Crypto roundup: Market falls with Ether hitting two-week low; Crypto Visa card coming to Aus; Uniswap v3 on layer 2
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The crypto market is deep in the red this afternoon with nearly every asset down and Ethereum at its lowest level in two and a half weeks.
At 4pm AEST, Ether was changing hands for US$1,881, down 5.1 per cent from yesterday. Ether reached a nadir of US$1,751 in late June, but has otherwise traded above US$2,000 since early April.
Bitcoin was trading at $US31,926, down 2.9 per cent from yesterday and near the bottom of the range in which it has been trading since late May.
Cosmos (ATOM) was the worst performer, falling 13.1 per cent to US$11.40. KuCoin, Theta Fuel, Terra (LUNA), Synthetix, Telcoin, Enjin Coin, and Siacoin were all also down by double-digits.
Red-hot gaming token Axie Infinity was the best performer, hanging on to its gains with a 1.8 per cent rise over the past 24 hours to trade at US$20.40.
A Sydney start-up has reportedly convinced Visa to let it issue a physical debit card to make cryptocurrencies more easily spendable.
CryptoSpend will let users deposit Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin and spend those assets directly from the app, at a variable rate.
The app is a project of two mates from UT Sydney, Andrew Grech and Richard Voice, the Australian Financial Review reported.
“Spending it directly is a more convenient way of selling it,” Grech told the AFR.
“We have a lot of demand for the card. If the market is green, someone could say it’s time to spend some of my profits. On the other side of the fence, another person might say it’s going to keep going up, I’ll hold onto it. But we have seen more spending volume when the price is going up.”
The card is being issued by Novatti (ASX:NOV) and should be launched by September.
Leading decentralised exchange Uniswap has finally launched on Optimistic Ethereum (OΞ), a layer 2 scaling solution for Ethereum.
It’s an alpha launch, meaning there will be downtime and not all assets are available, but transactions should be ten times cheaper and confirm instantly.
(As users known, Uniswap transactions currently can take a minute or so to confirm, sometimes get “stuck,” and gas fees to use the Ethereum network can be several dollars or more).
🤑 Initial transaction cost savings can be up to 10x.
🏗️ Early adopters may experience higher fees due to rate-limiting while the OΞ network is battle-tested.
🏃Transaction capacity will ramp up over the coming weeks and months, significantly reducing gas fees over time.
— Uniswap Labs 🦄 (@Uniswap) July 13, 2021
Australian crypto influencer Alex Saunders was impressed when he tried the network this morning.
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) July 14, 2021
A detailed guide on how to use Uniswap with Optimism is available here.