Crypto Markets Surge | Crypto Weekly Brew #015
In news making headlines this week, Bitcoin and ETH drive the surge in the crypto markets, we have passed the 1st anniversary since FTX halted their platform and Immutable plans to be the pioneer of web3 gaming. Read on to get more insight.
Bitcoin and Ether Surge Amid ETF Excitement
The buzz around ETFs with BlackRock’s announcement of a spot ETH ETF aligns with their release of Ethereum Futures ETFs as they seek approval for a Bitcoin ETF from the SEC. Bitcoin and Ether have experienced a bullish week in the market with significant gains driven by the excitement surrounding ETF developments. Bitcoin saw a rise of 6% reaching, around $37400. Ether's breakthrough above the $2100 level, which has not been seen since April contributed to its gain of 10%.
Celsius' Bankruptcy Exit
Celsius has faced difficulties and filed for bankruptcy during the cryptocurrency market downturn last summer and has received approval for their restructuring plan and is now primed for bankruptcy exit. Fahrenheit LLC will take over the business with a focus on Bitcoin mining. The plan which was endorsed by creditors in September could potentially result in up to 85% of holdings being returned to customers.
HSBC's Custody Services
In another development, HSBC announced its plans to offer custody services for assets through a partnership with Medico—a custody firm recently acquired by Ripple. This move comes as asset managers and owners increasingly seek custody solutions for their crypto assets. This will become increasingly important especially as the past week was the 1st anniversary of FTX’s decision to halt withdrawals and the subsequent fraudulent activities that have become known. For crypto to generate mainstream adoption and appeal to all generations (especially boomers), having a safe way to store crypto safely will be key. This was echoed by Gary Gensler, Chair of the Securities and Exchange Commission (SEC) who provided insights, on FTX emphasizing the significance of adhering to requirements and ensuring transparent communication within the cryptocurrency industry.
Immutable Vision for Web3 Gaming
Robbie Ferguson, one of the co-founders and the President of Immutable has outlined their vision for web3 gaming. Immutable, a company with a valuation of $2.5 billion aims to bring about a change in the ownership of in-game items by utilizing NFTs. With over 150 games on their platform and close to $1 billion in investments, they are focused on creating a to-use experience for gamers. This will enable them to trade, sell and make use of in-game items.
Ferguson has emphasized some challenges that web3 gaming faces including difficulties with getting consumers onboarded onto platforms, content creation hurdles and scalability issues. Immutable has devised solutions such as the Immutable Passport which simplifies user onboarding processes. They have also formed a partnership with Polygon and Ubisoft to solidify their position as market leaders. Ferguson believes that having game releases is crucial for driving adoption rates. Looking ahead to 2024, Ferguson predicts an increase in the adoption of web3 gaming driven by game releases enhanced user experiences and industry consolidation. Immutable aims to become an API platform for Stripe making it easier for developers to build without getting bogged down by smart contract development processes.
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