What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, along with engaging background reports, concisely summarized in the weekly review.
Selected articles of the week:
Last weekend, Republican presidential candidate Donald Trump narrowly escaped a fatal gunshot at a rally in Pennsylvania. His immediate reaction created an iconic image of a raised fist, traces of blood on his face and a waving American flag. The odds of victory skyrocketed. And Bitcoin followed suit. This is because Trump has clearly positioned himself as pro-crypto and promises the industry a more favourable regulatory environment. His running mate has held Bitcoin in his personal investment portfolio since 2021.
After Trump’s bold response to his failed assassination attempt, bitcoin experienced its strongest price increase in three weeks.
Wall Street buys the “dip”
More than ten years after the crypto exchange Mt Gox filed for insolvency, former customers received a portion of the eight billion USD in Bitcoin for the first time in recent weeks. At the same time, the German Federal Criminal Police Office (BKA) sold three billion USD in confiscated Bitcoin from the Movie2K case. The market reacted with uncertainty and forced extensive selling of leveraged derivative positions. Bitcoin (BTC) fell below USD 53,600. However, investors from the traditional financial world immediately jumped in and allocated further funds via Bitcoin ETFs. Within two weeks, over USD 2 billion has flowed into the products.
After a sharp drop in Bitcoin’s price, ETF investors took the advantage by buying nearly $2 billion in Bitcoin despite market volatility.
NFTs are dead, or aren’t they?
Just like cryptocurrencies, non-fungible tokens (NFTs) experienced an impressive upward trend after 2020, followed by a sharp downturn in the following two years. Similarly, NFTs have already been declared “dead” by various groups. However, a closer look at the current state of the NFT market shows that both prices and user numbers are stabilising. While unsustainable projects are struggling, others have been able to consolidate their communities. A look at the leading collections.
Do non-fungible tokens (NFTs) have a chance to overcome the bear market and make a comeback despite the harsh declines in market prices?
Fan tokens during the World Cup
So-called fan tokens are digital assets that give sports fans exclusive access to rewards, voting rights and experiences with their favourite teams or clubs. The market has seen significant growth in recent years with established sports organisations such as Paris Saint-Germain F.C., F.C. Barcelona, the UFC and Formula 1. Based on the FIFA World Cup 2022, the Blockchain Research Lab is analysing the impact of key events on the fan token market.
Fan tokens offer innovative ways to interact with sports teams and make investments. Analyzing global events helps understand the market.
The view from the Crypto Valley
In addition: Thanks to policy and regulation, Switzerland was able to create the necessary legal certainty for a flourishing ecosystem around blockchain and cryptocurrencies at an early stage. The regulator, which lays the foundations for an industry, has been active since 2015. In addition, there were supporting organisations that contributed to cross-company collaboration. A view of the ecosystem from the perspective of an entrepreneur.
An interview with Swiss crypto entrepreneur Sheraz Ahmed on his current view on Switzerland’s “Crypto Valley” ecosystem.
