Weekly Market Highlights #11: September 5 - September 11
The market shows positive signs just days ahead of the much-anticipated Merge event.
✨Over the past week, the crypto market increased ~$69B (from ~$984B to ~$1053B) of its total capitalization
✨Bitcoin Saw New Weekly High
✅Even the record interest rate hike from the European Central Bank can't stop BTC's price growth. The primary cryptocurrency has made an impressive increase from 18.5K to 22k – the highest level since August 20
✅Its market capitalization has remained well above $400B
✨Altcoins are watching
✅BSCS is currently trading at ~$0,0139: +7,40% from its 7-day all-time low of $0,01289.
✅ETH - the second-largest cryptocurrency is close to touching $1,800 as the Merge is approaching fast.
✅ADA, MATIC, and TRX have also charted insignificant daily gains. In contrast, BNB, XRP, SOL, DOT, DOGE, SHIB, and AVAX are slightly red from the larger-cap alts.
✨Bitcoin Fear and Greed Index is 25 - Extreme Fear, higher than the beginning of the week (23)
✨Dominance:
✅BTC: 39.5%
✅ETH: 20.1%
Former Brazilian Economy Minister Joins Binance’s Advisory Board
🏙The ex-President of Brazil’s central bank – Henrique Meirelles – became the newest member of Binance’s Advisory Board. Throughout his career, the economist served as the President of Brazil’s central bank. He was also an Economy Minister; in 2018, he ran for President of the South American nation.
🏙The company’s presence in the Latin American region seems to be getting stronger recently. Brazil, Argentina, and Mexico are countries where the galloping inflation has caused panic among residents, and interestingly some of those have turned their attention toward digital assets.
🤵♂️Maximiliano Hinz – top executive of Binance Latin America – said: “Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like bitcoin, as a way to protect themselves from inflation.”
LG Taps Hedera Blockchain for NFT Marketplace
⭐️Seoul-based TV giant LG Electronics announced the launch of its non-fungible token (NFT) marketplace – LG Art Lab – potentially opening up NFT collecting to a much broader audience.
✅With the latest platform, based on the Hedera blockchain, users can explore, buy, sell and trade NFTs on LG’s smart television sets. LG Art Lab will also incorporate onscreen QR codes to enable users to complete transactions with the help of the company’s crypto wallet for smartphones, called Wallypto, which is also built on Hedera.
✅After an NFT is purchased, it can be traded on LG Art Lab Marketplace. Users will be able to view transaction history as well as look at their artwork.
⭐️At a press conference earlier this year, LG had first hinted at plans to incorporate NFT features into its smart TV. LG’s NFT foray follows its competitor – Samsung Electronics – announcing plans of potential NFT integration within its new TVs at the CES trade show in January
Bitcoin Rallies as MicroStrategy May Raise $500M to Buy BTC
Even without Michael Saylor as CEO, MicroStrategy seems determined to continue purchasing BTC.
🟩The largest corporate bitcoin holder - MicroStrategy, has filed a new filing with the US Securities and Exchange Commission that will essentially allow it to purchase more BTC for up to $500M.
✅The filing with the securities regulator shows that MicroStrategy plans to sell up to $500 million worth of its stock for “general corporate purposes, including the acquisition of bitcoin.”
✅Interestingly, the market reacted positively to this filing, with the MSTR price surging by more than 10% on Friday to over $260 per piece.
✅Bitcoin’s price has also seen an uptick in the past few days. The asset reacted with another price increase and shot up to a two-week high just above $21,5K
✅The last company purchase came at the end of June – worth $10M
These Countries Have the Best Crypto Tax Legislation: Research
✅The digital asset exchange aggregator Coincub conducted a study to find out which countries offer their citizens the friendliest cryptocurrency tax policies: Germany, Italy, and Switzerland are residents' top three crypto tax heavens.
✅Looking at the opposite corner, Belgium is the worst nation for cryptocurrency taxation, followed by Iceland and Israel. Interestingly, India (where the government applies a 30% taxation rate on income generated from digital asset activities) did not find a place among the top 5 in that statistic.
✅An example of Germany's pro-crypto stance is Sparkasse (the largest domestic financial group) and its intention to provide digital asset services to its nearly 50 million clients.
The previous leader – Singapore – was second, while the strongest economy – the USA – held third place. Australia and Switzerland were respectively fourth and fifth.
Bitcoin short squeeze ‘not over’ as BTC price eyes 17% weekly gains
BTC stayed higher into the Sep 10 weekly close as optimistic forecasts favored $23K next.
✅TradingView showed BTC/USD hit $21,7K on Bitstamp overnight - the most since Aug 26.
✅Among analysts, excitement was palpable going into the new week, which should prove pivotal for short-term crypto price action.
✅The Ethereum Merge and new United States inflation data were the top catalysts expected to influence the market.
✅An accompanying chart showed the Binance BTC/USD order book providing solid resistance near $21,5K, a zone which bulls subsequently appeared to overcome.
✅On the macro, hopes that a sustained risk asset rally would ensue more vocal, with analyst Henrik Zeberg particularly confident.
📣 Stay tuned! The market's highlights will be updated by BSCStation.
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