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 October 9th to 13th.
📈 Weekly BTC and ETH Overview
The price of Bitcoin has remained between its 50-day and 200-day moving averages. The 50-day average is around $27,000, while the 200-day average is near $28,000. Currently, it's testing the $27,500 support. A short-term drop to the 50-day moving average might follow if it breaks. The slight dip in the market could be due to the US September CPI inflation announcement, as it rose slightly to 3.7%, above expectations of 3.6%.
Ethereum initially showed bullish behavior after hovering around the $1.5K range. However, after reaching the 100-day moving average of around $1.7K, the price was rejected leading to more downtrends.
At the time of writing, BTC is trading at $26.7K, down 0.07% in the last 24 hours. Similarly, ETH is trading at $1.54K, down 0.44% in the previous 24 hours.
🗞️ Top Market News
- Genesis freezes withdrawals following court's $175M payment order to FTX. Genesis admitted it had around $175M in funds locked away earlier this year the discharge of the settlement is a significant step in the ongoing legal procedure. Read more here.
- ARK, led by Cathie Wood, refines bitcoin ETF filing post SEC queries. After concerns and queries from the SEC, ARK filled out all necessary forms to their questions. Experts now say that all issues should be made clear, and all possible concerns should be addressed. Read more here.
🚀 New Project Developments
- Bounce Finance incorporates ZetaChain's Athens-3 testnet. This will allow everyone to participate in decentralized auctions via the Bounce app. Read more here.
- Uniswap introduces beta Android Wallet on Google Play Store. The app will allow users to select coins on different chains without switching networks. Instead, the app automatically detects what network the coin is on and switches the user. Read more here,
- Polygon Labs proposes ApeCoin DAO for developing its Layer 2 via Polygon’s CDK. The specialized ApeChain will be a layer 2 network, utilizing zero-knowledge proofs (ZKP) technology. It is set to be developed by an implementation partner in collaboration with Polygon Labs. Read more here.
- Scroll unveils zkEVM-based zkRollup mainnet launch. Since the launch, over $500,000 has been bridged so far, encompassing over 850 transactions across 500 unique users. Read more here.
🔍 More Featured Stories
- Mastercard successfully completed its CBDC pilot project with the Bank of Australia. The project tested the use of CBDCs by authorized parties after thorough KYC checks. It also explored purchasing Ethereum-based NFTs by locking CBDCs and minting equivalent wrapped tokens. Read more here.
Related Market Updates
Market Updates: May 13 - May 17
The market is slowly gaining momentum again after the downward trends shortly following the halving. Given the positive spot Bitcoin ETF results of the last week, and movement across multiple projects within the space, Bitcoin broke through the $60K support level, reaching $66K at the end of this week. On the other hand, Ethereum is trading around the $3K level, which is located near the $2.8K support zone.