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

The last week of July was encouraging for the cryptocurrency market. The increase was sustained despite the Fed’s rate hike and the IMF’s bearish outlook. The optimism surrounding 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 may be changes at the top of stablecoins, with USDC possibly overtaking USDT during this year. In addition, the newspaper Le Parisien announced the sale of mythical NFTs. Finally, Meta released its quarterly results, and for now, its metaverse still fails to take off.

Ethereum: accelerator of crypto market recovery

After two very tumultuous months, the crypto market seems to be recovering. They regained the symbolic bar of 1,000 billion and even allowed themselves to reach 1,123 billion dollars during the week. According to data collected on Coinmarketcap, growth in the sector in the month of May is 30.29%.

This rise in the market was largely driven by traders’ optimism for the arrival of the Ethereum migration, which was to be held on September 19. ETH price increased more than 60% in monthly data. The impending merger has allowed cryptos like Lido Dao (LDO), Ethereum Classic (ETC) to explode in the market.

To learn more, read the following article:

👉: Ethereum: a bull market catalyst

IMF pessimistic about the future of crypto

While some believed that the bottom of the market had already been reached, an IMF note sent crypto investors into a tizzy. According to the International Monetary Authority, another crisis is approaching the digital asset sector due to the overall slowdown in global economic activities. The IMF lowered its global growth forecast to 2.9% and inflation should continue to rise.

However, we see that after the IMF announcement, instead of collapsing, cryptocurrencies continue to rise. Bitcoin temporarily stood above $24,000 and Ethereum broke the $1,700 line. However, this news could have halted the market’s momentum, especially since the Federal Reserve is planning to raise Treasury rates by 75 basis points.

To learn more, read the following article:

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

USDC could overtake USDT this year

The battle for dominance in the stablecoin universe is getting tighter and tighter as USDT loses steam and USDC steadily rises. Between April and July, the capitalization of the Tethers stablecoin fell by 21.56%, while that of Circle increased by 16.67%.

If USDT’s dominance at the beginning of the year was 47.5% against 25.8% for USDC. During the month of July, the weight of the two crypto stables experienced a major reversal. Tethers stablecoin represents 43.8%, while Circles has grown to 36.3%. Based on this development, mystery experts believe that USDC will overtake USDT by 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 NFT collection, called crypto-unes. The launch is to take place during the next school year. We learn that this collection of NFTs will cover the most legendary covers of the paper.

Le Parisien decided to choose the Polygon blockchain because of its scalability. Those who would like to buy “cryptos-unes” will have the option to pay in cryptocurrencies, but not only. They can also buy “crypto-uns” with their bank card.

To learn more, read the following article:

👉: Le Parisien organizes the sale of its mythical covers in NFT

So far, Meta’s metaverse is a failure

On October 28, 2021, Marc Zuckerberg announced the rebranding of Facebook into Meta, and from now on the company would focus on the metaverse. The division dedicated to the company’s metaverse, namely reality labs, recorded severe losses in the second quarter. The figures show an operating loss of DKK 2.81 billion for Reality Labs. The news caused the Meta share to plummet afterwards.

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

“The metaverse is going to happen, but I don’t think the current attempts by companies to intentionally create the metaverse will get anywhere.”

To learn more, read the following article:

👉: Meta not helped by his metaverse

Tops and Flops: Filecoin as a good manager

The crypto market had a very nice breakthrough this week. Several projects achieved double-digit percentage growth. We are particularly thinking of Yearn Finance, Oasis Network and Filecoin. The first saw its price increase by 70.44% to $11,323.53. The other registered a nice increase of 72.42% in the last 7 days. The latter, for its part, jumped 92.43% in weekly data.

This week we will not feature any flops because all the assets have performed well over the past seven days.

Here are our top picks of the week:

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

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After a nice upward streak in the month of July, the crypto market needs to show resilience and continue its momentum. The first week of August will be a trying time. It will allow us to see if the cryptocurrencies really bottomed out during the month of June or if they will prepare for another decline. However, many analysts have warned investors that the current “recovery” in the crypto market may only be temporary. They fear that this increase is just a simple pump fake.

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