- Bitcoin has seen some mixed price action as of late, with bulls and bears largely reaching an impasse as the crypto consolidates
- Following its recent plunge to below $29,000, the crypto has been seeing some sideways trading that has made it incredibly unclear as to where it will trend next
- One analyst noted that Bitcoin is showing few signs of clear strength or weakness, which likely means that it is bound to see some sideways trading
- This comes as one major altcoin begins showing immense signs of strength – especially against its BTC trading pair
- Analysts are closely watching Ethereum, as it is currently on the cusp of breaking out
Bitcoin has been tempering the rest of the market’s bullishness as of late, with buyers and sellers both struggling to take a firm hold of the trend.
While BTC consolidates in the lower-$30,000 region, many altcoins are beginning to flash subtle signs of strength.
One such example is Ethereum, which has largely been tracking Bitcoin’s price action as of late. However, this trend has started shifting into ETH’s favor, as the crypto is holding up well compared to BTC and flashing a bullish technical pattern on its ETH/BTC chart.
Bitcoin Consolidates Following Recent Volatility
At the time of writing, Bitcoin is trading down just over 2% at its current price of $32,170. This is around the price at which it has been trading ever since its price plunged below $29,000 a few days ago.
After tapping lows of $28,800, the crypto rallied to highs of $34,000 before sliding lower and stabilizing around its current price.
This has caused the entire market to see only tempered growth, with a few altcoins rallying while many stagnate.
Analyst: ETH’s Strength Against BTC Suggests Massive Upside is Imminent
Bitcoin’s consolidation may be beneficial to the aggregated altcoin market, as one analyst is now noting that Ethereum could be poised to explode higher thanks to strength against its Bitcoin trading pair.
This could allow the aggregated altcoin market to rally higher independent of BTC.
“In my previous post I said that BTC looks like it’s going to go sideways. Meanwhile $ETH/BTC looks like this… This chart kind makes me wanna go all in. In fact a lot of alts look amazing vs BTC.”
Image Courtesy of Byzantine General. Source: ETHUSD on TradingView.
The coming few days should shine a light on how altcoins like Ethereum will trend against Bitcoin, as any massive BTC rally or plunge could hinder its smaller counterparts’ momentum.
Featured image from Unsplash. Charts from TradingView.
ChiliZ To Expand Operations, Will Invest $50 Million in the US
Following milestone partnerships with sports teams in Europe, ChiliZ have their eyes set on conquering the United States. The fintech platform will open a new office in one of the world’s major commercial cities, New York.
ChiliZ To Set Up New York Office
Maltese blockchain giant, ChiliZ is scaling up operations after securing several partnerships with top European sports franchises. Reuters reported earlier today that the fan engagement platform would open an office and invest $50 million in the United States. According to its chief executive, Alexandre Dreyfus, the move should bring the firm within reach of top United States sports outfits. He told Reuters :
“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues”
On launching Fan tokens, ChiliZ has made headway through its subsidiary, Socios. It has partnered with football behemoths like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, and Atlético de Madrid to launch branded fan tokens. These permit owners to engage in club polls, access VIP rewards, and partake in chat forums.
The company currently has offices in Malta, France, Turkey, Korea, Switzerland, and South America. It had earlier announced that it would open offices in New York and Madrid. With the New York office inching towards reality, Chiliz is undoubtedly advancing towards global growth.
Aims To Double Up on 2020 Revenue
Speaking further about the expansion, Dreyfus boasted about his company’s capacity to generate returns for its partners in the sports and entertainment industry. He said:
“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million.”
Revenue from the company’s partnership with seven-time European champions AC Milan proves Dreyfus is not bluffing. The Italian football giant launched its token ($ACM) on Binance on February 24th. Within hours of the launch, over $6 million was generated as trading volume hit $50 million in the first 30 minutes.
Big Market For ChiliZ?
For Joseph Edwards, Enigma Securities head of researcher, there is no better time to seize the initiative. He opined that the soaring interest in NFTs indicates a big market. He elaborated further that NFTs bridge the gap between fans and their subject of interest, especially as Covid-19 caused a disconnection.
“Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,”
NBA Top Shots seems to be a perfect example. The NFT platform has continued to gain momentum as interest surges. It reached a record-breaking $231 million in sales over the past 30 days. Perhaps, ChiliZ is taking a cue from this to target the American sports market.
Bitcoin has brought new thinking to payments and financial inclusion: SEC chair nominee
When it comes to Bitcoin, market opinions are often divided, with those who support the asset and those who don’t. Similar camps may now appear to take hold of US regulators and policymakers. Recently, President Biden’s nominee for chairman of United States Securities and Exchange Commission (SEC), Gary Gensler appeared to share his perspective on the crypto sector. Gensler said that cryptocurrencies “have been a catalyst for change.”
Speaking to US Senator Mike Rounds during his Senate confirmation, Gensler added:
Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to.
His opinion on crypto is in stark contrast to Treasury secretary, Janet Yellen’s, who believed that Bitcoin is “extremely inefficient for conducting transactions” and that it is a “highly speculative asset.” It goes against Senator Elizabeth Warren’s views, who thinks Bitcoin would only “end badly.”
However, if Gensler is confirmed, a move that many crypto enthusiasts are looking forward to, the nominee plans to work to “promote the new innovation.”
I think, as I teach at MIT on these subjects, that these innovations have been a catalyst for change. Bitcoin and cryptocurrencies have brought new thinking to payments and financial inclusion but they’ve also raised new issues of investor protection…If confirmed at the SEC, I will work to promote innovation.
He quickly stressed on the importance of investor protection and said:
It’s always important to update our market oversight to new technologies…It’s important to stay true to our principles of investor protection.
Gary’s answer to concerns of crypto. pic.twitter.com/DR9u6FfDex
— CryptoBomber (@GSL24236982) March 2, 2021
Furthermore, in his opening remarks, Gensler said that markets—and technology— “are always changing” and must not be taken for granted.
Our rules have to change along with them. I believe financial technology can be a powerful force for good but only if we continue to harness the core values of the SEC in service of investors, issuers, and the public.
Gensler is most famously known for testifying before Congress for crypto and blockchain several times in the past. He even argued against the notion that crypto was similar to Ponzi schemes.
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Ubisoft Gets Behind a New Free-to-Play Crypto Game
The free-to-play game based on Belgium’s Jupiler Pro League ties into the Ethereum-driven Sorare, which recently raised $50 million.
- Game publisher Ubisoft has developed One Shot League, a free-to-play crypto game.
- It was created in partnership with crypto fantasy soccer platform Sorare and uses its Ethereum-based digital cards.
- Ubisoft has made many moves in the crypto scene, and Sorare just announced a $50M Series A funding round.
Ethereum-based fantasy soccer game Sorare finished February by announcing a $50 million Series A funding round, and has now started March with another major move: the launch of One Shot League, a free-to-play spinoff created in collaboration with gaming giant Ubisoft.
One Shot League, which is available to play starting today, serves as an on-ramp to the core Sorare experience, which counts more than 100 officially licensed teams and leagues from around the world. Players must use a Sorare account, and can bring in some of their premium digital Sorare cards—which are non-fungible tokens, or NFTs—from participating leagues to receive a special boost in One Shot League.
Like the core Sorare game, One Shot League is a fantasy soccer experience in which players use digital cards based on professional players. The game is launching initially with only the official Jupiler Pro League license out of Belgium, which has five match weeks left in the current season.
Players who sign up for One Shot League now will receive 25 free Sorare common cards and can use five cards per week, earning points from each pro’s respective real-life performance to scale the online leaderboards. Should players sign up following the next match week, they will receive only 20 cards for the four remaining weeks (or five cards per match week), and so on and so forth until the season ends. At the end of the season, the top players will earn prizes including rare Sorare cards.
Interestingly, One Shot League’s development was led by Ubisoft, the global publisher behind such best-selling game franchises as Assassin’s Creed, Just Dance, and Tom Clancy’s Rainbow Six. According to Sorare’s announcement today, “Ubisoft has been working these past few months” to develop the game.
One Shot League comes from Ubisoft’s Strategic Innovation Lab division, which leads the firm’s Entrepreneurs Lab program for supporting myriad startups, including many in the blockchain space. Sorare is just one of many crypto startups that have participated in the Entrepreneurs Lab initiative, along with other projects such as Splinterlands and Nine Chronicles developer Planetarium.
This isn’t the first crypto game experience that Ubisoft has published, but it is another big step for a company that is by far the most involved traditional game publisher in the crypto space. Last June, Ubisoft published Rabbids Token, a CryptoKitties-inspired collectibles game built to benefit UNICEF. Ubisoft had also previously teased a Minecraft-inspired crypto game prototype called HashCraft, but it was never released.
Ubisoft has its fingers in other crypto initiatives, as well, including supporting games such as Axie Infinity and the aforementioned Nine Chronicles, as well as serving as a validator for the EOS blockchain-driven digital gaming store, Ultra. Nicolas Pouard, Ubisoft’s Blockchain Initiative Director, spoke with Decrypt last year about the potential he sees in crypto gaming. On the advent of NFTs in gaming, Pouard said at the time that Ubisoft sees it “as a way to allow players to become stakeholders of the games they love, at an unprecedented level.”
Last week, Sorare announced that it raised a $50 million Series A round led by Benchmark, with participation from Accel as well as heavyweight investors such as Alexis Ohanian and Gary Vaynerchuk. Sorare had previously raised a $4 million seed round in July 2020. The French firm plans to use the funding to expand its team, bring on additional soccer leagues, and create a native Sorare mobile app.
Top Shot, in fact, pulled in a staggering $225 million in sales last month, according to a new report from DappRadar. That’s nearly as much as all NFT sales throughout the entire year in 2020.
Sorare likewise had a good month. According to Bloomberg, Sorare saw some $6.5 million worth of card sales in February, and its most valuable cards can command significant sums of money: a Sorare card based on Paris Saint-Germain forward Kylian Mbappé sold for approximately $65,000 in December.
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