Weekly Market Highlights #18: October 24 - October 30
✨The crypto market in the last week of October finally bounced slightly, reaching $1T, enough to make people happy with the “Uptober” tradition.
✨Over the past week, the crypto market increased ~$80B (from ~$932B to ~$1012B) of its total capitalization
✨BTC Stopped at $21K
✅Bitcoin has also been on a roll for several days. It jumped to and beyond $20K on Tuesday and hasn’t looked back since. The only dip towards that level came after the ECB announced the latest interest rate hike, which pushed BTC south from $21K to just over $20K.
✅However, the bulls managed to maintain that level and initiated another leg-up hour later. This resulted in briefly exceeding $21K and charting a new 6-week high.
✅The low trading volumes on Sunday didn’t allow the cryptocurrency to climb higher, and it lost a few hundred dollars. As of now, the asset has dipped even further south and trades at around $20,6K.
✨Dogecoin’s Show and BNB Sees New Local Peak
✅BSCS is currently trading at ~$0,01155: +6,77% from its 7-day all-time low of $0,01082.
✅Dogecoin is this week’s best performer. The landscape started to change later this week when reports emerged that Elon Musk was closing down on his acquisition of Twitter. DOGE tapped $0.15 earlier today – for the first time since May.
✅Binance Coin is among today’s top performers, with an impressive 8% increase, soaring above $330 for the first time since the middle of August. The return of the Binance launchpool perhaps fuels this.
✅The rest of the altcoins are quieter, even with minor losses. Such are the cases with ETH, XRP, SOL, MATIC, DOT, SHIB, TRX, and AVAX.
✨Bitcoin Fear and Greed Index is 31 - Fear, higher than at the beginning of the week (22)
✨Dominance:
✅BTC: 38.9%
✅ETH: 19.2%
20% of Generation Z Believe Bitcoin Is the Best Long-Term Option
The crypto winter has hit hard, but women don't fear the cold.
💫A survey by BlockFi shows that female generation Z and Millennials new to investments are willing to put their money in crypto before anything else.
📅This October 24, U.S-based cryptocurrency company Blockfi released its latest edition of a crypto survey focused on assessing women's investment patterns. The results showed that one in ten women picked cryptocurrencies as their first investment.
🤵♀️BlockFi's founder and COO, Flori Marquez, said that the data shows how appealing crypto is to female investors. Even older women have changed their conservationist stance to invest in this potential asset.
✨Although 41% of Gen Z women prefer to invest in real estate, 20% indicated that the best long-term investment is Bitcoin, suggesting a "solid long-term outlook for the asset class."
💥In addition, 69% of the women surveyed said they bought cryptocurrencies for long-term holding. As for women's favorite cryptocurrencies, the majority of respondents said their favorites are Bitcoin (71%), Dogecoin (42%), and Ethereum (18%).
Bitcoin Soars to 6-Week High, Crypto Market Cap Taps $1T
The crypto market cap topped $1T for the first time in over a month.
🚀Bitcoin finally skyrocketed to its highest price point since mid-September.
💫The past several days were relatively calm and stagnant for the BTC. The asset spent most of the last week trading in a tight range between $19K and $20K. Although it retraced slightly at first, the asset initiated another leg up minutes ago and skyrocketed to almost $21K for the first time since the mid-September crash.
📈BTC's market cap has neared $400B once more, while its dominance over the alts has declined slightly to 39.8%.
🔆Most lower- and mid-cap alts also have massive gains, which has helped the crypto market cap top $1 trillion for the first time in October.
The U.K. has a new name for stablecoins and a new bill to regulate crypto
🚀The United Kingdom moved forward on the Financial Services and Markets Bill on Oct. 25, hardening its vision for Bitcoin cryptocurrency and “digital settlement assets” in the country.
✅The suggested bill proposes “a range of measures to maintain and enhance the U.K.’s position as a global leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country.”
✅The bill reasserts the U.K.’s intention to become a global cryptocurrency hub.
✅The bill builds upon existing measures to broaden regulations of stablecoins and mentions “Digital Settlement Assets” (DSA) as a new term, moving away from the use of “crypto assets.” According to the U.K. government, “crypto-assets use some form of distributed ledger technology (DLT),” whereas DSA includes stablecoins, “given their potential to develop into a widespread means of payment.”.
✅The new prime minister - Rishi Sunak, has also expressed interest in certain areas of cryptocurrency, such as his support for creating a Royal Mint nonfungible token.
Blockchain.com launches Visa debit card with 1% cashback in crypto
💰Crypto exchange Blockchain.com has introduced a Visa debit card available to U.S. residents.
✅The card will let users pay with their crypto or fiat balance, giving them 1% back in crypto with every purchase. There are no sign-up or annual fees.
✅The company said the waitlist for the card had 50,000 sign-ups at launch. It will be rolled out in more countries starting in 2023.
✅"At Visa, we believe for crypto adoption to grow, it must be easily accepted everywhere," said Cuy Sheffield, head of Crypto at Visa. "We're excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways consumers can use their crypto for everyday purchases."
✅Other crypto companies have launched similar products, including FTX, Coinbase, and BlockFi.
Mexico Will Have Its First Shopping Mall In The Metaverse
🛒Island Shopping Mall: Mexico’s first metaverse shopping mall will launch with over 80 brands but is expected to grow and host over 800 brands soon.
🌟The mall was inaugurated today and can be accessed from mobile devices via an app available in the AppStore or Google Play. Users accessing this new virtual world can make online purchases and earn gems and coins that can be exchanged for discount coupons or products in several shopping centers distributed throughout the island.
The Island Shopping Mall Attracts The Attention of Big Brands
✅The leading brands confirmed for the mall launch are Bath & Body Works, LA Colors, GOC, Bissú, Golden, LA Girl, Momiji, Pai Pai, and Victoria’s Secret. Some will have individual or shared spaces.
✅The developers of Island Shopping Mall said they had partnered with “The Savings Group Limited,” a leading British company specializing in discount coupons, to integrate more than 879 brands such as Adidas, Nike, Puma, Bershka, Guess, Apple, Levi’s among many others. Some of these brands have already dipped their toes in the metaverse.
✅With more than 13,000 investors who have poured their money into metaverse companies, the metaverse market in Mexico is one of the largest in Latin America.
Tech talent migrates to Web3 as large companies face layoffs
Web3 companies continue to hire amidst a bull market as tech giants undergo layoffs and hiring freezes.
🔸As inflation continues to grow, coupled with a looming recession, data from Layoffs.fyi found that over 700 tech startups have experienced layoffs this year, impacting at least 93,519 employees globally. This has resulted in overwhelming talent flocking to early-stage Web3 companies.
🟠Andrew Masanto, an entrepreneur who has founded several startups, said he recently launched Nillion, a startup specializing in decentralized computation, to help ensure privacy and confidentiality for Web3 platforms. Since the company’s inception in October this year, leading talent from companies like Nike, Indiegogo, and Coinbase have joined the growing startup.
🟠Sebastien Borget, co-founder and chief operating officer of The Sandbox, told the popular metaverse platform currently has 103 job openings. “The excitement of working in the front row of Web3 is big, and we are enjoying this interest towards our open positions,” he said.
🟠According to Borget, The Sandbox has grown to 404 employees this year, almost doubling in size from the 208-employee workforce it had in December 2021. Borget added that The Sandbox’s virtual real estate, known as “LANDs,” is now worth over $1B in market cap.
💪While the crypto industry continues to face a bear market, it’s clear that the projects being built during this period are seen as an exciting opportunity. In about three to five years, we will see some powerful companies emerge that know how to use capital efficiently.
💫Moreover, as Web3 companies continue to bring on new and acquired talent, young jobseekers will likely obtain the skills needed to join these firms.
📣Stay tuned! The market's highlights will be updated by BSCStation 😎
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