25th September 2022

What is next for the Crypto Market and Ethereum now that the merge is done?

A lot of investors are left wondering what the next trending development in the market could look like now that the Ethereum merge is complete.

There are a few fundamental trends that we can look at.?

As the Ethereum network successfully shifted to PoS (Proof-Of-Stake), this resulted in miners being left out of pocket but still in possession of GPUs and ASICs mining infrastructure. Other miners could elect to mine on a different chain instead of selling their gear. Experts have suggested that it will take time for the intensity surrounding the Merge to settle and for investors to begin capitalizing on the benefits that the PoS Ethereum network could offer.

Over the last three months, not much has changed for Bitcoin, the price has remained between $17,600 - $24,400. Investors remain largely risk-averse to most cryptocurrencies, and it is possible that repeat rejections at the long-term descending trendline could eventually result in a breakdown below the yearly swing low.

Other top news this week included UAE simulating manned Mars mission in the Metaverse?and Saudi Arabia executing their first blockchain trade finance transaction.?Samsung named most active investor in Crypto and Blockchain startups,?Nasdaq to launch institutional Bitcoin, Crypto custody services, the European Union will introduce a global metaverse regulation initiative in 2023, True Global Ventures investing a total of US$38m in Web3 leader Animoca Brands and JPMorgan backing a $20M round for blockchain infrastructure startup Ownera.?

This issue includes the winners of the GBTech WEB3 awards, Evai Crypto Ratings Review, and The Market?by Matthew Dixon.

So here's what else happened this week in Crypto.

In the News

Crypto insurance market expands with decentralized and centralized options. As investors and crypto companies look to protect their digital assets, the need for crypto insurance is growing. Crypto News ?

?

BNB Chain launches a new community-run security mechanism to protect users. The AvengerDAO is a joint project of some of the leading blockchain security analytic firms and top DeFi (decentralized finance) projects in the crypto ecosystem. Cointelegraph ?

?

Payments platform Fuse integrates ChromePay to bring decentralised identity service to Africa. The African continent has become an active center for cryptocurrency and blockchain activity, with countries like Nigeria and Ethiopia taking a lead role. Cointelegraph ?

?

DeFi platform sees strong interest in halal-approved crypto products. The founder of an Islamic law-compliant decentralized finance platform has thousands of users seeking approved cryptocurrencies. FX Street ?

?

Ethereum co-founder Vitalik Buterin shares vision for layer-3 protocols. According to Vitalik Buterin, co-founder of Ethereum, layer-2 protocols have been focused on “scalability” while layer-3 protocols would serve a different purpose. Cointelegraph ?

?

South Australia now has the world's first Solar-powered Bitcoin mining facility. A crypto mining facility in South Australia will be powered mainly by solar energy, according to a media report. The coin minting center has been set up in an area known for its mining of iron ore and the production of steel—which are both energy-hungry industries. Bitcoin News ?

?

Saudi Arabia executes the first blockchain trade finance transaction. The Contour platform uses decentralized technologies to connect digital networks for data transfer across trade routes.? Blockchain News ?

?

Report: Nasdaq to launch institutional Bitcoin, Crypto custody services. As more businesses express interest in experimenting with cryptocurrencies, Nasdaq, a global provider of financial services, has started to make plans to provide institutional clients with custody services for digital assets. DeCrypt ?

?

Study: Samsung is named the most active investor in Crypto and Blockchain startups. The company invested in 13 businesses, followed by United Overseas Bank (UOB), which made investments in seven businesses. Citigroup and Goldman Sachs—two of the largest names in American finance—also made investments in six and five businesses, respectively. Bitcoin News ?

?

Opera Browser partners with DappRadar Crypto analytical platform. Users of the Opera browser may now easily follow the statistics of their preferred decentralized applications thanks to this connection, which is available on both mobile and desktop platforms. U.Today ?

?

Tesla launches new Cyberwhistle that can only be bought using Dogecoin. Tesla has released a new Cyberwhistle that is modeled after its futuristic Cybertruck series. Product catalogs indicate that the product costs 1,000 DOGE, or about $60. Coin Switch ?

?

European Central Bank chooses Amazon and 4 other firms to prototype digital euro app. The "Big Four" tech companies Amazon, Nexi, CaixaBank, and Worldline, along with the European Payments Initiative (EPI) to each focus on developing a prototype based on certain use cases of the digital currency. Cointelegraph ?

?

Ukrainian supermarket chain to accept Cryptocurrencies through Binance Pay. The partnership will allow consumers to take advantage of quick cryptocurrency payments and speedy delivery in nine Ukrainian cities, including the capital Kyiv and cities such as Dnipro, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, and Pavlograd. Bitcoinist ?

?

JPMorgan backs $20M round for blockchain infrastructure startup Ownera. The round included private asset management firm LRC Group as well as other investors: Draper Goren Holm, tokentus Investment AG, Accomplice Blockchain, Polymorphic Capital, The Ropart Group and Archax. Coinstack News ?

?

Coinbase now lets users check which politicians are Crypto-friendly. As midterm elections approach, Coinbase is rolling out an in-app tool that shows users which candidates are pro-cryptocurrency. Coindesk ?

Arte News:?

?

UAE to simulate manned Mars mission in the Metaverse. The agreement will see both groups collaborate to create a one-of-a-kind metaverse experience for Mars. The National News ?

?

Saudi Arabia to celebrate national day in the metaverse. The Decentraland will host the 92nd KSA national day. The virtual national day will take place between September 22 and September 24. This festival will open up Saudi Arabia's history and culture to the rest of the world.? Zawya ?

?

True Global Ventures invests a total of US$38m in Web3 leader Animoca Brands. Animoca Brands has seen rapid growth in sales through its major business units including Yuga Labs/Ape Coin, The Sandbox, REVV ecosystem, Blowfish Darewise (Life Beyond), and Tiny Tap. The company has 380 total investments. Yahoo Finance ?

?

Whiskey in the metaverse: Jack Daniel’s files for virtual beverages trademark. Jack Daniel has filed three trademarks with the U.S. Patent and Trademark Office in an effort to market non-fungible token (NFT)-authenticated media, virtual drinks, apparel, barware, digital wallets, and collectibles in the metaverse. Today NFT News ?

Web3 is creating a new genre of NFT-driven music. Musicians and Web3 music creators like Pipolo, Fall and Stern regard NFT-fueled music as both a natural and earned result of decentralised technology. Cointelegraph ?

?

Spanish soccer first division Laliga to be featured in Decentraland’s Metaverse. La Liga hopes to leverage virtual experiences to connect with new and younger audiences who are more connected to these realms. Bitcoin News ?

?

In 2023, the European Union will introduce a global metaverse regulation initiative. In a letter of intent for the State of the Union, Ursula von der Leyen, President of the European Commission, labels the proposal as "key" in outlining several initiatives to make clear Europe's policies and expectations for the metaverse Bitcoin News ?

?

American banking giant dives deep in Metaverse, hires a specialist. JPMorgan’s new employee will be tasked with focusing on emerging technologies such as the Metaverse. Bitcoinist ?

?

Google Cloud and BNB Chain will collaborate to support Web3 and blockchain startups. The collaboration will make it easier for Web3 builders from the BNB Chain ecosystem to gain access to the Google for Startups Cloud Program. Fintech News ?

?

?

Solana's NFT platform reaches 1 million weekly transactions. The Solana development team made improvements to its ecosystem prior to the introduction of NFTs, and this has helped the blockchain scale above 2,000 nodes, according to crypto intelligence company Messari. Crypto Potato ?

?

'I was there': Special NFTs allow you to celebrate Ethereum's Merge. EtherPOAP is a new project that aims to create Proof of Attendance Protocols, a unique nonfungible tokens called POAPs — as commemorative items for Ethereum's upcoming switch from a proof-of-work blockchain to a proof-of-stake one. Cointelegraph ?

?

Web3 native fashion brands hit the runway in real life at New York Fall Fashion Week. Nolcha Shows has curated events for 14 seasons, but this year there will be a Web3 edition with Web3 native brands, along with a panel on Web3's impact on the fashion industry's future. Cointelegraph ?

?

Mean Girls set to make Web3 comeback as “crypto-collectibles”.? According to recent trademark filings by Paramount Pictures, the company plans on expanding the brand into crypto-collectibles. The Coin Republic ?

?

Doodles raises $54 million from Alexis Ohanian’s 776 to expand NFT offerings. The raise will be used to accelerate the team’s growth and brand awareness. Fortune ?

?

Bored Ape NFT Metaverse band taps Beyoncé, Bruno Mars producers. Universal Music Group's Kingship recently signed Hit-Boy and James Fauntleroy, two of the industry's most sought-after hitmakers. DeCrypt ?

Evai Crypto Ratings Review

The Market?- Matthew Dixon

Traders are returning from the summer holidays and the stage is set for further volatility in crypto markets with ongoing geopolitical tensions all around. Russia and Ukraine spring to mind but we even hear rumours out of China that all is not well.

Couple this with the backdrop of chronic rate rises, evidenced by the string of interest rate increases out of the US. The latest Federal Open Market Committee (FOMC) concluded its September meeting by raising the federal fund's target rate by 75 basis points (bps) as expected to 3.00%-3.25%.?

This was the 3rd consecutive 75 bps rate hike and the 5th rate increase this year alone.?

Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. This all directly impacts crypto as a risk asset.

For now, we will turn our eyes to the upcoming inflation data planned to be revealed by the Consumer Price Index (CPI) for September at the next FOMC meeting. The upcoming FOMC meeting is planned for 2 November 2022.?

The news is not all bad though, there are strong signs of wider institutional adoption for crypto re NASDAQ reportedly preparing crypto custody services for institutions.

On the EVAI rating front, the multi-factor Ai and machine learning platform continues to showcase major market pumps despite market uncertainty and volatility.

GBTECH WEB# Awards

The ceremony was held on September 23, 2022 at Social Distrikt, The Pointe – The Palm Jumeirah, and a total of 15 winners were recognised for their achievements.

The 2022 winners of the Web3 Awards were:

Blockchain Frontier –?FTFT Capital

Blockchain Company of the Year –?Velas

Blockchain Leader of the Year –?Dr Naveen Singh, Inery

Gamefi –?Race Kingdom

Defi –?Palmswap

Meta Company of the Year –?Everdome

Meta Leader of the Year –?Jawad Ashraf, Virtua

Innovation of the Year –?Evai

Best NFT Design + Utility –?Queen Mode

NFT Project of the Year –?EX-Sports

Best Public Sector Project –?Nifty Orient

Best Private Sector Project –?Tokengate

Web3 Fintech –?KMMRCE

Web3 Startup of the Year –?Pulse Music

Web3 Marketer of the Year –?Melanie Mohr

That's it for this week, see you next week for more news from the Ecosystem.