Weekly Market Highlights #13: September 19 - September 25
The cumulative market capitalization of all crypto assets is also quiet and has remained at just under ~$940B.
✨The US Federal Reserve (Fed) adjusting interest rates has profoundly affected the cryptocurrency market, leading to a series of major coins depreciating in the 3rd week of September 2022.
✨In a week that is expected to see fewer positive price changes, projects also refrain from releasing new news, leading to the main trend being regulatory news from the US regarding stablecoins and the securities nature of cryptocurrencies.
✨Over the past week, the crypto market increased ~$35B (from ~$902B to ~$937B) of its total capitalization
✨Bitcoin Quiet at $19K:
✅The primary cryptocurrency experienced a massive drop last week when the US Federal Reserve announced the latest hike in the key interest rates. Bitcoin, regarded as a riskier asset, plummeted by almost $2K hours to a three-month low of $18,1K.
✅BTC returned to $19K at the end of the working week and spent almost the entire weekend without any substantial moves in either direction. Monday started with some more volatility that pushed it south to $18,7K.
✨Altcoins had a volatile week, but most are significantly more stable now:
✅BSCS is currently trading at ~$0,01336: +15,86% from its 7-day all-time low of $0,01153
✅ETH dumped by more than 20% after the Merge was implemented, is now slightly in the green and stands above $1,3K.
✅Even though the Vasil upgrade went live a few days ago, ADA is also quite stagnant.
✅SOL and SHIB are with minor increases. In contrast, BNB, XRP, DOGE, DOT, MATIC, AVAX, and TRX are slightly declined.
✅LINK is the best performer among the larger and mid-cap altcoins. LINK is up by 5% today and trades at almost $8.
✨Bitcoin Fear and Greed Index is 21 - Extreme Fear, same as the beginning of the week (21)
✨Dominance:
✅BTC: 39.4%
✅ETH: 17.2%
Colorado Becomes the First US State Accepting Taxes in BTC and ETH
Colorado’s lawmakers joined forces with PayPal to allow residents to pay their taxes in BTC, ETH, LTC, and BCH.
🌆With partnered with PayPal, The authorities of Colorado announced that state residents can now pay their taxes in cryptocurrencies instead of fiat. Among the supported digital assets are the two biggest by market capitalization – BTC and ETH
🟢Colorado residents can now use cryptocurrencies as a means of payment for business income tax, individual income tax, sales and use tax, severance tax, withholding tax, and excise fuel tax. Apart from Bitcoin and Ether, individuals can also employ Bitcoin Cash and Litecoin.
🟢The Revenue Department can not accept direct digital asset settlements, so it joined forces with the multinational fintech company PayPal. It will act as a broker for each transaction and convert cryptocurrencies into US dollars, meaning consumers will have to pay certain fees for that service.
🟢The move turned Colorado into the first American state where individuals could use digital assets for tax payments. Utah is the only other state where such steps are in motion, and it is expected to become live at the beginning of 2023.
Crypto Remains a Priority for the U.K. Under New Leader, Drawing Industry Excitement
🔥The U.K. said it still plans on becoming a crypto hub despite a recent leadership shuffle, and industry advocates are thrilled.
✅Even with all of the changes in its leadership, the U.K. government is set to press forward with former Finance Minister Rishi Sunak's plans to turn the country into an international hub for crypto, Richard Fuller, the country's new economic secretary to the Treasury, said at the U.K.'s first-ever crypto debate in Westminster last week.
✅The local blockchain community's hopes for innovation-friendly regulations that could push the U.K.'s stagnant crypto industry forward.
✅Fuller's comments came as a "great signal of progress" to the crypto community, according to Baroness Manzila Uddin, co-chairwoman of a cross-party parliamentary group focused on the metaverse and Web3.
Lebanese People Turn to Crypto Amid the Country’s Financial Collapse
🔻Earlier this week, the government of Lebanon closed all local banks due to ongoing risks for employees and customers. It remains unknown when the financial institutions will re-open, which might be one reason why locals started looking for alternative financial instruments, including digital assets.
Crypto to the Rescue
🔺The economic situation in Lebanon worsened after the government shut all domestic banking institutions until further notice. Thus, people wanting to withdraw their funds can do so at a considerable loss or take out US dollar-denominated cheques, which are then sold for a fraction of their valuation – currently approximately 20%.
🔺According to a recent Reuters report, some locals (mainly young people with enough knowledge about innovations in technology) have started dealing with cryptocurrencies because of this setback. Some argued that cryptocurrencies are “100 times more real than the dollars” Lebanese keep in banks.
🔺According to the coverage, the favorite digital asset of local investors is the world’s largest stablecoin – Tether (USDT). Its value is pegged to the American dollar, and, in theory, it should stay unaffected by the notorious volatility in the crypto market.
The Crisis in Lebanon
🔺Lebanon has been battling a deep economic crisis for a couple of decades. While the country was one of the most well-developed states in the Arab region until 1975, a civil war that lasted until 1990 changed that trend.
🔺The military conflict caused massive loss of human life and property and devastated the country’s financial system. Parts of Lebanon were left in ruins, while the leading political parties continued to divide society years after the end of the war.
Billions of People to Use Blockchain Tech Soon: Pantera Capital CEO
✅The increasing blockchain adoption in the next four-five years might lead to a price rally for some digital assets, Dan Morehead claimed.
✅Dan Morehead – head of the institutional asset manager Pantera Capital – thinks there might be many distressed financial sectors in the coming years. Still, the digital asset industry will not be among them.
✅Like his previous statements, the executive argued that a crypto bull market is on its way. At the same time, blockchain technology will be employed by billions of individuals in the years to come.
Bullish as Usual
✅In an interview for CNBC, Morehead opined that cryptocurrencies would become highly popular shortly due to the advantages they could provide to the monetary network.
“The important thing to keep in mind is crypto is such a disruptive thing that’s going to change so many aspects of our lives in the next decade,” he said.
✅In addition, Pantera Capital’s CEO envisioned that billions of consumers would employ blockchain technology in the following years, which could boost the prices of digital assets:
“I can see a world a few years from now where risk assets might still be struggling, but blockchain will be back to all-time highs based on its fundamentals.
✅Hundreds of millions of people use blockchain today, but I think in four-five years, it’s going to be billions of people, and if you have a billion people, they want to buy a fixed number of coins, so prices will probably go up.”
Disney hiring transaction lawyer for 'aggressive' NFT and DeFi plans
☄️The Walt Disney Company is looking to hire a transaction lawyer to explore emerging technology opportunities, including NFTs, working at an "accelerated and aggressive timeline," according to a job posting on LinkedIn.
👝The job ad added that the hire would "partner with business teams as they plan new global emerging technology projects" across additional segments like the metaverse and decentralized finance.
✨"Assist in performing due diligence for NFT, blockchain, third-party marketplace and cloud provider projects, and negotiating and drafting complex agreements for those projects," the job advert added.
🤵♂️Typically, transaction lawyers review mergers and acquisitions and other complex business dealings.
🌠The new attorney will work in the Legal Department of The Walt Disney Company within its Corporate Transactions unit and must have at least five years of experience managing and operating complex corporate transactions, preferably internationally recognized. In a large multinational law firm with corporate practice.
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