Weekly Market Highlights #31: January 23 - January 29
✨The market has just had a week with few highlights. The previous momentum of Bitcoin (BTC) has shifted to altcoins, with the prominent trend of new layer-1 blockchain projects emerging in the second half of 2022.
✨Over the past week, the crypto market increased ~$30B (from ~$1045B to ~$1075B) of its total capitalization
✨Bitcoin Firm Above $23K
✅The start of last weekend saw Bitcoin's price surge from $21K to and beyond $23K. Somewhat expectedly, reaching the latter meant tapping a multi-month high since BTC was stuck around $17K for months.
✅The cryptocurrency spent most of the week between $22K and $23K, aside from a couple of short price pumps. The most notable one took the asset to $23,8K, which became the new highest price point since September 2022.
✅However, the bears intercepted each attempt quickly and didn't allow new local peaks. Then came the US GDP data and the PCE numbers, but they didn't bring any substantial volatility.
✅BTC entered the weekend at just under $23k. Early this morning, the price of BTC spiked to $23.8k, and although it has dropped slightly since then, it is still trading north of $23,5K for now, and its Dominance over altcoins is above 42.5%.
✨LTC Takes The Spotlight This Week
✅BSCS is currently trading at $0,01268: +20,91% from its 7-day all-time low of $0,010
✅LTC is the most impressive performer from the larger-cap altcoins today. It is up by over 7% and trades close to $100, its highest price point since May 6, 2022.
✅ETH, BNB, XRP, ADA, SOL, and DOT were calmer last week, with as much as 3% gains.
✅Overall market cap has increased slightly from last week, stable at $1075B.
✨Bitcoin Fear and Greed Index is 61 - Greed, higher than at the beginning of the week (53)
✨ Dominance:
✅BTC: 42.5%
✅ETH: 18.6%
🔥🔥 BSCStation has completed the 20th burning of 101,123 BSCS tokens. Now the total supply is: 399,845,870 BSCS.
✅ Detailed transaction: https://bscscan.com/tx/0xd5ace1f0590330a20335b91dbcdf8a1d80411b72303cac2774b4feb7df5fb723
✅ BSCS were burned via smart contract: 0x0000000000000000000000000000000000000000
💥 As promised, we will continue burning BSCS tokens monthly until the total supply reaches 100M BSCS.
▶ Alongside the token burn, BSCStation is REMOVING and LOCKING-UP a total of 100M tokens from circulation to ensure the optimal value for our token.
🎗 BSCS Holders are granted numerous privileges and benefits when accessing BSCStation. We will constantly improve to provide more benefits to our beloved community, so don't hesitate to become our BSCS Holders, and you will be well rewarded!
📕 Better Than Yesterday With BSCStation #15: Safe Invest During Bear Market Part 3
🐻 The blockchain industry is going through a Bear Market, so investors will not satisfy with just storing their digital assets and hoping that the value will appreciate; they have found ways to put their crypto to work.
⚡️ Of all the various ways of earning passive income on your crypto assets, Yield Farming and Staking are taking center stage.
🌟 In this part of "Better Than Yesterday With BSCStation", we’ll look at Yield Farming and Staking in order to better understand how they work, their associated risks and benefits, and which strategy could better fit your goals during the Bear Market.
✔️ What Is Yield Farming?
✨ The Advantages of Yield Farming Cryptocurrencies
✔️ What is Staking?
✨ The Advantages of Staking Cryptocurrencies
❗️ The Risks of Yield Farming and Staking
🙌 Staking BSCS tokens with tempting APY to earn guaranteed allocation for IDO projects on BSCStation Launchpad is a safe and recommended investment option during the Bear Market.
👉 Details:
BTC Miner Core Scientific Raises $500M From BlackRock, Ibex Investors
The US-based bitcoin miner – Core Scientific – reportedly secured a $500 million fundraiser led by leading finance players, such as BlackRock, Apollo Capital, Kensico Capital, Ibex Investors, and others.
The company filed for bankruptcy protection at the end of last year but continued mining BTC to repay debtholders.
Traditional Finance Firms Flocking to Help
⭐️According to a court filing seen by Bloomberg, BlackRock and several other high-profile investors lent approximately $500 million to Core Scientific by purchasing its secured convertible notes. Ibex Investors was the largest contributor to the financing, lending nearly $100 million.
⭐️BlackRock loaned $38 million through note purchases, while Apollo Capital Management bought $22.6 million and $11 million in April and August, respectively.
⭐️Both asset managers gave away $23 million to Core Scientific’s debtor-in-possession loan so it could continue mining Bitcoin.
⭐️The prolonged bear market and the plummeting price of the primary digital asset significantly harmed the crypto miner, which filed for Chapter 11 bankruptcy protection a few days before Christmas. Despite that, the entity saw the price of its shares rise in the following weeks. CORZQ trades at around $0.11, compared to the $0.05 mark nearly a month ago.
NFTs Sold Topped 67% YoY Growth in 2022
The price of Ethereum, BNB Coin, Solana, and other DeFi altcoins kept running this week. New data in a report out from DappRadar reveals more NFTs sold in 2022 than the year before.
🔸In more good news for cryptocurrency’s DeFi platforms, NFTs sold last year topped sales numbers from the year before. A new report from on-chain analytics firm, DappRadar, reveals the extent that NFTs are reshaping digital ownership in the 2020s.
🔸101 million NFTs were sold in 2022. That was a staggering 67% increase over the number of NFTs sold in 2021.
🔸These figures are extremely revealing of the popularity and staying power of NFTs. Like Bitcoin and smart contract blockchains before them, NFTs’ critics in 2021 said the blockchain product was a fad. They said most of these non-fungible tokens would eventually be worthless.
🔸Furthermore, they said that the blockchain sector would eventually stop minting new NFTs, and the supply would collapse. Even with the crypto winter, production and units sold by the entire sector ramped up.
Coinbase Expands its Partnership With German Soccer Club Borussia Dortmund
The US-based cryptocurrency exchange – Coinbase – reportedly doubled down on its agreement with one of the most successful German soccer teams – Borussia Dortmund (BVB).
The deal, which turned the platform into a Premium Partner of the Bundesliga club, will last until June.
Making the Collaboration Public
💎Coinbase started its partnership with Borussia Dortmund in July last year by running ads on the video screens in the club’s stadium.
💎Following the new terms, Coinbase will serve as BVB’s Premium Partner, promote its products and services on Signal-Iduna-Park (the club’s home ground and Germany’s largest stadium), and provide crypto education programs for the team’s employees.
💎Borussia Dortmund’s Managing Director – Carsten Cramer – said it will last until the end of June but might get extended depending on the future condition of the cryptocurrency sector:
“The industry is very exciting but still new. That’s why we want to keep our flexibility open.”
💎Cramer added that Coinbase’s BaFin license was a “basic requirement” for striking the partnership. The company is among the few cryptocurrency entities registered with the German financial watchdog.
💎Leading cryptocurrency trading venues, including Binance, Crypto.com, and Bitget, have collaborated with soccer giants or famous players over the past few years.
The Central African Republic Appoints a Committee to Design Crypto Legislation
⭐️The Central African Republic (CAR) – formed a team of 15 agencies responsible for drafting a “comprehensive” cryptocurrency bill.
The nation made the headlines last year, becoming the second after El Salvador to embrace bitcoin as a legal tender.
Another Crypto Step
✔️Faustin-Archange Touadéra – President of the Central African Republic (CAR) – revealed that the government established a committee of 15 experts to design a pertinent cryptocurrency regulatory framework. The bill should encourage the development of the digital asset industry and potentially aid the hindered local economy.
✔️Some departments tasked to form the legislation include the Ministry of Mines and Geology, the Ministry of Agriculture and Rural Development, the Ministry of Water, Forests, Hunting and Fishing, and others.
✔️The CAR is among the poorest countries globally, with a GDP of around $2.5 billion and a GNI per capita of $980. President Touadéra raised hopes the upcoming transition to the world of crypto could solve some of the financial issues:
“With access to cryptocurrencies, the monetary barriers existing until now will disappear, the main objective of the measures adopted by the government being the development of the national economy.”
✔️The CAR became the world’s second country where bitcoin served as an official payment method in April last year. El Salvador was the first to embrace cryptocurrency as a legal tender in September 2021.
📣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.