Mark Tencaten - Some positive news that can reverse the bearish trend of the crypto market

According to Mark Tencatan, cryptocurrency has remained gloomy for all financial markets. Data on US CPI inflation that was higher than anticipated have rekindled concerns that interest rate increases will continue to dominate the world economy. Last month, Bitcoin (BTC) lost more than 6% of its value and could not sustain support at $22,000 despite successfully breaking over the level in the middle of the week. Bitcoin is still consolidating at the $19,400–$20,100 price range, which has served as support for several months. There is a chance that Bitcoin will regain $22,000 if markets recover the losses in the coming weeks.

Mark Tencaten claims that the culmination of Ethereum's (ETH) Merge last month, which means the network will no longer depend on a proof-of-work (PoW) consensus protocol, was a historic day for the cryptocurrency industry. Ethereum, the second-most valuable cryptocurrency in the world, just finished a significant software upgrade that promised enormous environmental advantages. The Merge would cut Ethereum's energy use by about 99 percent.

After the Merge, Ethereum saw a sell-off incident that caused a decrease of around 18% last month. This can be linked to short-term investors who purchased Ethereum in advance of the event in order to capitalize on the favorable momentum and buy new forked coins. They traded their positions as soon as they realized their goals. The total value of the cryptocurrency market has fallen below $1 trillion.

As per Mark Tencaten, investors in the Bitcoin and cryptocurrency markets expected September to be a difficult month as they waited for the market to reach its final bottom. Investors look forward to new adoption trends and other significant stories for some positive trends in the cryptocurrency market as this bear market unfolds.

Several positive news stories were mentioned by Mark Tencaten that could change the cryptocurrency's bearish trend and induce investors to invest in it.

1.    The Norwegian central Bank uses Ethereum to create a digital currency. The central Bank of Norway has made a big advancement in the promotion of digital currencies with the release of the open-source coding for the CBDC sandbox, the country's central Bank's digital currency.

With the help of the Sandbox, users will be able to interact with the test network and use functions like ERC-20 token creation, burning, and transfer. Only those with the required credentials have private access to the most recent version of the code. The Bank added that Ethereum is anticipated to offer the fundamental infrastructure for the creation, circulation, and elimination of digital central bank currency.

 

2.     BNB Chain has collaborated with Google Cloud to enhance Web 3.0 and blockchain Initiatives to support Web 3.0 and blockchain developments. More than 1,300 active BNB Chain-based decentralized apps will be able to leverage the tools and infrastructure provided by both platforms thanks to the collaboration (DApps). Additionally, the alliance will make it easier for specialized Web 3.0 builders from the BNB Chain ecosystem to gain access to the Google company for Startups Cloud Program.

 

3.    Puma's debut Metaverse event focuses on NFT sneakers. Sportswear Company Puma has announced the launch of "Black Station," the first-ever immersive metaverse experience, which will include limited-edition redeeming physical sneakers and rare non-fungible tokens (NFTs). With Puma Black Station, clients will have access to a dynamic and interactive platform via which they can explore the brand's future.

 

Following Adidas, Puma is the most recent manufacturer of athletic apparel to provide digital collectibles. Puma joined the Web 3.0 realm earlier with Puma footwear that football player Sergio Aguero wore in a commercial promotion with Manchester City football club.

 

4.    Starbucks will soon launch a loyalty program based on NFT. Starbucks will use Polygon's blockchain technology to roll out an NFT-based rewards program. Starbucks announced Starbucks Odyssey, the latest Web 3.0-enabled experience to give Starbucks Rewards members access to the latest perks and interactive coffee experiences.

 

5.    DBS joins the metaverse as the first Singaporean Bank. The Sandbox and DBS collaborated to create the metaverse experience known as DBS BetterWorld. The Sandbox is an Ethereum-based decentralized virtual gaming platform. This collaboration aims to develop DBS BetterWorld, an engaging metaverse experience that emphasizes the significance of developing a better, more sustainable future and invites others to participate.

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