Crypto Market Newsreel \ 16-30 JULY

July Starter-pack: the Fed, the Merge and high-end NFT collections

The 'crypto winter' has finally shown its first big cracks, but the horizon is still far from being clean. In this newsreel, we highlight Ethereum's ongoing tests for the upcoming Merge, Elon Musk's latest Bitcoin sale, Dubai's Metaverse strategy, and the new NFT collection created with one and only Cristóbal Balenciaga.

We also asked analysts about Ethereum's future and highlighted some ideas for you. And before you say anything about the 'merge, surge, verge, purge and splurge' being the upcoming five stages, here's Vitalik Buterin's response for you, stating that it's a wrong assumption. Ok, now we can start. Let's roll!
Market Cap
In the last two weeks, the market cap gained 18.7%, reaching the long-awaited $1 Trillion, rising by 7.10% over the past 24 hours, according to CoinMarketCap data. Most major cryptocurrencies by market cap are trading higher, as Fed raised interest rates by 0.75%, with Bitcoin price rising to $23,015.25 and Ether trading at $1,626.07 on the Aximetria app, up by 13.8% and 36.9% in the past two weeks, respectively.
$1.05 Trillion
+18.7%
* 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
827,105 BTC
Governments
50,779 BTC
Ukraine
46,351 BTC
Public Companies
230,586 BTC
MicroStrategy
129,699 BTC
Private Companies
316,067 BTC
Mt. Gox
141,686 BTC
-12.22%
Grayscale Bitcoin Trust
643,572 BTC
Top 3
Top 3
Top 3
Top 3
Learn more at Buy Bitcoin Worldwide
+0.002%
2,381 BTC
El Salvador
Finland
1,981 BTC
16,400 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
43,701 BTC
+44.83%
Headlines

  • Ethereum's highly-anticipated "merge" upgrade finally has a date

ETH
$1,626.07
+36.9%
Ethereum
BUY
ETH
$1,626.07
+36.9%
Ethereum
A few days ago, Ethereum Foundation member, Tim Beiko, revealed that September 19 is the target launch date for the Merge. It will see the blockchain transition from the energy-intensive Proof-of-Work consensus mechanism to a more environment-friendly Proof-of-Stake mechanism.

Since Beiko's statement, Ether has rebounded roughly 27% in the first week, hitting $1,496, according to Aximetria data.
Ether rallies as developers confirm tentative date for Ethereum's merge
The Ethereum 2.0 upgrade has been long overdue and was delayed several times. However, the recent successful merges of the Ropsten and Sepolia testnets and the Goerli testnet's scheduled transition to proof-of-stake on August 11 has raised hopes for the mainnet merge in September.

  • Tesla sold $936 million in bitcoin in the second quarter

BTC
$23,015.25
+13.8%
Bitcoin
BUY
BTC
$23,015.25
+13.8%
Bitcoin
During a presentation, Tesla CEO Elon Musk clarified that the company had decided to sell 75% of its BTC holdings because of concerns about liquidity due to COVID shutdowns in China and that the move should not be seen as a "verdict on bitcoin." He added that Tesla is "certainly open" to expanding its Bitcoin position again in the future.

Tesla initially purchased $1.5 billion in Bitcoin at the beginning of 2021, according to a February 2020 filing with SEC. It then sold $272 million of those holdings in the first quarter of 2021, which would have left the company with roughly $1.33 billion in BTC, according to prices at the time of the transaction.

Musk added that Tesla would not be "selling any Bitcoin" and that it would revisit the idea of using BTC as a form of payment if miners switched to more sustainable energy sources.

  • Active wallets on the Solana network grew 58% this year, outpacing some other blockchains despite a market-wide price decline
SOL
$40.04
+15.2%
Solana
Research by CoinMarketCap that cited data from Glassnode and The Block showed that numbers of 'New Daily Addresses' on Solana consistently grew throughout the bear market.

'New Daily Addresses' refer to first-time wallet users on any blockchain network, which can signal growth and adoption. On Solana, new users peaked at over 400,000 in May before slowly decreasing to 240,000 users last week. This is a significant leap from levels of December 2021: 150,000-170,000 new users each day.

Solana's native SOL tokens have grown amid rising wallet usage too. The tokens added nearly 34% over the past week and are up 30% in the past month, despite the high volatility in the market. In comparison, the price of Bitcoin (BTC) has risen by 14% in the past month.

  • The emirate launches its Dubai Metaverse Strategy, aiming at the world's top 10 metaverse economies
The emirate of Dubai launches the Dubai Metaverse Strategy that aims to turn it into one of the world's top 10 metaverse economies. The strategy promotes Dubai's initiatives to create more than 40,000 virtual jobs by 2030.

The Dubai Metaverse Strategy will include: R&D partnerships, utilizing accelerators and startup incubators to attract businesses from abroad, and providing support in metaverse education aimed at developers, content creators, and digital platforms' users in the metaverse community.

  • Crypto.com is going to roll out Google Pay integration as Big Tech continues to embrace crypto
Global cryptocurrency wallet and exchange platform Crypto.com is adding Google Pay as a payment option for Android users to purchase cryptocurrencies. Google Pay has over 100 million users who could benefit from the latest payment gateway to cryptocurrency markets.

Users that have set up their Google Pay accounts and linked them with a credit or debit card will be able to choose the payment option when using the Crypto.com app. The exchange lists over 250 cryptocurrencies available to some 50 million users worldwide.

Crypto.com has been in the headlines lately as the company acquired licenses to operate in many countries, including Italy, Greece, Singapore and Dubai.

  • Cristóbal Balenciaga's never-before-seen drawings inspire the new NFT collection
Lorenzo Riva, the artist director of the luxury fashion brand Balenciaga during the 1980s, launched the 'Cristóbal Balenciaga: To the Moon' non-fungible token (NFT) collection in collaboration with Cointelegraph. The NFT collection contains 8,300 original, never-before-seen designs from Cristóbal Balenciaga.
From 'Cristóbal Balenciaga: To the Moon' NFT collection. For example, you can buy this artwork for $719,540
Cointelegraph created the art collection and teamed up with Art Vein, a fine art NFT platform, Animal Concerts, a metaverse entertainment company and Crypto.com NFT to bring this fashionable NFT collection to life.

There are 10,000 unique pieces of fashion history, and the team has doubled down on rewards and gifts to make it an unforgettable experience. NFT minters would be eligible for designer gear, gift cards to high-end designer brands, and even drawings by Cristóbal that are 70 years old.

This summer, Cristiano Ronaldo, TikTok star Khaby Lame and other celebrities also decided to collaborate on unique NFT collections with rising artists and digital creators.
Featured on Aximetria
MATIC
$0.89
+30.3%
Polygon
BUY
MATIC
$0.89
+30.3%
Polygon
Polygon (previously Matic Network) is the first easy-to-use scaling and infrastructure development platform for Ethereum. Its core component is Polygon SDK, a modular, flexible framework that supports building numerous types of applications.

Polygon effectively transforms Ethereum into a full-fledged multi-chain system (Internet of Blockchains). This multi-chain system is akin to others such as Polkadot, Cosmos, Avalanche, etc., with the advantages of Ethereum's security, vibrant ecosystem and openness.

Polygon recently announced the launch of Polygon zkEVM, which the company described as the "first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts, developer tools, and wallets, harnessing advanced cryptography called Zero-Knowledge proofs."

Polygon zkEVM's key promises include:

  • a significant reduction of current layer-1 Ethereum network costs (about 90%, by the team's estimate)

  • a dramatic increase in throughput capability, all while inheriting the security of the Ethereum blockchain.

According to the team, zkEVM is expected to be deployed on the public testnet later this summer, with the mainnet launch slated for early 2023.
Crypto Regulation Updates
USA
US senators push bill to make crypto transactions up to $50 tax-free
Read more
India
India's introduction of new crypto taxes had a negative impact on overall trading, forcing entrepreneurs to move to friendlier jurisdictions.
Read more
Japan Ministry of Economy launches Web3 policy office
Read more
UK financial markets bill authorizes regulation of stablecoins, service providers
Read more
UK
Japan
Paraguay's crypto regulatory framework is one step away from becoming a law.
Read more
Paraguay
Analysts Talk
With a new wave of exciting news about Ethereum, it seems like the Merge is just around the corner. Recently, Tim Beiko, Ethereum Foundation member, called September 19th the target launch date for the Merge. Also, this Tuesday, Ethereum's tenth "shadow fork" went into effect, 26 hours earlier than expected, as the network continues to run tests ahead of the anticipated transition from proof-of-work protocol to proof-of-stake.

Crypto investors are getting ready for the Merge. More than 1.1 million addresses conducted ETH transactions on Wednesday, which is a new all-time high in daily active addresses, 48% higher than the previous record. Binance received roughly 621,691 inbound ETH transfers. According to Conor Grogan, head of strategy at Coinbase, the sudden spike can be attributed to Binance doing a maintenance sweep instead of growing adoption.

Still, the interest in Ethereum grows exponentially while awaiting the Merge and what's coming next. So what can happen next for Ethereum? Let's hear what crypto analysts and experts have to say about it.
  • Vivek Raman
    Vivek Raman is a famous Ethereum researcher and a crypto investor

    Twitter
    Ethereum researcher, Vivek Raman, is convinced that Ethereum's upcoming transition to a proof-of-stake (PoS) system will enable it to take over Bitcoin's (BTC) position as the most prominent cryptocurrency.

    "Ethereum does have, just from an economic perspective and because of the effect of the supply shock, a chance to flip Bitcoin."

    "After The Merge, Ethereum will have lower inflation than Bitcoin. Especially with fee burns, Ethereum will be deflationary while Bitcoin will always be inflationary. Although, with every halving, the inflation rate goes down," pointed out Raman.
  • Marcel Pechman
    Marcel is a crypto analyst with 17 years experience as an equities sales trader for UBS, Deutsche Bank, Pactual & Banco Safra. He writes for Cointelegraph

    Twitter
    After analyzing transactions that occurred from 19 to 26 July on Binance, Huobi and OKX exchanges, Marcel discovered that professional traders did not reduce their leverage long positions, according to the long-to-short indicator. On average, professional traders increased their bullish positions.

    Also, there hasn't been a significant change in whales' and market makers' leverage positions despite Ether's latest price updates.

    Furthermore, options traders are pricing similar risks for Ether's upside and downside moves, while leverage futures players slightly increased their bullish bets.

    Thus, Ethereum options data show pro traders ready to go long into ETH's Merge.
  • Vitalik Buterin
    Russian-Canadian programmer, who is the creator of Ethereum

    Twitter
    "The Ethereum protocol right now is in the middle of this long and complicated transition, and it's a transition toward becoming a system, which is much more powerful and robust in a lot of ways.

    "At the end of the last year, I published this kind of updated roadmap document, where I talked about these big five categories of stuff that's happening in Ethereum protocol land, where there's the merge, the surge, the verge, and then a bit lower is going to be the purge and the splurge."

    "The Merge is proof of stake. The Surge is sharding, and The Verge is Verkle Trees, The Purge is things like state expiry and deleting old history, and The Splurge is basically just all of the other fun stuff."
Subscribe to receive 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.