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The SPX index was up 0.15%, factors contributing to this rise include a busy earnings week, positive economic reports from China, encouraging statements from Fed officials, and a rally in WTI crude, which pushed energy stocks up. The broader cryptocurrency market went down, with Bitcoin and Ether dropping 0.25% and 0.61% respectively, in the past 24 hours.
Today's outperformer is HNT, which surged 4.7%% in the past 24 hours due to today’s anticipation of the network’s halving.
Launched on July 2019, Helium Network (HNT) is a blockchain-based system that connects low-power IoT devices to the internet via LoRaWAN technology. It aims to foster a decentralized future for IoT wireless communication, enabling millions of devices worldwide to access the internet affordably. Additionally, known as "The People's Network", it seeks to help local businesses broaden their audience reach through affordable and strong wireless connections. HNT halvings reduce the total token supply by half every two years to induce price inflation and the next halving is scheduled for today, August 2023. The 2021 halving led to a significant price surge. However, the current over-saturation of miners and underuse of tokens is causing a consistent price decrease, which needs addressing for future halvings to boost prices effectively.
Check Out the Latest Prices, Charts, and Data of HNTUSDT!
CLabs, the developer of the Celo blockchain, has successfully proposed a transition of Celo from an independent layer-1 blockchain to an Ethereum layer-2 solution, aiming to simplify liquidity sharing between Celo and Ethereum and enhance security. The proposal garnered 128 out of 131 total votes in favor. The move, following months of research and discussions with Celo and Ethereum community members, would also streamline the developer experience as Celo is compatible with the Ethereum Virtual Machine (EVM), allowing Ethereum developers to port their existing apps or develop new ones using similar tools. The native token of the blockchain, CELO, rose 4% after the news.