Weekly Market Review - November 11th

Weekly Market Review - November 11th
Njani Ruetsch - Coin.fyi
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Weekly Market Review - November 11th

Weekly Market Review - November 7th to November 11th
 
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 November 7th to November 11th

 

📈  Weekly BTC and ETH Overview

Bitcoin (BTC) and Ethereum (ETC), along with most tokens saw extreme volatility this week and particularly in the last 72 hours after the FTX news this Tuesday. Reaching its peak at approx. $21K on the 5th of November, and its low of approx $15.8K on Wednesday 9th of November. Favorable CPI results on Thursday 10th of Nov. provided temporary relief with a bounce to approx 17.6K. As of Friday 11th of Nov. we are still experiencing extreme volatility mainly due to FTX now filing for bankruptcy which will most likely lead to many further liquidations.

Though some traders and crypto experts might have been bullish at the beginning of November, the news from FTX's recent liquidity crunch, followed by Binance’s non-binding acquisition intent brought the whole market back to the early 2021-2022 bear days. Coupled with FTX’s recent troubles, the US presidential midterms saw voters opt for and against candidates with widely different views on pro-crypto regulation, potentially also another factor affecting the price of the whole crypto market.  

 

🗞️ Top Market News 

  • FTX liquidity crunch leads to Binance non binding LOI subsequently pulling out of a potential bailout.  Rumors quickly spread like wildfire further to the leak of Alameda Research’s balance sheet holding mainly FTT tokens issued by FTX. The financial stability of Sam Bankman-Fried’s multi billion crypto empire has been heavily exacerbated, leading the FTX founder to lose almost 94% of his total fortune. After the news, Binance CEO CZ announced the possibility of a takeover following a DD by his team. 24 Hours later the DD results proved to be insufficient leading to a collapse of this bailout. The crypto market has heavily paid the consequences following this news, and many investors are also starting to doubt their contributions within their crypto investments. Read more here.
  • Google Cloud becomes a Solana validator. The cloud computing service will bring its Blockchain Node Engine to Solana in 2023, announced at the Solana conference in Lisbon last week. The move will make it easier for the Solana developer ecosystem to access historical data and Google Cloud aims to bring a credits program and enable Solana with up to $100,000 cloud credits. Read more about this partnership here
  • Meta is preparing for large layoff - estimated to affect 11,000 employees this week. As part of a wider strategy to refocus the business, Meta is undergoing a large workforce layoff of almost 13%. This will drastically impact costs, aiming to maintain the costs and investments in the metaverse initiatives. Read more here.


 

🚀 New Project Developments

  • Binance Custody announced it will integrate NEAR protocol. This development aims to provide secure custody for growing NEAR protocol’s layer one ecosystem native token (NEP-141). Both parties hope this will enable more people to build in a secure, fast, and seamless matter and will allow the protocol to reach its full potential. Read more here.
  • Solana Mobile collaborates with Ledger to enhance more secure features. After the Solana conference last week, Solana Mobile’s collaboration with Ledger was announced, aiming to bring security to the ecosystem and provide a suite of integrations to better support and protect private keys and against bad internet actors. Read more here.
  • Bitcoin wallet integrates Polygon unlocking thousands of dApps. Bitcoin and the self custodial web3 wallet, Polygon will no enable to trade ERC-20 tokens via Polygon and allow for direct interactions with almost 37,000 decentralized apps (dApps), including blue-chip projects such as Aave, Uniswap, and Opensea. Read more here.

🔍 More Featured Stories

  • Binance launches Football Fever 2022 in anticipation of the FiFa World Cup. The initiative will give football gans the chance to wn limited edition NFTs, premium experiences like player meet and greets, plus a share of $1 million in tokens. The competition will take place online and last until the first week of December. Read more here.
  • Circle aims to bring Euro Coin and cross-chain transfer to Solana in early 2023. Following many other announcements, Solana announced, Circle, issuer for USD Coin (USDC) and Euro Coin, plans to expand the Euro Coin to access its new permissionless cross-chain infrastructure. Read more here.