The middle of April was not the best for the market in terms of growth, though there have been notable events that suggest how the medium-term might pan out. These include the presiding judge dismissing an SEC motion in the Ripple lawsuit and AMC Theatres accepting more crypto-assets for payment.
- Bitcoin’s price has dipped below $40K, to the disappointment of investors. The asset had looked like it was going to break past $50K earlier in the month, but has retraced its steps.
- Fans of the football club Lazio can now stake Lazio fan tokens on Binance. Fan tokens are becoming increasingly popular, even if they’re yet to show their full potential.
- The presiding judge over the SEC and Ripple lawsuit has dismissed a motion by the latter to view certain documents, resulting in a win for Ripple.
- Meta has caused a stir by revealing that they would take a 47.5% cut from content creators in their Horizon Worlds VR app.
- AMC Theatres has announced that it will accept dogecoin, shiba inu, and cryptocurrencies as payment on its mobile app.
This Week in Crypto
Bitcoin Teetering Around $40K
Bitcoin continues to experience a topsy-turvy time in the market. The asset looked like it was teasing a tantalising run towards $50,000 at the start of April, but its value has now dropped back to under $40,000. Indicators suggest that investors are fearing a further slump, but it’s anyone's guess as to exactly how long the bear run will last.
April has historically been a month of great performance for bitcoin, but perhaps 2022 is a sign that the market is maturing and circumstances will be different. Investors won’t be happy, but it’s unlikely to dampen their spirits in the long run. The asset continues to gain adoption across the world, and long-term predictions are quite optimistic.
Lazio Fans Stake Their Tokens
Cryptocurrencies and blockchain-based features are all the rage in the sporting world, with multiple organisations from various sports already implementing said technologies. Football, especially, has been very interested in crypto, as demonstrated by fan tokens.
Exchanges have also begun allowing football fans to stake their tokens. Binance now allows Lazio fan tokens to be staked. It’s one more step for blockchain assets in the wider world, even if fan tokens from various clubs haven’t been performing very well. The potential lies not in the monetary value, but the utility they could have for fans.
Ripple Wins a Battle in SEC War
Ripple’s lawsuit with the SEC is one of the most famous legal cases in the crypto industry, and the two giants continue to duke it out. However, in a recent victory for Ripple, the presiding judge has dismissed an SEC motion to view some documents., which the latter claimed were relevant.
The judge was quite blunt in her reasoning, saying that the SEC sought “to have it both ways.” Those supporting Ripple have called it a very big win for the company. The case is far from over, and the SEC has two weeks to appeal the judge’s decision.
Meta’s 47.5% Fee for Content Creators Shocks the World
Meta and Facebook have long been in the crypto news sphere, and rarely has it been for positive reasons. Well, the latest development is no different, as Meta’s decision to take a 47.5% cut out of the work of content creators in its metaverse has many people flabbergasted.
The Horizon Worlds VR space itself will see a 17.5% fee, while the remaining 30% comes from sales made through the Meta Quest Store. This is shockingly high compared to decentralised NFT platforms, like OpenSea and LooksRare, which take 2.5% and 2%, respectively. Meta’s VP of Horizon Worlds Vivek Sharma also reportedly told the Verge that the company thinks it has “a pretty competitive rate in the market.”
AMC Theatre Mobile App Now Accepts Dogecoin
Cryptocommunity’s favourite theatre chain, AMC Theatres, has updated its mobile app to allow users to pay for services in dogecoin, shiba inu, and other cryptocurrencies. This adds to a list that already includes bitcoin, ether, bitcoin cash, and litecoin. The payments are made possible through an integration with Bitpay.
Investors will be happy about the addition, and AMC is really cashing in on the market’s love for meme coins. It’s clear that they will want to add as many cryptocurrencies as is sensible, and it could go a long way in helping them find and retain customers.