Weekly Market Highlights #12: September 12 - September 18
✨The past seven days saw the successful transition of Ethereum's network from a Proof-of-Work consensus algorithm to one governed by Proof-of-Stake. The event was described by many as one of the most significant technical achievements in the industry and is put on par by importance with Bitcoin's halving. However, the total market has plummeted during the same period as many cryptocurrencies are falling in price.
✨Over the past week, the crypto market decreased ~$151B (from ~$1053B to ~$902B) of its total capitalization
✨Bitcoin Heads Towards $18K
✅BTC rebounded sharply before the date of the US CPI announcement, then fell below the $20K threshold at the time of The Merge and slightly recovered to the $20,1K area at the end of the week.
✅At dawn on September 19, Bitcoin suddenly plunged to $18,4K - its lowest price position in three months, dragging all altcoins "bleeding" at double digits
✨Altcoins Covered in Red:
✅BSCS is currently trading at ~$0,01157: +1,63% from its 7-day all-time low of $0,01138.
✅ETH is among the poorest performers, in contrast to what many expected after the Merge. It now struggles to remain above $1,300 after another 10% daily decline. ETH is down by more than $300 since the Merge took place.
✅BNB and TRX seem to be taking this retracement less violently, with drops of "just" 6.5% and 5%, respectively. XRP, ADA, DOT, SHIB, MATIC, AVAX, and UNI are all dumped by double-digits daily.
✨Bitcoin Fear and Greed Index is 21 - Extreme Fear, lower than the beginning of the week (25)
✨Dominance:
✅BTC: 39.4%
✅ETH: 17.6%
Near Foundation Introduces a $100M Fund Dedicated to Web 3 Developers
✅Near Foundation and Caerus Ventures will launch a $100M fund with the primary goal will be to support engineers, builders, and developers who work in the emerging Web 3 sector.
✅“The creators, talent, and franchises with reach and influence spearheaded that growth and will now drive the adoption of blockchain at scale. But this time, they and their fans will have greater access to the value created,” said Marieke Flament, CEO of the Near Foundation.
✅For his part, Nathan Pillai – Founder of Caerus Ventures – claimed that Web 3 technologies are yet to reveal their real value and change current trends. He said he’s been “hugely impressed” by Near Foundation’s approach to back up developers and empower creators and consumers with more control over their assets. “So we’re creating this partnership to help revolutionize the existing multi-layered entertainment ecosystems, growing the market size while promoting greater equity,” he added.
Central Bank of Bahrain to Test Bitcoin Payments Via OpenNode
⭐️The Central Bank of Bahrain (CBB) is set to test a Bitcoin payment processing and payout solution in collaboration with OpenNode. OpenNode believes the move is a “watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole.”
✅According to the official press release, the BTC payment processor plans to provide the infrastructure for the solution.
✅The Regulatory Sandbox was first launched in 2017, following which the CBB authorized OpenNode to participate in its framework that enables financial tech companies to test their ideas and solutions in the country.
✅OpenNode’s CEO and Co-Founder stated, “OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments, and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network.”
The Merge is Official: Ethereum’s Transition to Proof of Stake Now Complete
🥇What was arguably the most highly-anticipated event in cryptocurrency over the past few years is complete. The Paris upgrade, which is more commonly referred to as “the Merge,” just went through at a Total Terminal Difficulty of 58750000000000000000000.
✨This marked the official transition of Ethereum from a proof-of-work consensus algorithm to one that’s governed by proof-of-stake. It’s also introducing entirely different token emission dynamics and tokenomics to the protocol that are expected to have considerable long-term effects on the entire ecosystem.
🛣Even though the Merge is now complete, it’s important to note that there’s still a long road ahead for Ethereum to fulfill the vision of its team.
What’s Next?
✨There are four planned phases that the network will go through now that the Merge has finally happened.
These include:
🔹The Surge
🔹The Verge
🔹The Purge
🔹The Splurge
Spanish La Liga Launches a Project on Decentraland
🛣The top tier of Spanish soccer – Primera Division, commonly referred to as La Liga – reportedly joined forces with the digital art platform – StadioPlus – to enter the Decentraland Metaverse. Throughout the partnership, the league will develop land parcels in the Vegas City district (a digital party town part of the virtual reality platform).
🔸The move aims to grab the attention of Generation Z, who are among the most active participants in the Metaverse space. Seeing La Liga’s developments in Decentraland’s Vegas City district, those born from 1997 to 2012 might also increase their interest in Spanish soccer.
🔸Stephen Ibbotson – Head of Franchises and Licensing of La Liga spoke on the matter. He said the organization had sought ways to innovate and surpass competing championships to ensure the best experience for fans on and off the pitch.
“This licensing agreement will allow us to reach a new and significant audience, like that of Decentraland,” he added.
🔸It is worth mentioning that the two most successful Spanish soccer teams – FC Barcelona and Real Madrid – have already hopped on the bandwagon. The fierce rivals shook hands a month ago and filed for a joint Metaverse trademark application. Thus, they can provide their fans with products like virtual reality gaming and cryptocurrency transaction management software.
Binance partners with a Ukrainian supermarket chain to accept crypto through Pay Wallet.
Customers who use the Binance Pay Wallet to pay for their orders will be eligible to enter a rewards program.
💫Binance announced that it has partnered with the Ukrainian supermarket chain VARUS, saying it will enable cryptocurrency payments for grocery purchases through its Binance Pay Wallet.
🟢The grocery store is one of the largest companies in Ukraine with over 111 stores across 28 cities. The company said that this partnership would allow its customers to access instant cryptocurrency payments and fast delivery in 9 cities in Ukraine.
🟢The companies have also announced a “reward fund promotion”, where customers who order anything from the VARUS Delivery program worth over UAH 500 and pay with Binance Pay will be rewarded with UAH 100.
🟢In attendance at this year’s Kyiv Tech Summit hosted on Sept 6 - 9 in Ukraine, Ethereum Founder Vitalik shared that: “Ukraine could well become the next Web3 hub”.
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