Businesses are not buying the current versions of Metaverse
Representatives of telecom conglomerates see great potential in Metaverse in the future, but current developments do not arouse excitement. That was the conclusion reached by the KPMG audit company, which polled major representatives of the media market.
According to the published results of the survey, 60% of market representatives believe in the future of Metaverse, but not before the 2030s. As the main obstacle to the rapid development of Metaverse, more than half of the respondents believe in the lack of appropriate technology. At the same time, 75% of respondents said that their companies have invested up to 5% of their budget in initiatives related to virtual worlds. At the same time, many respondents agree that there will not solve on the market before 2027 that would cause a massive stir.
However, the vagueness of Metaverse’s short-term prospects does not scare media conglomerates. About 50% of those surveyed said they plan to increase their investment in Metaverse. Of these, 43% plan to do so in the next two years. At the same time, it is not clear what benefits virtual worlds will bring to society. Just over 80% believe Metaverse will play a key role in marketing and sales. However, what benefits virtual reality will bring to ordinary users is unclear.
Nokia also plans to enrich itself through Metaverse. As part of the rebranding, the Finnish giant sees opportunities for itself as an intermediary for developing virtual reality infrastructure. According to the company, Internet traffic is now filled with videos and files.
However, after 2027, a significant share of traffic will be for data transfer for augmented reality processing. However, Nokia admits that it must first prepare the infrastructure for the 6G standard to solve the problem of connection delays.
Experts from the Chinese company Huawei also believe that innovations in several technological areas will be required to create a real Metaverse. According to the company’s experts, a truly effective Metaverse will not be created until there is an effective local and remote real-time rendering, high-quality video compression, a breakthrough level of computer calculations, etc. on the market.
Earlier, we reported that Thailand’s financial regulator proposed a ban on cryptocurrency staking.
Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike
Cryptotraders had a tough day: almost 68,000 positions were liquidated on exchanges in the last 24 hours, and the total volume of liquidations exceeded $257,000,000. All this happened against the news of the US Federal Reserve’s rate hike and another Securities and Exchange Commission regulatory action against cryptocurrencies.
Cryptotraders lost $132,000,000 in BTC
Bitcoin, Ethereum, and Ripple were the leaders in the number of forcibly closed positions. BTC liquidations totaled almost $132,000,000; Ethereum traders lost $51,000,000. XRP positions accounted for about $8,000,000 of liquidations. Bitmex exchange executed the largest order of $7.39,000,000.
Cryptocurrency market capitalization has declined 2% in the last 24 hours, but is still above the $1 trillion mark.
The weekly CoinShares report also recorded a massive outflow of funds for six consecutive weeks. During that period, nearly $500,000,000 was withdrawn from cryptocurrency platforms, with $113,000,000 coming from bitcoin. Analysts at the company believe the outflow is due to liquidity needs during the banking crisis rather than a negative outlook. The company mentions that a similar scenario was seen in March 2020 amid a COVID-19-induced panic.
Regulators continue to hunt the cryptobusiness
Another reason for the increased volatility in the market has been harsh action from U.S. regulators. Last night it became known that the U.S. Securities and Exchange Commission sued cryptomagnate Justin Sun, accusing him of fraud and market manipulation.
The SEC also issued a notice of wrongdoing against Coinbase, the largest U.S. cryptocurrency exchange. The securities regulator sued Coinbase Global Inc, for some of the products it offers.
We previously reported that Bitcoin (BTC) tests $28,000, but onchain metrics urge caution.
Binance was caught circumventing KYC to register Chinese clients
Employees of the cryptocurrency exchange Binance help clients from China to bypass compliance and verification. CNBC writes about it, citing hundreds of corporate emails from exchange employees on Discord and Telegram. It is reported that Binance has helped over 200,000 users register, bypassing its own security system. One case describes correspondence between a user from China and a Binance employee.
The employee under the pseudonym yaya.z suggested the user from China turn on a VPN, register as a Taiwanese resident and then return the location to China. Binance employees also advise customers not to use VPN services from the U.S., Hong Kong and Singapore, because the exchange does not provide services in those regions, writes CNBC. At the same time, Binance freely processes applications from U.S. email providers like Gmail or Outlook for registration.
The exchange even offers specialized mobile applications for customers from China. A CNBC reporter could download a special mobile application from Binance via email. At the same time, no VPN was needed to download the app, as the download was conducted through the domain of binance[.]com. It is also alleged that the exchange still verifies users with Chinese phone numbers.
An exchange spokesperson denied the existence of a special Chinese version of the mobile application. The exchange also added that it has improved the system to identify users from banned regions. CNBC notes that after providing evidence, Binance removed employee messages from corporate chats to circumvent KYC.
We previously reported that the Ethereum (ETH) price crossed the $1,800 mark, opening the way to $2,000.
Why cryptoanalysts expect bitcoin to fall
The market remains in a bearish trend and bitcoin (BTC) will resume its fall and test $16,000. There are two reasons:
The first statement can be confirmed or disproved by a technical analysis of the cryptocurrency market, but there is not enough additional information for the second.
The market capitalization of altcoins (ALTCAP) does hold nearly $605 billion of resistance. Although ALTCAP has risen above it several times, it didn’t develop above this area.
However, the daily RSI has broken through the bearish divergence trendline (green line). Such a breakout often precedes significant reversals into a bullish trendline. As a result, ALTCAP will move higher towards the $680B resistance area. If not, ALTCAP could fall back to the $518B support area.
There are also those who argue that bitcoin will test the $10000-$11000 area because there is a CME price gap that needs to be filled. The gap refers to the difference between the closing price of bitcoin futures on the Chicago Mercantile Exchange (CME) on Friday and the opening price on the following Monday.
We previously reported that Hong Kong has allocated another $50,000,000 to the crypto industry.
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