Welcome to the 3rd 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's the current market prices for our listed currencies:
With that out of the way, let's get into the news!
Bitcoin and Stablecoin Market Predictions
Bitwise analyst Ryan Rasmussen predicts Bitcoin will reach a new all-time high of US$80,000 in 2024, coinciding with stablecoins settling more money than Visa. The stablecoin market, currently valued at US$137 billion, is expected to see further growth, with the total market cap potentially reaching US$200 billion by the end of 2024. This growth, alongside the anticipated launch of a spot Bitcoin ETF and the upcoming Bitcoin halving, underpins the bullish outlook for Bitcoin. Full article.
Casio's Virtual G-Shock Watches as Ethereum NFTs
Casio has released a limited-edition collection of digital art NFTs featuring its G-Shock watch brand on Ethereum. This collection offers exclusive perks, including access to the G-Shock Endurance Test Laboratory and roundtable discussions with designers. Priced at 0.1 ETH each, these NFTs aim to deepen engagement with the G-Shock community through innovative digital and physical experiences. Full article.
NFT Lending and Blockchain Gaming
Polemos co-founder Richard McLaren envisions a future where gamers can rent in-game items and NFTs, enhancing the gaming experience. Polemos' partnership with Illuvium aims to ease the financial entry point for players. Their non-collateralized NFT lending protocol, “The Armory”, allows players to rent in-game assets without collateral, potentially increasing the market size for game asset lending to 30-40% of the US$2.3 billion invested in NFT gaming in 2023. Full article.
BlackRock's Bitcoin ETF and Market Shift
BlackRock's proposed Bitcoin ETF, currently under SEC review, plans to shift risk to crypto market makers instead of banks. This novel redemption model aims to enhance resistance to market manipulation and create simplicity across the ecosystem. If approved, this Bitcoin ETF could attract significant institutional investment, as it simplifies and secures the process for large institutions managing client assets. Full article.
Canadian Crypto Exchanges' Growth
Bitbuy and Coinsquare, two major Canadian crypto exchanges, have exceeded 1 billion Canadian dollars in assets under management. This growth, backed by the DeFi platform WonderFi, reflects a 16% increase in monthly active users and a 54% rise in total trading volume. These exchanges, now fully regulated, represent a significant development in Canada's crypto landscape, aligning with the country's regulatory framework and contributing to the industry's stability. Full article.
And that's a wrap!
This week in the crypto world has been marked by optimistic predictions for Bitcoin and stablecoins, innovative approaches in blockchain gaming and NFT lending, Casio's foray into Ethereum NFTs, BlackRock's potential shift in the ETF landscape, and significant growth in Canadian crypto exchanges.
These developments underline the ongoing evolution and maturation of the cryptocurrency and blockchain sectors, highlighting both the creative potential and the increasing institutional involvement in this dynamic market.
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 :)
**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.