The State of the Market: After days of hovering just below the $300 billion total market cap point, crypto markets finally broke through, thanks largely to significant price increases among prominent altcoins. Bitcoin (BTC) and Ethereum (ETH) have recorded somewhat modest gains of 1.27% and 1.21% respectively, while other high-profile crypto’s like VeChain (VEN) posted a staggering 26% increase on the day. Furthermore, Bitcoin (BTC) dominance has decreased today from it’s high of 47.5% down to just under 47%.

1) During its quarterly earnings report today, crypto investment bank ‘Galaxy Digital’ announced a staggering loss of $134 million in Q1 of 2018 — likely due to the precipitous decline of cryptocurrency prices since January 1st. In the report, billionaire investor Michael Novogratz and chairman of Galaxy Digital outlined a “net unrealized loss” of $85.5 million on digital assets and a $24 million loss on investments. Despite the disappointing figures, Novogratz remains sanguine, saying that Galaxy Digital has “assembled a world-class team with deep institutional knowledge and expertise and have also made significant strides in scaling our four core business lines,” and that he has “confidence in our team’s ability to continue driving growth” (read more).

2) The prolific Ethereum wallet interface ‘MyEtherWallet’ (MEW) recently unveiled a mobile ‘hardware wallet’ app for iOS. Although the app is still in beta, MEWconnect will reportedly enable users to safeguard their funds as if they were using a hardware wallet — which is generally considered to be the most secure way to keep crypto assets. In other words, MEWconnect would give app users the “security of a cold-storage wallet on your mobile phone.” According to a recent blog post, the MyEtherWallet’s app is still in development, and as such, developers associated with the project caution that users not “use [the] beta version as a permanent ETH storage solution” (read more).

3) VeChain’s (VEN) price soared almost 24% over the course of just a few hours following an announcement the Binance, one of the leading cryptocurrency exchanges, would be airdropping 100 million VTHO for customers holding VEN. In essence, VTHO is the underlying fuel of the VeChainThor blockchain, not unlike Neo’s GAS token. The total market value of the VTHO token airdrop is currently valued at around $3 million which will be distributed to all Binance users who hold VEN starting on August 1st (read more).

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