Weekly Market News - July 14th

Weekly Market News - July 14th
Njani Ruetsch

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 8th to July 14th

📈  Weekly BTC and ETH Overview

Following substantial resistance at the $30K mark, Bitcoin has entered a prolonged consolidation phase. The future price movement remains uncertain, hinging on whether the price can successfully surpass this critical price. Despite Ethereum's attempts to break higher, its price has been trading within $2K. However, investors and analysts are saying they can find reassurance in the existence of several support zones, indicating a market that is not poised for a sudden crash.

When writing, BTC is trading at $31.2K, down 2.75% in the last 24 hours. Similarly, ETH is trading at $1.99K, down 6.79% in the previous 24 hours.

🗞️ Top Market News

  • SEC rules Ripple XRP is “not” a security. The ruling stated that the token is only a security regarding programmatic sales on digital asset exchanges. After the news, XRP price increased by 60%. Read more here.

  • Europe’s first Bitcoin ETF launches. After a 12-month delay, the fund is to be publicly listed. In Europe, all digital asset exchange-traded products have been structured as exchange-traded notes rather than funds. Read more here.

🚀 New Project Developments

  • Sound raised $20M in Series A round led by Andreessen Horowitz (a16z). The Web3 music platform aims to help artists make a living for their music by minting their songs on-chain. Other participants include rapper Snoop Dog, producer Ryan Tedder, and actor Ashton Kutcher. Read more here.

  • Polygon suggests MATIC token switches to POL for more utility. If the community approves, the blockchain will implement POL, which will work as a multipurpose token that can be used to validate multiple Polygon-based networks. Read more here.
  • Axelar partners with Microsoft to boost Web3 integration and traditional internet systems. The two will explore ways to bring together blockchain and AI, such as connecting private with public blockchains and leveraging Azure Open AI. Read more here.
  • Taker Protocol announces public test. The protocol announced its public test, where they will offer 200U for the top 5 active users and another 200U for the 5 users with the most constructive feedback. Read more here

🔍 More Featured Stories

  • Vanguard increases investments in Bitcoin Mining to over $0.5 Billion. Vanguard has snapped up shares of Bitcoin mining giants Marathon Digital and Riot Platforms. With a 60% increase in their position, Vanguard now holds 17.5 million shares of Marathon Digital, valued at $280.5 million based on the current share price of $16.03. Read more here.

Njani Ruetsch