Weekly Market Review - January 20th

Weekly Market Review - January 20th
Njani Ruetsch - Coin.fyi
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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 January 14th to 20th.

📈  Weekly BTC and ETH Overview

Earlier this week, Bitcoin broke through the $21K mark, while Ethereum remained stable at around $1.5K. The total cryptocurrency market cap finally reached $1 trillion again, marking an approximately 20% growth in the last week.

Since the beginning of the year, BTC has risen by around 26%, creating a positive effect and market sentiment for other altcoins. Furthermore, Ethereum recently hit 500,000 validators months before the blockchain’s much-awaited Shanghai upgrade. After the news, ETH saw a price increase to $1.59K mid this week.

As the weekend’s and the news of Genesis officially filing for bankruptcy materializes, the market sees slight losses as BTC falls to $20.6K. At the time of writing, the current price of BTC comes back into the green at $20.9K, up 1.07% in the last 24 hours, and ETH is trading at $1.55K, also up 2.17% in the previous 24 hours.

🗞️ Top Market News 

  • Genesis filed for bankruptcy protection. After the collapse of FTX, the crypto lending business, Genesis, officially filed for Chapter 11 bankruptcy. The company owes over $3.5 billion to its top creditors. Gemini’s Cameron Winklevoss says, the bankruptcy is a crucial step towards being able to recover assets. Read more here.

  • Crypto lender Nexo to pay $45 million after failing to register the offer and sale of its Earn Interest Product (EIP). Nexo also faces regulatory issues in Bulgaria as authorities probed the company on suspicion of money laundering, tax offenses, and other fraudulent offenses. Read more here.
     
  • Bank of America says CBDCs and stablecoins are the future of money. Analysts from Bank of America stated Central Bank Digital Currencies (CBDCs) and stablecoins offer a significant technological advancement in the history of money. The bank expects central banks to focus on payment efficiencies and adopt digital currency in the next 15 or so years. Read more here. 

🚀 New Project Developments

  • HashKey Capital raises $500 million to build Web3 applications and tools. The crypto investor will focus on advancing blockchain initiatives in emerging markets. HashKey Capital’s Web3 Fund is looking for industry game-changers that will propel the ecosystem forward to further scale Web3. Read more here.

  • MultiversX launched its Web3 culture hub xSpotlight. After the release of Inspire Art, MultiversX (formerly known as Elrond) released its updated product, xSpotlight, earlier this week. The aim of the feature is to enhance the aggregation and curation of Web3 projects. The platform is open to all creators and founders that want to be featured on the xSpotlight website. Read more here.
     
  • Metamask released liquid staking beta together with Lida and Rocket Pool. Users now have access to Ethereum liquid staking providers Lido and Rocket Pool due to the new integration by ConsenSys. Users can compare reward rates, network control, and the popularity of different liquid staking providers. Staking will begin with a published beta through the MetaMask portfolio decentralized app. Read more here.
     
  • Shiba Inu to launch Ethereum Layer 2 network. The price of Shiba is strengthening due to the upcoming Shibarium Layer 2 Beta launch. The new launch aims to provide faster transaction times, lower fees, and expand the development framework for the ecosystem. Protocols of Shibarium can be applied to various sectors such as the Metaverse, Web3 innovation, and gaming. Read more here. 

🔍 More Featured Stories

  • Bank of Thailand to allow first virtual banks by 2025. To boost the country's economic growth and competition, Thailand will allow virtual banks to operate by 2025. Financial firms will be able to provide virtual services via three different licenses issued by the Bank of Thailand. Read more here.

  • South Korea brought Seoul to the metaverse, introducing a digital replica of the city. Metaverse Seoul allows users to take avatars to tax offices, access counseling, read e-books, and more. It is part of an effort to expand public services for the people of Seoul. Read more here.
     
  • L'Oréal's Corporate Venture Capital Fund invests in Metaverse and NFT Marketplace, Digital Village. This is the beauty company’s first VC investment in the metaverse and Web3 space. Digital Village is a virtual world-building platform and NFT marketplace specializing in VR and AR. The company will use L'Oréal's investment to build tools for virtual store creation, advanced avatars, and a 3D world. Read more here.