Weekly Market Highlights #15: October 3 - October 9
✨Last week was a quiet week for the crypto market with not much news affecting Bitcoin.
✨Over the past week, the crypto market increased ~$9B (from ~$928B to ~$937B) of its total capitalization
✨Bitcoin to Test $19K Support?
✅The primary cryptocurrency's price was on a roll last week when it pumped to a three-week high at around $20,5K. However, the landscape changed when the latest US job report came out. Even though it beat expectations, it sent BTC south hard, and the asset fell by almost $1K in an hour.
✅The weekend brought some more pain as bitcoin fell beneath $19,3K. It bounced off and jumped to $19,6K hours ago, but the bears came back to play and pushed it south again to just over $19K – a new weekly low.
✨Most altcoins have remained calm.
✅BSCS is currently trading at ~$0,01229: +1% from its 7-day all-time low of $0,01216
✅XRP has been up by about 18% for the past week. As such, it's the best performer from the larger-cap alts and trades above $0.5.
✅On a daily scale, BNB, ADA, DOGE, and SHIB have charted even more losses of up to 2.5%. QNT was yesterday's top gainer, but it has retraced by 7% now.
✅The cumulative market cap of all crypto assets has seen a loss of about $10B in a day and is down to ~$930B.
✨Bitcoin Fear and Greed Index is 22 - Extreme Fear, lower than the beginning of the week (24)
✨Dominance:
✅BTC: 39.6%
✅ETH: 17.2%
Over 12,000 Brazil companies declare crypto holdings in record high
✨According to local media reports, the country's taxation authority, Receita Federal do Brasil (RFB), also known as the Federal Revenue of Brazil, recorded 12,053 unique organizations declaring crypto on their balance sheets in August 2022.
✨The number is a 6.1% increase from the 11,360 companies in July and is the month with the highest recorded number of companies with crypto holdings to date.
✅BTC is the most popular cryptocurrency held by institutions, followed by stablecoin USDT
✅Brazilians' trust in cryptocurrency remains high according to a September Bitstamp "Crypto Pulse" report, with 77% stating they trusted digital assets.
✅Multiple financial companies in the country have started offering cryptocurrency services, such as brokerage giant XP Inc and payment application PicPay, integrating crypto exchange services in August.
✅Crypto exchange Binance has also increased its efforts in the country, doubling its team since March and opening two new offices on October 4.
✅Brazil's inflation rate hit a 26-year high of 12.1% in April but has since cooled slightly to 8.7% in the latest August figures, according to the data from the country's statistics agency.
NFT, GameFi Sectors Show Optimistic Trends: DappRadar
On-chain indicators signal a recovering crypto market, said DappRadar in its Q3 report.
🌐The global macroeconomic environment influenced and adversely impacted the crypto and NFT markets, which sustained several damaging corrections. However, new data suggest that the NFT business continues to be in great demand.
High Demand for NFTs
✅In Q3, the NFT trading volume climbed to $2.71 billion and was down by 67% from the previous quarter. But there has been an 8.3% increase in the sales count from Q2. This was revealed by the latest edition of the DappRadar Industry Report.
✅The NFT trading volume soared by 10.4% in September compared to the previous month. Furthermore, the sales count increased by 21%, indicative that the NFT business continues to be in great demand.
✅On the other hand, the overall drop in trading volume may have been contributed by the decline in the values of the cryptocurrency market.
✅The report also revealed that NFT trading volume on Ethereum has nosedived by 76% from Q2, but the number of NFT trades increased by 11%. Solana’s NFT trading volume has witnessed an uptrend of 96% from the previous month.
✅The bear market saw severe stagnation in the space, but the blue chips such as – Yuga Labs: OtherSide, Bored Ape Yacht Club, Mutant Ape Yacht Club, and CryptoPunks have maintained their dominance. The four projects account for over 46.21% of the NFT market cap.
Near Protocol partners with Google Cloud to support Web3 devs
Under a partnership with Near Protocol, Google Cloud will support Near developers in building and scaling their Web3 projects and DApps.
🤝Near Foundation has announced a new partnership between Google Cloud and Near Protocol, providing infrastructure for Near's Web3 startup platform: Pagoda.
✨According to an Oct. 4 announcement, this partnership will allow Google Cloud to provide "technical support" to Near grant recipients by providing infrastructure for Near's Remote Procedure Call node provider to Pagoda.
☄️Launched in February 2022, Pagoda is a startup platform that provides Web3 developers building on Near with a full-stack toolset to construct, launch and maintain their Web3 projects or DApps on the blockchain.
⭐️In a statement, Google Cloud director of digital assets Carlos Arena said his company's infrastructure will allow Near developers a means to "build and scale" and said the company will continue to support "new products and services on blockchain-based platforms."
Mastercard Launches New Crypto Product to Help Banks Battle Fraud
✨The multinational financial services company – Mastercard – released a new product called “Crypto Secure.” Its main purpose is to assist banks in preventing fraudulent cases associated with digital assets.
The Next Step
✅The payment services giant doubled down on its cryptocurrency efforts by launching a feature that could reduce scams and fraudulent cases in the sector. In a recent interview for CNBC, Ajay Bhalla – Mastercard’s President of Cyber and Intelligence Business – said the product comes by the name “Crypto Secure.”
✅It employs “sophisticated” artificial intelligence algorithms to detect criminal operations, which is why it will be beneficial for banks.
✅Mastercard’s partner in the initiative is the blockchain startup – CipherTrace – which will provide the infrastructure for introducing the service. Speaking on the move, Bhalla said:
“The idea is that the kind of trust we provide for digital commerce transactions, we want to be able to provide the same kind of trust to digital asset transactions for consumers, banks, and merchants.”
✅On another note, the executive spoke about the ongoing market slump. Despite the negative trend, he remains bullish on the industry, arguing that such cycles “come and go” and it is a matter of time before a next bull run occurs:
“I think you’ve got to take the longer view that this is a big marketplace now and evolving and is probably going to be much, much“I think you’ve got to take the longer view that this is a big marketplace now and evolving and is probably going to be much, much bigger in the future.”
✅Despite the price crash and the diminishing investors’ interest, crypto scams are still a major concern. A study conducted by Chainalysis estimated that hackers had stolen around $1.4 billion worth of digital currencies between January 2022 and August 2022. Some of the most famous cases include the exploit on Harmony Bridge and the $615 million attack on Ronin Bridge.
Rich Dad, Poor Dad Author Believes Buying Bitcoin Now Will Make You Smile Later
🤵♂️Robert Kiyosaki believes the US Federal Reserve will continue to raise interest rates, ultimately pushing the prices of BTC, gold, and silver down even more.
✨However, this presents a good buying opportunity that could make investors smile.
Buy BTC Now, Says Kiyosaki
✅Robert Kiyosaki used to be among the bitcoin critics, but the COVID-19-induced crisis changed his mind, and he has placed it next to commodities such as gold and silver ever since.
✅In his latest tweet he touched upon the Fed’s monetary policy for the past several months, in which the central bank raised the interest rates in hopes of fighting the galloping inflation.
✅So far, bitcoin has met each interest rate hike with volatility, usually heading south. Stock prices have also plummeted in the past several months. Even more stable assets such as gold and silver are down from their recent peaks.
✅At the same time, the USD has been rising, reaching an all-time high against the euro and a multi-year peak against the British pound. Kiyosaki believes this trend will continue as long as the Fed keeps increasing the interest rates, meaning that BTC, as well as gold and silver, could lose even more value against the greenback.
✅However, he argued that this is a “buying opportunity,” which will make investors who purchase those assets smile once the Fed “pivots and drops the interest rates as England did.”
📣 Stay tuned! The market's highlights will be updated by BSCStation 😎
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