Crypto Market Newsreel \ July 31 - August 12, 2022

The Power of Crypto Collaborations: Tech, Finance and Creativity

The crypto market keeps gradually getting back on its feet, with a market cap surpassing $1.16T. This time we cover Ethereum's successful 'dress-rehearsal' for the upcoming Merge, monumental tech, financial and creative partnerships for the crypto world, and the new NFT collection created by Coca-Cola.

A vital global crypto event is also happening this week, Korea Blockchain Week 2022. We put together a list of central topics of debate from the event and thoughts on expanding the crypto market from Vitalik Buterin (co-founder of Ethereum), Sam Seo (director of the metaverse and blockchain ecosystem Klaytn Foundation), and Yat Siu (co-founder of venture firm Animoca Brands).
Market Cap
The global cryptocurrency market cap now stands at $1.16T, up by +10.5% over the last two weeks, according to CoinMarketCap data.

Most major cryptocurrencies by market cap are trading higher. Bitcoin price grew to $24,430 and Ether trading at $1,882.24 on the Aximetria app. Market outperformers include FLOW, FIL and LDO, up by 72.6%, 54.7%, and 41.3%, in the past two weeks, respectively.
$1.16 Trillion
+10.5%
* 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
257,047 BTC
MicroStrategy
129,699 BTC
Private Companies
316,067 BTC
Mt. Gox
141,686 BTC
+11.48%
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
43,701 BTC
-2.23%
Headlines

  • Ethereum's 3rd testnet merge is live on Goerli

ETH
$1,882.24
+15.7%
Ethereum
BUY
ETH
$1,882.24
+15.7%
Ethereum
The third and final testnet merge before the Ethereum blockchain moves to proof-of-stake (PoS) from proof-of-work (PoW) has successfully been completed.

The network transitioned to proof-of-stake (PoS) when the Terminal Total Difficulty (TTD) exceeded 10,790,000. That occurred around 1:45 UTC.

The testnet merge brings the project closer to Ethereum's mainnet upgrade. Two previous testnet merges, Ropsten and Sepolia, were hugely successful. It boosted the Ethereum community's confidence in the mainnet Merge, which is scheduled for later this year.

  • Binance and Mastercard schedule the launch of prepaid crypto cards in Argentina

BTC
$24,430
+6.1%
Bitcoin
BUY
BTC
$24,430
+6.1%
Bitcoin
BNB
$334.72
+23.5%
BNB
Major crypto exchange Binance has partnered with Mastercard to launch a prepaid card for the residents of Argentina.

In a Thursday message, Binance stated the card is going to let its clients in Argentina use Bitcoin (BTC), BNB and other cryptocurrencies to make purchases and ATM withdrawals in fiat everywhere Mastercard is accepted, which is approximately 90 million merchants globally and online. Also, Argentine cardholders can earn up to 8% back in cryptocurrency from specific buys.
According to Binance, the curtain-raiser for the card was part of the company's active campaign to elevate the global adoption of cryptocurrency. Residents of Argentina will be the first in the region to access the cards.
Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose,
Maximiliano Hinz, general director of Binance in Latin America

  • BlackRock teams up with Coinbase in crypto market expansion
COIN
Coinbase tokenized stock FTX
+15.2%
$48.63
BlackRock Inc. is partnering with Coinbase Global Inc. to streamline managing and trading Bitcoin for institutional investors. Users of Aladdin, BlackRock's institutional investment management platform, will receive crypto trading, prime brokerage and reporting capabilities if they sign up for Coinbase Prime, an institutional trading solution. Right now, around 13,000 clients use Coinbase Prime.
This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes
Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock

  • Coinbase posts $1.1B loss in Q2 and its shares drop about 5%
On Tuesday, Coinbase published a report with the largest quarterly net loss since its listing on the Nasdaq Stock Exchange in April 2021. Although, prices have stabilized recently, and the company struck a deal with BlackRock.

Coinbase named Q2 a "tough quarter" with $802.6 million in revenue, which shows a 45.1% drop from the prior quarter and a shocking 153.1% drop from the prior-year quarter. Its $1.1 billion net loss was mainly driven by $446 million in non-cash impairment charges caused by lower crypto asset prices in Q2.

Nevertheless, Coinbase continues to press ahead toward its goal of being a one-stop shop for crypto trading. Last week, it announced a partnership with the world's largest asset manager, BlackRock.

  • Reddit partners with FTX to enable ETH gas fees for community points
With the new integration, Reddit users will be able to purchase Ether from supported Reddit apps via FTX's payment and exchange infrastructure platform FTX Pay.

FTX and Reddit announced their intention to incorporate Reddit's Community Points in the United States, the European Union, Australia and other markets. Reddit Community Points are a measure of reputation in communities or subreddits, allowing users to own a piece of their favorite communities.

The partnership features the integration of FTX Pay as a payment and crypto exchange solution to create new perks for Reddit Community Points.
We're excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain. FTX Pay's payment and exchange infrastructure integrates with Reddit Community Points, making the customer experience a more seamless process.
Sam Bankman-Fried, FTX's CEO

  • Samsung Collaborates With Theta Labs For Forthcoming Galaxy NFT Ecosystem
Samsung partners with Theta Labs to run an NFT ecosystem for the latest series of Galaxy phones. According to the company's statement, consumer experience innovations can be promoted through the NFT ecosystem by linking the virtual world through benefits in the real world like discounts and an authentication tool.
Using the ThetaPass technology, 100,000 NFT plus NFT owners can utilize Theta NFT both online and offline. Theta will expand retail and e-commerce stores, as well as utility to increase the perks for owners of Samsung NFT.

Earlier, Theta Networks and Samsung collaborated on NFT digital collectibles celebrating the Galaxy S22 and S8 Tablet launch.

  • Coca Cola Launches Its New NFT On The Polygon Network
MATIC
$0.94
+11.7%
Polygon
BUY
MATIC
$0.94
+11.7%
Polygon
Coca-Cola launches a new NFT collection on "International Friendship Day" on the Polygon Network.
According to the statement, Coca-Cola recently airdropped unique non-fungible tokens (NFTs) to people holding any of the 4,000 NFTs released by the brand since July 2021. The bubbles inside a Coke bottle significantly inspire the design of these new NFTs.

Total of 4,000 NFTs have been published on the Polygon (MATIC) blockchain by Coca-Cola. You can find all these collections on the OpenSea Marketplace.
Featured on Aximetria
1INCH
$0.85
+11.8%
1Inch
BUY
1INCH
$0.85
+11.8%
1Inch
The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest, and protected operations in the DeFi space.

The 1inch Network's first protocol is a decentralized exchange (DEX) aggregator that searches deals across multiple liquidity sources, offering users better rates than individual exchanges. The 1inch Aggregation Protocol contains the Pathfinder algorithm for locating the best paths across over 240+ liquidity sources on Ethereum, Avalanche, Polygon, BNB Chain, Fantom and other blockchains. In two years, the 1inch DEX aggregator has gained 1M users.

The 1inch Network's governance token 1INCH is used to vote on protocol parameters under the decentralized autonomous organization (DAO) model.

Sergej Kunz and Anton Bukov founded The 1inch Network during the ETHGlobal New York hackathon in May 2019. Before 1inch, Sergej Kunz worked as a developer at Commerce Connector, Herzog, and Mimacom consultancy, then at Porsche in DevOps and cybersecurity.

Anton Bukov has been working in software development for the last 20 years and on decentralized finance (DeFi) - for over five years in numerous projects, including gDAI.io and NEAR Protocol.

1inch Network is planning to expand its presence in the Asian DeFi market. Recently, it integrated with South Korea's most popular metaverse blockchain Klaytn, providing users access to the 1inch Limit Order Protocol v2, KokonutSwap, KlaySwap, Klap and ClaimSwap.
Crypto Regulation Updates
Australia
The Reserve Bank of Australia plans to explore use cases for CBDC
Read more
Crypto exchange Crypto.com achieves a key milestone in South Korea after securing two local companies, giving it access to crypto and payments registration in the country.
Read more
Portugal banks shutting down crypto accounts citing risk management concerns
Read more
Portugal
South Korea
Analysts Talk
Korea Blockchain Week 2022, a huge crypto and blockchain event, is happening this week and, according to the event's chief executive officer, Jeon Seon-ik, this year's event is one of the largest of its kind in Asia, if not the world. More than 120 speakers and 7000+ participants discussed new exciting ideas for the cryptoworld.

Here we decided to highlight some of them to help us get through this 'crypto winter.' Let's roll!
Vitalik Buterin
Russian-Canadian programmer, who is the creator of Ethereum

Twitter
Key to Crypto Mass Adoption

KBW 2022 keynote speaker, Vitalik Buterin, has talked about making crypto payments "make sense" with the help of the upcoming Ethereum Merge, as transaction costs will soon fall to fractions of a cent due to layer-2 rollups.

"So today with roll-ups, transaction fees are generally somewhere between $0.25, sometimes $0.10, and in the future with roll-ups with all of the improvements to efficiency that I talked about. The transaction costs could go down to $0.05, or even maybe as low as $0.02. So much cheaper, much more affordable, and a complete game changer."
Sam Seo
Sam Seo is the director of the metaverse and blockchain ecosystem Klaytn Foundation
Web2 platforms can help Metaverse adoption

Sam Seo shared his idea that the widespread adoption of the Metaverse would be more successful if Web2 companies, such as social media platforms, integrate the tech with their products and services.

"If new ideas are combined with Web2 platforms like [local social media app] Kakao, especially in South Korea, I mean, there's accessibility to these new ideas for new services that couldn't be easier than just starting from scratch."
Yat Siu
Yat Siu, co-founder of Hong Kong-based venture firm Animoca Brand
On-chain digital property rights are essential for the future of tech

Speaking at KBW 2022, Yat Siu noted that we are "digital dependents" and "data is the resource of metrics" that bring value to platforms such as Apple, Google and Facebook.

"The most powerful companies in the world today are not energy companies or resource companies, they're tech companies and they're not powerful because they make software. They're powerful because they control our data."

"The powerful [thing about] Web3 is the fact that we can take ownership and we can make a big change with this because we have distributed and decentralized ownership for these assets."
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