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 August 7th to August 11th
📈 Weekly BTC and ETH Overview
The price of Bitcoin has been showing minimal volatility, indicating a period of uncertainty within the market. The price behavior within the $30K might indicate the potential future price movement of Bitcoin. Similarly, Ethereum has been rejecting the critical $2K level, putting it on a decline ever since. Analysts say the price could continue to drop to $1.4K or rally back to $2K in the upcoming weeks. Furthermore, with July CPI reports showing a 3.2% increase from a year ago, which is lower than expected – analysts say the market might start to pick up again.
When writing, BTC is trading at $29.38K, down 0.32% in the last 24 hours. Similarly, ETH is trading at $1.84K, down 0.12% in the previous 24 hours.
🗞️ Top Market News
- PayPal launches dollar-backed stablecoin. Since the announcement, the crypto stablecoin Pay USD (PUSD) launch has increased shares. PayPal USD will be 1:1 with the dollar and compatible for transfer with external crypto wallets. Read more here.
- SEC appeals judgment in the case against Ripple. In the recent ruling, the judge declared Ripple’s direct XRP sales to institutional investors violate securities laws, while sales to retail investors through exchanges did not. Read more here.
🚀 New Project Developments
- L1 Digital raises $152M for its second VC fund. With currently $400M AUM, the Zurich-based investment advisor raises another $152M to start its second VC fund focused on investing in crypto projects and crypto VC funds. Read more here.
- Coinbase's “Base” launches its public Mainnet. The launch introduced users to 100 new dapps and several service providers. It reached $150M in TVL on the L2 network and aims to decrease transaction costs compared to Ethereum and increase transaction pace. Read more here.
- Microsoft and Aptos Labs announced a partnership on AI Blockchain solutions. The Aptos token surged about 15% since the announcement was made. The partnership is looking to combine Aptos and Microsoft solutions to create a chatbot, AI Assistants, and resources for ecosystem builders. Read more here.
🔍 More Featured Stories…
- France is closer to implementing MiCa for crypto companies. The country has enhanced regulations for crypto firms said to take effect on January 2024. 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.