Crypto week at a glance: Deep correction in digital cart spooks investors

economictimes.indiatimes.com:

cryptocurrency market is known to go through volatile cycles of correction. This past week was one such deep correction with double-digit declines. From a technical perspective, the cryptocurrency market could be headed for a further dip. Bears are pretty active currently. Although it could seem to be a tight spot for several investors, it’s important to understand that true value creation happens during bear phases. Most of the top cryptos would be available at a discount currently. Investing in themes built around ideas could be a prudent approach forward. The largest cryptocurrency by market capitalisation, Bitcoin, climbed up in its market dominance. BTC dominance is now over 41% of the total crypto market cap of roughly $1.6 trillion.

Did you Know?

Producer, director, actor and politician Kamal Haasan is set to become the first Indian celebrity to have his own digital avatar in a metaverse

From a macroeconomic perspective, there have been multiple interesting events. In its largest acquisition ever, Microsoft is set to buy Activision Blizzard in an all-cash deal of nearly $69 billion. Activision Blizzard is the company behind the massively successful video game franchises Call of Duty, and World of Warcraft among others. Satya Nadella, Microsoft CEO, believes that gaming “will play a key role in the development of metaverse platforms”. This deal, the biggest acquisition by Microsoft so far, is set for completion in 2023. It is a massive step forward towards a global scale metaverse adoption. It was an interesting week for Sultan Gustaf Al Ghozali, a 22-year-old Indonesian university student, as he made a fortune selling almost 1,000 selfies of himself as NFTs, on OpenSea. He originally took