Web3 🌒 Saturday Buzz: Bitcoin Surges to $38,000, Coinbase Stock Skyrockets, and Square Enix Unveils NFT Game
1/ 📈 Bitcoin Reaches $38K for First Time Since May 2022.
2/ 💵 Coinbase COIN Rallies 49.7%.
3/ 🧐 BlackRock Proposes In-Kind Creation for Spot Bitcoin ETF.
4/ 🎮 Square Enix Unveils Symbiogenesis NFT Auction Schedule.
For further details, let's keep reading! 👇
The crypto market is experiencing a surge in activity and optimism, fueled by several positive developments. Bitcoin has surpassed $38,000 for the first time since May 2022, crypto-related stocks are rallying, and Square Enix is venturing into the world of NFT gaming with its first original Ethereum NFT game, Symbiogenesis.
Stay tuned for more detail!
1/ Bitcoin Reaches $38K for First Time Since May 2022. 📈
Bitcoin has surpassed $38,000 for the first time since May 2022, fueled by expectations of a potential U.S. Securities and Exchange Commission (SEC) approval for a spot Bitcoin exchange-traded fund (ETF). Crypto-related stocks also experienced gains, with Coinbase (COIN), Stronghold Digital Mining (SDIG), and Marathon Digital Holdings (MARA) rising by 6%, 6.4%, and 4%, respectively. Analyst Laurent Kssis anticipates a rally to $40,000 over the weekend, emphasizing the increased volatility and arbitrage opportunities associated with the potential ETF approval.
Lyllah Ledesma
2/ Coinbase COIN Rallies 49.7%. 💵
Coinbase's stock price skyrocketed by over 49% in 24 hours, reaching its highest level since May 2022. This surge is attributed to several factors, including anticipation of a spot Bitcoin ETF approval, positive market sentiment, and a shift of retail outflows from Binance to Coinbase. The potential approval of a spot Bitcoin ETF is seen as a major catalyst for the crypto market, as it would provide a regulated and secure way for mainstream investors to gain exposure to Bitcoin. Coinbase's robust regulatory coverage and Nasdaq listing are also appealing to institutional investors, further solidifying its position as a leading crypto exchange.
Jimmy Aki
3/ BlackRock Proposes In-Kind Creation for Spot Bitcoin ETF. 🧐
BlackRock, the world's largest asset manager, has expressed its preference for the in-kind creation method for its spot Bitcoin exchange-traded fund (ETF). This method involves providing Bitcoin directly to the ETF issuer in exchange for new ETF units, rather than using cash. BlackRock believes that this approach is more beneficial for investors in terms of spreads and tax implications. The SEC has reportedly indicated a preference for the cash creation method, but industry experts believe that BlackRock and other ETF applicants may be able to convince the regulator to accept the in-kind method.
Kevin Helms
4/ Square Enix Unveils Symbiogenesis NFT Auction Schedule. 🎮
Square Enix is venturing into the world of NFT gaming with its first original Ethereum NFT game, Symbiogenesis. The company has announced the auction dates for the game, which will be held in three waves starting November 27. To stir interest and reward early adopters, Square Enix will offer the NFTs for free to members on the allowlist. However, if there's more than one claimant for a specific NFT, it will then be auctioned to the highest bidder. The game is expected to launch on December 21 and has piqued the interest of the gaming community.
Damilola Lawrence
Conclusion:
Overall, the crypto market is showing signs of renewed optimism, and these positive developments could pave the way for further growth in the coming months.
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
