Crypto Trends Weekly July 23 – 29

    01 Aug 2022

    Breaking crypto news from the last week (July 23 – 29, 2022):

    July 23: Moonbeam, a smart contract parachain on Polkadot, announced a partnership with Cosmos-based decentralized exchange Osmosis to enable cross-chain token swaps between the Polkadot and Cosmos ecosystems.

    July 25: Digital asset exchange Bitfinex and Tether, the project behind the troubled USDT stablecoin, have joined forces with peer-to-peer (P2P) protocol Hypercore to roll out a blockchain-powered video calling app Keet. The app, which represents a decentralized alternative to popular centralized communication apps such as WhatsApp and Zoom, is built on a fully encrypted platform for building P2P applications, Holepunch.

    July 26: The Dubai Police announced that it plans to roll out the 2nd edition of its NFT collection during the Gulf Information Technology Expo (GITEX) 2022, which will be held between 10-14 October 2022. In this edition, the force will give out 150 free NFTs in a raffle draw, while about 23 million people showed interest in owning the previous edition of the NFT collection.

    July 27: The Federal Reserve has hiked interest rates by another 75 basis points. This comes after inflation in the US had hit a 40-year high of 9.1% in June. The crypto market has rallied in response, despite the Fed’s repeated rate hikes promoting concerns of a recession.

    July 28: Crypto venture investment firm Variant has raised $450 million across two new funds targeting the Web3 and decentralized finance market, which include $300 million for a so-called opportunity fund and $150 million to invest in nascent startups.

    July 29: The International Monetary Fund (IMF) director Tobias Adrian has warned of further selloffs in crypto assets and equities. He also expects crypto to drop even more amid a recession.

    FTX, a Bahamas-based crypto exchange, has received approval to operate as an exchange and clearinghouse in Dubai. The company will build a headquarters in Dubai through a subsidiary. Also, FTX subsidiary operating in Europe and the Middle East will facilitate product offerings in the region.

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