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The SPX index is down 1.38%, this decrease was prompted by Fitch Ratings' downgrade of the U.S. government debt rating and a higher-than-expected rise in July's ADP employment figures. The broader cryptocurrency market is down, with Bitcoin and Ether dropping 0.30% and 0.45% respectively in the past 24 hours.
Today's outperformer is CELO, which surged 10.2% in the past 24 hours due to Google Cloud joining Celo Network as a validator.
Launched on April 2020, Celo Network (CELO) is a global payment platform for cryptocurrencies designed with mobile users in mind, enabling financial transactions to any phone number worldwide. It operates two native tokens: CELO, a governance token for voting on protocol changes, and Celo Dollars (cUSD), a stablecoin pegged to the US dollar. Today, Google Cloud is now a validator on the Celo Network, an Ethereum-compatible blockchain. This move furthers Google Cloud's commitment to blockchain and Web3 technology, and will aid Celo's transition from a layer-1 blockchain to an Ethereum layer-2 scaling solution, aiming to foster scalability and global adoption.
Check Out the Latest Prices, Charts, and Data of CELOUSDT!
Litecoin, the 12th largest cryptocurrency, recently underwent its third "halving," a pre-scheduled event that cuts the mining reward in half every four years, thereby reducing the number of coins produced. The mechanism is designed to decrease inflation and potentially increase the value of existing coins. Despite the theoretical potential for a price increase after halving, Litecoin (LTC) saw a decline of 3.8% in the past 24 hours, trading at $89.02. Litecoin was created in 2011 by Charlie Lee as a faster, cheaper alternative to Bitcoin, but it has struggled to outpace Bitcoin in terms of adoption. Recently, LTC has experienced a slight resurgence after being listed by EDX Markets, a Wall Street-backed crypto exchange.