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The Pulse of the Market is Here Coinhunt Newsletter-13

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    Coinhunt CC

  • Reading time

    6 min read

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Bitcoin finally broke the 9-week downtrend with a green candle. After closing lower than the previous week for nine consecutive weeks, BTC broke the bearish trend last week. Bitcoin has risen 5.7% in the last 48 hours, but there was another price drop about 12 hours ago. It is currently trading at $29,500

Bitcoin has been on a strong downtrend for some time, increasing its mainstream adoption since companies started accepting Bitcoin as a payment method and countries began to take legal tender. Forming a green weekly candle for the first time since March, Bitcoin is 54.5% below the ATH level ($69,000). BTC, which reached the highest price of $39,800 throughout May, dropped to $26,900 on May 12. Analysts have different month-end price ideas for Bitcoin. In this newsletter, we have compiled the developments in the cryptocurrency market last week.

Binance Labs Raises 500 Million Dollars to Fund Web3 Projects

Binance Labs, the venture capital and incubator arm of Binance, the world's highest trading volume cryptocurrency exchange, has provided $500 million in mutual funds to invest in Web3 projects. Institutional investors such as Breyer Capital, DST Global Partners, and Whampoa Group contributed to this fund. With the money in this fund, investments will be made in projects that can increase the usage areas of cryptocurrencies and ensure the adoption of Web3 and blockchain technologies.

Changpeng Zhao said the mutual fund will be used to explore and support Web3 category projects in the metaverse, NFTs, DeFi, P2E games, social platforms, and many more. Mass adoption of blockchain technology and cryptocurrencies will accelerate when people, values ​​, and economies are supported in the Web3 environment.

Solana Network Breaks A New Milestone In NFT Trading

The Solana network is a highly scalable blockchain designed to make it easy for developers to build and publish dApps. The fact that the Solana network has reached a new milestone may also increase the value of the SOL coin. Solana is one of the most prominent blockchains for NFTs. NFT trading volume is approximately $2.5 billion.

The number of users trading NFT on Solana has also increased drastically. Contributing to the high volume seen on the Solana network, NFT collections include Solsteads, Solarians, Meerkat Millionaire Country Club, Frakt, Chainers, and Akuma no Neko. SOL coin has gained 11% in the last 24 hours and is at $43.94.

Central African Republic to Adopt BTC

The Central African Republic President continues his Bitcoin adoption plans. Although Bitcoin has lost value recently, it will still be considered legal tender in the CAR. The Sango project creates the Bitcoin bill by developing a sustainable infrastructure for the crypto economy. The adoption of Bitcoin in Africa could open up possibilities for a multitude of real-world use cases.

The central African Republic President Faustin-Archange Touadera is very enthusiastic about Bitcoin being accepted as legal tender. Despite the International Monetary Fund's concerns about cryptocurrencies, chairman Touadera announced the Sango project. The Sango project includes a government-backed cryptocurrency wallet, digital identity, and property protocols, and a legal framework.

Gemini Layoffs 10% of Its Employees

According to Gemini co-founders, the geopolitical turmoil in the world is negatively affecting the cryptocurrency market. The American crypto exchange announced that a period called "crypto winter" has entered the cryptocurrency market and 10% of its employees were dismissed in preparation for this period. They stated that a continued downward prospect in the cryptocurrency industry has become even more negative, combined with the current geopolitical turmoil and macroeconomic situation.

On the other hand, the company thinks that the crypto revolution is on the way and will deeply affect the entire world financial system. They say that right now the industry is in a moody period, and those who continue to work at the company will continue to focus on products that are critical to the company's mission.

Crypto.com Gets Temporary Approval from Dubai

Crypto.com announced that it has received provisional approval for the Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA). According to the press release, the company will receive a full license in the future, meeting all mandatory requirements. The United Arab Emirates focuses on developing a world-leading environment for innovative technology.

Crypto.com will offer additional services and products to qualified consumers and institutional investors when it finally gets the Virtual Asset MVP license on VARA.

Binance Official Sponsor of The Weeknd's Global Concert Tour

The Weeknd will begin them After Hours Til Dawn global concert tour on July 8, 2022. Sponsored by Binance, this concert tour will introduce Web3 technology to The Weeknd fans. The music tour will integrate Web3 technology into concert events. Binance has also signed a collaboration agreement with community incubator HXOUSE to release an exclusive collection of NFTs for branded tour products.

Both singers and crypto are community-centric. With this partnership, fans will be able to interact with whoever they want through crypto. Binance will continue to take clear steps for Web3 adoption.

Kevin De Bruyne Becomes Phemex's Brand Ambassador

Kevin De Bruyne is the most valuable player for English Premier League champions Manchester City. De Bruyne became the brand ambassador of the stock market by signing an agreement with the global cryptocurrency exchange Phemex. Launched in 2019, Singapore-based cryptocurrency exchange Phemex has become one of the world's leading crypto derivatives exchanges. The average daily trading volume of the exchange is around 7 billion dollars.

Phemex will be working with Kevin De Bruyne on various projects such as Phemex Citizen to make more people aware of the exchange's features and introduce new users to the crypto world. De Bruyne will also be involved in crypto education projects that show football fans the benefits of crypto and blockchain technology. The aim of the partnership is to build bridges between those interested in cryptocurrencies and sports fans.

You can read previous newsletters from the links below.
The Pulse of the Market is Here Coinhunt Newsletter- 12
The Pulse of the Market is Here Coinhunt Newsletter-11
The Pulse of the Market is Here Coinhunt Newsletter-10
The Pulse of the Market is Here Coinhunt Newsletter-9
The Pulse of the Market is Here Coinhunt Newsletter-8