Low volumes and a relative calm defined the crypto market this week, as the Nasdaq Crypto IndexTM (NCITM) was up 0.1%, bitcoin (BTC) dropped 0.2%, and ether (ETH) rose 0.3%. Last week, Fed chairman Jerome Powell took the stage for a panel at a conference in Washington, D.C. in which he said that rates may not need to go up much more due to credit stress.

 

 

Bitcoin addresses holding 1 BTC or more reach 1 million

 

The number of "wholecoiners," or individuals owning at least one bitcoin, reached one million. This milestone is significant for investors as it highlights the growing adoption and distribution of BTC ownership, potentially indicating a broader interest and trust in the flagship cryptocurrency.

 

Tether pledges to plow 15% of profits into Bitcoin

 

Tether, manager of the largest USD stablecoin, USDT, has pledged to allocate 15% of its profits toward purchasing BTC. This demonstrates Tether's confidence in bitcoin and its commitment to further investment in the cryptocurrency. Due to Thether’s size and relevance, this move could potentially impact the Bitcoin market and contribute to its ongoing growth and stability.

 

Apple allows Axie Infinity crypto game on the App Store

 

The blockchain-based game Axie Infinity has been approved and listed on the Apple App Store. We view this event as an important step towards mainstream adoption of blockchain gaming. The listing on Apple’s App Store opens up a broader market and user base for Axie Infinity, potentially leading to increased demand for its in-game assets and tokens, which could have a positive impact on its value and investment potential.

 

From Hashdex: Four Key Takeaways from Web Summit Rio

 

Over 20,000 participants from more than 100 countries gathered at the event, where they had the chance to connect with 700+ startups, as well as gain insights from 300+ speakers. Our CEO Marcelo Sampaio and our Head of Growth Roberta Antunes participated on the crypto panels. In this article, we share four primary insights from the event, with an emphasis on discussions related to the crypto ecosystem and crypto investors.

 

MiCA: An investor's guide to the EU’s new crypto regulations

 

Last week, the EU Parliament finalized a sweeping set of rules aimed at bringing clarity and standardization to the crypto market in Europe. The Markets in Crypto Assets (MiCA) regulation is the world’s most comprehensive regulatory framework for crypto assets created to date. Our Head of US & Europe Product, Dramane Meite, CFA wrote about this great landmark for crypto regulation.

 

For this week: 

 

President Biden will meet with US House Speaker McCarthy at the White House to discuss the country’s debt ceiling and seek to avoid a looming debt default. As for macro data, jobless claims on Thursday and PCE on Friday should provide investors with important information.

 

 

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