Crypto Market Newsreel \ October 1-14, 2022

Tech Giants Embrace Web3 Technology

Fall 2022 has started extraordinary for the crypto industry. First, the Merge has finally happened, and now Bitcoin shows less volatility than traditional financial markets, including credit and equity. Significant news also comes from tech giants that are finally getting on board with cryptocurrency and Web3 projects by collaborating with industry leaders.

Let's uncover each topic separately to get a fair understanding of the current market state. Let's roll!
Market Cap
In the past two weeks, the market cap declined to $0.901 Trillion, according to CoinMarketCap. Bitcoin price fell to $18,847.5 and Ether is currently trading at $1,250.9 on the Aximetria app.
$901 Billion
* 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.
Exchange Traded Funds
808,688 BTC
50,779 BTC
46,351 BTC
Public Companies
257,954 BTC
130,000 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
1,981 BTC
40,000 BTC
Galaxy Digital Holdings
Voyager Digital LTD
12,260 BTC
140,000 BTC
The Tezos Foundation
17,500 BTC
CoinShares / XBT Provider
48,466 BTC
Purpose Bitcoin ETF
25,284 BTC

  • Google partners with Coinbase to let users pay for its cloud services with crypto

On October 11th, Google announced its partnership with Coinbase that will allow some customers to pay for cloud services with cryptocurrencies early in 2023. Coinbase stated it would also draw on Google cloud infrastructure. According to CNBC, in addition to current collaboration, Google plans to explore using Coinbase Prime, a custodial service for storing and trading cryptocurrencies.

Amit Zavery, vice president, general manager, and head of the platform at Google Cloud, said that at the beginning, cryptocurrency payments will be accepted only from a select group of clients, who are already active in Web3 via the Coinbase Commerce integration.

Over time, Google will allow more customers to make payments with cryptocurrency, Zavery said. Coinbase Commerce supports 10 currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin.

This development comes after another recent news about Google Cloud Services and Near Protocol partnership. The announcement from the Near Foundation revealed that Google Cloud will offer "technical support" to Near grant recipients.
Want to keep an eye on Google's moves in crypto space? Subscribe to get bi-weekly market analysis with projects' highlights and major events governing the crypto industry.

  • Microsoft and Meta partnership brings Office 365 apps to the Metaverse

Meta Platforms has partnered with Microsoft to bring a range of Microsoft Office 365 products into Meta's virtual reality (VR) platform. This collaboration is aimed to entice companies into working in virtual environments.

During Meta's Connect 2022 keynote on Oct. 11, Microsoft CEO Satya Nadella said its Teams video calling app would integrate with Meta's "Quest" and newly unveiled "Quest Pro" VR headset. It will allow people to gather in a virtual space akin to a boardroom.

Familiar Microsoft productivity applications such as Word, Excel, PowerPoint, Outlook and SharePoint will also be made available within Meta's VR.
As in-person work ramps up, we want everyone to have the ability to feel like they're present
Meta CEO Mark Zuckerberg
An image of a Microsoft Teams meeting within a VR environment.
Source: Microsoft

  • Uniswap Labs raises $165M in a Series B funding round
Decentralized exchange Uniswap Labs has raised $165 million in a Series B funding round that had participation from some of blockchain's biggest venture firms, putting the company on track to expand into other crypto-focused domains.

The funding round was led by Polychain Capital. Among other investors there were Andreessen Horowitz, Paradigm, Variant and SV Angel.

  • Mastercard launches Crypto Secure, a crypto fraud protection tool
The financial service provider Mastercard launched a new crypto service, Crypto Secure, which is aimed to help banks find and prevent fraud on crypto merchant platforms.

Crypto Secure uses artificial intelligence, blockchain data, and public records of crypto transactions to determine crime-related risks of crypto exchanges within the Mastercard network.
We want to be able to provide the same kind of trust to digital asset transactions for consumers, banks and merchants as we do for digital commerce transactions.
The president of cyber and intelligence business for Mastercard, Ajay Bhalla

  • McDonald's starts to accept Bitcoin and Tether in Swiss town
Multinational fast food chain McDonald's started accepting Bitcoin as a payment method in the 63,000-populated city of Lugano in the Italian-speaking region of Switzerland, which is becoming a hotspot for crypto adoption in Western Europe.

Bitcoin Magazine uploaded a video of ordering food at McDonald's digital kiosk and then paying for it with an app on Twitter. Interestingly, the Tether logo could also be spotted next to the Bitcoin symbol on the credit cash machine.
Featured on Aximetria
Market Cap is $68,421,366,68

USDT is a stablecoin that mirrors the price of the U.S. dollar, issued by a Hong Kong-based company Tether. The token's peg to the USD is achieved via maintaining a sum of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills in reserves that is equal in USD value to the number of USDT in circulation.

USDT is currently the 3rd most influential cryptocurrency in the world, just behind Bitcoin and Ethereum. Its current market cap is around $68.5 billion.
Crypto Regulation Updates
The city of Rio de Janeiro, Brazil, will accept crypto payments for property taxes
Read more
The UAE Ministry of Economy opens new office in Metaverse
Read more
Japanese government invests in digital transformation, including Web3 projects with NFTs
Read more
EU regulators ban cross-border payments from Russian crypto accounts
Read more
European Union
Analysts Talk
In contrast to highly volatile equity, credit, and forex markets, Bitcoin has remained remarkably stable in the past few weeks. This trend is unusual for the biggest crypto asset, especially considering the signs of the 'bear market' are still around.

So we decided to ask crypto analysts what they think about this Bitcoin behavior and what strategies are available for crypto investors.
  • Otto Suwen
    Tokenomics expert and NFT influencer
    'There's been minimal volatility in crypto for months.

    I'm expecting a huge break-out in one direction or another at some point. If CPI data & fed guidance ends up being favorable, I can see a pump coming.'
  • Glassnode Insights
    The Week Onchain Newsletter
    'A Calm Before The Storm

    Bitcoin prices have shown remarkable relative strength of late, amidst a highly volatile traditional market backdrop.

    Several macro metrics indicate that Bitcoin investors are establishing what could be a bear market floor, with numerous similarities to previous cycle lows.

    Network profitability has not quite hit the same level of severe financial pain as past cycles, however adjustment for lost and long HODLed coins can explain a reasonable portion of this divergence.'
  • Marcel Pechman
    Marcel is a crypto analyst with 17 years of experience as an equities sales trader for UBS, Deutsche Bank, Pactual & Banco Safra. Brazilian. Marcel holds a post-graduate certificate in Engineering and a bachelor's degree in Business Administration.

    'Volatility could impact price, but it does not distinguish which side.

    …Expecting high volatility for the next couple of weeks indicates that some participants have no confidence in the markets' direction. There is an options strategy that fits this scenario and allows investors to profit from a strong move on either side.

    The reverse (short) iron butterfly is a limited risk, limited profit options trading strategy.

    It's important to remember that options have a set expiry date, meaning, the price increase must happen during the defined period.'
An "option" is a type of derivative contract that gives the owner the option (not the obligation) to buy or sell an asset at a specified price (the strike price) within a predetermined time (the expiry date).
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