Crypto News

Reports: FTX Targeting BlockFi Purchase At $25M

BlockFi, Celsius, Nexo, and more: tough times can lead to difficult measures, and this year’s bear market is showing no exception to some of these players. Look no further than the current state of affairs for centralized finance (CeFi) platforms, who have been facing substantial headwinds with no end in sight. Now, after days of rumors and reported exploratory deals, reports have emerged that powerhouse crypto exchange FTX is putting together the final ties around an acquisition deal of BlockFi at just a $25M valuation. The news comes after reports emerged that FTX passed on an acquisition deal for Celsius after seeing the CeFi firm’s balance sheet. BlockFi On The Block Should the purchase come to fruition at the reported valuation, it’ll be a major hit for BlockFi equity holders, following a nearly $5B valuation last year in the midst of bull market movement. However, that $25M number could move drastically between today’s reports and closing time – and a successful acquisition will of course take months to close. BlockFi CEO Zac Prince described the number as “market rumors” and outright denied the number, stating in a tweet that “we aren’t being sold for $25M.” FTX is on the shortlist of exchanges that have sought out opportunity in the midst of crypto market downturn, exploring buyouts or equity share purchases for both Celsius and BlockFi in recent weeks, according to a variety of reports. However, based on the hard facts available to the public, the viability and likelihood of a buyout for BlockFi is still difficult to measure. Celsius (CEL) has faced an uphill battle as the platform has still paused withdrawals for customers. | Source: CEL-USD on TradingView.com Related Reading | Ethereum Loses Steam As Exchange Supply Spikes State Of CeFi: Pulse Check How did we get here? Bear market downturn over the past month or two has caused major pain for CeFi platforms, in a flurry of madness that started with Celsius freezing withdrawals earlier this month amid worries of a bank run and lack of immediate liquidity within the platform’s holdings. BlockFi has undoubtedly faced the heat, too, as FTX provided the firm with a $250M emergency line of credit just last week. While reports across the market suggest that BlockFi has several options on the table, it seems that few will lead down a path that spares equity shareholders of value at present time. Nexo has largely stayed quiet during the chaos, but there’s various internet sleuths who have targeted Nexo with content campaigns around the company’s practices as well. Regardless of how you feel about CeFi, the decline of infrastructure in this bear market shouldn’t be celebrated – we’ll see how it all shakes out when the tides recover. Related Reading | USDC Exchange Reserves Rise As Investors Escape From Bitcoin Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

Altcoins Analysis Bitcoin Blockchain

Blockchain Gaming Bucks The Bearish Crypto Trend Across All Key Verticals: A DappRadar X BGA Report

Blockchain Gaming Bucks The Bearish Crypto Trend Across All Key Verticals: A DappRadar X BGA Report

Despite an overarching bear market causing cryptocurrencies to bleed value, one industry vertical remains resilient. Blockchain gaming continues to attract tremendous attention from players and investors. There is a growing interest in move-to-earn projects and land sales for the metaverse. Blockchain Gaming Is Still On A Roll When the value of cryptocurrencies drops, other industry […]

Crypto News

The Evolution of Gaming and Its Integration into the Crypto Universe

From arcade systems to home consoles and mobile apps, gaming has made its way into the lives of billions across the world. As a result, gaming is a popular activity for many in the modern age and remains one of the globe’s most profitable industries. The first recognized example of a gaming machine debuted at the 1940 New York World’s Fair and was based on the ancient game of Nim. Played by about 50,000 people, the computer won more than 90% of the time. In the mid-20th century, gaming was regarded as an oddity and primarily was just the subject of scientific and academic research projects. It was not until 1967 that the first prototype multiplayer video game system emerged. By 1972, the design turned into the Odyssey console that later inspired Atari’s Pong video game. The 1990s finally brought the gaming industry to prominence. The rise of 3D gaming and successful franchises like Mortal Kombat and Sonic the Hedgehog cultivated generations of loyal gamers. Interest in gaming also established companies like Nintendo and Sony as household names. The Internet Revolution And The Rise Of Modern, Digital Gaming The rise of the internet and better computer processing power ushered in new gaming frontiers. Games and graphics became more intricate while internet servers allowed global gamers to play together. In addition, online storefronts like the Apple App Store and Xbox Live Marketplace made buying and updating games much more effortless. Ease of access through these tools helped bring gaming into popular culture. In 2018, a Newzoo report revealed how mobile gaming revenue had captured more than 50% of the global gaming market, bringing in about $70 billion in revenue after enjoying a decade of double-digit growth. By 2021, the worldwide gaming market revenue had jumped to $178.2 billion as continued technological innovation led to more impressive year-over-year totals. Estimates project the number of global video game players will jump to just over 3 billion in 2023, up from 2.69 billion in 2020. While the popularity of titles like Lost Ark, Fortnite, and PlayerUnknown’s Battleground has drawn many to the gaming industry, growth also comes through the marriage of cryptocurrency and gaming, primarily through the ‘play-to-earn’ model. Blending entertainment with financial speculation, Axie Infinity users can buy NFTs and use their virtual ‘creatures’ to win battles and create new NFTs. The platform made $1.3 billion in revenue in 2021. From Q1 2021 to the same period in 2022, blockchain-based gaming jumped by 2,000%. Crypto Developers Look To What Works In Traditional Gaming And Aim To Replicate Crypto gaming has grown in popularity as developers work to understand how to welcome traditional gamers into the Web3 world. One strategy is to offer free-to-play gaming options for those who might be newer to the cryptocurrency world, following in the legacy of apps like Angry Birds or Candy Crush that allowed users to jump into a game quickly. Crypto gaming’s social aspects are also taking shape as guilds and DAOs begin to spring up in conjunction with the space’s more popular titles. But the play-to-earn model, where crypto users can collect assets while playing, stands as one of the most transformational aspects of the gaming world. The structure brings in a shift from a ‘publisher or developer first’ game economy to a ‘player first ecosystem’ where gamers stand to benefit instead of companies releasing titles. As a result, play-to-earn games like Axie Infinity and DeFi Kingdoms continue to grow in popularity as gamers flock to platforms where they can enjoy an energetic community and win. The technology continues to prove its potential as projects like Illuvium, one of the most anticipated blockchain titles in the gaming industry, develop gameplay similar to most AAA games available today. There is no doubt that the potential for play-to-earn games is nearly limitless. They can cater to different gaming genres, one being a classic card trading game where users can hold their card packs as NFTs. One project that aims to do just that is Shiryo. Shiryo players will be able to mint packs of NFT cards, form decks, and compete against each other in individual games and weekly competitions for rewards that include tokens, cards, card packs, and avatars. Powered by the Ethereum blockchain, Shiryo’s multiplayer experience comes from Amazon’s AWS Gamelift service, as traditional platforms like Steam do not allow NFT-based games. Team members plan to release more packs and boost gameplay in the future after launching the first couple of phases in late 2021. Continued investment from venture capital firms and the play-to-earn model’s popularity only attracts more people to blockchain-based gaming. As a result, the industry remains strong even amid immense volatility in cryptocurrency markets. Crypto gaming only looks to accelerate as more people, especially traditional gamers, get comfortable with virtual currencies and see how crypto-focused games continue to deliver on their promises.  

Altcoins Ethereum

Cardano Adoption Surges As Number of ADA Wallets Breaks New All-Time High: CryptoCompare Report

New data shows that Ethereum challenger Cardano (ADA) is seeing a surge in adoption with the number of ADA wallets hitting a new all-time high despite a shaky April for the smart contract platform. A new report by CryptoCompare shows that the number of addresses holding Cardano rose to a record high last month amid […]

The post Cardano Adoption Surges As Number of ADA Wallets Breaks New All-Time High: CryptoCompare Report appeared first on The Daily Hodl.

Altcoins Crypto News

APE Takes A Beating As It Sheds 50% Of Its Price

APE must cling tight, or else it falls and suffer a major “injury.” Non-fungible tokens and the metaverse are no longer merely buzzwords in the cryptocurrency industry. In 2021 alone, the market for NFTs was valued at $40 billion, a tremendous increase from the previous year. This market has continued to expand this year with the emergence of new NFT marketplaces. We also observed a new coin — ApeCoin — causing a sector-wide ruckus in tandem with this expansion. Suggested Reading | Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45% ApeCoin still makes a lot of noise, despite suffering losses in the market. (DailyCoin) ApeCoin is a recently-launched cryptocurrency on the Ethereum (ETH) network. The coin is the native cryptocurrency of the APE ecosystem, which consists of the ApeCoin DAO and all APE-based services and goods. The developer of the renowned Bored Ape Yacht Club (BAYC) NFT collections, Yuga Labs, has selected APE as the principal token for all new products and services. Despite being the newest cryptocurrency on the market as of April of this year, its market capitalization ranks 47th, at $3.445 billion. Suggested Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over? APE Drops Hard From ATH APE reached an all-time high of $28 at the conclusion of April. But on May 2, 2022, just days after reaching its ATH, the token plunged and reached a low of $16.71. Given the media attention that ApeCoin is already garnering, if the price continues to grow, this token might become one of the finest cryptocurrencies in 2022. APE total market cap at $3.445 billion on the weekend chart | Source: TradingView.com However, in contrast, APE’s price has dropped significantly during the past week, by approximately 50.42 percent. APE’s daily trade volume has also reduced by double digits, falling by approximately 40 percent. The price of APE is getting closer to its 24-hour low. It has a 24-hour high of $13.70 and a low of $12.28. Losing Steam Vs. BTC And ETH As of Sunday midday, the price of APE has declined versus Bitcoin (BTC) and Ethereum (ETH) by around 7.50 percent and 6.30 percent, respectively. APE is currently valued around 0.0003453 BTC and 0.004644 ETH. There are a total of 1 billion APE tokens, and 15% of the token supply is allocated to NFT holders. In addition, about 48 percent of the total supply will be distributed to the DAO’s treasury over the course of 48 months. The stock price of ApeCoin began on March 17 at $5 and increased by more than 250 percent within the first 48 hours of trade. After reaching $18, APE pulled back little and is now returning to re-evaluate this region. Featured image NMK World, chart from TradingView.com