Weekly Market Highlights #9: 22nd August - 28th August
The crypto market cap struggles below $1T as Bitcoin and most altcoins have failed to produce significant gains.
✨Over the past week, the crypto market decreased ~$69B (from ~$1024B to ~$955B) of its total capitalization
✨The previous week was particularly harmful to the primary cryptocurrency, which dumped by more than $4K in less than seven days to a monthly low of around $21K.
The landscape worsened yesterday morning when Bitcoin took another dive and dipped below $20K for the first time since the middle of July. Since then, it has been unable to recover more than a few hundred dollars and now sits just above that line, meaning its market cap has remained below $400B.
✨Altcoins Sit Tight
✅BSCS is currently trading at ~$0,01587, +7,05% from its 7-day all-time low of $0,01483.
✅ETH slipped below $1,5K in the past 24 hours and still sits around that level. It’s worth noting that the second-largest crypto had spiked above $1,7K just a few days ago, but there were several warning shots that something similar could happen in the short term.
✅BNB dropped hard yesterday and, after another minor decline, finds itself trading at $280 today.
✅XRP, SOL, DOGE, SHIB, and AVAX are also slightly in the red daily scale, while ADA, DOT, MATIC, and TRX have insignificant gains.
✨Bitcoin Fear and Greed Index is 24 - Extreme Fear, lower than the beginning of the week (29)
✨Dominance:
✅BTC: 39.8%
✅ETH: 18.6%
U.S., Ukraine, and the U.K. lead in overall use of crypto globally, a new study reveals
🗺New research indicates that out of a number of countries around the world, the United States ranks top globally in the overall use of cryptocurrencies, scoring 7.75 out of 10. Ukraine ranks second with a score of 5.96, followed by the United Kingdom at 5.79, as per data by Merchant Machine (https://merchantmachine.co.uk/global-adoption-of-crypto-payments/). The study focused on finding countries investing the most in crypto by sampling different metrics from 50 countries.
⭐️The research notes that the U.S. and the U.K. rank top powered by factors like the size of their economies and an advanced crypto economy. However, the study suggested that Ukraine, the poorest country in Europe by GDP and GNI per capita, ranks high due to emerging economies’ general crypto adoption trends.
🟢Additionally, among the top ten countries with an overall crypto use, Ukraine ranks top based on the percentage of the population that owns digital assets at 12.73%.
Nike Generated Over $185M in NFT Sales – Gucci, Adidas Trails Behind: Data
The leading athletic apparel company – Nike – has surpassed many prominent names with its NFT sales this year.
🗒According to the latest stats, Dolce & Gabbana, Tiffany, Gucci, and Adidas are reaping millions from NFTs, but Nike tops the chart.
🤵♂️Dune Analytics researcher Noah Levine’s data showed the above businesses leading the NFT wave:
✅Nike’s NFT-related projects have generated over $185M in revenue, making it the biggest earning brand.
✅The iconic sports brand raked in $1.3B in transaction volume with $93M from primary sales of NFTs while generating $92M in royalties.
✅Notably, Nike announced the acquisition of RTFKT last December as part of its jump in the metaverse space.
✅Trailing behind were Dolce & Gabbana with $25.65M, Tiffany with $12.62M, and Adidas with $10.94M in revenue.
✅D&G leads with more than 9,000 transactions, followed by Gucci with nearly 4,000.
South Korea’s Former Vice Minister of Economy Becomes the CEO of a Blockchain Institute
🇰🇷Yong-beom Kim – First Vice Minister of South Korea’s Ministry of Economy and Finance from 2019 to 2021 – will join the blockchain and digital technology research institute Hashed Open Research as its Chief Executive Officer
🌃The entity aims to act as a bridge between local cryptocurrency experts and the government:
🔹Yong-beom Kim’s main task as a top executive of Hashed Open Research will be to establish a constructive dialogue between Korean cryptocurrency participants and domestic lawmakers.
🔹During the crypto winter of 2018, Kim urged for applying special regulations on the space to prevent bad actors from employing the asset class in their criminal activities.
🔹The former government official opined that applying comprehensive rules to the local digital asset sector could benefit South Korea. The cryptocurrency industry combined with the country’s high-tech vision could level the nation with the USA, Kim argued
Polygon's Sandeep Nailwal Leads $50M Raise for a Web3-Focused VC Fund
🤵♂️Polygon's founder, Sandeep Nailwal, and other Web3 founders have raised a $50 million fund focused on Web3 startups.
✨The new venture will be called Symbolic Capital. The fund plans to differentiate itself by using a unique data platform to drive its investments and the support of portfolio companies:
Speaking on the matter, Nailwal said:
✅The mission of my life is to get Web3 to the masses, that will happen only if we have pioneering Web3 apps and Symbolic Capital has been setup to help those early-stage developers to realize their visions. Symbolic will offer a level of support to our unique portfolio companies.
✅For Web3/token startup, it's not only about the product and product market fit, it's also about designing sustainable economies with pragmatic tokenomics building passionate communities around your product before taking your token public, marketing across both Web2 and Web3, BD, ad so much more.
Former SEC chair calls on the U.S. to embrace crypto efficiencies before final regulations
✅Former Securities Exchange Commission (SEC) chair Jay Clayton has acknowledged that getting a consensus for crypto regulation in the United States appears elusive for involved parties but challenged the government to take the first step.
✅Clayton noted that amid the controversy, the government should first embrace the benefits of cryptocurrencies to the financial system before enacting any regulation, he said in an opinion piece published by the Wall Street Journal on August 25.
✅He cited benefits such as the ability to power quick payments alongside custody of assets digitally and called on the SEC to provide guidelines for the custody of tokenized assets.
“To move forward, the U.S. needs to embrace the efficiencies provided by tokenizing such well-understood services as payments and custody of assets in digital form. The presidential working group, led by the Treasury, should move forward on stablecoin rules, identifying the characteristics that make stablecoins a means of payment (akin to money transfer) and not a security or commodity,” Clayton said.
U.S. readiness to regulate crypto
✅Additionally, Clayton stated that the controversy regarding regulations of assets like Bitcoin (BTC) is due to the global growth of cryptocurrencies. In this case, the former top regulator noted that the U.S. has no readily available requirements on licensing, mandatory disclosures, and marketwide secondary-trading rules.
✅Interestingly, in a previous op-ed with the Wall Street Journal, Gensler reiterated that securities laws still apply to new technologies like cryptocurrencies.
📣 Stay tuned! The market's highlights will be updated by BSCStation.😎
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