Weekly Market Highlights #5: 25th July - 31st July
✨Over the past week, the crypto market increased ~$80B (from ~$1010B to ~$1090B) of its total capitalization
✨Bitcoin attempted another leg up resulting in a new multi-week high at nearly $25K. Bullish price movements came when President Joe Biden said the US had not entered a recession despite the two consecutive negative quarters. The reassurance, whether true or false, pushed BTC north, and the asset spiked to $24,5K on Friday - becoming the highest level the asset has seen since June 13.
✨The altcoins also experienced short-term gains in the past week
✅BSCS is currently trading at ~$0.0167, up ~6.3% from its 7-day all-time low of $0.0157
✅ETH sits at $1,7K. DOT has also registered a minor daily decline. In contrast, BNB, ADA, Doge, MATIC, SHIB, and AVAX have painted insignificant gains
✨Bitcoin Fear and Greed Index is 33 - Fear, higher than the beginning of the week (30)
✨Dominance:
✅BTC: 41.0%
✅ETH: 18.9%
Meet BSCStation - Sun Sponsor for Blockchain Global Day 2022
📣We are glad to announce that BSCStation is a Sun Sponsor at the first and most epic technology event of this year - Blockchain Global Day 2022.
✨On July 29th, The CEOs will discuss Blockchain topics and answer questions about the practical application, scale, and potential of Blockchain. In addition, participants can experience entertainment activities and 50,000 valuable gifts.
🎁Register in advance to receive gifts from BSCStation (https://bscstation.finance/), the Organizers and booths at the event HERE (https://bit.ly/dangkyBGD2022)
⌚️Time: 9 am- 9:30 pm on July 29th, 2022 (UTC + 7)
📍Venue: Saigon Exhibition and Convention Center (SECC) - 799 Nguyen Van Linh, Tan Phu Ward, District 7, Ho Chi Minh City
The Fourteenth BSCS Token Burning Event
🔥🔥🔥BSCStation has completed the 14th burning of 6,716,245 BSCS tokens. Now the total supply is: 400,758,841 BSCS.
✅ Detailed transaction: https://bscscan.com/tx/0x289a866ff0e2287d5537860f98511e1067321c9c091aba9cc67f599b613f1363
✅ BSCS were burned via smart contract: 0x0000000000000000000000000000000000000000
💥 As promised, we will continue burning BSCS token every month until the total supply reach 100 million BSCS.
🚀 More good news coming soon, please stay tuned!
Bitcoin records 2x higher 30-day trading volume than Apple despite the bear market
📈As Bitcoin matures, the digital asset is viewed as a potential alternative to some traditional financial asset classes when considering metrics like the trading volume. Despite significant volatility for equities and cryptocurrencies in recent months, Bitcoin has registered a trading volume at least double the size of Apple (NASDAQ: AAPL) within the last 30 days.
🍏Apple’s daily average trading volume for 30 days ending July 22 stands at $11.6B.
💪Elsewhere, Bitcoin’s average daily trading volume for the 30 days was $27.7B, according to CoinMarketCap data. Therefore, Bitcoin has recorded a trading volume of at least 2.3 times more than Apple despite experiencing a sustained bear market.
🙌Although both investment products belong to different asset classes, Bitcoin’s ability to beat Apple indicates the crypto is now in direct competition with established traditional asset classes.
Commodity Expert Suggests Bitcoin Could 'Outperform' Market in H2, 2022
☄️Despite the cryptocurrency market's decline from the first half of 2022 into H2, Bloomberg senior commodity strategist Mike McGlone believes Bitcoin (BTC) could outperform in the year's second half.
🔈Specifically, in his tweet on July 25, McGlone stated, "Bitcoin may be regaining its propensity to outperform in H2."
🤵♂️According to the McGlone, Bitcoin "has been one of the fastest horses in the race since its inception about a decade ago, he think more of the same is ahead, particularly as Bitcoin may be transitioning toward global collateral, with performance more aligned with treasury bonds or gold."
📈He expressed his view that Bitcoin losses in the first half of 2022 could act as a foundation for investors, stating that its price movements at the time could be rewarding to responsive investors based on previous rallying foundations.
💪Be the wisest by buying BTC, become a BSCS holder and take your wealth to the moon
Brazil’s Leading Brokerage Firm Reveals the Launch Date of its Crypto Platform
💰XP’s cryptocurrency exchange – XTAGE – is supposed to see the light of day by the middle of next month.
🇧🇷XP Inc. – one of Brazil’s largest brokerage companies – expects to release its cryptocurrency platform by the middle of August 2022. Initially, the entity will allow trading with bitcoin (BTC) and ether (ETH), while it could add more digital assets later in the year.
💫In May this year, XP Inc. – partnered with Nasdaq to create a digital asset exchange called XTAGE. The platform was supposed to be fully integrated into the firm’s ecosystem and go live by June.
🤵♂️Touching upon the ongoing market crash, Rabechini argued that the crypto prices are not the only important feature of the industry:
“You can say ‘the volume has been weak, there will be few orders,’ but we see this market systematically growing over time, and our long-term view is not just focused on price, but also technology.”
Commodity Guru Expects Fed Rate Hikes To Boost Bitcoin To ‘Outperform Most Assets’
🟩Bitcoin and the wider cryptocurrency market have reacted positively to the latest Federal Reserve interest rate hike by 75 basis points, with the asset retesting $24K. There is interest regarding how the market will react to future hikes as the Fed attempts to contain inflation.
🤵♂️In this line, commodity strategist at Bloomberg Mike McGlone, in a tweet
posted on July 29, suggested that the upcoming Fed meetings on interest rates will likely build the foundation for Bitcoin to rally further and outperform most asset classes. He noted that Bitcoin might be in early recovery after significant sell-offs in 2022.
🌄Overall, McGlone has maintained a bullish stand on Bitcoin, noting the crypto will likely peak at $100K, McGlone notes that Bitcoin will likely emerge as the best performing asset in H2 2022.
⭐️Notably, Bitcoin has recently made minor driving the market to reclaim the $1 trillion capitalization.
Argentinean Soccer Club Welcomes First Crypto Signing
🤵♂️The transfer of midfielder Giuliano Galoppo from Banfield's Athletic Club to Sao Paulo Futebol Clube was made in USD Coin (USDC), exceeding $6M and up to $8M depending on the volatile exchange rate of the Argentine peso, according to local sources. The transfer was made possible through a collaboration with the Mexican crypto exchange Bitso.
🤵♂️"We are very proud to work with these two clubs for this historical signing of Sao Paulo with all the safety, transparency, and flexibility that the crypto economy has to offer," said Thales Freitas, Bitso's director in Brazil.
💪The practice of crypto adoption has also been replicated in sports by players and clubs in the country. However, this would be the first time clubs could accept cryptocurrencies as a form of payment for international transfers to regain a competitive advantage in the market for their players.
Blockchain Technology Can Help Create Safe and Inclusive Adult Platforms
📺Although there is no clear frontrunner, the adult entertainment industry has proven to advance new technology iterations in the past significantly. It presents an exciting proposition for the future of cryptocurrencies.
🏙The adult entertainment industry is believed to be worth billions of dollars, giving it significant influence over the world's leading technologies.
🌎As technology moves past Blu-ray and into Web3, it is only logical to conclude that the adult entertainment industry will once again pioneer a new era of technological evolution.
☄️Today, the adult industry has evolved far past studio-controlled content distributed by Blu-ray. Despite having more autonomy, creators still face barriers: how they will receive payment and privacy concerns.
💪Cryptocurrencies aim to resolve this, operating without an intermediary to ensure creators and clients can transact directly with one another.
📣 Stay tuned! The market's highlights will be updated by BSCStation.😎
About BSCStation
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