crypto price this week: Crypto Week At A Glance: Bitcoin Consolidates Below $20K As ETH Selloff Secures After Merge
Bitcoin (BTC) has fallen more than 6 percent this week and has failed to hold the $22,000 support after breaching $22,600 mid-week. BTC continues to consolidate in the $19,400-20,100 range which has held as support for several months now. If stocks recover losses next week, there is a likelihood that BTC will regain $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 huge environmental benefits. The merger is set to reduce Ethereum’s energy consumption by nearly 99 percent.
ETH, after the merger, has fallen almost 18 percent this week as a sell-off event ensured. This can be attributed to short-term traders who bought ETH ahead of the event to gain the positive momentum and acquire new forked tokens. Once their motives were established, they sold their positions. The total market cap for crypto is now under $1 trillion.
Given that September is traditionally a red month for Bitcoin and crypto markets, investors expect further pain in the coming months before the final bottom is discovered. As this bear market plays out, we look at some positives in adoption and other stories in the week below.
The Norwegian central bank uses Ethereum to build digital currency
With the publication of the open source code for the nation’s central bank’s digital currency (CBDC) sandbox, Norway’s central bank has achieved a significant milestone in its efforts to promote digital currencies.
The sandbox, which is available on GitHub, aims to provide a user interface for interacting with the testnet, and enables functions such as ERC-20 token minting, burning and transfer. The current version of the code is only privately accessible to people with the necessary credentials.
The bank also stated that Ethereum is expected to provide core infrastructure for the issuance, distribution and destruction of digital central bank money.
BNB Chain Partners with Google Cloud to Promote Web 3.0, Blockchain Initiatives Binance’s smart contract blockchain platform BNB Chain has partnered with Google Cloud to empower Web 3.0 and blockchain projects.
The collaboration will provide access to the tools and infrastructure offered by both platforms to over 1,300 active BNB Chain-based decentralized apps (DApps).
Initiatives established on the BNB Chain can now access Google Cloud infrastructure, including the ability to analyze data on the chain and encrypt information through Google Cloud.
The partnership will also facilitate access to the Google for Startups Cloud Program for specific Web 3.0 builders from the BNB Chain ecosystem.
Puma debuts first Metaverse experience with NFT shoes
Sports giant Puma has announced the launch of its first interactive metaverse experience ‘Black Station’ featuring exclusive limited edition non-fungible tokens (NFTs) that can be redeemed for physical trainers.
The goal of the Puma Black Station is to provide customers with an immersive and engaging portal where they can experience the brand’s future.
Puma is the latest sportswear company to introduce digital collectibles, following Adidas. Puma has previously entered the Web 3.0 space with the limited NFT of the Puma boots worn by soccer player Sergio Aguero in a campaign with Manchester City soccer club.
Starbucks offers NFT-based loyalty program
Starbucks is to launch a non-fungible token (NFT)-based loyalty program using Polygon’s blockchain technology.
Starbucks unveiled Starbucks
a new Web 3.0-enabled experience that gives Starbucks Rewards members the ability to earn and purchase digital collectibles (NFTs) and unlock access to new benefits and immersive coffee experiences.
The program will be built on Polygon’s proof-of-stake network, a consensus mechanism for processing transactions and creating new blocks in a blockchain that rests on top of the Ethereum network.
DBS becomes the first Singaporean bank to join the metaverse
DBS announced the launch of DBS BetterWorld, a metaverse experience created in collaboration 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 that highlights the importance of creating a better, more sustainable world and invites others to join.
Top winners for the week
Celsius (CEL): 20% up
Chiliz (CHZ): 15% up
ApeCoin (APE): Up 10%
Quant (QNT: 6% up
XRP (XRP): Up 4%
Top winners for the week
Terra (LUNA): Down 51.12%
Tera Classic (LUNC): Down 32.37%
Gnosis (GNO): 21% down
Helium (HNT): 19% down
EOS (EOS): Down 18%
Note: The analysis includes top 100 cryptocurrencies only as of September 18, 2022 at 11 hrs IST.. Source: Coinmarketcap
(The author of the article is Analytics Team, Giottus Crypto Exchange) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
