Market Update: Nov 13 - Nov 17

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 for the week of November 13th to November 17th.

📈  Weekly BTC and ETH Overview

Bitcoin has shown a steady upward movement, surpassing the resistance at $35K. However, the current price faces multiple resistance zones, and a bullish breakout has the capacity to initiate a notable uptrend. Recent buyer activity in the Ethereum market has propelled the price into a robust uptrend, reaching a pivotal resistance level at $2K. However, facing a substantial obstacle around this critical point, there is a possibility of a temporary consolidation correction phase in the days ahead.

At the time of writing, BTC is trading at $36.3K, down 2.71% in the last 24 hours. Similarly, ETH is trading at $1.97K, down 3.20% in the previous 24 hours.

🗞️ Top Market News 

• Genesis has agreed to resolve $1 billion in claims from Three Arrows Capital through a payment of $33 million. The bankrupt crypto lending company is requesting court authorization to resolve its obligations by making a $33 million payment to the now-closed hedge fund, 3AC. Read more here.

• BlackRock has officially submitted an application to the SEC for an Ethereum (ETH) ETF. The recently registered iShares Ethereum Trust, awaiting approval for listing on Nasdaq, aims to expose investors to ether, the second most popular cryptocurrency, without requiring direct ownership. Read more here.
  
  

🚀 New Project Developments

• Chainflip (FLIP) is scheduled for its initial listing on November 23rd. The initial set of Genesis validators is now establishing connections and anticipating the launch of FLIP tokens. The FLIP Token Generation Event (TGE) is slated for November 23 at 12:00 UTC. Read more here.

• Union Labs has successfully raised $4 million in a seed funding round supported by Nascent and other investors. Galileo spearheaded the funding round, with participation from Semantic Ventures, Tioga Capital, Nascent, and angel investors affiliated with Chorus One, Quasar, Easy2stake, UDHC, Obol, and Skip Protocol. The project will embark on the mission to construct the inaugural, fully trustless bridge connecting appchains, layer 1 and layer 2 networks. Read more here.
  
• DeXe DAO Studio is now operational on the BNB Chain. The DeXe DAO Studio is a decentralized application (dApp) featuring a user-friendly interface that allows for a DAO's seamless creation and governance in a unified environment. This application is accessible on both the mainnet and testnet concurrently. Read more here.
  
• OKX and Polygon have introduced the testnet for their Layer 2 network - X1. OKX, The native token for X1, is anticipated to be OKX's platform token, OKB, serving as the means to cover gas fees. Read more here.

🔍 More Featured Stories…

• Crypto.com has obtained a crypto license in Dubai, expanding its global presence further with the Dubai License. The license has been awarded to its Dubai-based entity, CRO DAX Middle East FZE, which obtained preliminary approval for a minimal viable product (MVP) from Dubai’s Virtual Assets Regulatory Authority (VARA) in March. Read more here.