Market Updates: Aug 28 - Sep 1

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 28th to September 1st.

📈  Weekly BTC and ETH Overview

After the Grayscale victory against the SEC, Bitcoin experienced a notable price surge rebounding strongly from a crucial support level. Nonetheless, there is still potential for a bearish price drop if the price stays below the 200-day moving average. For Ethereum, this week, the price reached the pivotal $1,750 threshold but ultimately struggled to sustain that position, encountering significant downside rejection. Analysts suspect that if ETH breaches the immediate $1,650 support level, it could pave the way for a more substantial decline toward the $1,400 region.

BTC is trading at $26.06K when writing, down 4.23% in the last 24 hours. Similarly, ETH is trading at $1.64K, down 3.6% in the previous 24 hours.

🗞️ Top Market News

• Grayscale Secures Significant Legal Victory Against the SEC. Regulators must review Bitcoin ETF application, undermining the agency’s longstanding opposition to the concept. The news also led to crypto prices surging over the past week, showing more bullish behavior. Read more here.
  
• Binance to Cease BUSD Support by 2024. After the regulatory clampdown from Paxos halting stablecoin mints, the crypto giant decided to cease support as of early next year. Token withdrawals and deposits on the Ethereum network will be supported until further notice. Read more here.
  

🚀 New Project Developments

• Injective Unveils Helix Institutional Launch. The launch marks the start of a portal built entirely for financial organizations. The platform will enable trading derivatives, Real-world Assets (RWAs), and other indices. Read more here.
  
• OpenSea Introduces Open Standard for Redeemable NFTs. The move simplifies the creation, discovery, exchange, and redemption of NFTs on-chain (NFT to NFT) and off-chain (NFT to real-world items, services, or experiences) within the OpenSea platform.
  

🔍 More Featured Stories…

• Twitter (X) Attains Necessary License for Crypto Payment Integration. The license will allow the platform to process crypto payments within the US. X will also be able to maintain control of virtual currency and transactions in virtual currency. Read more here.