Weekly Review of the Crypto Market (Aug 1 – Aug 7, 2022)

The first week of August was great for the crypto finance space as most digital assets made efforts to stay above certain resistance levels.

Others made significant gains due to new exchange listings, staking offerings, and adoption by mainstream institutions as payment methods.

ApeCoin (APE) listed by Gucci

On Tuesday, August 2, Gucci announced via its official Twitter handle that the novel token of the ApeCoin ecosystem, APE has been added to its methods of payments.

“Now accepting ApeCoin payments via BitPay, select Gucci boutiques in the USA expand the range of cryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3″, Gucci tweeted.

As one of the most patronized cryptocurrencies in the market today, APE benefited massively from this new partnership. APE opened on Monday, August 1, with a trading price of $6.72, reached a weekly high of $7.68, tested a weekly low of $6.23, and was exchanging hands for $7.47 at 1100 UTC on Sunday, August 7, according to CoinMarketCap data.

Overall, Gucci’s adoption of the token led to a spike of 11%.

Sygnum Bank expanded bank-grade staking with Cardano (ADA)

Swiss-based Sygnum Bank, the world’s first digital asset bank announced on Tuesday, August 2, that it has added Cardano (ADA) to its growing bank-grade staking portfolio. Aside from Cardano, other Proof-of-Stake (POS) protocols such as Tezos, Internet Protocol, and Ethereum were also a part of the bank’s portfolio.

Staking is the process whereby digital assets are locked for a specific period to help validate transactions on a POS network.

Responding to the new partnership, the Chief Executive Officer (CEO) of the Cardano Foundation, Frederik Gregaard said, “This new offering allows Sygnum’s clients to participate in our ecosystem, where they enjoy a risk-free staking experience without having to transfer the asset nor lock it.”

“As institutional adoption of digital assets continues to ramp up, demand for the ability to earn rewards alongside upside from the underlying protocols also continues to rise. Sygnum’s bank-grade staking offering, now including Cardano, offers our clients a broad selection of investment opportunities backed by the security and peace of mind of a regulated bank”, Thomas Eichenberger, Head of Business Units at Sygnum Bank.

During the week, Charles Hoskinson used his official YouTube channel to assure stakeholders of Cardano that there wouldn’t be any further delays in the upcoming Vasil hardfork. This upgrade will make the protocol more scalable and efficient at processing more transactions.

Aside from these, the number of smart contracts on Cardano surpassed the 3,000 mark on Monday, August 1, per data from Cardano Blockchain Insights.

There are 12 decentralized applications (dApps) being tracked daily by DeFiLlama (an online portal for tracking total value locked).

The improvement in smart contracts will see Cardano compete with Ethereum, Binance Smart Chain, TRON, and others for a fair share of the decentralized finance market in the future.

Otherdeed Quickest to Surpass $1 Billion in Sales

Otherdeed from the Otherside Metaverse by Yuga Labs (the same developer behind the Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club) became the quickest NFT project to generate more than $1 billion in sales, per data from CryptoSlam.

Much of the sales came from May when more than $940 million was generated after the project’s launch on April 30.

Despite the steep decline in volume across the board and a decreased investor appetite for non-fungible tokens (NFTs), Otherdeed still saw more than $30 million in volume in June and July.

Overall, more than 26,000 unique buyers have purchased some land deeds in the Otherside Metaverse.

Oxford City accepts Bitcoin

On Wednesday, August 3, Bitcoin was adopted by a mainstream organization called Oxford City. “Oxford City Football Club Partner with CoinCorner to Accept Bitcoin. Oxford City FC is the first National League football club to accept Bitcoin and Lightning payments, in a partnership with CoinCorner”, according to CoinCorner’s tweet on August 3.

This multi-year partnership will allow supporters to buy food and drink as well as purchase matchday tickets inside the club’s stadium. Bitcoin is seen as another alternative to bank cards and traditional cash (paper money).

“More than 3.3 million people living in the UK now own Bitcoin ― an increase of approximately one million people in the last year alone”, said Justin Merritt, Director of Football at Oxford City FC.

Although every fan doesn’t need to use BTC as a medium of payment, the new milestone bodes well for the mainstream acceptance of the coin in the long term.

Around $86 Million in NFTs Stolen

Non-Fungible Tokens (NFTs) have become an integral part of decentralized investing. Unfortunately, more than $86 billion worth of digital collectibles has been stolen, according to Rebecca Moody, Head of Data Research at Comparitech on Friday, August 5.

Among the biggest heists, Lympo, sports-based NFT and subsidiary of Animoca Brands topped the list with approximately $18.7 million stolen. Others such as Farmers World, BAYC, and DragonSB Finance saw at least $10 million stolen.

With that said, NFT marketplace OpenSea, TopGoal, The Shifters, Alethea AI, Moonbirds, and Omni have all lost below $10 million worth of digital collectibles.

Catholic Church accepts crypto as Donations

Engiven, an enterprise donation platform for non-profit organizations, announced that the Catholic Church in Washington DC is sourcing their portal for crypto donations.

“Engiven is proud to partner with The Roman Catholic Archdiocese of Washington”, according to a tweet on Tuesday, August 2.

Many NGOs trust Engiven because they offer second-to-none security, unparalleled features, customization, and world-class support.

“Engiven is helping us to fulfill the mission of the Church by providing an advanced, yet easy to use, cryptocurrency donation platform with the flexibility for the faithful to support more than 300 parishes, schools, and ministries in the greater Washington, DC region”, Joseph Gillmer, Executive Director of Development.

Members can now use a range of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and others to donate to the church.

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