Crypto Hebdo: Ethereum Bullish Catalyst, Troubled Meta, Tops, Flops and Outlook

The last week of July was encouraging for the cryptocurrency market. The rise was sustained despite the Fed’s rate hike and the IMF’s worsening outlook. Optimism around the arrival of Ethereum 2.0 is undoubtedly a big part of this with the long-awaited Merge scheduled for mid-September. But still, according to some experts there are changes on the stablecoins with USDC possibly overtaking USDT this year. In addition, the newspaper Le Parisien announced the sale of mythical NFTs. Finally, Meta announced its quarterly results and so far, its metaverse is still underperforming.

Ethereum: accelerator of crypto market recovery

After two very turbulent months, the crypto market seems to want to recover. They regained the symbolic bar of 1,000 billion and even allowed themselves to reach 1,123 billion dollars for the week. According to data collected by Coinmarketcap, the growth of the sector during the month of May amounted to 30.29%.

This increase observed in the market was greatly encouraged by the optimism of traders for the arrival of the migration to Ethereum that should be carried out on September 19. The price of ETH jumped more than 60% in the monthly data. The upcoming Merge allows cryptos like Lido Dao (LDO), Ethereum Classic (ETC) to explode in the market.

To learn more, read the following article:

👉: Ethereum: a catalyst in the bull market

The IMF is pessimistic for the future of crypto

While some believe the bottom of the market has been reached, an IMF note has crypto investors confused. According to the international financial authority, another crisis is approaching in the digital asset sector, due to the general decrease in global economic activities. The IMF lowered its global growth forecast to 2.9% and inflation should continue to rise.

However, we saw that after the IMF announcement, instead of collapsing, cryptocurrencies continued to rise. Bitcoin temporarily stood above $24,000 and Ethereum broke the $1,700 line. However, this news may stop the momentum of the market, especially since the Federal Reserve plans to increase the sovereign rates to 75 basis points.

To learn more, read the following article:

👉: The IMF predicted another crisis for crypto but the market is already contradicting this prediction

USDC May Outperform USDT This Year

The battle for dominance within the stablecoin universe is getting tighter and tighter as USDT loses steam and USDC continues to rise. Between April and July, the capitalization of Tether’s stablecoin fell by 21.56% while Circle rose by 16.67%.

At the beginning of the year, the dominance of USDT stood at 47.5% against 25.8% for USDC. During the month of July, the weight of the two crypto squares saw a big change. Tether’s stablecoin represented 43.8% while Circle grew to 36.3%. Based on this development, arcane experts believe that USDC will overtake USDT on October 10, 2022.

To learn more, read the following article:

👉: Here’s When USDC Will Overtake USDT

Le Parisien launches NFT collection, “Crypto-Unes”

Le Parisien plans to launch its own collection of NFT, called crypto-unes. The launch should take place in the next school year. We know that this collection of NFTs will cover the most beautiful front pages of the newspaper.

Le Parisien decided to choose the Polygon blockchain because of its scalability. Those who want to buy “cryptos-unes” have the possibility to pay in cryptocurrencies but not only. They can also buy “crypto-unes” using their bank card.

To learn more, read the following article:

👉: Le Parisien organizes the sale of its mythical front pages at NFT

So far Meta’s metaverse is a failure

On October 28, 2021, Marc Zuckerberg announced the rebranding of Facebook to Meta and from now on, the company should focus on the metaverse. The division dedicated to the company’s metaverse, which is reality laboratories, recorded serious losses in the second quarter. The numbers show an operating loss of 2.81 billion for Reality Labs. The news caused Meta’s stock to fall afterward.

When Meta’s metaverse project is struggling to deliver results, one of the industry’s biggest figures has always been pessimistic about the future of Mark Zuckerberg’s company’s metaverse. Speaking on the subject, Vitalik Buterin, co-founder of Ethereum therefore stated:

“The ‘metaverse’ will happen, but I don’t think that the current attempt by companies to deliberately create the metaverse will not go anywhere. »

To learn more, read the following article:

👉: The Meta is not helped by its metaverse

Tops and Flops: Filecoin as a good leader

The crypto market had an excellent crash this week. Many projects have achieved double digit percentage growth. We are thinking in particular of Yearn Finance, Oasis Network and Filecoin. The former saw its price increase by 70.44% to $11,323.53. The second recorded a nice increase of 72.42% in the last 7 days. The latter for its part jumped 92.43% in the weekly data.

This week, we will not present any flops as all assets have performed well in the last seven days.

Here are our top picks of the week:

Cryptos Current course Claim in 7 days
Year Finance (YFI) $11,323.56 70.44%
Oasis Network (ROSE) $0.88 72.42%
Filecoin (FIL) $0.61 92.73%
Source: CoinMarketcap

Prospect…

After a nice upward streak in the month of July, the crypto market should show stability and maintain its momentum. The first week of August will be a trying time. This will allow us to see if the cryptocurrencies have really reached the bottom during the month of June or if they are preparing for a new drop. Many analysts warn investors, however, that the current “recovery” in the crypto market may only be temporary. They fear that this increase is just a simple fake bomb.

Disclaimer

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