Crypto Week At A Glance: Bitcoin Consolidates Above $16,000 After A Stormy Week

The FTX saga continues to take more casualties around the world, with BlockFi and Genesis coming out with their liquidity crunch. Amid calls for tougher regulation, more than $3 billion worth of Bitcoin (BTC) was pulled from centralized exchanges (CEX) last week as investors now prefer self-custody of assets.

This reduced the selling pressure on the crypto asset, which appears to have stabilized above $16,000 this week. The overall crypto market is now worth $830 billion, down from its peak of $3 trillion last year. The crypto market failed to surge despite strong US CPI inflation data that topped estimates.

Meanwhile, activity on DeFi platforms like Uniswap has increased as CEXs aim to regain consumer trust by providing proof of reserves and other assurances.

Bitcoin and the broader crypto markets are likely to be limited this month, although brief rallies are possible. Global macroeconomic conditions, including the possible looming recession in the United States, continue to be of concern over the medium term.

As this bear market unfolds, we take a look at some adoption positives and other stories of the week below.

Nike launches the first Web3 project

Footwear giant Nike enters the world of Web3 with the release of Dot swoosh (.SWOOSH), a new platform aimed at building a community around its digital wearables. Dot swoosh will serve as a platform to trade and purchase digital items such as virtual sneakers and jerseys, as well as a Web3 education resource.

Dot swoosh is currently in beta and opens for registration by the end of November, ahead of its first collection drop in 2023.

The first airport metaverse takes off in India
The first metaverse airport based on the Po

The Lygon blockchain, Metaport, was launched at Kempegowda International Airport in Bangalore, India. In a digital replica of Terminal 2 at Bengaluru International Airport, Metaport users can communicate with other travellers, access entertainment and make online purchases.

The Metaport comes months after Polygon was roped in to bring Web3 to the aviation industry.

Binance Creates Industry Recovery Fund

Cryptocurrency exchange Binance is setting up a fund to help potentially strong projects facing liquidity issues as the aftermath of the FTX crisis continues to negatively impact markets.

Binance CEO Changpeng Zhao said the fund aims to reduce the negative cascading effects of FTX’s collapse by helping strong but liquidity-crunched projects. Zhao also clarified that the project is for other potentially strong projects and not projects like FTX, stating that “liars or cheating” would never qualify.

Crypto payments with USDC are now available on Apple Pay

Circle, the company behind the USD Coin USDC stablecoin pegged to the U.S. dollar, has added support for Apple Pay to more tightly integrate cryptocurrencies and conventional payment methods.

Circle said Apple has enabled crypto payments that will use Stablecoin on their payment platform. Adding support for Apple Pay will benefit traditional businesses by allowing them to shift more retail payments to digital currency.

The move should help build the future of commerce by boosting business sales and making payments faster, easier and more secure.

Cristiano Ronaldo launches the first NFT collection

Football icon Cristiano Ronaldo has launched his first NFT collection as part of a multi-year exclusive partnership with Binance. The collection will include seven animated statues with four rarity levels: Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N).

Each NFT statue depicts Ronaldo in an iconic moment of his life, from his career-defining bicycle kicks to his childhood in Portugal. Binance has stated that future Cristiano Ronaldo NFT Collection sets will be available in early 2023.

Top 5 Winners of the Week (as of 11:30 a.m. IST, Nov 20, 2022)

Trust Wallet Token (TWT): 21% more

Arweave (AR): +16%

Unus Sed Leo (LEO): 13% up

GMX (GMX): 12% up

Toncoin (TON): 12% more

Top 5 Losers of the Week (as of 11:30 a.m. IST, Nov 20, 2022)

Casper (CSPR): 18% decline

NEAR protocol (NEAR): 15% reduction

DAO Token Curve (CRV): 13% down

Decentraland (MANA): 11% down

EthereumPoW (ETHW): 11% down
Note: The analysis only includes the top 100 cryptocurrencies. Source: Coinmarketcap


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