Prediction Market Crypto (Oct 9 – Oct 15): Explore the evolving trend of Gamefi and the emergence of Bigtime

Key Points

• Discover the big news from the previous week in the world of cryptocurrencies. Stay informed about the latest developments from Ethereum Foundation’s notable sale to Upbit’s enhanced security measures.
• Get a macroeconomic overview and insights into the market, including inflation rates, interest rate discussions, and speeches by officials from the Federal Reserve.
• Learn about its investment potential, ability to attract newcomers to the crypto market, and the emergence of new players like BIGTIME.

Dive into the newest crypto news and advancements in the industry. Maintain up-to-date knowledge of essential exchanges, market highlights, and the Prediction Market Crypto.

Last week’s highlights big news

The Ethereum Foundation made headlines by selling 1.7 thousand ETH on Uniswap for 2.738 million USDC. Currently, the foundation holds a total of 240.68 ETH, 3.238 million USDC, 49,700 DAI, and 10,000 ARB, with a combined asset value of 3.687 billion USD.

Upbit, South Korea’s largest cryptocurrency exchange, has reported experiencing a significant increase in network attacks. The exchange plans to utilize cold wallets for over 70% of asset management activities while implementing decentralized multi-structured operations through hot wallets to enhance security measures.

Coinbase and OKX have joined forces with cryptocurrency startup Archax to gain approval for financial promotion programs. Additionally, Binance has partnered with Rebuilding Society, a well-established peer-to-peer lending company.

Bitstamp, a prominent cryptocurrency exchange, is in talks with three central European banks to offer cryptocurrency services in the first quarter of the upcoming year. This move is seen as a significant step towards traditional financial institutions entering the digital asset space, thanks to the regulatory framework provided by MiCA.

Binance, one of the leading cryptocurrency exchanges, recently listed Neutron (NTRN). Trading pairs for NTRN/BTC, NTRN/USDT, and NTRN/BNB became available for trading at 20:00 on October 10, 2023.

In response to the ongoing conflict in Israel, cryptocurrency companies like Fireblocks and MarketAcross have established a relief fund. The organization will collect donations in various cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), using a multi-signature wallet to aid the people of Israel.

The mainnet of Scroll, a Layer 2 network focused on zkEVM, was successfully launched on October 8. Users can cross-link the mainnet through third-party bridges like Owlto. More than 430 users have connected over 310 ETH to the Scroll mainnet.

After being temporarily removed, Metamask, a popular cryptocurrency wallet, has returned to the Apple App Store, providing users easy access to decentralized applications.

Tether, one of the largest stablecoin providers, appointed Paolo Ardoino as the new CEO, effective December 2023. Paolo will succeed Jean-Louis van der Velde (JL), who will transition to an advisory role while continuing as the CEO of Bitfinex.

Discussions between Grayscale, a prominent cryptocurrency asset management firm, and the U.S. Securities and Exchange Commission (SEC) are set to begin next week. Analysts anticipate a new response from the SEC within the next two weeks. Additionally, ProShares is preparing to launch the Short ETH Strategy ETF, which will commence trading on October 16.

Luxury car manufacturer Ferrari has announced plans to accept cryptocurrency payments in the United States, with future expansion into Europe. This move further highlights the growing acceptance and adoption of digital currencies in various industries.

Macroeconomic

In a surprising turn of events, the inflation rate of PPI (Producer Price Index – wholesale inflation rate) has unexpectedly increased to 2.2%, surpassing the expected rate of 1.6%. This indicates a significant rise in the prices of goods at the wholesale level.

Notably, the Core PPI, which excludes volatile food and energy prices, has also experienced an upward trend, reaching 2.7%. This increase is higher than the anticipated rate of 2.3%. This suggests that the underlying production costs are on the rise, potentially impacting the prices of consumer goods in the near future.

CPI UPDATES:

➡ CPI This Month = 3.7%

• Last Month = 3.7%

• Estimate = 3.6%

➡ Core CPI This Month = 4.1%

• Last Month = 4.3%

• Estimate = 4.1%

In the recently announced September meeting, officials at the FED engaged in a lively discussion regarding the prospect of further interest rate hikes. While ultimately deciding against a rate increase, most officials, approximately two-thirds, expressed a leaning towards the possibility of at least one more rate hike before the year’s end.

A key point of agreement among all officials was maintaining high interest rates until they were confident that inflation was on track to return to the targeted 2%. This consensus reflects a cautious approach, with officials emphasizing the need to rely on economic data to guide their decision-making process.

Since March 2022, the FED has implemented 11 rate hikes, bringing the current rates to 5.25%-5.5%, the highest level over two decades. This sustained increase in interest rates underscores the FED’s commitment to balancing economic growth with inflation control.

In addition to the absence of any significant economic indicators being released, it is worth noting that there will be an abundance of speeches by officials from the Federal Reserve (FED) throughout the week. These speeches, which will include Chairman Powell, are expected to provide valuable insights into the current state of the economy.

The days marked in orange represent the days the FED will be giving a speech, which is very relevant. Thanks to this influx of talks, market participants and experts have a rare opportunity to learn more about the FED’s outlook on the economy and its course in the future.

Prediction Market Crypto

In the near future, the market will be influenced by several factors such as ongoing wars, low interest rates, and the injection of money into the market. This raises the question of whether the bull run scenario observed in 2020-2021 could repeat in 2024 if an economic recession replaces the variable of the pandemic.

Bitcoin ($BTC) is experiencing a sideways movement with a significant fluctuation range until the end of October, which may extend into November. The price range shows a resistance zone between $31K – $32K and a support zone between $24K – $25K. This indicates a degree of stability and consolidation in the market.

Regarding the Bitcoin Spot ETF, Ark Invest has amended the application to address concerns raised by the SEC. One notable amendment is that the Bitcoin held by the ETF will be entrusted to Coinbase Custody, stored in a separate wallet that is completely isolated from the company’s and its customers’ assets. This ensures a clear separation of ownership and enhances security.

Additionally, the amendments address the accounting principles used to evaluate the fund’s assets, aligning them with the principles applied by the SEC. This clarification ensures transparency and compliance with regulatory standards.

In addition, the SEC is actively working with ETF issuers on this matter, emphasizing their commitment to thorough evaluation and regulatory oversight.

In the ever-evolving world of cryptocurrency, trends come and go, but one trend that is expected to have a lasting impact is Gamefi. It encompasses a wide range of elements, including gaming, decentralized finance, and blockchain technology.

One of the key reasons why Gamefi is gaining momentum is its ability to attract significant investments. Despite the bear market conditions, Gamefi has secured a staggering $600 million in investment during the third quarter of this year, as reported by Dappradar. This demonstrates the confidence that investors have in the potential of this trend.

Moreover, Gamefi is not just a passing fad; it evolves and improves each season. What may have started as a testing phase last season is poised to improve. Funds continue to pour into Gamefi, fueling its growth and development, particularly during the Downtrend season. This commitment from investors indicates that Gamefi is here for the long haul.

Gamefi’s capacity to draw newbies to the cryptocurrency market is among its most impressive features. Many people might not be familiar with concepts like “Web 3” or “Blockchain,” but #Gamefi introduces them to the fascinating world of cryptocurrency. The last wave of #gamefi successfully attracted a sizable number of newcomers, increasing the scope and effect of the cryptocurrency market.

As the market evolves, new players enter the games space. The recent emergence of the socialfi trend, similar to gamefi, adds even more fuel to the fire. With big players from various sectors considering their entry into the gamefi realm, the market is poised to experience a surge in growth. Platforms like steam or socialfi, which could incorporate gamefi elements, such as social media platforms with integrated gaming features, are expected to contribute to the market’s strength and expansion.

One standout player in the gamefi market is $BIGTIME gamefi, which is set to launch on OKX. This highly anticipated project is causing a stir and leading the gamefi trend. It’s listing on multiple exchanges, coupled with the hype surrounding it, has even prompted binance to list it without requiring a spot.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to DYOR before investing.