Weekly Market Highlights #14: September 26 - October 2
The cryptocurrency market ended a volatile September with a week that can be said to be calm when there was almost no price movement or news that had much impact on projects.
✨Over the past week, the crypto market decreased ~$9B (from ~$937B to ~$928B) of its total capitalization
✨Bitcoin to Face Enhanced Volatility?
✅Bitcoin continues to trade at around $19K, with little-to-no moves. However, the landscape can change later today as the US Financial Stability Oversight Council will have a meeting presided by Treasury Secretary Janet Yellen.
"The preliminary agenda for the executive session includes an update from the staff of the Federal Reserve and the Commodity Futures Trading Commission on financial stability and energy market developments." – said the department.
✅Previously, such meetings from the US financial authorities brought enhanced volatility to the crypto market. Given that today's is an "emergency" one, there could be even more fluctuations.
✨Altcoins are bleeding lightly
✅BSCS is currently trading at ~$0,01331: +2,75% from its 7-day all-time low of $0,01294
✅After several bullish weeks with positive news regarding the legal case with the SEC. Today, XRP has declined by more than 7.5% to $0.44.
✅ETH, ADA, SOL, DOGE, DOT, SHIB, MATIC, TRX, and AVAX are now in the red, albeit with less harmful percentages. BNB is the only top 10 cryptocurrency slightly in the green.
✅The crypto market cap is down by about $15B in a day
✨Bitcoin Fear and Greed Index is 24 - Extreme Fear, higher with the beginning of the week (21)
✨Dominance:
✅BTC: 39.7%
✅ETH: 17.1%
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Bitcoin Trading Volume Explodes Against British Pound as Currency Weakens
Market data shows that U.K investors may turn to Bitcoin as their currency falls relative to the dollar.
✨As the British pound rapidly weakens against the U.S. dollar, trading volume for the BTC/GBP pair has been skyrocketing. Bitfinex and Bitstamp show that volume was more than 1,100% above its average on Monday.
Brits Turning to Bitcoin?
✅After the pound fell from $1.17 to $1.07 over the past month, risking a descent to dollar parity like the euro, BTC/GBP volume on September 26th soared to over $881 million. By contrast, the average daily volume is only about $70 million over roughly two years.
✅When a FIAT currency is threatened, investors start to favor Bitcoin. BTC/GBP volumes were more than 1400% above their yearly average, BTC/USDT volumes were just 58% above, and BTC/USD volumes were only 32% higher.
✅In Q3, Bitcoin’s performance rivaled that of the dollar, staying relatively stable as other stocks and commodities plunged.
Kazakhstan Aims to Become a Crypto Hub as 100K Russians Flocked to the Country
The increased interest in digital assets could turn Kazakhstan into a global crypto center, President Tokayev indicated.
✨The President of Kazakhstan – Kassym-Jomart Tokayev – said the authorities are ready to introduce a mechanism that will allow the converting of cryptocurrencies to cash if there is enough demand for such services.
✅The positive tone toward the digital asset industry comes days after nearly 100,000 Russians entered Kazakhstan to escape the partial military mobilization that Vladimir Putin announced.
✅Embracing Crypto Even More President Tokayev revealed that the government intends to turn Kazakhstan into a global digital asset center.
✅Specifically, the authorities seek to introduce a project that will enable the conversion of cryptocurrencies to cash and vice versa in a regulated and secure way. The political leader said this initiative will get completed if residents display enough interest in digital asset operations:
“Currency conversion is already being carried out at the Astana International Financial Center site under a special pilot project. For this, quite innovative changes were made to national legislation and the regulatory environment. And we are ready to go further. If this financial instrument shows further demand and security, it will certainly receive full legal recognition.”
✅The migration wave coming from Russia might be one reason why Kazakhstan focused on crypto. A week ago, Vladimir Putin ordered a “partial” mobilization to gather 300,000 men to reverse the course of the war in Ukraine.
✅Cryptocurrencies have proved to be a preferred financial tool for war-shaken nations. Prior to that, some Ukrainians who believed digital assets could ease their monetary issues fled to countries with crypto-friendly stances, such as Portugal.
Argentinian UFC Fighter Cannetti to Receive Salary in USDC
'El Ninja' will get all his earnings in USDC, arguing this is much safer than receiving a salary in Argentinian pesos.
✨Guido Cannetti – an Argentinian mixed martial artist who competes in the UFC – partnered with the crypto-focused payment company Bitwage to become its ambassador.
⭐️In addition, he will start receiving all his earnings in the stablecoin USDC instead of fiat currency.
USDC is Safer
✅Bitwage said it is "thrilled" to collaborate with Cannetti. Using the platform, the athlete, known as "El Ninja," will get 100% of his salary in USDC via the Stellar Network on Vibrant. The latter is a wallet application designed to enable access to dollar-based stablecoins.
✅It is worth noting that the inflation and the political turmoil in Argentina have pushed a chunk of the locals toward the cryptocurrency sector. Instead of keeping their savings in peso (which has been rapidly depreciating recently), some Argentinians converted them into stablecoins pegged to the American dollar, such as Tether (USDT) and the one issued by Circle – USDC.
✅The interest in such assets rose significantly after Argentina's Minister of Economy – Martin Guzman – resigned from his post in July.
✅In the case of Bitwage, this is not the first collaboration with sportspeople. Over the years, the company inked deals with the UFC fighters Luana Pinheiro and Matheus Nicolau, soccer player Alex Crognale, and American football player Alex Barrett.
"We love partnering with athletes and influencers on deals like this because it pushes the needle forward on crypto adoption. Whether it's bitcoin or a stablecoin like USDC, it's our goal to create good financial products in the crypto ecosystem while also making them ubiquitous in workers' everyday lives worldwide." Bitwage’s CEO Jonathan Chester said.
Spanish Telecom Giant Telefonica Embraces Bitcoin Payments
☄️Telefonica: One of the largest telephone operators and mobile network providers in Spain, partnered with the crypto exchange Bit2Me to allow clients to pay for services in digital assets.
☄️Cryptocurrency adoption seems to be on a high level in the Iberian country. A few months ago, the leading airline company – Vueling – said travelers would be able to purchase flight tickets in bitcoin and other assets from January 2023.
Telefonica Says ‘Yes’ to Crypto
✅The Madrid-based corporation allowed customers to settle bills in several cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Circle’s stablecoin USDC, and others on its online marketplace named Tu.
✅Telefonica joined forces to enable crypto payments with the Spanish digital asset platform Bit2Me, which provided the infrastructure and will oversee the transactions.
✅The news grabbed the attention of the Chief Executive Officer of Binance – Changpeng Zhao (CZ) – since he shared it on his personal Twitter account.
It is worth noting that his company recently expanded its presence in the Spanish market. Two months ago, Binance’s subsidiary – Moon Tech Spain – received regulatory approval to register as a Virtual Asset Services Provider (VASP) in the European country.
“MoonTech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places users’ protection above all else,” Zhao said back then.
MicroStrategy Looking to Hire Bitcoin Lightning Software Engineer
Lightning Network may have stagnated as part of the broader market downturn, but Microstrategy is betting on it.
🏙After the firm’s former CEO – Michael Saylor – stepped down. Prominent business intelligence and software company MicroStrategy is looking to hire a software engineer to develop a Lightning Network-based SaaS platform.
✅According to its job listing, the company has advertised for a position that seeks an experienced software developer for a new platform that will be developed to offer enterprises “innovative solutions to cyber-security challenges and enabling new e-commerce use cases.”
✅The recruit will be tasked with building software solutions utilizing Bitcoin Blockchain and Lightning Network or other decentralized finance technologies. Contribution to Bitcoin Core, lnd, and other crypto and large open source projects are also some of the other focus areas.
✅MicroStrategy is one of the largest BTC holders and has acquired 130,000 coins since first jumping into the scene in 2020.
✅The vacancy comes weeks after Michael Saylor, the Co-Founder and former Chief Executive of the Nasdaq-listed tech company, revealed working on enterprise applications of the second layer scaling solution.
📣 Stay tuned! The market's highlights will be updated by BSCStation 😎
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