March 13, 2024
5 min read

CryptoSpend Roundup - Weekly Newsletter (13 Mar 2024)

Author
George Chen

Welcome to the 6th edition of CryptoSpend Roundup, your trusted newsletter for the latest, up-to-date and insightful crypto news. As the crypto landscape continues to evolve at a rapid pace, our mission is to keep you informed about some of the latest developments, market trends, and opportunities.

Before we get into the news, here are the current market prices for our listed currencies:

With that out of the way, let's get into the news!

Bitcoin Soars to $73,000 Amid Regulatory Nod

Bitcoin's price soared to nearly $73,000, setting a new record, possibly prompted by the UK's decision to permit trading of crypto-backed securities. This regulatory nod for cryptocurrency-backed exchange traded notes (cETNs) contrasts with the Financial Conduct Authority's (FCA) caution against retail sale of these products, citing the high risks and largely unregulated nature of cryptoassets. Full article.

MicroStrategy Increases Convertible Notes Issue to $700M

MicroStrategy is leveraging the booming cryptocurrency market by increasing its convertible notes offering, aimed at institutional investors, with the intention to further invest in Bitcoin or manage corporate expenses. This move reflects the company's deep commitment to Bitcoin, as evidenced by its significant holdings and the substantial returns those investments have generated. Full article.

Institutional Investment in Bitcoin ETFs Gathers Momentum

Institutions with assets in the trillions are set to invest in Bitcoin through spot ETFs by mid-year, as reported by Bitwise's Matt Hougan. These discussions include a diverse group of investors, from individual retail to hedge funds, indicating a significant shift towards Bitcoin ETFs. This move has already contributed to a substantial rise in Bitcoin's price, with expectations of increased inflows into approved Bitcoin ETF products, signaling a growing institutional comfort with these new investment avenues. Full article.

MapleStory Enters Web3 Era with Avalanche Integration

MapleStory, a popular Korean MMORPG developed by Nexon, is expanding its universe to the Avalanche blockchain, aiming for a launch in 2024. This move will allow over 180 million registered users to generate new content and enhance gameplay within a secure blockchain ecosystem. The game's transition to Web3 technologies includes utilizing NFTs for in-game experiences, following Nexon's previous collaboration with Polygon for blockchain ecosystem support. This integration highlights Avalanche's growing appeal in both gaming and financial sectors. Full article.

Sony Plans Blockchain Integration for PlayStation Assets

Sony's patent for "super-fungible tokens" suggests a future where PlayStation games could allow players to own unique in-game assets via blockchain technology. This innovation aims to transform how players interact with and value their in-game purchases, potentially enabling the trade of these assets among players. While it's a significant step towards integrating NFTs within video games, the actual implementation and its impact on the gaming ecosystem remain to be seen, depending on Sony's approach to blockchain technology application. Full article.

London Stock Exchange to Welcome Crypto ETNs

The London Stock Exchange will start accepting Bitcoin and Ethereum ETNs, adhering to specific guidelines like physical backing and non-leverage. These ETNs offer a way for professional investors to engage with crypto assets within regulatory frameworks, focusing on security and compliance with AML laws. Retail investment in these ETNs remains prohibited, emphasizing the high-risk nature of crypto assets. Full article.

And that's a wrap!

This week in cryptocurrency has been a whirlwind of activity, from Bitcoin's surge to $73,000 following regulatory approval, to significant movements in the market due to weeklong token unlocks. Institutional interest in Bitcoin ETFs is on the rise, signaling a bullish outlook for crypto investments. Meanwhile, MapleStory's dive into the Web3 space with Avalanche and Sony's blockchain ambitions for PlayStation assets underline the growing fusion of gaming and blockchain. Additionally, the London Stock Exchange's move to accept crypto ETNs marks a significant milestone in crypto's mainstream acceptance.

But that's all for this week's edition of CryptoSpend Roundup. We hope you found the information valuable and that it helps you stay ahead in the ever-changing crypto landscape.

If you have any suggestions or feedback for us, please feel free to reach out to our team :)

Happy CryptoSpending!

**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by CryptoSpend to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of CryptoSpend products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.

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