This is the third episode of a weekly cryptocurrency news series called Last Week in Crypto.

We cover the latest global news stories affecting the cryptocurrency markets July 19th through 25th of 2020.

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=== VIDEO SUMMARY ===

We will talk about what happened in the markets, the increasing network fees, Ethereum’s competitors mainnets launching, the dim outlook for the US economy, and what’s going on in China.

To check out the links to all of the articles we discuss, go to CryptoCasey.com/Last-Week-Crypto.

As Ethereum’s network continues to strain under the immense weight of the increased demand in DeFi, two Ethereum competitors launched their mainnets this week, both of which involve proof-of-stake protocols: the same type of solution Ethereum will be transitioning to in the ETH 2 upgrade.

Cardano’s Shelley hard fork, five years in the making, went live this week.

Elrond’s mainnet launched this past Thursday with a new DeFi app and staking opportunities.

The Economy is in reverse: Initial jobless claims rise for a second week, GDP falls by a record 33% - the biggest economic contraction on record dating to 1947.


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