Crypto Week At A Glance: Bitcoin range-bound at $19K as US CPI data sparks volatility

BTC has dropped nearly 2% this week and failed to test psychological resistance at $20,000. As the US CPI data released this week, a sharp selloff to $18,300 levels ensured that, but the asset recovered over the next day. BTC continues to consolidate in the range of $18,500-$19,500, which has been held as support for months now.

The total crypto market cap is now near $900 billion. The market will likely be range bound till November 2, the day the US Fed announces another interest rate hike. Occasional rallies to the upside can occur, however. Macroeconomic conditions globally, including the possible collapse of a major bank (Credit Suisse or Deutsche Bank), can spook the markets in the short term.

As this bear market plays out, we look at some positives in terms of adoption and other top stories of the week:

Google partners with Coinbase to bring crypto payments to cloud services
Tech giant Google has partnered with Coinbase to allow users to pay for cloud services using cryptocurrencies early next year.

As part of the partnership, Google Cloud will enable select customers, starting with those in the Web 3.0 ecosystem, to pay for its cloud services via select cryptocurrencies. With this, a select group of customers will now be able to make payments with Bitcoin, Ether, and Dogecoin.

Google Cloud has been making strides to increase its visibility in the Web 3.0 space and recently announced that it would establish a complete internal team devoted to digital assets.

JPMorgan, Visa team up for international blockchain payments
Payment giants JPMorgan and Visa are collaborating to make it easier to use their private blockchain technologies, Liink and B2B Connect, to enable international transactions.

According to reports, Liink, a network specifically created for international transactions, is provided by JPMorgan under the bank’s blockchain and payments initiative, Onyx. Institutions can share financial data and validate transactions using a platform by Onyx.

Visa’s B2B Connect is a similar network to Liink that was built for institutional grade use and has now been integrated with Onyx’s Confirm. Confirm is an account-information validation product and assures that transacting parties provide authentic identities and valid information.

TRON becomes legal tender in Dominica
Blockchain network Tron has signed an agreement with the government of Dominica to make Tron-native tokens authorized digital currency in the Caribbean Island. The government may accept Tron governance tokens such as TRX, BTT, and JST, as well as stablecoins pegged to the US dollar on Tron’s TRC20 protocol, such as USDT and USD, as payment for public services, including tax payments.

As part of the government of Dominica’s effort to integrate blockchain innovation into its economy, Tron will issue a fan token dubbed “Dominica Coin.” Businesses are also urged to receive Tron-native tokens for their services.

Dominica’s Prime Minister Roosevelt Skerrit said that the move would help the nation build a more inclusive and diversified economy.

Microsoft, Meta partner to deliver immersive experiences
Tech giants Meta and Microsoft have partnered to integrate a range of Microsoft Office 365 products into Meta’s virtual reality (VR) platform, aiming to entice companies into working in virtual environments.

Microsoft Teams is set to integrate with Quest devices, and Microsoft will offer a way to stream Windows apps to Meta’s headsets. Microsoft’s game streaming service will also eventually be available on Quest devices.

Microsoft productivity applications such as Word,

, PowerPoint, Outlook, and SharePoint will also be available within Meta’s VR. Microsoft Teams will also be cross-compatible with Meta’s VR space for business meetings called Horizon Workrooms.

Polygon launches zkEVM public testnet
Ethereum scaling platform Polygon (MATIC) has announced the launch of Polygon zkEVM Public Testnet, an “Ethereum-equivalent” ecosystem with cross-compatibility to existing smart contracts, developer tools, and wallets. Zero-knowledge Ethereum Virtual Machine (zkEVM) is a layer-2 construction on top of Ethereum that aims to enhance scalability through mass transfer processing rolled into a single transaction.

With the public testnet going live, some of the biggest decentralized finance platforms, including Aave and Uniswap, as well as Web 3.0 social platform Lens, will be among the first protocols to make use of the zkEVM testnet.

With the introduction of this technology, Polygon is hoping to become the chief scalable system for Ethereum.

Middle East’s Nasdaq Dubai to list physical Bitcoin ETP
Crypto investment product firm 21Shares has launched a physical Bitcoin exchange-traded-product (ETP) in the Middle East that is set to be listed on the Nasdaq Dubai.

21Shares’ expansion into the UAE is a major milestone in the company’s international growth. Including Nasdaq Dubai, the firm now offers over 46 products listed across 12 exchanges in seven different countries.

21Shares is not the only firm that listed crypto investment products on Nasdaq Dubai. Last year, Canadian investment fund manager 3iQ listed a Bitcoin ETP on Nasdaq Dubai.

Top 5 gainers of the week (as of 7.00 hours IST on October 16, 2022)
-Huobi Token (HT): 72.52%

-Terra Classic USD (USTC): 41.7%

-Quant (QNT): 21.1%

-Casper (CSPR): 13.2%

-Ethereum Name Service (ENS): 12.1%

Top 5 losers of the week (as of 7.00 hours IST on October 16, 2022)
-Klaytn (KLAY): 23.1% down

-Near Protocol (NEAR): 15.4% down

-Ethereum Classic (ETC): 14.8% down

-Internet Computer (ICP): 14.3% down

-Ravencoin (RVN): 13.4 down

Note: The study includes only top-100 cryptocurrencies in terms of market capitalization listed on the source of data, that is, Coinmarketcap.

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