Weekly Market Highlights #7: 8th August - 14th August
The crypto market cap has tapped the $1.2Trillion.
✨Over the past week, the crypto market increased ~$90B (from ~$1100B to ~$1190B) of its total capitalization
✨BTC's price against the dollar has also seen notable increases in the past several days. After a brief dip, bitcoin went on the offensive once more and tapped $25K for the first time since mid-June.
✨Altcoins also have positive growth:
✅BSCS is currently trading at ~$0,0179, up ~3.2% from its 7-day all-time low of $0,0173
✅ETH - with the hype surrounding the upcoming Merge, it soared to a multi-month high of its own, above $2K.
✅Although with more modest gains, BNB, XRP, DOT, AVAX, and SHIB are also in the green on a daily scale.
✨Bitcoin Fear and Greed Index is 45 - Fear, higher than the beginning of the week (30)
✨Dominance:
✅BTC: 40.2%
✅ETH: 20.5%
Despite Bear Market, 2022 Fundraisings Already Surpassed 2021
📈Investments targeting the crypto industry reached $30.3B in the first half of the year, more than the whole year combined in 2021, according to Messari's H1 2022 Fundraising Report.
🌟Across the major sectors, investments are heavily tilted towards early-stage projects, suggesting that investors view crypto as a burgeoning industry with huge potential. Ethereum-based DeFi protocols dominated fundraising in the same period, with 56% and 82% of the DeFi funding capital going to Ethereum in Q1 and Q2, respectively. The report added that DEX's and Asset Management products were the most popular among investors.
☄️Centralized exchanges attracted $3.2B in H1, far ahead of the second-ranked payment companies obtaining $1.58B in funding, despite the fallout of multiple high-profile brokerages and lending firms. CeFi had half its funding rounds amounting above $10M from January to June, with the total investment reaching $10.2B
Bitcoin price sees $24K, Ethereum hits 2-month high as US inflation shrinks
🌕BTC jumped by almost $1K in minutes as the US announced a small Consumer Price Index (CPI) metric decline.
☄️Relief among traders was palpable, as declining inflation should signal to the Federal Reserve that less aggressive interest rate hikes are necessary. This, in turn, should reduce pressure on risk assets, including crypto.
Year-on-year CPI inflation came in at 8.5%, 0.2% below expectations, while month-on-month, the figure was unchanged from June.
📈Meanwhile, ETH celebrated the CPI event more than BTC, which capitalized on the mood to post its highest levels since June 7. At $1,85K, ETH gained 11.5% on the day.
“Some of you forget that the market can pump and it’s actually not a trap. Especially if it’s fundamentally driven,” trader and commentator Josh Rager tweeted.
$270B inflows crypto market cap in last 30 days as buying power mounts
💪In the 30 days, the total cryptocurrency market cap has increased from $911B to $1.183T, according to the CoinMarketCap on August 13.
📈The accumulated growth has demonstrated the market recovery back $1 trillion market cap level, which it previously reclaimed in mid-July and was further spurred on by the better-than-expected inflation report on August 10, thus bringing the global market cap to its highest value in two months.
Favorable CPI data inflates market cap
✨Notably, the market cap growth has sped up recently after the Consumer Price Index (CPI) report by the United States Bureau of Labor Statistics (BLS) came out more favorable than expected.
🙌Specifically, the newest data has shown a slowdown in inflation, dropping from 9.1% in June to 8.5% in July. The market cap of BTC at $468.4B, the current price of $24,5K. This is also a ~24% increase across the previous 30 days.
Football Giants Real Madrid and Barcelona File A Joint Trademark Application For Crypto And Metaverse
🌠 Despite the hype around the metaverse deflating and the trading volume of non-fungible tokens (NFTs) going down in the second quarter of 2022, organizations, brands, and celebrities worldwide are still flocking to apply for related trademarks.
🇪🇸 Spanish football clubs: FC Barcelona and Real Madrid CF filed for a joint cryptocurrency and metaverse trademark application, according to the metaverse trademark attorney Mike Kondoudis who shared the news on Twitter on August 11.
The El Clásico rivals filed the trademarks on August 5, covering virtual reality gaming, non-downloadable virtual clothing, footwear, and headwear, downloadable blockchain transaction management software, e-wallet software, and more.
Brazilian Payment App PicPay Launches Crypto Exchange With Paxos
🌟Major Brazilian payment application PicPay is moving into cryptocurrencies by integrating a crypto exchange service allowing users to buy BTC and ETH.
🌟The firm officially announced that PicPay clients can now directly buy, sell and store two major cryptocurrencies, BTC or ETH, on its app. PicPay pointed out its choice was due to the real use cases provided by these digital assets, including security and many other benefits
☄️The new crypto feature is enabled through a partnership with the major crypto company Paxos and allows customers to use Paxos-issued United States dollar-backed stablecoin USDP. Acting as a broker and custodian, Paxos is known for cooperating with some of the world’s biggest traditional financial firms like PayPal
🏙The integration marks the first move for PicPay to introduce its 30 million customers with digital assets and help them understand how people can benefit from the potential of the growing asset class.
The Number Of People Working In The Blockchain Space Climbs Almost 80% Year-on-Year
🌆The number of individuals working in the blockchain industry increased by 76% year-on-year as of June 2022, according to a report conducted by the professional networking platform LinkedIn and the cryptocurrency exchange and derivatives exchange OKX released.
🗒Per the data, the United States, India, and China are the top three nations in the world regarding the availability of talent in the blockchain industry. India has the fastest-growing blockchain talent pool worldwide, with a growth rate of 122%. After that comes Canada with a growth rate of 106%, and in third place is Singapore with 92%.
💫Among the top 10 blockchain talent demand countries, Spain had the largest growth rate with 609%, in terms of the number of job listings related to blockchain technology. With a growth rate of 560% was Canada, while India came in the top 3 with 145%.
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