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crypto | cryptocurrencies: Crypto Week At A Glance: Bitcoin drops below $22,000 as gloomy September looms

Panic returned to the financial markets this week with the US Dollar index DXY crossing 108. This ended a brief recovery rally across markets post the release of favourable US CPI data in early August. Bitcoin (BTC) has dropped by more than 13% this week and has failed to hold support at $22,000 after successfully breaching $25,000 in the interim. Ethereum (ETH) has dropped 18% weekly and is now trading near $1,600. Total crypto market cap is now hovering near $1 trillion.

Given September is traditionally a red month for Bitcoin and crypto markets, investors are anticipating further pain before the final bottom is discovered. With Ethereum’s Merge scheduled for mid-September, the possibility of ‘sell-the-news’ event wiping out monthly gains in ETH is strong. As this bear market plays out, we look at some positives in terms of adoption and other stories of the week below.

Buenos Aires to deploy Ethereum validator nodes

Buenos Aires (capital of Argentina) is set to become one of the first public entities in the world to help run Ethereum’s network infrastructure. In 2023, the city will work with private enterprises to install validator nodes, which are machines running the Ethereum client software.

The validators are responsible for storing data, processing transactions, and adding new blocks to the blockchain, which will become part of the proof-of-stake (PoS) network consensus system being implemented in conjunction with the Merge which is anticipated to take place in mid-September.



With this move, Buenos Aires would be one of the pioneer cities to host its own cryptocurrency nodes. In April, the city also decided to let residents use cryptocurrencies to pay their taxes.

Alphabet, Samsung among most active investors in blockchain

Tech giants Alphabet and Samsung have been placed as the most active investors in blockchain-related companies, participating in 13 funding rounds between September 2021 and June 2022.

BlackRock, Morgan Stanley, and Goldman Sachs are the other investors on the list. The data was derived from Blockdata, a market intelligence platform for blockchain.

According to Blockdata, Alphabet took part in investment rounds for businesses like Fireblocks, Dapper Labs, Voltage, and Digital Currency Group which raised $1.5 billion.

Blockdata also estimated that the top-40 corporations invested approximately $6 billion in blockchain startups during this time.

Houston Texans become first NFL team to sell game suite with crypto

The Houston Texans of the American National Football League (NFL) become the first organization in the league to sell single-game suites in exchange for cryptocurrencies.

The Texans have partnered with the Houston-based cryptocurrency firm to make BitWallet the team’s official digital currency wallet. BitWallet will also provide intermediary services by exchanging crypto for cash for the Texans.

Ripple,

Remit collaborate for real-time payments between Japan, Thailand

Expanding its footprint in the Asia-Pacific, Ripple announced a new partnership with SBI Remit to enable money transfers between Japan and Thailand.

This enables people to instantly send money between countries at no cost. The new partnership also puts Thailand’s Siam Commercial Bank (SCB) on its board.

As part of the deal, SBI Remit and SCB will process real-time remittance services using Ripple’s enterprise blockchain system RippleNet.

It makes the most sense for Ripple to develop in Asia as it is currently among the regions of the world with the highest growth.

Australia’s leading gas station chain to accept crypto for fuel

Australians can now pay for fuel through cryptocurrencies at gas stations and convenience stores under the leading On The Run (OTR) brand for the service powered by Crypto.com.

Crypto.com revealed that the service is available in 175 OTR stations in Victoria, South Australia, and Western Australia states.

The partnership provides the world’s first scalable option to use Crypto.com App to pay directly in-store for ordinary items without first converting to fiat currency.

The point-of-sale terminal is provided by Sydney-based payment system Datamesh, while Crypto.com is providing the Pay Merchant service as a platform for payment settlement.

Apart from gas, the users can also utilize cryptos like Bitcoin to pay for other daily products.

Anthony Hopkins to launch NFT collection to celebrate his career
Veteran actor Anthony Hopkins, in association with Orange Comet, is set to launch the first batch of his NFT series called “The Eternal Collection.”

Collectors will get access to more than 1,000 exclusive pictures of the actor throughout this time, which will be based on the oeuvre of the performer.

Bitcoin: predictions
Analysts and investors are hopeful of a relief rally to ensure that further declines are moderated. The bear market bottom is likely not yet in and given previous cycles, a 80% drop from all-time high is possible leading to a price range below $14,000 for BTC.

Investors are advised to put an average cost into BTC and ETH when possible while stacking cash to buy BTC at low prices when a bottom occurs.

Top Gainers This Week – (as of 7PM, August 20, 2022)

Chiliz (CHZ): 12.6%

UNUS SED LEO (LEO): 5.9%

Shiba Inu (SHIB): 4.8%

Top Losers This Week – (as of 7PM, August 20, 2022)

Lido DAO (LDO): -33.1%

Convex Finance (CVX): -29.6%

Oasis Network (ROSE): -29.0%

(Note: Analysis includes top 100 cryptocurrencies only. Source: Coinmarketcap)


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