Weekly Market Highlights #19: October 31 - November 6
✨The crypto market continues its rally, with most major altcoins returning to their highest value levels since mid-September.
✨Over the past week, the crypto market increased ~$18B (from ~$1012B to ~$1030B) of its total capitalization
✨Bitcoin Still Above $21K
✅The start of November brought a lot of volatility for Bitcoin, mostly coming from US-related events. It began on Wednesday when the Federal Reserve said it would raise the key interest rates by 75 basis points, which sent it from $20,8K to $20K in a matter of minutes.
✅Two days later, the higher-than-expected US job report pushed the asset north, and BTC neared $21K
✅BTC marked a multi-month high at $21K on Saturday before retracing by a few hundred dollars.
✨Altcoins were on an impressive run
✅BSCS is currently trading at ~$0,01184: +9,41% from its 7-day all-time low of $0,01082.
✅Solana is among the best performers from the larger-cap altcoin after Google said it ran a validator node. SOL jumped to almost $40 for the first time since the middle of September.
✅DOGE has been among the best performers in the past ten days since Elon Musk brought a sink into Twitter's headquarters.
✅After Vitalik Buterin shared an updated Ethereum roadmap, ETH maintained a price of around $1.6K.
✅After days of growth, price declines are also from BNB, XRP, and ADA.
✨Bitcoin Fear and Greed Index is 33 - Fear, higher than at the beginning of the week (31
✨Dominance:
✅BTC: 38.8%
✅ETH: 18.8%
MEETUP BSCSTATION AT LAUNCHING EVENT: COGI CHAIN AND NEMO PLATFORM
▶️On November 5, there will be a Launching Event: Cogichain & NEMO Platform co-organized by 9D NFT and BSCStation. In addition to the launch of COGI Chain and NEMO Platform, the event is also an opportunity for parties to share orientations, goals, and discuss the next development direction and solutions for GameFi at present and the market in the future.
⭐️ Event details:
🟠 LAUNCHING EVENT: COGI CHAIN AND NEMO PLATFORM
🟠 Venue: GEM CENTER, 8 Nguyen Binh Khiem Street, DaKao Ward, District 1, Ho Chi Minh City
🟠 Time: November 5th, 2022 at 02:00 PM (UTC+7)
🟠 Watch the event livestream at: https://www.facebook.com/RoxceCapitalChannel
👉 There are many more exciting events coming up, follow our channel for updates
Twitter monetization and free speech drove Binance’s $500M injection.
✨Binance will also assist Twitter’s integration into Web3 by implementing crypto payments and deploying a dedicated team of on-chain specialists to stop spam bot accounts.
⭐️Binance CEO Changpeng “CZ” Zhao has explained the reasoning behind its $500 million co-investment into Elon Musk’s Twitter, citing monetization potential, crypto community free speech, and the opportunity to eventually “help bring Twitter into Web3.”
▶️CZ’s comments came from an Oct. 31 CNBC Squawk Box segment, where he explained what drove his co-investment with Elon Musk to acquire the social media platform, noting:
“I believe Twitter has not been monetized well, it has not grown well, there are many tactical problems like bots that spam my comments, scammer accounts on there, it’s not been run well.”
💪“But I think the platform has huge value in itself, and especially now with Elon at the helm, we’re very confident,” he added.
☄️Binance has not wavered in its support for Musk’s acquisition of Twitter since it first announced its support in May 2022. Other co-investors include Sequoia Capital Fund, Fidelity Management, and Research Company.
🏙CZ says it invested as it also hopes to play a part in Twitter’s eventual transition to Web3, such as adding cryptocurrency-based payments onto the social media platform.
Visa Launch New NFT Collection Ahead of FIFA World Cup
This comes just months after the popular crypto exchange said it had become a sponsor of the upcoming FIFA World Cup.
▶️Leading global payment processor Visa has launched a new non-fungible token (NFTs) solution dubbed “Visa Masters of Movement,” designed to engage football fans in the FIFA World Cup Qatar 2022.
NFT Collection for Football Lovers
✅The Visa Masters of Movement features unique digital artworks, avatars, and other collectibles curated from FIFA World Cup and FIFA Women’s World Cup competitions.
✅The NFTs are inspired by iconic goals scored by five popular football stars – Jared Borgetti, Tim Cahill, Carli Lloyd, Michael Owen, and Maxi Rodriguez. The collection will officially debut later this month at the upcoming FIFA Fan Festival in Doha, Qatar beginning November 19 to December 18.
Creating Special Football Moments
✅The Visa Masters of Movement will allow fans to create their own special NFTs inspired by their favorite football moments. The tokenized assets will be minted Crypto.Com, which also serves as the official crypto trading platform sponsor of the FIFA World Cup.
✅Eligible creators will also have the opportunity to choose their favorite color scheme based on their preferred national colors. The digital artwork will also serve as gifts and souvenirs. Winners can choose to mint the designed collectibles as one-of-a-kind NFTs.
MoneyGram to Enable U.S. Customers to Trade and Store Bitcoin and Ether
💸Money transfer services giant MoneyGram will now allow customers to trade and hold some major cryptocurrencies using the company’s mobile app.
⭐️The move marks an expansion to MoneyGram’s native crypto support, as it previously enabled users to buy and withdraw Bitcoin in the United States.
✅MoneyGram introduced a new feature allowing customers to buy, sell, and store Bitcoin, Ether, and Litecoin. The company plans to add more crypto assets to its platform in 2023.
✅The ability to trade and hold crypto is available to MoneyGram customers in almost all U.S. states and the District of Columbia (D.C.).
✅The announcement also expands MoneyGram’s previous Bitcoin support for customers. In May 2021, the company enabled consumers to buy and withdraw BTC in several physical outlets across the States.
✅A statement from MoneyGram’s CEO and Chairman Alex Holmes, said:
“As a next step in the evolution of MoneyGram, we’re thrilled to provide our customers with access to a trusted and easy-to-use platform to buy, sell and hold select cryptocurrencies securely.”
Collaboration with Polygon, Instagram Announces Its Own NFT Marketplace
The marketplace will permit users to mint and sell their NFTs on the platform.
💫Instagram declared it would soon allow users to mint digital tokens on its platform. The platform will also launch its marketplace, giving users more power by permitting creators to sell their own NFTs.
⭐️For now, Instagram will allow selected users to sell NFTs via its app; however, the social media giant will soon allow all its users to access its newly launched NFT marketplace.
✨Instagram will also be rolling out a new toolkit to help users navigate its newly launched marketplace to mint and sell NFTs to interested NFT enthusiasts. The platform has announced its collaboration with Polygon to allow users to mint NFTs with minimal hassle.
“Creators will soon be able to make their digital collectibles on Instagram and sell them to fans, both on and off Instagram.” They’ll have an end-to-end toolkit, from creation (starting on the Polygon blockchain) and showcasing to selling. “People can easily support their favorite creators by buying their digital collectibles directly within Instagram,” the announcement reiterated.
☄️The announcement also states that Meta is working on expanding the types of digital collectibles that can be shared via Instagram.
Major South African Supermarket Chain Accepts Bitcoin Payments
▶️One of the largest supermarket chains in South Africa – Pick n Pay – reportedly enabled customers to settle their bills in cryptocurrencies, including bitcoin. The offering covers 39 of the company’s stores located across the country.
🔸Pick n Pay hinted about the new payment option months ago when it trialed it in ten stores. According to recent coverage, the service is now live and is extended to a total of 39 shops.
🔸The company partnered with Electrum and CryptoConvert to embrace the asset class. Clients can pay their grocery bills using the Bitcoin Lightning at the till point, the firm explained:
“The transaction is as easy and secure as swiping a debit or credit card. Customers scan a QR code from the app and accept the rand conversion rate on their smartphone at the transaction time. The service fee for each transaction is minimal, costing the customer on average 70c, and takes less than 30 seconds.”
🔸Carel van Wyk – Founder of CryptoConvert – argued that crypto payments are still in their “infancy” in South Africa. However, cryptocurrencies have become highly popular among the local population, and similar moves could fuel the future progress of the domestic monetary network.
🌠Another organization that embraced crypto as a settlement means is the National Children’s Advocacy Center. It joined forces with “Giving-Blocks” to become the first Huntsville non-profit to accept donations in digital assets. The supported assets are over 90, including bitcoin and ether. The entity outlined that those who prefer to donate crypto will receive tax benefits.
📣Stay tuned! The market's highlights will be updated by BSCStation 😎
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