Bitazza Crypto Weekly: Get Ready For 1 in 4 People To Live On The Metaverse -

Crypto Weekly: 14 – 20 February 2022

Research firm Gartner inc predicts that by 2026, more than 30% of organizations worldwide will have products and services ready for the Metaverse. The technological research and consulting firm also expect 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, and entertainment.

Meanwhile, FarmVille creator Zyna is making big move towards the NFT and Web3 space, with the casual game publisher aiming to launch its first blockchain-based NFT game sometime in 2022. The company cited the desire to “future-proof” their game company as the reason behind their exploration of blockchain-based gaming and the crypto space.

Gucci has officially entered the Metaverse, with the Italian luxury fashion house purchasing a plot of virtual land on The Sandbox. This makes Gucci the latest brand amongst major fashion houses to explore the digital space of the future. Whilst details remain largely under wraps, the official press release hints at metaverse fashion and in-game retail experience.

While the underlying technology behind the Metaverse hasn’t reached its fully realized potential yet, many expect to see more brands and blockchain developers get involved in building projects or exploring opportunities in this space. Mainstream interest and demand regarding the emerging virtual universe are growing with no slowing down signs.

Content subscription service OnlyFans becomes the latest platform to explore the NFT space. OnlyFans has launched a new feature that will let members display authenticated NFTs as their profile pictures. Currently the feature only supports Ethereum-based NFTs, however the company has publicly stated that this feature is only the first step in exploring the role that NFTs can play on their platform, with additional support likely coming soon.

On that note, Binance has announced a strategic partnership with leading South Korean entertainment corporation YG Entertainment to cooperate on a range of blockchain projects, including collaborations in the NFT space such as collectibles and games. YG has immense potential to bring even greater mainstream attention and demand to the crypto space considering their stable of notable names such as BLACKPINK, BIG BANG, and WINNER.

Additionally, Binance has made a $200 million strategic investment in Forbes, the 104-year-old magazine and digital publisher. Binance’s stake in the company now makes them one of the top two biggest owners of Forbes allegedly.

According to a KPMG report, global crypto investments soared 450% in 2021, attracting over $30 billion compared to $5.4 billion in 2020. The multinational “Big Four” accounting firm is also getting into cryptocurrency, with its Canadian office purchasing Ethereum and Bitcoin for its corporate treasury. While an official amount has not been disclosed, it remains one of the highest-profile investments by a mainstream firm in cryptocurrencies.

Finally, Fitch has downgraded El Salvador’s long-term Foreign Currency Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘. Fitch cites concerns regarding El Salvador’s monetary policy, including the adoption of Bitcoin as legal tender, the issuance of Bitcoin-backed bonds, as well as the expected rise of debt to GDP by 86.9%.

Weekly Technical Analysis: 14 – 20 February 2022

Bitcoin (BTC)

BTC faced a mild correction coming into this week; however, its short-term uptrend remains positive. If prices can stay above the $40,000 support level, BTC could potentially successfully challenge resistance at $50,000, signaling a clear uptrend for the market leader.

Ethereum (ETH)

ETH’s uptrend was broken, with prices now moving sideways. If support at $3,300 cannot remain intact this week, ETH is likely to enter a downtrend. Due to the lack of any indication of which direction ETH will move coming out of its sideways trend, now would be a poor time to enter an ETH position.

Smooth Love Potion (SLP)

SLP is up by 119.1% from last week. Despite its astronomic rally, the Axie Infinity token is not yet in an uptrend, considering how far prices have fallen from their previous peak. Keep an eye on whether support at 0.80 Baht can remain intact, if so, look for SLP to test resistance at 1.40 Baht. SLP will have to break through the resistance level before entering an uptrend.

Velo (VELO)

VELO is up by 21.6% from last week but will still be considered a sideways trend until prices surpass resistance at 3.40 Baht. If the support level at 1.80 Baht remains intact, VELO will avoid entering a downtrend, and traders could follow a channel trading strategy between support and resistance.

Trading and Investment Considerations For The Week

US January inflation figures reached 7.5%, exceeding most expectations by analysts. This caused BTC prices to fluctuate significantly before prices were able to stabilize once more.

Despite the higher-than-expected inflation numbers, neither Bitcoin nor Gold had any heavy sell-offs, indicating that the market has already adjusted to the prospect of the FED raising interest rates and enacting tighter monetary policy moving forward. The market will likely remain in a state of flux until the next FED meeting in March.

Traders and investors alike are also advised to keep an eye on the ongoing conflict between Russia and Ukraine. The potential fallout from the international conflict could potentially have significant ramifications on traditional markets, likely affecting BTC prices.

If BTC prices can stabilize this week, Metaverse or GameFi related tokens likely have the strongest chance of rallying first, considering the interest they’re currently attracting from mainstream organizations and figures. In particular, if big brands continue to invest in the Metaverse, prices for the underlying tokens that power the virtual universe will see strong rallies alongside the growing institutional interest.

*Materials on Bitazza Weekly Newsletter are intended to be used and must be used for informational purposes only. The views, information, or opinions expressed are solely those of the individuals involved and do not necessarily represent those of Bitazza and its employees. The information contained herein is not intended to be a source of advice or financial analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.

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