Yoshi.Exchange Weekly Crypto News Digest — 31/10–5/11

HOT NEWS 🔥

Gitcoin on Fantom

The Gitcoin awards protocol will enable Fantom teams to present their work to the larger community and crowdsource financial support. The Fantom Foundation will employ the grants protocol’s technology to match public contributions to projects with Fantom Incentive Program cash.

The Fantom Foundation is offering 125,000 FTM in matching incentives in this initial financing round to encourage Fantom-based projects. Gitcoin Quadratic Funding will be used to disburse these cash to approved grant candidates.

Meta Partners With Areweave

Meta is using the decentralized file storage blockchain Arweave (AR) to permanently store digital collectibles from Instagram as part of its entrance into the web3 market. As a result, when Instagram users mint and port their NFTs onto the social media platform, the metadata and file will be hosted on Arweave rather than Meta’s centralized servers. Arweave’s AR token increased by more than 70% as a result of this statement. Its value has since dropped by 21%.

Google Cloud Partners With Solana

Following the subsidiary’s efforts to become an Ethereum validator, it has teamed with Solana to validate its blockchain. In addition, Google Cloud will incorporate Solana validators into its Blockchain Node Engine and BigQuery services. As a result, Google Cloud will completely handle Solana-based nodes, decreasing the time required to run a validator and making it more accessible. Following the announcement, the price of Solana’s native token, SOL, increased by 15%. However, it has now retraced almost 13% in the days thereafter.

Circle to Launch Euro Coin

Circle, the company behind the USDC stablecoin, has stated that its Euro Coin will be launched on the Solana blockchain in the first half of 2023. Despite its June introduction, EUROC already has a circulating supply of just under 81 million, or US$ 80.3 million. The Euro stablecoin is currently only supported natively on the Ethereum blockchain; however, when Circle debuts on Solana, EUROC holders will be able to redeem their token for €1.

Meta to Support Sales of NFTs

Meta said that Instagram NFT developers would be allowed to sell and create their own NFTs on the site. Despite the use of Polygon’s chain and NFT smart contracts, Instagram refers to “digital assets” and “create” rather than NFTs and mint. As part of this process, Instagram will not take a percentage of purchases; nevertheless, because sales will mostly be performed through the App Store, consumers will be required to pay Apple’s 30% fee. Meta will also expand Instagram’s NFT solutions to support the Solana blockchain and Phantom wallet.

CRYPTO MARKET WEEKLY RECAP:

BTC PRICE WRAP

Bitcoin experienced some sideways movement early last week, centered around the 20,450 mark. Despite mid-week selling, the 20,000 level was securely held, confirming its solidity as a short-term support. Later, a surge of strong momentum propelled prices beyond 21,000, a key psychological level for traders. However, Bitcoin’s upward movement waned throughout the weekend, and the price returned lower, finishing at 1.34%.

Price fell in the first few days of the week as traders de-risked the Fed’s November rate hike. Participants initially responded positively to the 75bp boost, which exceeded expectations. However, following Fed Chair Powell’s hawkish comments, markets quickly reverted lower.

ETH PRICE WRAP

After failing to hold the 1,600 mark the previous weekend, Ethereum had a sluggish start last week. With a slew of economic data releases anticipated for the week, many market participants stayed away owing to concerns of increased volatility. By Wednesday evening, prices had dipped in anticipation of the FOMC’s decision to hike their target funds rate by 75 basis points. Price established a bottom in the hours following the occurrence and went on to rise 11.69% by Friday. Following that, the duration of the weekend saw rather quiet price activity before the market closed on Sunday. By the end of the week, ETH had returned -1.41%.

BNB PRICE WRAP

BNB, like every other coin, enjoyed another week with a green candle, owing to BTC’s bullish momentum. BNB opened the week at $313 and was able to reach the week’s high of $360.6 due to strong purchasing pressure. The outcome of the FOMC meeting produced some market volatility, pushing the week’s low to $306. BNB was able to end the week at $337.6, up 7.7%.

FANTOM PRICE WRAP

This week, Fantom benefited from BTC’s bullish momentum, and the return of Andre Conje to Twitter was another major stimulus. FTM began the week at $0.237 and had the week’s low at $0.215. The purchasing push drove Fantom to the week’s high of $0.271. Fantom finished the week up 11.7% at $0.264.

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