Weekly Market News - July 21st

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 15th to July 21st

📈  Weekly BTC and ETH Overview

Lately, the market has experienced a period of relative calm, with Bitcoin and Ethereum displaying minor fluctuations but no definitive trend.

As uncertainty prevails, traders find themselves perplexed about the future direction of Bitcoin's price. Yet, a potential bullish scenario could unfold if the $30K resistance level is surpassed, potentially paving the way for a long-term uptrend. Similar sentiment reins across Ethereum, as many are waiting for the $2K break. 

When writing, BTC is trading at $29.8K, down 1.48%% in the last 24 hours. Similarly, ETH is trading at $1.89K, down 1.29% in the previous 24 hours. 

🗞️ Top Market News

• The SEC formally accepts to review the spot BTC-ETF applications of BlackRock, Fidelity and other funds. This is the first step in the agency’s process for deciding to approve the latest round of approvals. Read more here.

• Nasdaq pauses crypto custody plans due to US regulatory environment. Nasdaq had plans to offer custody services for Bitcoin (BTC) and Ethereum (ETH), and potentially other cryptocurrencies, but CEO Adena Friedman announced during a Q2 earnings call that the project had been put on hold. Read more here.

🚀 New Project Developments

• Binance has completed the integration of Bitcoin (BTC) on the Lightning Network. Binance customers can withdraw and deposit funds via the solution after network congestion resulted in significant increase in average transaction fees. Read more here.

• The Chainlink Cross-Chain Interoperability Protocol (CCIP) launched on Avalanche, Ethereum, Optimism, and Polygon mainnets. Aimed at providing interoperability between traditional financial firms and both public and private blockchains the cross-chain protocol has gone live across various mainnets. Read more here.

• Polychain Capital raises $200M for fourth fund. The chain has raised half of the panned $400M investment fund. Read more here.

🔍 More Featured Stories…

• G20 issue 9 regulatory recommendations to rein in the crypto industry. After last year’s issues with Terra and FTX the G20 body said its going to make efforts to tackle these issues and set out nine top-level recommendations. Read more here.