Weekly Market Review - November 18th

Weekly Market Review - November 18th
Njani Ruetsch - Coin.fyi

Weekly Market Review - November 18th

Weekly Market Review - November 11th to November 18th
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 11th to November 18th

📈  Weekly BTC and ETH Overview

After seeing a stark dip at the beginning of the week ($15.5k), BTC picked back up and has stayed relatively stable around $16.4K to $16.9K. As the market digest the news surrounding FTX coupled with the United States economic data showing a continuation of inflation cooling, BTC is currently trading around $16.9K, representing a +0.97% in the last 24 hours. Similarity governed by current market conditions, Ethereum saw more volatility over the last week, trading between $1.18K to $1.28K. In the last 24 hours, ETC saw some green with an increase of +1.25%, currently trading at $1.21K. 

Despite BTC slumping to a two-year low, Ethereum continues to suffer worse consequences in light of FTX's bankruptcy. In the last 7 days, BTC lost over -15.9%, and ETH sinks 14.4%, wiping approx $180 billion from the market (along with other tokens). Analysts say it paints a picture of a difficult crypto-winter for investors and holders alike.

🗞️ Top Market News 

  • FTX Group filed officially filed for bankruptcy. After almost a week of turmoil, CEO Sam Bankman-Fried resigns as he falls into the biggest destruction of wealth in crypto history. Regulators around the world including the US Department of Justice are investigating the collapse of FTX and filed a lawsuit against the company, Bankman-Fried, and celebrities who endorsed the company. Read more about the course of the lawsuit here.
  • Solana NFT protocol Metaplex announces layoffs after FTX collapse. Due to worsened market conditions, Metaplex was particularly impacted in the wake of FTX. The company wasn’t directly impacted financially, but the market conditions and reputational damage were significant. Metaplex already saw red during the bear market as its value plummeted back in September. SOL dropped a staggering 60% in value in the last two weeks also leading to the decision of the company-wide layoffs. Read more about Metaplex and Solana here.
  • Cardano node version 1.35.4 release allows cross-chain development. The new version supports the use of SECP, widely referred to as the elliptic curve. Other blockchains use this curve to implement public key cryptography, enabling Cardano secure, cross-chain dApp development. Read more about the node migration here.

🚀 New Project Developments

  • Biconomy launches Biconomy SDK, a decentralized, trustless, and non-custodial system. The web3 development platform and toolkit announces a new SDK (software development kit) that aims to transform the way developers build dApps. Features include integrative plug-and-play APIs for developers to scale their projects as well as time-saving steps such as multi-step transactions and allowing for one-click interactions. Read more about Biconomy’s SKD features here.
  • Yuga Labs secures the acquisition of Beeple’s WENEW and its flagship NFT Collection, 10KTF. The parent company behind Bored Apes Yacht Club acquires Web3 ecosystem WENEW. WENEW has established partnerships with luxury brands such as Louis Vuitton and Gucci and created their flagship NFT collection 10KTF, an interoperable digital storefront where NFT holders can mind one-of-a-kind digital wearables. The acquisition expands Yuga Lab’s portfolio. Read more about the acquisition here.
  • Nexo set to launch own non-custodial wallet - The Nexo Wallet. The all-in-one crypto platform announces the launch of its own multifunctional non-custodial wallet, allowing users to use NFTs and Ethereum Name Services to build up benefits of their self-governed web3 profile. The wallet offers sending, receiving, swapping, and storing across five blockchains; Ethereum, Polygon, Binance Smart Chain, Fantom, and Avalanche-C. Read more about The Nexo Wallet here.
  • Circle partners with Apple Pay. USDC stablecoin issuer helps crypto businesses by making payments easier through its recently announced partnership with global payment solution Apple Pay. The partnership will make it easier for retail and business users to pay in digital currency. Read more about the partnership here.

🔍 More Featured Stories…

  • Abu Dhabi’s Regulatory Authorities approve Binance’s crypto custody license. Binance secured permission to operate as a crypto custodian for institutional, moving a step forward from previously regulated crypto broker-dealer. This agreement expands Binance's presence in the UAE and a pivotal role in the company's growth. Read more about the approval here
  • Nike Launches .SWOOSH, a web3-enabled platform. The recent announcement aims to create a digital community and experience to champion athletes and the future of sports. The platform will allow for a safe and trusted space for Nike members to learn about, collect, and eventually co-create virtual creations. Read more about .SWOOSH here.
  • Rolex looking to join the Metaverse with NFT trademark filing. The luxury brand is looking to not only launch NFTs but software to facilitate auctioning of digital assets including watches, acting as somewhat of its own marketplace. Read more about Rolex’s trademark filing here.