Crypto Market Newsreel \ August 28 - September 16, 2022

Ethereum Merge Is Live & Other Stories

The historical day for the cryptoworld has finally arrived and Ethereum Merge successfully went live on September 15. Moreover, a new US CPI report shook the crypto market a bit, and Bitcoin had several notable events in the past several weeks. Also, on a more lyrical note, Frida Kahlo's art will live forever in Metaverse, and we'll share how to visit her famous "Red House."

Without further ado, let's begin!
Market Cap
In the last three weeks, the market cap grew up to $0.990 Trillion, according to CoinMarketCap. Bitcoin price fell to $20,129.2 and Ether is currently trading at $1,588.6 on the Aximetria app.
$990 Billion
+1.9%
* Crypto market capitalization is the total value of a cryptocurrency. It is calculated by multiplying the cryptocurrency price with the number of coins in circulation.
BTC Treasuries
BTC Treasures are alternative inflation hedges and stores of value that are especially popular in the times of world economic destabilization.
ETFs
Exchange Traded Funds
808,688 BTC
Governments
50,779 BTC
Ukraine
46,351 BTC
Public Companies
258,230 BTC
MicroStrategy
129,699 BTC
Private Companies
316,067 BTC
Mt. Gox
141,686 BTC
Grayscale Bitcoin Trust
643,572 BTC
Top 3
Top 3
Top 3
Top 3
Learn more at Buy Bitcoin Worldwide
2,381 BTC
El Salvador
Finland
1,981 BTC
40,000 BTC
Galaxy Digital Holdings
Voyager Digital LTD
12,260 BTC
140,000 BTC
Block.one
The Tezos Foundation
17,500 BTC
CoinShares / XBT Provider
48,466 BTC
Purpose Bitcoin ETF
25,284 BTC
+0.46%
Headlines

  • Ethereum Merge is Live

ETH
$1,588.6
+5.5%
Ethereum
BUY
On Sept. 15 at 06:42:42 UTC at block 15537393, the Merge saw the merging of the Ethereum mainnet execution layer and the Beacon Chain's consensus layer at the Terminal Total Difficulty of 58750000000000000000000, meaning the network will no longer rely on a proof-of-work (PoW) consensus mechanism.

The Ethereum Foundation said the Merge will make the Ethereum network about 99.95% more energy efficient and will set the stage for future scaling solutions, including sharding.
With the Merge complete, the "Surge," "Verge," "Purge" and "Splurge" are the final stages left on the Ethereum technical roadmap.

The Surge will increase scalability for rollups through sharding, the Verge will achieve statelessness through Verkle trees, the Purge will eliminate historical data and technical debt, and the Splurge will involve a number of minor miscellaneous upgrades.

  • US CPI report shows inflation higher than expected, Bitcoin drops 9.6%

BTC
$20,129.2
-0.4%
Bitcoin
BUY
U.S. inflation decelerated in August, but remained higher than expected, which is a direct that the U.S. Federal Reserve will stay aggressive in raising interest rates.

The consumer price index rose 8.3% in August from a year earlier, a mild slowdown from the 8.5% reported for July. Economists at FactSet had forecasted a 8.1% increase, and so the number was slightly higher than expectations.

Bitcoin (BTC) rose 15% over the weekend in anticipation of a positive report for August but dropped 4% after the new numbers were released. Ethereum (ETH), which has largely been trading in an upward trend because of the Merge.

  • MicroStrategy plans to boost its BTC purchases using proceeds from a $500 million stock sale
BTC
$20,129.2
-0.4%
Bitcoin
BUY
Microstrategy decided to sell company shares for an aggregate price of up to $500 million. According to a filing with the U.S. Securities and Exchange Commission, they contracted two global investment firms, BTIG and Cowen, as agents for this process. The filing stated that in addition to the proceeds being used for "general corporate purposes," MicroStrategy would allocate part of the money to purchasing more Bitcoin.

A company started acquiring crypto in 2020 using money raised from stock and bond offerings, accumulating around 130,000 BTC valued at just over $2.7 billion. Yet, after a dramatic 70% fall in BTC price after tapping an all-time high of $68,900 in November, the company's Bitcoin value was greatly affected. In the second quarter, MicroStrategy reported a loss of about $1 billion alongside a $917.8 million impairment charge tied to a decline in the value of its Bitcoin stash.

Meanwhile, the crypto community has lauded this move, with many believing that the company's strategy to continue buying the cryptocurrency could keep providing a boost for crypto prices.

  • Cardano outranks Bitcoin in global top intimate brands in a new report
Cardano
+8.3%
$0.48
ADA
Blockchain developer Cardano ranks #26 among 600 brands in a new report about consumers' emotional connection to brands. Cardano holds the top spot in the crypto industry. Bitcoin stands at #30.

According to the report, brand intimacy refers to the emotional connections brands can build with users. MBLM utilized artificial intelligence (AI) and big data to understand consumer relationships with some of the world's leading brands, including Tesla, Apple and Disney.

The researchers expressed that compared to the last year, Cardano is not only a new entry but the highest-ranked in crypto and the highest performing financial services brand in the study. On Twitter, users responded to Cardano's ranking, outpacing legacy brands like Google and eBay.
Want to keep an eye on Cardano's latest news? Subscribe to get bi-weekly market analysis with projects' highlights and major crypto events governing the industry.

  • BitGo sues Galaxy Digital for acquisition breach, seeks $100M in damages
BitGo has accused Galaxy of "improper repudiation" and "intentional breach" of the merger in a lawsuit after the latter terminated the $1.2 billion acquisition deal with BitGo in mid-August. The plaintiff seeks more than $100 million in damages.

Galaxy terminated the BitGo acquisition on August 15. The company argued that it exercised its right to drop the deal in line with the merger agreement after BitGo failed to deliver audited financial statements for 2021.

  • Polygon plans to expand its team by 40% this year
MATIC
$0.82
+3.7%
Polygon
BUY
Polygon, whose software is a popular Ethereum scaling solution, plans to add 200 people in the team by the end of 2022 as it moves to capitalize on the woes of other crypto companies.

Some of the new hires will join its ranks of roughly 500 full-time employees while others will be contractors working on projects related to the wider Polygon ecosystem. The company is hiring managers as well as engineers and staff for overseeing partnerships.

Polygon welcomed 30 developers from One Planet, a non-fungible token (NFT) launchpad which moved to Polygon after the Terra stablecoin project imploded in May. The company has also hired from large tech companies, including Amazon.com Inc., Electronic Arts Inc. and YouTube. Coinbase's Ryan Kuhel recently joined Polygon as partnerships manager.

  • Frida Kahlo's art will be permanently displayed in the Metaverse
MANA
$0.74
-5.4%
Decentraland
BUY
Art, artifacts, and untold family stories from the celebrated Mexican painter Frida Kahlo are being digitized and uploaded to the metaverse.

The family of Frida Kahlo released never-before-seen art and memorabilia tied to the artist into the metaverse. The content was shown in a permanent exhibition during the third-annual Metaverse Art Week in Decentraland, held in late August.

Metaverse users can also experience the art and personal anecdotes told by close family members in a digital replica of the "Red House." The house represents the real-life version of the Red House, owned by the family, which stands in Mexico City. Experience the artwork here.
Featured on Aximetria
OMG
$1.80
+0.6%
OMG Network
BUY
Market Cap is $252,115,828

OMG Network, formerly known as OmiseGo, is an Ethereum scaling solution. It is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more inexpensively than on the Ethereum network.

OMG Network's goal is to create a product that equally benefits people who use traditional banking services and those who don't have access to banking services simultaneously.

Omise offers multiple services to help people avoid using centralized banks, for example, currency exchange and asset trading. The platform itself is protected from double spending and cyber attacks.
Crypto Regulation Updates
Argentina
In Argentina, citizens from the Mendoza Province are able to pay taxes using crypto
Read more
Nigeria
Nigeria and Binance are in talks for crypto-friendly economic zone
Read more
South Korea prepares guidelines for security tokens market operated by Korea Exchange.
Read more
The central bank of Norway released the open source code for the country's CBDC sandbox
Read more
Norway
South Korea
President of Paraguay vetoes crypto regulation law to support mining activity
Read more
Paraguay
Regulator of Abu Dhabi published its 'guiding principles' for crypto regulation
Read more
Abu Dhabi
Analysts Talk
The interest in Web3 projects is drastically increasing each year. According to the Crunchbase Web3 Tracker, total funding in Web3 projects reached $88 billion, and there are already 79 unicorns (companies with a value of over $1 billion).

Many industries are exploring the possibilities of Web3, and crypto analysts expect to see massive shifts in our daily lives from its implementation. This time we gave the mic to well-known entrepreneurs and analysts to share their ideas on significant events they expect to see in the next few years.
Tommaso Di Bartolo
Tommaso Di Bartolo, Silicon Valley based serial-entrepreneur with 2 exits. UC Berkeley faculty, Author, Investor.

Twitter
#1 Immersive Education

"…We, humankind, within the next few years, will have and switch the entire educational system into an immersive way. The reason for that is that the current educational system is broken. Not only is it expensive and exclusive, but it's also very fragmented and no longer meets our needs of learning with content.

The metaverse will allow, through its immersiveness, to create micro contents. We will be able to track those micro contents, and for that, we'll be able to give you micro certificates. Learning will be the way we live."
Oliver Snowden
Senior Big Data Software Engineer
#2 Daily NFT Usage

"By looking at Ethereum Gas Tracker or Eth Gas Station we can see that, at the time of writing, essentially all of the top "gas guzzlers" on Ethereum are either Non-Fungible Token (NFT) or Decentralized finance (DeFi) systems.

…NFTs can be associated with anything digital or physical but have largely been associated with images, videos and audio.

Why should those tokens have any value? Well, the same reason that the original painting in a museum could have enormous value, but the postcard in the gift store (a copy) only attracts a small amount. People want to record ownership and rights to content, which they can use in digital systems. The token shows that the content is the "original content" and it allows the owner to prove they are the owner."
Gavin Wood
Free-Trust Technologist and Founder of Polkadot, Kusama, Parity, Web3 Foundation and Ethereum.

Twitter
#3 Social movements

"I think the services and expectations that we have are under threat because of the centralization of power that the technology allows. It's just a fact. There's not much that has come along before Facebook and Google that allowed that level of power for such few people. It's not that I don't think Facebook and Google and all the rest of it deserve to be displaced, but that's not exactly the crux of Web3.

For me, Web3 is actually more of a larger sociopolitical movement that is moving away from arbitrary authorities into a more rationally based liberal model.

And this is the only way I can see of safeguarding the liberal world, the life we have come to enjoy over the last 70 years. It's the only way we can actually keep it going 70 more years into the future. And at the moment, I think we are very much flirting with quite a different direction."
Get your free subscription
Subscribe to receive a bi-weekly Crypto Market Newsreel by Aximetria and stay up-to-date with the most relevant and influential updates about cryptoverse.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
In case you missed one of our previous digests, here's a link to the list of all Crypto Market Newsreel issues

The AML policy of Aximetria GmbH complies with the following laws and regulations of the Swiss Confederation.
Federal Act on Combating Money Laundering and terrorist financing of 10 October 1997

Ordinance on Combating Money Laundering and Terrorist Financing of 11 November 2015

FINMA Circular 2016/7 on "Video and online identification" of 3 March 2016

Regulations of the Self-Regulatory Organisation pursuant to the Anti-Money Laundering Act VQF Financial Services Standards Association regarding the Combating of Money Laundering and Terrorist Financing of 28 September 2015
VQF-Circular 2016/1 concerning Applicability of regulations issued by FINMA of 14 June 2016

VQF information leaflet for the engagement of third parties for the performance of duties of due diligence and / or as AMLA Special Department

VQF Information leaflet for issuing internal directives

Swiss Criminal Code of 21 December 1937
© 2022
Aximetria GmbH
Dammstrasse 16, 6300
Zug, Switzerland
Aximetria is a VQF SRO member (ID 100637). VQF is officially recognized by FINMA.