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Weekly Wrap: Ethereum leading the recovery

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Crypto markets recover and ETH leads the pack

Most major cryptocurrencies saw a notable hike in price during the week, especially on Thursday, with a push of the less-than-expected inflation data from the US, and the stock market’s positive reaction.

Cryptocurrencies overall market cap stood at $1.14 trillion, while Ethereum led the pack with an over 13% increase in price on a weekly basis, reaching an all-month high of $1,941 on Thursday. Meanwhile, Bitcoin ended the week’s fluctuations around the $24K mark, with an over 3.4% increase in price, achieving an all-week high of 24,881 on Thursday.

The market moved most quickly on Thursday evening, right after the reveal that the US consumer price rate was up in July by 8.5% year-over-year, which is below the previously expected 8.7%. This has led to speculations around a lower increase in interest rates by the Federal Reserve at the upcoming meeting in September.


Uniswap DAO proposes an independent foundation

Uniswap DAO is considering the creation of an independent Uniswap Foundation, which would work alongside Uniswap Labs in supporting the protocol’s growth. A proposal was submitted in the Uniswap governance forum to create the independent foundation, whose goal would be to support the protocol’s growth, reinvigorate its governance process, and advocate for the decentralized exchange protocol.

Circle to support Ethereum’s PoS after the merge

Circle, the issuer of USD Coin (USDC), pledged to support Ethereum’s proof-of-stake chain after the merge is complete. According to the Circle team, USDC as an Ethereum asset can only exist as a single valid version. Currently, USDC is both the largest dollar-backed stablecoin issued on Ethereum and the largest ERC-20 asset overall, with over $45 billion in market capitalization residing in the ecosystem.

Market Moves

Polkadot back to the major league

Polkadot has made it back to the top 10 cryptocurrencies by market capitalisation. After a strong weekly rally, Polkadot has overtaken Dogecoin in market capitalization, with a market cap of over 10 billion to become the 10th largest crypto by market cap with an over 10.5% gains this week, reaching an all-week-high of $35.41 on Thursday.

NEAR Protocol steady above $5

Last week has been a pleasant one for NEAR Protocol investors, as it gained more than 27% while keeping a steady position above the $5 mark. Last Monday, NEAR released the JavaScript Software Development Kit (JS SDK), which will help millions of traditional JavaScript developers “build fast, scalable, and user-friendly decentralized applications”.


Real Madrid and FC Barcelona join forces in Web3

Football rivals FC Barcelona and Real Madrid came together to register a trademark covering cryptocurrency transactions, and web3 and metaverse offerings. The trademark application was submitted to the United States Patent and Trademark Office. The attorney overseeing the application tweeted saying the trademark application covers virtual reality gaming, virtual clothing, footwear and headgear, as well as crypto transactions management software.

Asset manager BlackRock launches Bitcoin trust

New York-based investment management company, BlackRock, launched on Thursday a private trust offering its clients direct exposure to Bitcoin. The trust will be available to US institutional clients and seeks to track the performance of Bitcoin, which is “currently the primary subject of interest from our clients within the cryptoasset space”, the announcement blog post says.

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