Is Crypto integrating into Social Media?

Sunday is upon us.

So here’s your weekly breakdown of all the major things that happening in the crypto markets this week. Let’s get stuck in.

Biggest Gainers this Week:

Biggest Losers this Week:

1. Capitol Hill Approves Important Crypto Bill

Key Takeaways:

• Bipartisan Bill Advancement: A key congressional committee passed a bipartisan bill aimed at developing a regulatory framework for cryptocurrencies, marking a milestone in federal oversight efforts for the digital asset industry.

• Clarifying Regulatory Definitions: The bill would define when a cryptocurrency is considered a security or a commodity while expanding the Commodity Futures Trading Commission's (CFTC) oversight and addressing concerns of perceived overreach by the Securities and Exchange Commission (SEC).

• Potential Senate Obstacles: While the bill garnered support from Democrats, including some in the House Financial Services Committee, it may face opposition in the Senate, where certain members are unsure about the necessity of additional legislation for crypto regulation.

2. Cosmos in Danger of Collapse?

Key Takeaways:

• Cosmos pioneered app chains, shared security, and proof-of-stake, making it stand out as a technical marvel in the blockchain industry.

• The collapse of Terra, one of the largest Cosmos-based blockchains, resulted in a liquidity hole in Cosmos’s decentralized finance (DeFi) ecosystem and slowed down development due to politics and infighting.

• Cosmos faces increasing competition from newer blockchain-in-a-box projects, putting it at risk of becoming obsolete and requiring it to differentiate itself and find unique features.

3. Integration of Crypto into Twitter?

Key Takeaways:

• X (formerly Twitter) has introduced an ad revenue-sharing program for eligible creators worldwide, allowing them to receive a portion of the revenue generated from advertisements displayed in responses to their content on the platform.

• Creators with a minimum of 15 million impressions in the last three months, at least 500 followers, and the Blue verification subscription will be eligible for payouts.

• X has chosen financial technology company Stripe as its payment processor for the revenue-sharing program. Stripe recently launched a native fiat-to-crypto on-ramp service in the United States, potentially benefiting X if they decide to introduce crypto payments.

Latest Industry News

Stake NFTs for Air Miles? The UAE and Etihad Airways have proposed plans to introduce staking of NFTs for air miles and additional perks.

Is Amazon moving into Crypto? Amazon Web Services added new blockchain tools, "Access" and "Query," to its platform, expanding its capabilities for developers building Web3 applications. The platform is reportedly planning to launch an NFT marketplace.

Reddit’s NFTs Season 2: Reddit released its Gen 4 Collectible Avatar series, featuring designs from 100 independent artists and popular NFT collections. The launch aimed to create warm, nostalgic feelings but faced some issues, despite implementing anti-bot measures. Over 14.5 million avatar holders have been recorded after the successful launch of Reddit’s NFT series.

Market Movements

Total Market Cap:

• Currently sitting at $1.14 Trillion as of today.

• Key Fibonacci level of 0.382 ($1.157 Trillion) which is acting as support/resistance.

• We’ve been floating around this level since March of this year (give or take).

  

  29/07/23

Top 10 Cryptocurrencies:

• XRP remains in the top 4 spot still due to its recent win against the SEC, and just beating BNB in market cap by $250 million.

• Bitcoin and Ethereum remain relatively unchanged compared to last week, with a small drop in both of their prices.

• DOGE has climbed 10% in the last week, and 2 spots above SOL and ADA with a market cap of $11 billion. For a token with no utility, it’s not doing too badly in a bear market.

Recommended Crypto Accounts to Check Out

That’s all from us this week, but before we let you go here are some of our favourite Twitter pages for great content and deep dives on specific Crypto projects.

Shout us out if you find them valuable (we’re sure you will):

Just remember if you’re reading this, we’re so early in this journey of technology.

Zoom out, stick to your intuition and have patience - all great things come with time.

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