Market Updates: Aug 12 - Aug 18

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 12th to August 18th

📈  Weekly BTC and ETH Overview

The market looks rather grim at the end of this week, with Bitcoin dropping to $25K $1 billion triggered in liquidations. With the price at a new two-month low, reaching the $30K critical resistance level looks less hopeful. After seeing more red in the past week, Bitcoin currently stands at a tipping point where it might be unable to push to $30K if market participation remains low. Analysts say if BTC cannot break through $28K soon, it might decline below $25K. Similarly, Despite seeing a significant decline in the last few days, Ethereum, on the other hand, has been seeing more stagnant movements in the past weeks. Analysts predict a slight rebound could occur if it can rebound and break past the $1.8K.

Bitcoin has not traded this low since the SEC sued Binance and Coinbase. Many are unsure if the FED will raise rates again and the long-term impact of SpaceX selling its remaining BTC holdings, writing down its value from last year to $373 million.

BTC is trading at $26.4K at the time of writing, down 7.41% in the last 24 hours. Similarly, ETH is trading at $1.6K, down 6.19% in the previous 24 hours.

🗞️ Top Market News

• Genesis and FTX reach a $175 million settlement. To avoid costly litigation, the two agreed on a settlement where Genesis has agreed to pay Alameda Research and wave its claims against the FTX estate. Read more here.
  
• Celsius is shutting down its app in 90 days. The firm plans to provide creditors with significant recoveries in Bitcoin, which is projected to be around $2.03 billion. Since declaring bankruptcy, the company decided to shut down the app in a wider effort to streamline operations, optimize distribution mechanics, and enhance user experience. Read more here.
  
• A16z and Paradigm file a joint amicus brief supporting Coinbase in the battle against SEC. Both say they are concerned about the SEC's potential overreach in the crypto industry. Many crypto firms agree that regulatory action is needed but should come from the U.S. Congress, not the SEC. Read more here.
  

🚀 New Project Developments

• Humans.ai blockchain to be used at the Emirate of Ras Al Khaimah, UAE. The partnership between the two will elevate the usage of AI within the UAE and act as a strategic tool for AI-centric companies within the region. Read more here.
  
• Injective announces token burn upgrade. Being the project's largest tokenomics upgrade to date, the token will be able to burn more native $INJ weekly. Projects built on Injective’s blockchain can contribute to the $INJ burn auction with no limit. Read more here.
  
• Polygon Labs announces partnership with South Korean SK Telecom. The partnership aims to develop web3 ecosystems and identify promising startups for incubation. The two want to boost the web3 ecosystem within South Korea, hoping it will boost the economy further. Read more here. 
  

By selling 29% of Barca Vision- the club's initiative to integrate all digital content around Web3, blockchain, NFTs, and the Metaverse – the club secured funding from private investors to develop its Web3

• FC Barcelona raised $132 million for its blockchain and NFT initiatives. By selling 29% of Barca Vision- the club's initiative to integrate all digital content around Web3, blockchain, NFTs, and the Metaverse – the club secured funding from private investors to develop its Web3 strategy further. Read more here.