Weekly Market Highlights #8: 15th August - 21st August
Since the mid-June crash, the cryptocurrency market has not seen such a negative trading week.
✨Over the past week, the crypto market decreased ~$166B (from ~$1190B to ~$1024B) of its total capitalization
✨Bitcoin attempted a brief recovery but was stopped at $24,4K and dumped by another grand in the following hours. More pain came a few days later when BTC slumped to $20,7K (on 21st August). As of now, it stands around $21K. This means it’s roughly 15% down on the week, and its market cap is close to breaking below $400B
✨Altcoins in Pain
✅BSCS is currently trading at ~$0,01613, +2,42% in the last 24 hours.
✅ETH struggles at $1,55K following several consecutive daily price drops. This means that ETH has lost $500 in a week.
✅On a daily scale, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX, and TRX are also red from the larger-cap alts.
✨Bitcoin Fear and Greed Index is 29 - Fear, lower than the beginning of the week (45)
✨Dominance:
✅BTC: 40.1%
✅ETH: 19.1%
Spain and France’s Inflation Rate Highest in Four Decades
🔴Spain’s annual inflation rate hit 10.8% in July, a little above market expectations of 10.6%. Official data shows that the figure is the highest since 1984. France, too has a similar story, with the inflation rate hitting 6.1% in July. The last time the figures were this high was back in 1985.
🟡However, inflation can potentially drive crypto adoption in the Iberian nation. Even though Spain’s adoption level is far behind the other developed and developing economies, the popularity of the asset class in the country has followed an upward trajectory.
European Crisis and Bitcoin
💰Bitcoin and crypto can be a way out of the looming gas shortages, high energy prices, and an impending recession that the current financial system has brought about. However, the persisting energy crisis in Europe threatens a prolonged bear market
Google’s Parent Company Has Been Increasing Its Investment in the Crypto Space
A research report, which provides interesting insights on how the top 100 public companies in the U.S. are investing in the blockchain/crypto space, has recently been released.
🏙Google’s blockchain inroads
In recent years, Alphabet (NASDAQ:GOOGL), the parent company of Google, has made inroads into the blockchain sector with several initiatives as more clients continue to adopt disintermediated P2P transactions.
💥Alphabet invested $1.56B in blockchain companies between September 2021 and June 2022 with four rounds, taking the lead among publicly listed firms investing in the sector, published by Blockdata on August 11.
✨During the period, Blackrock (NYSE:BLK), with three rounds, invested $1.17B, followed by banking giant Morgan Stanley (NYSE:MS) at $1.1B with two rounds. Elsewhere, electronic giant Samsung leads in the number of funding rounds at 13 with $979M, while Goldman Sachs (NYSE:GS) occupies the fifth spot at $698M.
💥HUOBI GLOBAL DANANG MEETUP RECAP💥
On Aug 13th, Houbi Global Meetup was successfully held in Da Nang City with the helping hand of BSCStation as Strategic Partner. This event is the meeting place of BSCStation, Huobi Global, TAG Ventures, CryptoLeakVN, MetaWork, Bizverse, DanaCrypto, Stech, and the blockchain community.
🤵During this event, Mr. Scofield - Founder & CEO at BSCStation, shared useful information about the current market and future vision of the blockchain community in Viet Nam.
🎁 The Organizers gave many valuable gifts and numerous Airdrops to express gratitude to the participants and those who submit the best questions
👉 There are many more exciting events coming up, follow our channel for updates
Australia’s leading gas station chain will now accept crypto for fuel at 170 locations
🇦🇺Australians will now be able to pay for fuel through Bitcoin and other cryptocurrencies at stations and convenience stores under the leading On The Run (OTR) brand for the service powered by Crypto.com. The service is available in 175 OTR stations in Victoria, South Australia, and Western Australia states.
🤵♂️General Manager, Asia & Pacific, Karl Mohan, the crypto payment option was necessitated by the growing demand for cryptocurrencies, with merchants increasingly opting to utilize digital assets.
“Our latest research shows that 55% of merchants and consumers want to transact in crypto, and this innovation within OTR stores is bringing these ambitions to life and ensuring that Australia is at the forefront of crypto payments evolution,” Mohan said.
🌱Under the plan, Crypto.com will charge zero fees on the transactions, but there will be a cost on the merchant’s end, which will set their rates.
Binance US Wins Money Transmitter License in Nevada
🇺🇸Binance’s US subsidiary announced receiving its Money Transmitter License from the Nevada Department of Business and Industry, Financial Institutions Division.
💫The latest move is part of the company’s plans to offer fully regulated services in all of America’s 50 states and territories.
🤵♂️Speaking about the license approval, Brian Shroder, Chief Executive Officer of Binance US, said:
“We continue to take the necessary steps to ensure we are operationally compliant across the United States, our customers’ assets are secure, and our platform is safe and transparent. Receiving our Money Transmitter License in Nevada is further evidence of our ongoing compliance efforts. We are thankful for the time and trust of the Nevada Department of Business and Industry.”
🌃With the latest development, Nevada has become the seventh jurisdiction where the exchange scored the operational license.
It’s Time to Go Shopping, Says Arthur Hayes After the Crash
🔻After tapping multi-month highs last weekend, Bitcoin and Ethereum slumped by double-digit percentages weekly. This resulted in over $150B gone from the entire market cap.
🟩The Fear and Greed Index has returned to a state of fear, but BitMEX’s co-founder – Arthur Hayes – believes this retracement could be an opportunity to stack up.
Time to Buy, Says Hayes
📈In its latest Twitter thread on the price actions in the crypto market, the former BitMEX executive began by asking his nearly 300K followers whether they have a short-term or a long-term strategy in regard to investing in digital assets.
🤵♂️Hayes seems quite bullish on the Merge. In a recent blog post, the BitMEX co-founder said he believes there could be a sell-the-news moment, meaning that the price could retrace in the short term, but it would be ultimately positive for long-term investors.
Bitcoin Now Accepted by Two Ukrainian Tech Giants: Report
🏙Bitcoin and other cryptos are now being accepted as means of payment at two of Ukraine’s largest tech retailers: Techno Їzhak and Stylus.
Customers can now purchase products from each retailer using Bitcoin from their online stores or their combined 100+ retail locations.
✅Per a report from the Ukrainian outlet Obozrevatel, Bitcoin payments at both companies will be facilitated through the point-of-sale crypto provider, WhitePay.
✅When paying online, customers can pay in cryptocurrency through an acquiring form. In-person, WhitePay’s point of sale system will print a QR attached to a transaction receipt.
✅The receipt includes details about transaction type, network, commissions paid, exchange rate, and time span of the transaction.
✅WhitePay falls under WhiteBIT’s ecosystem – the largest cryptocurrency exchange in Europe.
✅Through WhiteBIT, both companies can accept 130 different cryptocurrencies – with more to come in the future.
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.