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Rain · Buy & Sell Bitcoin, Ethereum, and more in the Middle East

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Weekly Crypto Market Recap 14

By (Rain İçerik Ekibi - Jul 05, 7:00 PM

The past seven days were full of crucial decisions which all seem to have one thing in common, that is, facilitating the mass adoption of cryptocurrencies in one way or another. In terms of price performance, assets didn’t do the best, as most assets closed the week slightly in the red. Despite that, major tokens are still holding their important support levels, which are becoming stronger and stronger by the day.

General Market Performance

The market concluded last week with a slight dip, meaning that most major assets and small cap tokens closed in the red. This might seem negative, however, when we take a look at important support levels, it is actually quite the opposite. Bitcoin (BTC) seems to have stabilized between $19,000-20,000, which is now a relatively strong support for the asset, while Ethereum (ETH) held its $1,000 level firmly. With that said, lower prices could mean discounted buying opportunities for inventors, especially for those thinking about long-term portfolios.

Uber Eats To Accept Shiba Inu And Dogecoin As Payment 

Shiba Inu and Dogecoin holders can now pay for their Uber Eats food deliveries with their cryptocurrencies via BitPay, which is a funky utility for the two memecoins.

Indonesia To Host Coinfest Asia, The First Crypto Festival In Asia

Indonesia was chosen to host the first Coinfest Asia. The two-day event will be held in August in Bali, and aims to be a platform for crypto asset enthusiasts, industry leaders, and executives to come together and discuss the future of crypto assets and blockchain technology in Asia. 

Ethereum Average Gas Falls To Record Low 

The average Ethereum transfer fee has sunk to $2.90 per transaction, the lowest since 2020. Between January 2021 and May 2022, the average gas fee required by the Ethereum network was roughly $40, with the highest average daily gas cost of $196.638 recorded on May 1, 2021.

Mexican Senator Proposes Bill To Make Bitcoin Legal Tender

Senator of the federal congress of Mexico, Indira Kempis, has proposed a bill that, if passed, would make Bitcoin legal tender in the country and frame it in the monetary law of Mexico. Even though Kempis had presented two proposals for law change to the assembly in April of last year, neither mentioned Bitcoin nor any other decentralized digital assets.

Facebook Launches A NFT Feature For A Select Group Of US Creators. 

Facebook is rolling out an NFT feature on its platform to a select group of creators in the US. The feature will initially be open to a select group of US-based creators, similar to how the company rolled out NFTs on Instagram a month ago. Zuckerberg's Facebook post announcing the move also said the company is looking into augmented reality NFTs and 3D NFTs using the company's Spark AR software platform. 

EU Agrees On Landmark Regulation For Crypto

The new law, known as Markets in Crypto-Assets (MiCA) is the first attempt at creating a comprehensive regulatory framework for digital assets in the region. EU lawmaker Stefan Berger said the rules will “put order in the Wild West of crypto assets.”

El Salvador Purchases 80 Additional BTC At $19,000 Each 

El Salvador purchased 80 additional Bitcoins earlier last week, according to a tweet from its president Nayib Bukele. He announced the purchase of 2,381 Bitcoins since the country made bitcoin legal tender last September

Bank For International Settlements Proposes Allowing Banks To Keep 1% Of Reserves In Bitcoin

Despite its skeptical approach to digital currencies, the Bank for International Settlements (BIS) has proposed allowing banks to hold up to 1% of reserves in cryptocurrencies such as Bitcoin (BTC). In its consultative document titled “Second consultation on the prudential treatment of crypto assets,” published on June 30, the BIS’s Basel Committee on Banking Supervision (BCBS) has made the proposal for limiting banks’ total exposures to “Group 2 crypto assets to 1% of Tier 1 capital”.


Rain is a Crypto-Asset Services Provider headquartered in İstanbul. Rain provides services to its users at financial institution standards.





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