Crypto.com Massive Rally, Future of Metaverse and much more..
Good Morning FinTech, 19 November
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Let’s look at the market for the week, Bitcoin and Ethereum had a nice dip which gave another chance for all the investors to dollar cost average.
Crypto.com Coin Price Jumps 30%, Hits All-Time High After Lakers Arena Deal
The exchange bought naming rights to the Staples Center for the next two decades.
The price of crypto.com Coin (CRO) has risen over 30% in the last 24 hours and has hit an all-time high That beats CRO's previous record of $0.50 set on November 15. The coin's price has tripled in the past month, thanks in part to rival exchange Coinbase making CRO available for trading.
The Singapore-based exchange's $700 million deal to purchase naming rights to the Staples Center, announced last night, has accelerated the exchange-based coin's upward trajectory.
This project was recently covered on Patreon when it was at $0.2, we have seen a rally of more than 130% since then, take a look :)
‘No Company Can Own’ the Metaverse, Says Epic Games CEO
The Fortnite maker sees the metaverse as a “multi-trillion-dollar” opportunity as CEO Tim Sweeney pushes back against centralized control.
Epic Games CEO Tim Sweeney said this week that “no company can own” the metaverse, a projected future vision of the internet.
Sweeney sees a “multi-trillion-dollar” opportunity in the space, which Facebook and many crypto startups are also exploring.
However, there is one solid company working in the metaverse space in 3D scanning and modeling technology, check my detailed analysis of this solid company here:
US lawmakers introduce bill to ‘fix’ crypto reporting requirement from infrastructure law
The bill proposes pushing back the mandated reporting requirements to 2026 as well as changing the definition of broker.
A bipartisan group of United States lawmakers has introduced legislation to change the tax reporting requirements that will go into effect due to the recently signed infrastructure bill.
House Representatives Patrick McHenry and Tim Ryan introduced the Keep Innovation in America Act, which would change the definition of a broker as defined in HR 3684, the bipartisan infrastructure bill signed into law by President Joe Biden on Monday. The bill proposes pushing back the mandated reporting requirements — which includes that digital asset transactions worth more than $10,000 must be declared to the Internal Revenue Service — from 2024 to 2026.
Sales of Nvidia's Crypto Mining Cards Dropped by 60% in Q3
Revenue from Nvidia's crypto mining products fell from $266 million in Q2 to $105 million in Q3, according to the company's latest earnings report.
Graphics card manufacturer Nvidia launched a dedicated line of Crypto Mining Processor (CMP) cards at the start of the year—but sales of CMPs have slumped by 60% in the last quarter.
Sales revenue from Nvidia's crypto mining products dropped from $266 million in the second quarter of the year to $105 million in the third quarter, according to the company's Q3 earnings report.
Nvidia launched the CMP in response to the use of its graphics cards for mining cryptocurrencies such as Ethereum. With its core audience of PC gamers up in arms over GPU supply shortages, Nvidia attempted to make its graphics cards "less desirable" to crypto miners by throttling the cards' hash rates.
PC gamers may not have to wait long before miners move on, in any case. Ethereum, one of the main cryptocurrencies mined on GPUs, is moving from a proof of work consensus mechanism secured by miners, to a proof of stake model with its forthcoming Ethereum 2.0 upgrade.
Airdrop rumors result in a swarm of activity on MetaMask Swap and Polygon
Airdrop hunters flocked to MetaMask Swap and the Polygon network in an effort to qualify for a possible token distribution from the popular cryptocurrency wallet provider.
Five- to six-figure-size airdrops have become the new norm in the crypto sector, and a growing number of analysts believe there are more to come. In September, dYdX distributed a massive airdrop to early users, and last week, the Ethereum Name Service gave out roughly $17,000 to $30,000 in ENS tokens to platform users. Anticipation of additional “helicopter money” has also led to a flurry of airdrop hunters seeking out the next big score.
The mad dash to engage with protocols and qualify for possible token drops led to an uptick in activity on Polygon, a popular layer-two platform, and MetaMask. Since last week, rumors that MetaMask may release its own token have been circulating, and this is reflected in the increased engagement on MetaMask Swap.
High Ethereum fees have push airdrop hunters to Polygon
BTC-Technical Analysis
Immediate structure support: $55k-$53.5k
Immediate structure Resistance: $60k-$63k
Secondary support and resistance as per diagram
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.