Weekly Market Highlights #17: October 17 - October 23
✨The explosion of the Aptos project has brought an exciting atmosphere to the cryptocurrency market.
✨Over the past week, the crypto market increased ~$6B (from ~$926B to ~$932B) of its total capitalization
✨Bitcoin with a minor jump
✅The most substantial price movement last week came when BTC was rejected at $19,5K, and the bears took it south to $18,6K. This became the lowest price point in about nine days.
✅However, the asset reacted well to this drop and bounced off to over $19K. The landscape started to change early Monday when BTC pumped to $19,6K for the first time in days. But, the scenario repeated once more – meaning a new rejection that pushed it back to just over $19K.
✨Altcoins have few substantial price movements
✅BSCS is currently trading at ~$0,01129: +0,69% from its 7-day all-time low of $0,01121.
✅ETH jumped to over $1,35K - a multi-day high of its own. Despite retracing slightly since then, ETH still trades well above $1,3K after struggling to reclaim that level for days.
✅BNB, SOL TRX, and AVAX also have minor daily gains. ADA is up by 2.5% and trades north of $0.35. Some recent reports suggested that the asset could double its USD valuation in the next few months if history repeats.
✅MATIC is the most significant gainer from the larger-cap alts. The asset has jumped by more than 6% in a day and trades close to $0.9.
✅APT has skyrocketed by 32% daily. As a result, the native cryptocurrency of the recently-launched blockchain network has neared $10.
✨Bitcoin Fear and Greed Index is 22 - Extreme Fear, higher than the beginning of the week (20)
✨Dominance:
✅BTC: 39.9%
✅ETH: 17.7%
Bitcoin Wins the Guinness World Record for First Decentralized Cryptocurrency
💫Bitcoin has been honored as the oldest and most valuable crypto, while El Salvador is recognized as the first country to adopt it as legal tender.
☄️Bitcoin first appeared in the Guinness World Records, now officially honored as the “first decentralized cryptocurrency.”
⭐️Since its first-of-a-kind creation in 2009, Bitcoin has remained larger than any other by market cap. While thousands of others have emerged over time, Bitcoin continues to dominate over 40% of the market with over $370 billion in cumulative value.
🛡On its online record page, Bitcoin is described as a solution to the problem of the “trusted third party,” which was formerly required to facilitate digital payments. Otherwise, it was impossible to maintain a fair and honest ledger of transactions where people didn’t spend the same money more than once.
“The Bitcoin network is solving the double spend problem with a “trustless” mechanism that does not require any third party (e.g., banks) to verify transactions; and it achieves that with validators (i.e., miners, in PoW).”
Muhammad Ali registered as a trademark in Web3 covering NFTs and metaverse
🥊The name of the legendary boxer and activist Muhammad Ali is now protected as a trademark in the Web3 space extending to non-fungible tokens (NFTs) and virtual goods in the metaverse.
💫The trademark of the boxer nicknamed ‘The Greatest’, who is regarded as one of the most significant sports figures of the 20th century, is registered under the U.S. Registration No. 6881575, issued on October 18, according to a tweet posted by NFT and metaverse licensed trademark attorney Michael Kondoudis on October 19.
💥The registered trademark covers NFT-authenticated media featuring Ali, virtual clothing, footwear, headwear, sports bags, and equipment.
🌟NFT and blockchain-related trademarks filed in the U.S. surpassed 6,000 already so far in 2022, three times the figure reported for 2021.
The Metaverse is Still Popular Despite Bear Market
Trading volume is down with the rest of the crypto market, but metaverse worlds retain users.
🔭DappRadar – a Dapp discovery and analysis platform – has released a report covering the current state of the Metaverse, its use, and levels of adoption. While metaverse-related trade has slowed massively this year, other metrics continued interest in the space.
🗒According to DappRadar, The “metaverse” has two meanings. One refers to the “classical metaverse” that relies on Web 2 technologies, which fuse current gaming and social experiences with online, augmented reality. The other distinctly refers to the “blockchain metaverse,” which allows for digital commerce in a decentralized manner – mainly through NFTs (ex. virtual real estate.)
🌠DappRadar said virtual world projects had a “calmer quarter” after the Otherside NFT mint in May. However, Both the Sandbox and Decentraland have remained some of the most popular projects throughout the year. The former has maintained an average of 750 wallets interacting with its contracts daily and has quadrupled its unique active wallet (UAW) count in the Sandbox marketplace.
✨“Despite the economic uncertainty that the markets currently face, the interest in metaverse platforms keeps consolidating at growing rates,” said DappRadar.
These Banks Are Venturing Into Crypto Despite Ongoing Bear Market
🏦The German mobile bank – N26 – and Brazil's Nubank are the latest banking institutions to jump on the cryptocurrency bandwagon.
🌃The largest fintech bank in Latin America – Nubank – also hopped on the bandwagon, launching its cryptocurrency in Brazil. Interestingly, Berkshire Hathaway – the conglomerate holding company spearheaded by the famed investor and crypto critic Warren Buffett – is among the financial backers of the banking institution.
The Interest in Crypto "Remains Super High'
✅Even though the crypto market has significantly declined in 2022, some banks remain bullish in the sector. One example is the German N26 partnered with Bitpanda to allow its users to trade 100 digital currencies, including Bitcoin (BTC) and Ether (ETH).
✅The service, called N26 Crypto, will be first available in Austria, and it should reach other countries in the next six months. The company also plans to expand the number of supported tokens to 194 in the future.
✅Chief Product Officer Gilles BianRosa argued that the service lets users "dip their toes into the water in a way that's not frothy." He outlined that the crypto winter has not vaporized the clients' interest in bitcoin and alternative coins:
"Our users are extremely interested in crypto. That interest remains super high, even in a bear market."
✅In Sao Paulo, Nubank is Latin America's most prominent fintech bank. It serves over 52 million people in Brazil and approximately 1.5 million users in Mexico and Colombia.
Another Global Forex Giant Launches Crypto Trading Services
🌇Online currency trading company Oanda has ventured into digital assets with the launch of trading services for U.S. customers.
🔈Oanda announced cryptocurrency trading services for its American market designed to give investors easy access to crypto alongside their existing forex portfolios.
⭐️It is the latest traditional finance company to enter the crypto space. However, the move comes in the depths of a bear market when demand is low.
💫The technology has been developed in partnership with the Paxos Trust Foundation, a regulated blockchain infrastructure firm.
Institutional Interest
✅U.S. customers will now be able to trade crypto through the Paxos itBit exchange directly through the Oanda mobile platform. Trading functions such as stop losses and limit orders are available on the platform.
✅Oanda CEO, Gavin Bambury, said that crypto assets should be available for traders and investors.
“As the number of Americans seeking exposure to cryptocurrencies grows, it’s becoming clear that digital assets should form part of a unified trading experience for active traders and sophisticated investors.”
✅Oanda has noted that institutional adoption is increasing, which may entice retail traders back into the asset class again.
✅The company started in 1996 and has since grown into a global leader in forex, currency exchange, and data.
Interpol Launches Its Metaverse —Along With a Metaverse Expert Group
Now you will be able to visit the Interpol HQs in the metaverse.
🚨The International Criminal Police Organization (Interpol) announced the launch of the first metaverse. The organization unveiled the news during the 90th anniversary of its General Assembly in India.
🗒According to the release, the Interpol metaverse allows users worldwide to access Interpol’s headquarters in Lyon, France.
⭐️Visitors to the metaverse can explore and interact with other officers through their avatars, taking classes or private police training courses and intensive forensic investigation training, among other activities.
🤩During the ceremony, General Assembly officials could enter the metaverse using VR equipment to walk around the Interpol building in France.
Interpol to offer training courses in the metaverse
✅The goal of Interpol, in addition to offering tours, is to make the most of the metaverse by providing immersive training courses to its officers, allowing them to perform police and forensic practices without compromising any real-life mission.
✅Jürgen Stock, Secretary General of Interpol, said that Interpol is working to make users worldwide feel safe even in this new era of virtual interactions.
✅Similarly, Interpol announced the creation of a “metaverse expert group” to enforce laws on a global scale. The specialized unit, created in Singapore, will focus on combating all types of metaverse and cryptocurrency-related crimes by tracking money.
📣Stay tuned! The market's highlights will be updated by BSCStation 😎
About BSCStation
BSCStation - The fully decentralized protocol for launching new ideas. An all-in-one Incubation Hub with a full-stack Defi platform across all main blockchain networks. We provide exclusive services including IDO/INO Launchpad, Yield farming, NFT Auction, Marketplace, and BSCSwap
BSCStation operates on top of the all main blockchain networks and is designed to offer maximum value to consumers and institutions.
BSCStation platform uses the Sharing Economy Model for the purpose of profit-sharing, helping users to access DeFi platforms in the easiest, safest, and most cost-effective way. BSCStation is the most convenient bridge to connect users and application products on all main blockchain networks.