Crypto Week at a Glance: Bitcoin Range Tied at $19,000 as US CPI Data Sparks Volatility
The total market cap for crypto is now close to $900 billion. The market is likely to be range-bound until November 2, the day the US central bank announces another rate hike. However, occasional rallies to the upside may occur. Macroeconomic conditions globally, including the possible collapse of a major bank (Credit Suisse or Deutsche Bank), could spook the markets in the short term.
As this bear market plays out, we look at some positives in adoption and other top stories of the week:
Google partners with Coinbase to bring crypto payments to cloud services
Tech giant Google has partnered with Coinbase to let users pay for cloud services using cryptocurrency early next year.
As part of the partnership, Google Cloud will enable select customers, starting with those in the Web 3.0 ecosystem, to pay for its cloud services via select cryptocurrencies. With this, a selected group of customers will now be able to make payments with Bitcoin, Ether and Dogecoin.
Google Cloud has made strides to increase its visibility in the Web 3.0 space and recently announced that it would establish a full internal team dedicated to digital assets.
JPMorgan, Visa team up for international blockchain payments
Payments giants JPMorgan and Visa are partnering to make it easier to use their private blockchain technologies, Liink and B2B Connect, to enable international transactions.
According to reports, Liink, a network specifically created for international transactions, is being provided by JPMorgan under the bank’s blockchain and payments initiative, Onyx. Institutions can share financial data and validate transactions using a platform from Onyx.
Visa’s B2B Connect is a similar network to Liink that was built for use in institutions and is now integrated with Onyx’s Confirm. Confirm is an account information validation product and ensures that transaction partners provide authentic identities and valid information.
TRON becomes legal tender in Dominica
Blockchain network Tron has signed an agreement with the government of Dominica to make Tron-native tokens the authorized digital currency of the Caribbean island. The government can accept Tron governance tokens such as TRX, BTT and JST, as well as stablecoins linked to the US dollar on Tron’s TRC20 protocol, such as USDT and USD, as payment for public services, including tax payments.
As part of the Government of Dominica’s efforts to integrate blockchain innovation into the economy, Tron will issue a fan token called “Dominica Coin.” Businesses are also encouraged to receive Tron-native tokens for their services.
Dominica’s Prime Minister Roosevelt Skerrit said the move would help the nation build a more inclusive and diversified economy.
Microsoft, Meta partner to deliver immersive experiences
Tech giants Meta and Microsoft have partnered to integrate a range of Microsoft Office 365 products into Meta’s virtual reality (VR) platform, aiming to entice businesses to work in virtual environments.
Microsoft Teams is set to integrate with Quest devices, and Microsoft will offer a way to stream Windows apps to the Meta’s headset. Microsoft’s game streaming service will eventually also be available on Quest devices.
Microsoft productivity applications such as Word,
, PowerPoint, Outlook and SharePoint will also be available in Metas VR. Microsoft Teams will also be cross-compatible with Meta’s VR business meeting rooms called Horizon Workrooms.
Polygon launches zkEVM public testnet
Ethereum scaling platform Polygon (MATIC) has announced the launch of the Polygon zkEVM Public Testnet, an “Ethereum-equivalent” ecosystem with cross-compatibility with existing smart contracts, developer tools and wallets. Zero-knowledge Ethereum Virtual Machine (zkEVM) is a layer-2 construct on top of Ethereum that aims to improve scalability through bulk transfer processing rolled into a single transaction.
When the public testnet goes live, some of the largest decentralized finance platforms, including Aave and Uniswap, as well as Web 3.0 social platform Lens, will be among the first protocols to adopt the zkEVM testnet.
With the introduction of this technology, Polygon hopes to become the main scalable system for Ethereum.
Middle East’s Nasdaq Dubai to list physical Bitcoin ETP
Crypto investment product firm 21Shares has launched a physical Bitcoin exchange-traded product (ETP) in the Middle East that is set to list on Nasdaq Dubai.
21Share’s expansion into the UAE is an important milestone in the company’s international growth. Including Nasdaq Dubai, the firm now offers over 46 products listed on 12 exchanges in seven different countries.
21Shares is not the only firm to list crypto investment products on Nasdaq Dubai. Last year, Canadian investment fund manager 3iQ listed a Bitcoin ETP on Nasdaq Dubai.
Top 5 Winners of the Week (as of 7:00 AM IST on 16 October 2022)
-Huobi Token (HT): 72.52%
– Terra Classic USD (USTC): 41.7%
– Quant (QNT): 21.1%
-Casper (CSPR): 13.2%
-Ethereum Name Service (ENS): 12.1%
Top 5 Losers of the Week (as of 7:00 AM IST 16 October 2022)
-Klaytn (KLAY): down 23.1%
-Near protocol (NEAR): 15.4% down
-Ethereum Classic (ETC): down 14.8%
-Internet Computer (ICP): down 14.3%
-Ravencoin (RVN): 13.4 down
Note: The study only includes the top-100 cryptocurrencies in terms of market capitalization listed on the data source, i.e. Coinmarketcap.
