Read in the Digest:
- Bitcoin (BTC) lives up to Uptober, closes first monthly green candle since July
- GameStop (NYSE:GME) launches NFT marketplace on ImmutableX, adds Web 3.0 gaming
- FTX begins offering services in the UAE and will onboard institutional investors
- Steph Curry files for the ‘Curryverse’ trademark where players earn NFTs
Bitcoin (BTC) Lives up to Uptober, Closes First Monthly Green Candle Since July
Historically, October has been a month of uptrends for the crypto market, hence the name Uptober. However, this year seemed a little different with Bitcoin (BTC) and the broader crypto market experiencing one of its biggest declines.
Regardless of the bearish market, Uptober managed to live up to expectations, with Bitcoin closing its first green monthly candle since July. Bitcoin opened the month at $19,380 and closed at $20,600 for gains of 6.4%.
The price chart of BTC for October. Source: CoinMarketCap
Despite falling as low as $18,400, Bitcoin rallied in the last week of October to hit a six-week high of $20,988. Bitcoin currently exchange hands at $20,530, holding the global crypto market cap above the $1 trillion mark.
Flipsider:
- Bitcoin traders are now exercising caution as they await the Fed reserve interest rate hike, which could reach up to 75bp on November 2.
Why You Should Care
With October living up to expectations, investors are predicting that the asset would record a similar rise in “Moonvember.”
GameStop Launches NFT Marketplace on ImmutableX, adds Web 3.0 Gaming
GameStop, the popular video game retailer, has announced that its non-fungible token (NFT) marketplace is now live on the ImmutableX blockchain, aiming to attract some new customers to the NFT space.
The retailer has been building its marketplace since February with ImmutableX, an Ethereum Layer-2 scaling network. According to GameStop, its marketplace will offer completely gas-free and carbon-neutral NFT minting and trading.
The GameStop marketplace offers rewards for staking Immutable’s IMX tokens and gives users 1% of their daily trade volume. GameStop has set its marketplace fee to just 0.2% for an unspecified duration.
The launch means tokenized, tradable items in all Web 3.0 games on the ImmutableX chain can now be bought and sold on the GameStop marketplace including Gods Unchained, Illuvium, and Guild of Guardians.
Flipsider:
- Despite first opening its marketplace for digital artwork and collectibles in July, GameStop has recorded only $29 million in sales.
Why You Should Care
With the expansion, GameStop seeks to unlock access to Web 3.0 games and millions of world-class NFT gaming assets for gamers.
FTX Begins Offering Services in the UAE and will Onboard Institutional Investors
Two weeks after FTX announced that it was “in talks” to onboard United Arab Emirates-based institutional investors, the crypto exchange has officially launched its crypto services in the UAE.
FTX MENA, announced on Monday, October 31st, will now provide its services to cryptocurrency enthusiasts in the UAE, a nation adopting blockchain technology to become a crypto hub.
The announcement follows the Virtual Asset Regulatory Authority (VARA) FTX received as the first regulated cryptocurrency exchange to operate in the region. FTX currently provides spot trading for over 250-plus cryptos and 300 market pairs.
The chairman of FTX MENA, Mohammad Hans Dastmaltchi, announced that the exchange will focus on institutional investors and has received proposals from companies in the airline, hospitality, finance, and real estate industries, among many others.”
Flipsider:
- FTX isn’t content to limit its expansion to the UAE and is reportedly working to extend its reach across the entirety of the Middle East.
Why You Should Care
FTX joins Binance, Kraken, and Crypto.com in providing crypto services in the UAE as the nation stribes to become a global crypto hub.
Steph Curry Files for the ‘Curryverse’ Trademark, Where Players Earn NFTs
National Basketball Association (NBA) star Stephen ‘Steph’ Curry has filed a trademark for the “Curryverse,” a virtual world where gamers will earn non-fungible tokens (NFTs), as reported by trademark attorney Josh Gerben.
The Curryverse was filed by the U.S. Patent and Trademark Office on October 26 and covers a slew of services related to Web 3.0. According to the filing, the Curryverse will include online gaming services in the nature of virtual worlds.
As per the filings, the Curryverse will also include “entertainment services, namely, personal and virtual and metaverse appearances.” Curry will also offer virtual clothing, footwear, belts, headgear, bags, watches, artwork, and other items in the metaverse.
The Curryverse will also feature downloaded and recorded goods authenticated by non-fungible tokens (NFTs). Curry has been big on NFTs, purchasing a Bored Ape Yacht Club NFT in August 2021 and launching his own collection a few months later.
Flipsider:
- Steph Curry’s teammate recently joined forces with the Binance NFT marketplace to launch the Klay Thompson Grails’ NFT Collection
Why You Should Care
Curry, who is known as a crypto-friendly NBA star, wants to use his patent to provide entertainment and education with the help of blockchain technology.
Coinbase Stands with Ripple in SEC Case, Requesting to File an Amicus (NASDAQ:FOLD) Brief
U.S.-based cryptocurrency exchange Coinbase has become the latest organization to show support for Ripple in its ongoing case with the SEC, where the company was accused of offering XRP as an unregistered security.
Coinbase’s chief legal officer, Paul Grewal, announced on October 31st that the exchange had requested permission from Judge Torres and the federal court to file an amicus brief (friend of the court) in the ongoing lawsuit.
According to Coinbase’s request, the SEC has failed to keep up with the fast-moving crypto industry and also in creating a regulatory framework. Coinbase also argues that the SEC has been inconsistent about its enforcement, creating “uncertainty” for companies.
The tide continues to favour Ripple Labs, which recently received the Hinman documents. Here the former SEC boss remarked that cryptos like Bitcoin and Ethereum were “sufficiently decentralized”, and therefore not securities.
Flipsider:
- Ripple’s CEO, Brad Garlinghouse, has taken a jab at Coinbase co-founder and CEO, Brian Armstrong, over his hypocritical anti-tribalism campaign.
Why You Should Care
Ripple is now in a good position to win its SEC case, receiving the Hinman documents and support from top organizations.