6th November 2022

Market leaders Bitcoin (BTC) and Ethereum (ETH), which often set the pace for everyone else, were overshadowed this week by other spectacular increases.

The price of bitcoin has increased by 3% over the past seven days to $21,314. During that time, the price of Ethereum increased by almost 2% to $1,640. Both may have advanced more, but their progress was abruptly derailed by the U.S. Federal Reserve's announcement on Wednesday of a fourth rate hike this year, this time by 0.75%.

Investors who favor riskier assets like cryptocurrencies or stocks tend to be pessimistic in response to interest rate increases, though this is not always the case. Because increasing interest rates make it more difficult for consumers to borrow money, they often hang onto their wealth.

On Friday, the two market leaders recovered a little following the release of a?Labor Department report?showing that U.S. job growth was up.?Several top thirty currencies positively mooned this week. Binance Coin (BNB) shot up 18.6%, Litecoin (LTC) surged 25%, Chainlink rose 20%, and Algorand (ALGO) rallied 24%.?

Uniswap (UNI) and Cosmos (ATOM) both added about 10% to their price.?Top meme coin Dogecoin (DOGE) mooned 22% over seven days and topped 12 cents (yes, yes, a far cry from its?high of 73 cents?in May 2021).?Like last week, everyone’s favorite meme coin is still responding positively to the news of Twitter’s new executive manager

And the most impressive rally among the top 30 coins was Polygon (MATIC), which ballooned 28% over the week in the wake of?Reddit’s booming Polygon NFTs?and an announcement on Wednesday by Meta that Instagram would integrate Polygon for its upcoming?NFT minting feature.?

It’s been a week since?Elon Musk took over Twitter?and the news since has offered strong hints that the world’s biggest microblogging platform may pivot towards Web3 and crypto sooner than we think.? For a start, on Monday, Binance CEO Changpeng “CZ” Zhao?appeared on?CNBC?and said?his exchange had invested?half a billion dollars?in Musk’s takeover to give crypto a “seat at the table when it comes to free speech.”?

Other top news this week included?the new ‘crypto token regime’ instituted at the Dubai International Financial Centre?and Mastercard adding 7 blockchain startups to its crypto accelerator. JP Morgan executes first DeFi trade on a public blockchain, Visa lists trademarks for Crypto wallets and the Metaverse, and GameStop NFT marketplace goes live?

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In the News:?

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Crypto Oasis to boost blockchain development in the region. The Crypto Oasis is a Middle East-focused blockchain ecosystem that has grown rapidly, with more than 1,450 organizations identified in the United Arab Emirates alone and over 7,000 people working in it. Gulf Business?

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How ready is the Middle East region to adopt blockchain and Web3? Crypto Oasis Co-Founder, Saqr Ereiqat explains. "We are much more advanced than other countries around the world, with UAE being the most futuristic in the region. The country has taken significant steps to promote and adopt blockchain and digital assets." He added, "Freezones are working towards creating a vibrant ecosystem for non-regulated Web3 activities." Gulf Business?

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New ‘crypto token regime’ instituted at the Dubai International Financial Centre. The emirate’s free trade zone has its own legal system and courts. It has now augmented and extended its crypto regulations to all tokens recognized in the zone.?Zawya?

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Mastercard adds 7 blockchain startups to its crypto accelerator. Fasset, a crypto gateway provider, and Singapore's Digital Treasures Center are among the two startups entering Mastercard's Start Path Program. Cointelegraph?

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JP Morgan executes first DeFi trade on public blockchain. The pilot was a step toward the exploration of how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions.?Blockworks?

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DBS Bank used DeFi to trade FX and state securities. Singaporean banking giant DBS Bank has applied DeFi technology to a project backed by the Monetary Authority of Singapore.?Crypto Times?

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South African grocery giant ‘Pick n Pay’ intends to accept Bitcoin in all stores nationwide. The nationwide rollout will allow customers to pay for items using cryptocurrency at the store by scanning a QR code or through “trusted apps” on theirsmartphones.?Cointelegraph?

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Moneygram to enable users to buy, sell and hold cryptocurrency via mobile app. The company announced that users in select regions can now trade and store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The Crypto Basic?

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9 years after the first Bitcoin ATM, there are now 38,804 globally. A network of nearly 39,000 crypto ATMs has turned nine years old, and they are expected to continue growing. Bitcoin Insider?

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Synonym launches mobile Bitcoin wallet with new Web protocol. The new BTC mobile wallet will be able to enhance the user experience for holders of digital currency and broaden Web3 adoption. Nasdaq?

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5,000 miles apart: Thailand and Hungary to jointly explore blockchain tech. The two nations’ financial technology associations have entered into an agreement to share technology, including blockchain, with the aim of powering their respective financial industries. Bitcoinist?

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Blockchain Association throws support behind Ripple in SEC duel. The advocacy group announced that it will file an amicus brief, also known as “friend of the court,” in the SEC enforcement action against Ripple. Cointelegraph?

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BNB Chain introduces $10M fund to incentivize project growth on the Blockchain. The Growth Incentive Program will initially fund 10 projects in Q4; it will offer gas rewards totaling 800 BNB tokens every month. Yahoo Finance?

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Payments giant Visa lists trademarks for Crypto wallets and the Metaverse. The company has introduced two metaverse with plans to manage digital and cryptocurrency transactions, cryptocurrency wallets, non-fungible tokens, and digital currency. Finbold?

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Crypto exchange Binance approves $500M investment in Musk's Twitter takeover. Binance CEO Changpeng Zhao (CZ) confirmed that the company will honor its previous pledge of $500 million for Elon Musk's bid to buy Twitter, a move that would help him connect social media and news in Web3. DeCrypt??

?Arte News:?

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Top 6 trends that will drive the impact of the metaverse on the virtual and real world. The metaverse is still in its infancy and despite the revolutionary concept, it is a turning point with limitless opportunities for making money, networking and brand growth. Gulf Business?

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The Sandbox co-founder explains how the Metaverse has evolved for brands: Web Summit 2022. One of the founders of The Sandbox says that the future of the metaverse is in a state of evolution and that both brands and users are important catalysts for growth. Cointelegraph?

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Visa gets in on World Cup NFT action. Visa has become the latest major company to launch a crypto charity auction for five NFTs — inspired by iconic goals from five famed soccer players,? including Jared Borgetti, Tim Cahill, Carli Lloyd, Michael Owen and Maxi Rodriguez. Bitcoin News?

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GameStop NFT marketplace goes live. This brings millions of gaming assets to the blockchain, and allows for gas-free and carbon-neutral minting and trading.? Pymnts?

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Steph Curry files trademark for the Curryverse, where players earn NFTs. Stephen Curry, an NBA superstar has filed a trademark application with the United States Patent and Trademark Office for his own version of the Metaverse: the “Curryverse.” Bitcoin Insider?

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Decentralized gaming IDs provide another avenue of interoperability in Web3. Lens Protocol and Laguna Games have teamed up to launch a new gaming ID, which connects users across multiple games.?Bitcoin Insider?

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Web Summit Lisbon, Nov. 3: Latest updates from Cointelegraph’s ground team. The second day of Web Summit opened with a discussion on NFTs and the future of the metaverse, followed by major discussions about Web3. Cointelegraph?

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NFTs connect different types of music communities and blockchain ecosystems. A new NFT drop featuring artists such as Snoop Dogg and Billy Ray Cyrus is bringing together music communities from across the genre spectrum.?NFT News Pro?

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BAYC Owner Yuga Labs: Metaverse NFT Open Standards Coming ‘Very Soon’. The team behind the Bored Ape Yacht Club is working on open standards to allow NFTs to move between Otherside and other metaverses. DeCrypt?

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Meta to bring NFT minting and trading to Instagram. Instagram will soon have built-in tools for creating and trading non-fungible tokens, but purchases made through those tools will be subject to applicable app store fees. DeCrypt?

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Unstoppable Domains launches Web3 alliance and seeks self-regulating boards. The alliance, as stated by Sandy Carter, Senior Vice President and Channel Chief at Unstoppable Domains, aims to prevent malicious phishing attacks and impersonating Web3 “top-level domains.” The cross-chain coalition includes Bonfida, Tezos Domains, Polkadot Name System, Hedera, Syscoin, and Klaytn Name Service. Bullfrag?

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Crypto executives discuss the emergence of Web3 tech hubs around the world. Which cities are the most popular for an aspiring career in the crypto industry? Some people settle on traditional innovation hubs, such as Miami and Silicon Valley. Others choose Singapore or Seoul. But some believe that having stable internet connection is enough to make a mark on Web3. Cointelegraph?

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NFTs get a new place to live, with Ripple aiming for mass adoption. In an interview with CoinDesk, David Schwartz, chief technology officer of Ripple Labs, said the goal is to enable the widespread adoption of tokenization by offering consumers lower costs, higher speeds and improved security over existing blockchains. Yahoo Finance?

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Metaverse schooling to help Japanese city combat growing absenteeism. In order to encourage youths to attend their classes, the city of Toda created a metaverse where students can explore their campus, learn in virtual classrooms, and interact with others. Students who wish to take advantage of this service must get approval from their school principal. Financial Express?

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NFT ticketing marketplace strikes partnership with Elrow Dubai. The project’s goal is to help artists build a closer connection with fans — all while eliminating fraud and reducing the impact of scalping. Cointelegraph?

?That's it for this week. See you next Sunday.?