Quote of the week: “I consider this [the Ethereum merge] the most significant catalyst in crypto history in terms of its magnitude and the fact that ETH is the second largest crypto” – Travis Kling, Chief Investment Officer at Ikigai. Source:
Alpha Sigma Capital Research: The United States macro economy continues to face abnormal conditions with high inflation, low unemployment, and rising interest rates. Despite persistent supply problems from China and the Russia–Ukraine war, the market shows some signs of slower inflation. Read our latest Macroeconomic Brief here.
GameStop Partners with FTX: This week, GameStop announced that it has partnered with the cryptocurrency marketplace FTX. The company made the decision to create the partnership in an effort to increase its presence in the cryptocurrency space. Source: https://finance.yahoo.com/
Cryptocurrency Regulatory Advice Released by SEC: Gary Gensler, chairperson of the U.S. Securities and Exchange Commission, stated that companies that help facilitate transactions in the cryptocurrency market should register with the SEC, just like other market intermediaries. Mr. Gensler added, “if you fall into any of these buckets, come in, talk to us, and register…. The commingling of the various functions within crypto intermediaries creates inherent conflicts of interest and risks for investors.”
Voyager Digital Update: Cryptocurrency lender Voyager is set to liquidate its assets via auction on September 13, 2022, as it moves through the Chapter 11 bankruptcy process. The results of the auction will become final during a court hearing approving the results on September 29. The identity of bidders has not been fully revealed, but there are indications that exchanges FTX and Binance have interests in the assets.
NBA to Develop NFT-based Fantasy Game: This week, the National Basketball Association announced its decision to develop a digital collectibles-based or NFT-based fantasy basketball game with Sorare. The NBA established a multi-year partnership with Sorare, which is a European NFT platform with over 2 million registered users. The game is planned to be released in time for the 2022-2023 season in October. Source: https://finance.yahoo.com/
International Regulation Featuring Russia: Despite Russia still being opposed to legalizing cryptocurrency payments within the country, the country was given the green light to cryptocurrency cross-border payments due to geopolitical changes. The Bank of Russia admitted that cross-border payments in cryptocurrency are inevitable, given the current geopolitical landscape. Source: https://cointelegraph.com/