using 15% of its net profits, a practice they started in May of 2023. Through this approach, Tether has added a total of 4,083 BTC to its portfolio.
Once again, the outspoken Bitcoin critic Peter Schiff has made a very dark prediction regarding the future of Bitcoin.
Schiff believes that Bitcoin's rise to approximately $41,000 was prompted by a drop in gold prices below $2,100. Nevertheless, he warned that this upward momentum might signify the beginning of the end for Bitcoin, implying that it could be the catalyst to a substantial decline. Schiff attributed Bitcoin's recent surge to speculative enthusiasm surrounding spot Bitcoin ETFs, pointing out that this excitement is only a bubble destined to pop eventually.
MEME OF THE DAY
How did you like today's newsletter?
That’s it for today. Don’t forget to share Coinpaper Digest with your friends!