Weekly Market Highlights #16: October 10 - October 16
✨Over the past week, the crypto market decreased ~$11B (from ~$937B to ~$926B) of its total capitalization
✨Bitcoin Calms at $19K
✅BTC experienced a lot of volatility at the end of last week when the US CPI numbers came out. Although they were almost as expected, bitcoin headed straight south, as it typically happens when something is announced by the US lately, and dropped to a three-week low of $18,2K.
✅However, the price fluctuations continued this time in the opposite direction. In a matter of hours, the cryptocurrency shot up to almost $20,0K, marking a weekly high.
✅Nevertheless, it failed to breach that level and returned to $19K on Friday. This came along with the Friday Wall Street bloodbath.
✨The altcoins went through similar rollercoasters at the end of the working week, but the start of the weekend has brought minor price movements.
✅BSCS is currently trading at ~$0,01241: +19,74% in the last 24 hours, and +21,59% from its 7-day all-time low of $0,01021.
✅ETH is down by less than 1%, but the asset remains under $1,3K. BNB, XRP, and SOL have retraced by similar percentages on a daily scale.
✅Although ADA is slightly up on a 24-hour scale, ADA has been down by more than 13% for the past week. As such, it struggles way below $0.4.
✅DOGE, DOT, and SHIB are up by up to 1% in a day, while TRX – yesterday's best performer – has retraced by 3% now.
✨Bitcoin Fear and Greed Index is 20 - Extreme Fear, lower than the beginning of the week (22)
✨Dominance:
✅BTC: 40%
✅ETH: 17%
Google to Accept Crypto for Cloud Services: Partners with Coinbase
✨Google -The US tech giant chose Coinbase to allow certain customers to pay for cloud services, enabled by integrating the Coinbase Commerce service. The move is expected to see the light of day in early 2023.
🤵♂️Jim Migdal, the crypto exchange’s vice president of business development, said Coinbase will move data-related apps to Google from the market leader Amazon (Web Services cloud). The company has worked with the latter for years.
💫Google will initially accept crypto payments only from a small portion of its customer base, which will be available due to an integration of the Coinbase Commerce service. Still, more people will be able to join later.
🤵♂️Amit Zavery, Google Cloud’s vice president, general manager, and head of the platform, commented that the idea is to welcome participants who want to explore the growing Web 3 trend.
💪Coinbase Commerce currently supports ten digital assets, including the largest and most popular ones – Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, and others.
Deflationary: Ethereum Supply Declines by 5,500 ETH in Five Days
Ethereum has been deflationary in the past five days, and the total supply declined by about 5,500 ETH Since October 8th.
🌕The Merge marked Ethereum’s transition to a Proof-of-Stake consensus algorithm, and one of the most drastic changes this introduced was related to ETH’s supply dynamics.
💫Since ETH is no longer being mined, the amount of ETH hitting the market on a daily basis is reduced considerably by upwards of 90%, turning ETH into a deflationary cryptocurrency, albeit temporary.
🌠Currently, ~7,525 ETH has hit the market since the Merge in the shape of fresh supply.
☄️Simulating a PoW environment shows us that this number would have been around 340,000 ETH if the network was still running on its old consensus algorithm.
✨Since October 8th, the supply has declined by about 5,500 ETH. This is because of EIP-1559 and the burning mechanism it introduced. Because of it, a portion of the fees paid (in ETH) is burned with every transaction.
✡️According to calculations made by the Ethereum Foundation, it would take a gas price of about 15 gwei for ETH to be deflationary.
Metamask to let U.S. Users Buy Cryptocurrencies Directly From Their Bank Accounts
Metamask continues to push for leadership in the cryptocurrency wallet industry, offering new tools that make it easier for its users to purchase crypto.
📅On October 13, Sardine, a financial platform offering instant ACH (Automated Clearing House) settlements, confirmed a partnership with ConsenSys to allow Metamask users in the U.S. to purchase cryptocurrencies with their bank accounts from the wallet’s UI.
☄️To use the new “Instant ACH” payments option, Metamask users must comply with Sardine’s mandatory KYC process, which is available in 48 U.S. states. Hawaii and New York will be admitted soon.
⭐️ConsenSys said in an official press release that the instant payment method offered by Sardine is more likely to work than the traditional payment system, where card purchases are often declined.
“Instant ACH allows orders to complete in minutes instead of days like a standard ACH order, and works on holidays, unlike regular ACH.”
✅Sardine’s infrastructure is used by major cryptocurrency companies such as FTX, MoonPay, and Autograph, among others.
💪Adding the new custodians (Cobo, Floating Point Group, Liminal, and Propine) brings the total number of custodians supported by Metamask Institutional to eleven, reinforcing Metamask’s position as “the premier institutional wallet for Web3”.
Defies Bear Market, Anthony Hopkins NFT Collection Sellout
🤩A nonfungible token (NFT) collection from legendary actor Anthony Hopkins has smashed records with a sellout in just a few minutes.
✅The record sale was announced by NFT design agency Orange Comet Inc. on October 14. The firm, which worked with the octogenarian actor on the digital artwork, claimed it was the fastest sellout in OpenSea history.
✅The Eternal Collection features 1,000 unique images and animations depicting various moments and characters from the actor’s celebrated career. They have been designed to reflect archetypal facets of his career over the decades. They include pieces such as The Eternal, The Jester, The Lover, The Rebel, The Hero, The Ruler, The Sage, The Magician, The Giver, The Explorer, and The Creator.
✅The collection “conceptualizes the widely diverse characters Sir Anthony has portrayed over his illustrious film career drawing its potent energy from his unique and vibrant approach to art.”
✅The marketplace currently reports a floor price of 0.77 ETH and 619 owners. The most expensive one has already been listed for resale at 10,000 ETH.
✅Upon launch, OpenSea was overwhelmed with demand, preventing the NFTs from being minted for the first hour.
✅Hopkins, who has his own Ethereum domain name, appeared overwhelmed by the response. “I’m honored to be a part of the Orange Comet team. Our collaboration has been one of the greatest experiences of my life,” he stated.
Binance Launches $500M Lending Project to Support Crypto Miners
Binance continues its expansion strategy even in the bear market.
💫Binance Pool, a mining subsidiary of Binance, launched a $500M lending project to support the crypto mining industry. It will provide loans to private blue-chip Bitcoin crypto miners.
✅According to the official blog post, the Binance Pool will provide access to a $500M loan fund on several conditions, which include an 18-to-24-month term, 5% to 10% interest rates, and some physical or digital assets as a security. The company will look at various metrics, including current performance, mining power and security quantity, to define the borrower’s creditworthiness.
✅Binance Pool will also launch cloud mining products, directly purchasing the cloud mining hashing power from Bitcoin mining and digital infrastructure providers.
✅The company did not specify the maximum amount of a single loan, referring to each applicant’s situation specifics.
📣Stay tuned! The market's highlights will be updated by BSCStation 😎
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