Cryptocurrency trading volumes decreased significantly in June according to data from Cryptocompare, a price and volume tracking organization. Volumes traded diminished by at least 40% month-on-month, with spot and derivatives trading both suffering due to the mining and trading crackdown in China, amongst other factors. The resulting volatility seems to have made many traders lose interest.
NFTs have exploded in popularity in 2021, with a single digital art piece by Beeple selling for $69 million. The Non-fungibility of digital assets shifts the power of ownership from developers to end-users. NFTs, regardless of the medium they’ve taken form in, have been widely discredited, however, they’ve provided a new means of retaining digital ownership. Axie Infinity, a play-to-earn blockchain game, is reshaping gaming through a “real in-game economy” that transcends anything seen before.
While Bitcoin (BTC) may be considered as a store of value for many, some consumers across the globe may be thinking otherwise. Recent data has revealed that 46 million people in the United States plan to use cryptocurrency to pay for things such as groceries or real estate. Payments giant Visa further revealed in July that its crypto-enabled cards processed over $1 billion in total spending during the first half of this year.