Weekly Market Highlights #10: 29th August - 4th September
The market is still waiting for positive signals.
✨Over the past week, the crypto market increased ~$29B (from ~$955B to ~$984B) of its total capitalization
✨Bitcoin has failed to chart notable increases in the past 24 hours. The bulls attempted to push the price upwards occasionally but could not do so. Eventually, this allowed sellers to prevail and push BTC below the coveted $20K level once again.
✨Altcoins Bleeding Out
✅BSCS is currently trading at ~$0,0145: +0,86% from its 7-day all-time low of $0,01437.
✅ETH is currently trading at ~$1.56K, lost about 2.61% over the period
✅SOL lost 1.5%, MATIC - 1.2%, ETC – 1.42%, NEAR – 2.3%, and so forth. The biggest outlier over the past 24 hours appears to be FIL, up almost 9%.
✨Bitcoin Fear and Greed Index is 23 - Extreme Fear, higher than the beginning of the week (24)
✨Dominance:
✅BTC: 38.7%
✅ETH: 19.6%
Meta Allows Users to Post NFTs Across Facebook and Instagram
🏙Social media giant Meta announced the integration of non-fungible tokens (NFTs) to Facebook, adding that NFT creators can now showcase their digital collectibles across Facebook and Instagram.
✨Some of the wallets supported by the social media giants include Coinbase Wallet and MetaMask Wallet.
🔹Meta stated that NFT creators and businesses in 100 countries in Africa, the Middle East, the Asia Pacific, and the Americas would be able to display their digital collectibles on Instagram.
🔹Meanwhile, Meta’s continuous expansion of the feature to include Facebook and users beyond the U.S. is a testament to the company’s plans to allow widespread access to NFTs. A statement in May said: “By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities.”
Ukraine’s Tech Retail Giants Begin Accepting Bitcoin
💰Techno Їzhak and Stylus, two of Ukraine’s largest tech-based retailers, will allow customers to pay $BTC for goods and services. The company will be using payments providers Whitepay to serve as the company’s facilitator between customers and merchants. Whitepay operates as a subsidiary of WhiteBIT, a European-based crypto exchange
💰Customers can use Bitcoin for payment online and at brick-and-mortar stores, which have more than 100 retail locations across both tech companies. Customers who pay in person will be able to use Whitepay’s custom point-of-sale system, which provides a QR code to merchants to document the transaction. The QR code will include information on the current exchange rate and the amount of time the transaction takes to complete on the network
✍️Earlier in the year, Volodymyr Zelensky, President of Ukraine, signed an “On Virtual Currency” bill, which provides a legal framework for Bitcoin to operate within the country’s economy
FIFA To Launch New NFT Platform
⚽️FIFA, the global governing body of soccer, is launching a new NFT collectibles platform on Algorand.
☄️The platform will be called ‘FIFA+ Collect’ and appear to take a Top Shot-esque approach, with a bit of a twist. Top Shot, of course, has utilized IP from the NBA, NFL, and UFC to take in-game moments and mint them as NFTs. FIFA will also seemingly leverage big in-game moments and pair them alongside “art and imagery.” The platform is expected to launch later in September and is focused on being “affordable, inclusive and accessible to all football fans,” according to the report.
🤵♂️FIFA Chief Business Officer Romy Gai stated:
“This exciting announcement makes FIFA collectibles available to any football fan, democratizing the ability to own a part of the FIFA World Cup. Like sports memorabilia and stickers, this is an accessible opportunity for fans worldwide to engage with their favorite players, moments, and more on new platforms.”
Argentinean Province Allows Residents to Pay Taxes in USDT
Citizens of the Argentinean province Mendoza will be able to pay their taxes in Tether (USDT) instead of pesos.
☄️Mendoza's roughly 2 million residents will now be able to pay taxes using stablecoins, including DAI and USDT from any crypto wallet. This move follows the country's capital city Buenos Aires announcing that it would accept crypto for payment of taxes in April.
The region's tax administration described the move as "the strategic objective of modernization and innovation," which could give "taxpayers different means to comply with their tax obligations."
🔹Settling taxes in cryptocurrencies instead of pesos became possible in one of the largest provinces in Argentina – Mendoza.
🔹Initially, the region's authorities will accept payments in Tether (USDT), while at a later stage, it plans to add more digital assets as an option.
🔹Taxpayers can use popular crypto wallets such as Binance, Buenbit, Bitso, Ripio, Bybit, and Lemon Cash.
Alexis Ohanian’s VC Firm to Invest $177M in Cryptocurrencies
🤵♂️Seven Seven Six – a US-based venture capital firm founded by Reddit’s creator Alexis Ohanian – will reportedly raise a $177M fund to invest in the cryptocurrency market. The company plans to allocate the amount directly into digital assets currently trading at all-time high levels.
💰Earlier this year, Ohanian raised $500M for Seven Seven Six. The funds were meant to support the development of early-stage cryptocurrency startups.
“This is the best time to buy if you’re long on the industry. It’s on sale. Everything is on sale,” said Katelin Holloway – Founding Partner at Seven Seven Six.
🏦The company’s entry into the market comes amid crypto winter. Bitcoin, for one, is down over 70% since its ATH in November last year, while Ether’s valuation (the second-largest digital asset by market cap) has decreased by nearly 67%.
📣 Stay tuned! The market's highlights will be updated by BSCStation.😎
About BSCStation
BSCStation - The fully decentralized protocol for launching new ideas. An all-in-one Incubation Hub with a full-stack Defi platform across all main blockchain networks. We provide exclusive services including IDO/INO Launchpad, Yield farming, NFT Auction, Marketplace, and BSCSwap
BSCStation operates on top of the all main blockchain networks and is designed to offer maximum value to consumers and institutions.
BSCStation platform uses the Sharing Economy Model for the purpose of profit-sharing, helping users to access DeFi platforms in the easiest, safest, and most cost-effective way. BSCStation is the most convenient bridge to connect users and application products on all main blockchain networks.