Bitcoin (BTC) fell over 6% this week and failed to hold support at $22,000 after successfully breaking through $22,600 mid-week. BTC continues to consolidate in the $19,400-20,100 range, which has been supporting for months now. If stocks recoup their losses next week, BTC is likely to recoup $22,000.
This week also marked a historic day for the crypto world as Ethereum (ETH) completed its merger, meaning the network will no longer rely on a Proof of Work (PoW) consensus mechanism. Ethereum, the world’s second most valuable crypto, has completed its massive software upgrade with promises of massive environmental benefits. The merger is expected to reduce Ethereum’s power consumption by almost 99%.
ETH, post-merger, fell nearly 18% this week as a sell event was assured. This can be attributed to short-term traders who bought ETH before the event to take advantage of the positive momentum and acquire new forked tokens. Once their motives were established, they sold their positions. The total crypto market cap is now below $1 trillion.
Since September is traditionally a red month for Bitcoin and crypto markets, investors expect further difficulties in the coming months before the final bottom is found. As this bear market unfolds, we take a look at some adoption positives and other stories of the week below.
Norwegian central bank uses Ethereum to create digital currency
With the release of the open source code for the country’s Central Bank Digital Currency (CBDC) sandbox, Norway’s central bank has taken an important step in its attempts to promote digital currencies.
The sandbox, accessible on GitHub, aims to provide a user interface for interacting with the testnet, enabling functionality such as minting, burning, and transferring ERC-20 tokens. The current version of the code is privately accessible only to people with the necessary credentials.
The Bank also said that Ethereum should provide basic infrastructure for the issuance, distribution and destruction of central bank digital currency.
BNB Chain Partners with Google Cloud to Advance Web 3.0 and Blockchain Initiatives Binance’s smart contract blockchain platform, BNB Chain, has partnered with Google Cloud to power Web 3.0 and blockchain projects.
The collaboration will provide access to the tools and infrastructure offered by both platforms to more than 1,300 active decentralized applications (DApps) based on the BNB chain.
Initiatives established on BNB Chain can now access Google Cloud infrastructure, including the ability to analyze on-chain data and encrypt information through Google Cloud.
The partnership will also facilitate access to the Google for Startups Cloud program to specific Web 3.0 builders in the BNB Chain ecosystem.
Puma launches the first Metaverse experience with NFT shoes
Sports giant Puma has announced the release of its first “Black Station” interactive metaverse experience featuring exclusive non-fungible tokens (NFTs) with limited-edition, redeemable physical sneakers.
Puma Black Station’s goal is to provide customers with an immersive and engaging portal through which to experience the future of the brand.
Puma is the latest sportswear company to introduce digital collectibles, following Adidas. Puma has already entered the Web 3.0 space with the limited edition NFTs of Puma boots worn by footballer Sergio Aguero in a promotional campaign with Manchester City Football Club.
Starbucks will offer an NFT-based loyalty program
Starbucks is set to launch a non-fungible token (NFT)-based loyalty program using Polygon’s blockchain technology.
Starbucks unveiled Starbucks
a new Web 3.0 experience that offers Starbucks Rewards members the ability to earn and purchase digital collectibles (NFTs) and unlock access to new benefits and immersive coffee experiences.
The program is to be built on Polygon’s Proof-of-Stake Network, a consensus mechanism for processing transactions and creating new blocks in a blockchain that is built on the Ethereum network.
DBS becomes the first Singaporean bank to join the metaverse
DBS has announced the launch of DBS BetterWorld, a metaverse experience created in partnership with The Sandbox. Sandbox is a decentralized virtual gaming environment built on Ethereum.
It also became the first bank in Singapore to enter the metaverse.
The goal of this partnership is to create DBS BetterWorld, an interactive metaverse experience highlighting the importance of creating a better, more sustainable world and inviting others to join.
Top winners of the week
Celsius (CEL): 20% more
Chiliz (CHZ): 15% more
ApeCoin (APE): 10% more
Quant (QNT: 6% up
XRP (XRP): 4% up
Top winners of the week
Terra (LUNA): 51.12% decline
Tera Classic (LUNC): 32.37% decline
Gnosis (GNO): 21% decrease
Helium (HNT): 19% less
EOS (EOS): 18% less
Note: The analysis includes the top 100 cryptocurrencies only as of September 18, 2022 at 11 a.m. IST. Source: Coinmarketcap
(The author of the article is Analytics Team, Giottos Crypto Exchange) (Disclaimer: recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times)