Weekly Market Highlights #21: November 14 - November 20
Almost all digital assets are deep in the red again.
✨The third week of November continues to reveal the severe consequences that the FTX/ Alameda Research crash had on the crypto market.
✨Over the past week, the crypto market decreased ~$41B (from ~$838B to ~$797B) of its total capitalization
✨Bitcoin Slips Further
✅Following the previous week's volatility, induced by the FTX collapse, Bitcoin had calmed and stood around $17K for several days. The asset even tried to take that level down on a few occasions but to no avail.
✅Following the last rejection on Friday, BTC remained stagnant for two days, trading around $16,6K. However, the landscape changed in the past 24 hours as the bears again took control of the market.
✅They pushed Bitcoin to the south, dipping below $16K for the first time in over a week. As of now, the asset trades around that line again, but its market cap is painfully close to breaking beneath $300B.
✨Altcoins Bleet Out Too
✅BSCS is currently trading at ~$0,008966: +1,03% from its 7-day all-time low of $0,008875.
✅The adverse trend is led by ETH, which plummeted from over $1,2K to about $1,1K as of now, following reports that the FTX drainer, who might be the Bahamas' securities regulator, started moving the funds.
✅BNB has declined by 5% in the past 24 hours and struggles below $260. XRP, ADA, DOGE, MATIC, DOT, and SHIB are also deep in the red, with losses of up to 9%.
✅ALGO, CHZ, and NEAR, dumping by double-digits, it's no wonder the cumulative market cap of all crypto assets has plummeted below $800B.
✨Bitcoin Fear and Greed Index is 21 - Extreme Fear, lower than at the beginning of the week (24)
✨Dominance:
✅BTC: 38.8%
✅ETH: 17.3%
📕 BETTER THAN YESTERDAY WITH BSCSTATION #7: PROOF-OF-RESERVE
🎗 The past few weeks have been more turbulent than usual, even by crypto standards. Scars from the Luna, Celsius, and 3AC crashes had yet to completely heal when we faced the threat of another crypto exchange, FTX, going down due to sketchy finances and rumors of insolvency.
💎 To remedy the situation, Binance CEO Changpeng Zhao (CZ) announced a new audit system that uses Merkle trees and allows for a transparent verification of user holdings. This initiative is called the proof-of-reserve fund, and it has quickly garnered the support of investors and high-profile personalities from within the industry.
Let's dive in with BSCStation and figure out what Proof-of-Reserve is and how it works.
💠 What is Proof-of-Reserve
💠 Why you should care about PoR
💠 How Proof-of-Reserve work
💠 A 3-Point Checklist For A Safe & Secure Crypto Exchange
💎Details:
Bitcoin Skyrockets by Almost $1,000 as Binance’s CZ Announces Industry Recovery Fund
✈️Bitcoin’s price skyrocketed on the news that Binance will be forming an industry recovery fund following the FTX fallout.
💎CZ took to Twitter announce an industry recovery group aimed at helping projects that are “otherwise strong” but in a liquidity crisis.
✅The CEO of Binance, Changpeng Zhao, revealed that his company would form an industry recovery group in a bid to reduce the negative effects associated with the fallout of FTX.
✅CZ also welcomed other industry participants who would want to co-invest.
✅This positively impacted the entire market, as Bitcoin’s price skyrocketed to almost $17,000.
✅There’s no information as to what projects the fund will be investing in, but one thing is for sure – CZ has no intentions of helping FTX.
✅Commenting under one of the responses that asked if the troubled exchange would qualify, he said: "Hey, you misread the tweet, I think. Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem."
Institutional Investors Are Buying the Dip As FTX Collapse Creates Massive Crypto Market Discounts
CoinShares is finding that institutional investors are taking advantage of discounted crypto prices in light of the FTX-fueled market crash.
▶️In its latest Digital Asset Fund Flows Weekly report, CoinShares says digital asset investment products had their highest inflows in 14 weeks.
“Digital asset investment products saw the largest inflows for 14 weeks totaling $42 million. The inflows began later in the week due to extreme price weakness prompted by the FTX/Alameda collapse.”
✅Bitcoin investment vehicles enjoyed the lion’s share of inflowing capital, gaining $19 million last week.
“Bitcoin was the primary focus with inflows totaling $19 million, the largest since early August this year. However, short-bitcoin investment products also saw inflows totaling $12.6 million.”
✅CoinShares observed inflows from all regions, especially the US, Brazil and Canada.
“Switzerland was the outlier, seeing minor outflows totaling $4.6 million, although it remains the country with by far the most inflows year-to-date.”
▶️Ethereum investment products saw $2.5 million in inflows last week while Solana lost $1.1 million and Polygon took in $200,000. Multi-asset investment vehicles, or those investing in more than one digital asset, had their biggest week of inflows since June, according to CoinShares.
“Multi-asset saw its largest inflows since June 2022 of $8.4 million, suggesting investors see it as a relative haven, while there was very little activity in altcoins.”
Cristiano Ronaldo to Launch First NFT Collection on Binance
✅CR7 NFT collection will be available on Binance NFT Marketplace and feature the soccer star Cristiano Ronaldo.
💎The athlete partnered with the crypto exchange in June to introduce non-fungible tokens and Web3 to his multi-million fan base.
✅One of the most successful soccer players of all time – Cristiano Ronaldo – will drop his first NFT collection later this week.
✅The digital collectibles will feature the Portuguese megastar and be available exclusively on the Binance NFT Marketplace.
“Since our initial announcement of the groundbreaking multi-year partnership between Binance and CR7, we’ve been working closely with Ronaldo to craft a first-of-its-kind experience that will change the NFT game forever,” Binance stated in a recent blog post.
✅The athlete has won five Ballon d’Ors and has played for European giants, including Manchester United, Real Madrid, and Juventus. He is the most followed soccer player on Instagram.
✅It is worth noting that Ronaldo’s biggest rival – Lionel Messi – has also dipped his toes in the crypto space. The Argentine signed a $20 million deal with Socios in March, becoming the company’s Global Ambassador.
El Salvador to Start Buying 1 Bitcoin Per Day, Says Bukele
The first nation to adopt BTC as a legal tender has not changed its vision.
⭐️On November 17, El Salvador's president took to Twitter to announce that the country will resume its BTC buying spree.
⭐️Interestingly, Tron’s Justin Sun quickly followed up saying his blockchain project would do the same.
✔️Although 2022 has been a rough year for the cryptocurrency market, with many inside and outside factors pushing prices and sentiment south, El Salvador seems determined to continue its pro-bitcoin strategy.
✔️The country, which recently celebrated one year of adopting BTC as a legal tender, will begin purchasing one bitcoin per day as of tomorrow, said Nayib Bukele.
✔️So far, the Central American country has accumulated 2,381 BTC.
✔️The country was briefly involved with the ongoing FTX saga, with some rumors claiming that it held its BTC on the fallen crypto exchange. However, Bukele refuted the reports in a conversation with Binance CEO – Changpeng Zhao.
✔️Bukele’s promise from today was quickly “echoed” by Tron’s Justin Sun, who responded, “we will also buy one bitcoin every day starting tomorrow.”
World’s Top 10 Most Metaverse-ready Countries Revealed
As the metaverse concept evolves to form part of daily life, some countries stand out, exhibiting readiness to embrace the new technology.
🏆The Netherlands ranks the most metaverse-ready country globally, with an overall ‘metaverse readiness score’ of 7.74 out of 10. Switzerland ranks second with a score of 7.61, followed by Lithuania at 7.39, while Malta ranks fourth at 7.31 and France fifth at 6.96, respectively.
▶️Elsewhere, the United Kingdom is the seventh metaverse-ready country with a score of 6.77, while the United States lies in the twelfth spot at 6.32.
Breakdown of metaverse-ready metrics
⭐️Based on the individual grading metrics, the United States has the highest internet speeds at 167.37Mbps. The study indicated that the U.S. is the most connected country regarding broadband.
⭐️At the same time, Romania accounted for the cheapest internet costing $9 per month, while Cyprus has the leading number of blockchain startups. The researchers tied the lack of cryptocurrency regulation to Cyrus’ high number of blockchain-related firms.
⭐️Furthermore, with 34,082 Google searches per million people, Cyprus also accounted for most metaverse-related searches.
⭐️Finally, the Republic of Ireland has the most high-tech exports at $8,450 per capita. In this line, the country hosts some leading tech companies, including metaverse-focused Meta (NASDAQ: FB).
📣Stay tuned! The market's highlights will be updated by BSCStation 😎
About BSCStation
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