Bitcoin, Ether rally 4% in 2 days, Ethereum surges

Bitcoin, Ether rally 4% in 2 days, Ethereum surges

Cryptocurrencies are experiencing signs of recovery, with Bitcoin and Ether rallying 4% in the past two days.

A few recent developments have buoyed the sentiment around Ethereum. Multiple asset management firms have applied for the launch of ETFs based on eth. PayPal, the global payments giant with over 400M users, has also launched its dollar-backed stablecoin, PYUSD, on the Ethereum mainnet.

Investors overwhelmingly expect the Fed to keep interest rates unchanged at its next meeting in September. Some even predict a 25bps interest rate cut as early as the December meeting.

Bancor Network's BNT has surged 55% in the past week after releasing its new on-chain trading strategies protocol, Carbon, which has been in place for more than a decade. The value of Crypto98's C98 rose 30 percent thanks to a substantial investment from venture capital firm DWF Labs. DODO rallied 28% on Tuesday after the company unveiled DODO X, a cross-chain aggregation service.

The founder's governance token, FXS, rallied 10% after the founder's proposal to bring Real World Assets to the network.

The Solana, Toncoin, and Algorand have also posted gains in the past seven days, spurred by last month's court ruling that XRP is not a security measure.

The DeFi tokens that lost the most value in the past 7 days were Kyber Network, Nest Protocol, and Bounce, both of which fell 30 percent, 24%, and 18%.

Rocket Pool, a well-known liquid staking platform, saw its RPL token drop by 12% in the past week. RPL hit an all-time high of $62 on April 26 and has dropped 58% since then.

Compound's COMP dropped 10%, with investors likely booking profits after a stellar run for the token. Robert Leshner, a former CEO of Facebook, has resigned from the company.