Weekly Market News -July 22nd to July 28th

We compile the top news stories weekly within the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC & ETH updates, recent investments, developments of exciting new projects, and other relevant topics. 

Here is everything you need to know from July 22nd to July 28th

📈  Weekly BTC and ETH Overview

The Federal Reserve raises federal funds rates by 25bps to keep a hold on inflation amidst moderate economic growth. Though Bitcoin didn’t see any major fluctuations during the week, some analysts suggest keeping an eye on the price rate increases might cause some negative sentiment in the market given the recent consolidation and price average of around $29K to $30K. Analysts state if BTC continues to fall under $30K, there might be a temporary tip back down to $27.5K. Ethereum sees similar struggles as it still fights to go above the resistance level of $2K. 

When writing, BTC is trading at $29.17K, down 0.90% in the last 24 hours. Similarly, ETH is trading at $1.86K, down 0.54% in the previous 24 hours. 

🗞️ Top Market News

• US Government sells another 8.2K in Bitcoin, confirmed by on-chain data. In efforts to rid itself of BTC connected to Silk Road, the US Government continues to sell its BTC connected to the darknet marketplace. Read more here.
   
• Coinbase announces shutdown of lending platform in the next months. The exchange will discontinue Coinbase Borrow, after being targeted by the SEC in the last weeks. The decision was made to better align with customer preferences and demands. Read more here.

🚀 New Project Developments

• Avalanche Foundation launches $50M Asset Tokenization Initiative - Avalanche Vista. The new program is designed to support and demonstrate the value of tokenizing a wide range of asset classes. Read more here.

• PancakeSwap expands to zkSync Era Network. The DEX is now available on five blockchains, meaning it can expand its user base and increase protocol revenue. Read more here.
   
• Flashbots raises $60 million, officially making it a unicorn. The infrastructure project built on Ethereum raises $60 million, bringing its valuation up to $1 billion. Read more here.

🔍 More Featured Stories…

• Twitter is now “X”. The rebrand is another step in the ongoing transformation of Twitter after being acquired by X brand. Read more here. 
   
• EU Stablecoin Issuers with bank assets in reserve will get extra regulation. The EU is consulting on a new MiCA regulation that states tokens are centrally supervised with additional capital requirements. Read more here.