Cryptocurrency price

Cryptocurrency price check: Bitcoin down, gamification up

Cryptocurrency prices fell on Monday, continuing bad news that rocked the sector, but an analyst sees opportunities in the Metaverse and gaming-related tokens.

Bitcoin, the world’s most popular and largest cryptocurrency by market capitalization, fell 2.4% to $37,064, while Ether was down 2.9% to $2,543 and dogecoin fell 2.5% to $0.139105.

“Unprecedented M&A and partnership transactions”

Winston Ma, Managing Partner of CloudTree Ventures, author of The digital war – How China’s technological power is shaping the future of AI, blockchain and cyberspace »

“Despite the massive crypto sell-off amid the risk of a US Fed rate hike, the Metaverse and gaming-related tokens remained resilient, thanks to unprecedented M&A and partnership deals between major tech companies and games,” he said.

Ma said on Friday The Sandbox, a decentralized gaming virtual world and a subsidiary of Animoca Brands, partnered with Warner Music Group (WMG) – Get the Class A report from Warner Music Group Corp. to create a music-themed world in the Metaverse.

Over the past two weeks, he added, Take-Two Interactive (TWO) – Get the report from Take-Two Interactive Software, Inc. acquired Zynga (ZNGA) – Get Class A report from Zynga Inc. for $12.7 billion, followed by Microsoft’s nearly $70 billion blockbuster deal (MSFT) – Get the Microsoft Corporation report and Activision Blizzard (ATVI) – Get the report from Activision Blizzard, Inc..

Meanwhile, Chinese company Tencent Holdings (TCHEY) is working on its billion-dollar acquisition of British game developer and publisher Sumo Group.

“Gaming is a massive global industry that grows across demographics,” Ma said. “There are over 2.7 billion gamers in the world. That’s 1 in 3 people.”

Ma added that the convergence of tech and gaming companies is “accelerating the integration of blockchain into mobile games, which in turn will convert more gamers into crypto gamers.”

‘Environmental impact’

Separately, David Lesperance, immigration managing partner and tax adviser at Lesperance & Associates, said bitcoin miners are in the hot seat with US regulators “looking at the environmental impact of their business.”

“Whether they are of Chinese or Native American descent, operators in this space must ensure that their energy consumption is as efficient as possible and that their energy source is as green as possible,” Lesperance said. “The shift to next-gen equipment and staking is accelerating.”

He noted a recent Reuters article about Binance, the world’s largest cryptocurrency exchange and its founder Changpeng Zhao “and his ongoing tribulations with regulators.”

The report details significant issues various regulators have had with Binance and Zhang itself establishing robust “Know Your Customer” (“KYC”) and anti-money laundering procedures and standards, Lesperance said. .

“This report will definitely bring even more heat to Binance, CZ and crypto exchanges in general,” he said.

Zhao skyrocketed to become the eleventh richest person in the world, amassing a fortune of $96 billion – even without calculating the value of his personal crypto holdings, according to Bloomberg’s Billionaires Index.

Lesperance said he told Reuters that while accumulating their billions in personal net worth, founders like Zhao and Sam Bankman-Fried, founder and CEO of FTX, “must develop effective backup plans and support professionals to protect their wealth. and their persons”.

Otherwise, they need look no further than former BitMex CEO Arthur Hayes, who was charged by federal authorities with violating bank secrecy laws, he said, ” to see what their future will look like.