Bitcoin Completes Unprecedented Turnaround; Short-term Positivity Creeps In
Over the last few weeks, the market outlook had been rather bleak; Bitcoin had given up hard-fought ground and tumbled to $19,600 near the end of August, and further downside at the start of last week didn’t help.
However, it was an impressive turnaround as BTC launched itself from the multi-week support zone near $18,900 and closed last week at $21,835. At the time of writing, Bitcoin trades at $22,400.
With the Merge set to take place on Sep. 15 and new CPI data due on Sep. 13, all that remains to be seen is how Bitcoin handles the storm. At the moment, BTC needs to tackle resistance at $23,375 (200WMA) before any potential middle-term upside.
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CRYPTO NEWS WEEKLY ROUNDUP:
Sony Music Signals Intentions to Utilize NFT Tech
Music behemoth Sony Music filed a trademark application that covers ”audio and video recordings featuring live musical performances authenticated by NFTs,” to the United States Patent and Trademark Office (USPTO).
The application is filed under the Columbia Records logo, with plans to use it for NFT-backed Media, Music and Podcast Production, and Artist Management, among other things, according to trademark attorney Mike Kondoudis.
Economic Secretary Commits to Making the UK a ”Dominant Global Hub” for Crypto
In a parliamentary debate last week, Richard Fuller, the Economic Secretary to the Treasury, signaled that the government wants the UK to be a global hub for crypto technologies.
”We want to become the country of choice for those looking to create, innovate and build in the crypto space,” added Fuller. ”The U.K. can either be a spectator as this technology transforms aspects of life, or we can become the best place in the world to start and scale crypto technologies.”
Under newly-elected Prime Minister Liz Truss, the UK government also plans to move forward with the Financial Services and Markets Bill, legislation that will establish a regulatory framework for stablecoins.
$14.2B Invested in Crypto in the First Half of 2022 Despite Downturn: KPMG Report
Big Four accounting firm KPMG published a report last week that highlighted a significant fact: VCs poured $14.2 billion into crypto across 725 deals in the first half of 2022.
These figures are already more than double the figures of all years prior to 2021, and they compare well to 2021 figures too. The report claimed that these numbers highlight the ”growing maturity of the space.”
However, the report also suggests that over-investment during this period combined with rising inflation, interest rates, and geopolitical conflicts would bring about a slowdown in crypto investments, especially in organizations offering coins, tokens, and NFTs.