Cryptocurrency daily summary:
Crypto VC deal count hits one-year high
Immutable launches $50 million gaming rewards program
Worldcoin to collaborate with Paypal OpenAI
Let's first look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on April 25, Grayscale Bitcoin Spot ETF (GBTC) had an outflow of $139.4 million; at the same time, Fidelity Bitcoin Spot ETF (FBTC) had an outflow of $22.6 million, Bitwise Bitcoin Spot ETF (BITB) had an outflow of $6 million, and ARK 21Shares Bitcoin Spot ETF (ARKB) had an outflow of $31.3 million. Today's market showed a large outflow of funds from Bitcoin spot ETFs.
According to a CoinTelegraph research report, despite the recent market volatility and downturn, and cryptocurrencies such as Bitcoin are experiencing a cooling-off period, the venture capital market continued to recover in March and April 2024. A total of 161 transactions were completed in March, setting a 12-month high. The total investment amount exceeded US$1 billion, a month-on-month increase of 52%. Although April has not yet ended, 90 transactions have been recorded, attracting more than US$820 million in investment. In March, the number of transactions reached a 12-month high.
The influx of new venture capital has also stimulated developer activity, especially in emerging areas such as artificial intelligence, L1/L2/L3 infrastructure solutions, etc. The infrastructure sector is the most attractive to investors, with a total investment of more than US$1.2 billion in March and April.
Several funds announced or launched in recent months have fueled the crypto venture capital market’s resurgence. In addition to the well-known Hack VC and Immutable x Polygon funds, several new funds have been announced. The most notable of these is Paradigm, which announced it had raised $850 million in a fund designed to reintroduce capital into the crypto venture capital space.
The GameFi sector is also showing signs of recovery, with support from a16z, which plans to inject $30 million into tech-driven gaming startups, with a focus on those using AI, VR/AR, and Web3 technologies.
Immutable announced the launch of the “largest web3 game quest and bounty program ever,” offering $50 million in token rewards to players. The company said the Immutable ecosystem currently has more than 270 games in development, including high-profile projects such as “Illuvium” and MetalCore.
The Immutable ecosystem is home to over 270 games currently in development, including high-profile projects like “Illuvium” and MetalCore.
According to the company’s announcement, players can earn instant rewards by exploring quests, playing games, and owning collections on Immutable. As web3 gaming continues to mature and more big-budget games are released to the public, Immutable appears to be hoping to attract more gamers through its rewards program.
Bloomberg reported that Worldcoin developer Tools for Humanity is interested in working with payments giant PayPal and artificial intelligence company OpenAI. However, the details of the partnership remain unclear and no concrete plans appear to have emerged.
The concept of Worldcoin is to verify the identity of users by scanning their iris information, in return, users can earn cryptocurrency $WLD . Sam Altman, chairman and co-founder of Tools for Humanity, is also the co-chairman of OpenAI, the developer of the popular generative AI ChatGPT.
Market analysis: The market is weak and volatile. The Meme sector is the main narrative line of this round.
Market trend:
Bitcoin (BTC) fell below $63,000 last night, and the overall cryptocurrency market showed a weak and volatile trend. Despite the overall poor performance of the market, the Meme sector is still the main line of this round of market, showing relatively strong resilience.
In terms of macroeconomics, U.S. stocks fell. The U.S. GDP economic data for the first quarter showed that the economy fell into stagflation, while inflation rose for three consecutive months. These factors jointly hit the market's expectations for interest rate cuts, exacerbating investor uncertainty and market volatility.
Market hot spots:
1. Meme section: Tokens in the Meme section are as follows$BONK 、$PEPE The Meme token has become the focus of investors in this round of market due to its fair issuance mechanism, good chip structure, and no selling pressure from early venture capital funds. The uniqueness and community support of this type of token have brought it stable market performance.
2. The rise of Rune DOG: As a member of the Rune series, DOG has a market value of $500 million and has been listed on Gate.io. The rise of DOG may be driven by its unique positioning and functions in the market, as well as the increased availability of trading platforms.
Although the overall market is in a state of volatility, especially under the unfavorable macroeconomic background, the Meme sector still shows strong market performance and investment potential. Investors should continue to pay attention to the Meme sector, while closely monitoring the changes in the global economic situation and monetary policy to make timely adjustments and decisions. In the current market environment, it is particularly important to maintain a flexible and prudent investment strategy.
Macro: Global markets remain cautious, with mixed gains and losses; the yen crisis seeks a response from the Bank of Japan
Wall Street stocks closed lower on Thursday as data showing slower-than-expected U.S. economic growth and persistent inflation, coupled with disappointing earnings, sparked a sell-off in large-cap stocks.
Meta's performance among technology giants was not satisfactory, but Alphabet (GOOGL.O) and Microsoft reported quarterly results that exceeded Wall Street expectations, pushing up U.S. stock index futures. Nasdaq futures rose more than 1%, and S&P 500 futures rose 0.7%.
Money markets expect the Fed to cut rates by about 36 basis points this year, down from about 150 basis points at the start of the year, according to London Stock Exchange data.
Asian stocks rose cautiously on Friday, with Japan's Nikkei 225 edging up 0.02%. MSCI's index of Asia-Pacific shares rose 0.27%, while Australia's S&P/ASX 200 fell more than 1%. Hong Kong's Hang Seng Index rose 0.3%.
Focus in Asia is on the Bank of Japan’s interest rate decision at the end of its two-day monetary policy meeting, and a subsequent news conference by Governor Kazuo Ueda.Ahead of the outcome, the yen was little changed against the dollar, hovering near a 34-year low of 155.62 yen, while the 10-year Japanese government bond yield rose to a five-month high of 0.93%.
Japanese government bonds are struggling ahead of the central bank’s closely watched policy decision as markets sober up to the fact that U.S. interest rate cuts are likely to take some time.Complicating the situation for the Bank of Japan, data on Friday showed Tokyo’s core inflation slowed much more than expected in April and fell below the central bank’s 2% target.
In commodities, oil prices rose in early trading on Friday as investors assessed comments from the U.S. Treasury secretary that the economy could be stronger than first-quarter data suggested, as well as supply concerns from conflict persisted in the Middle East. Brent crude futures rose 34 cents, or 0.38%, to $89.35 a barrel, while U.S. West Texas Intermediate crude futures rose 33 cents, or 0.39%, to $83.90 a barrel.
Gold fell 0.08% to $2,329.50 an ounce. The recent overall rise in gold prices has helped Newmont, the world's largest gold miner, report first-quarter profit that beat expectations and sent its shares up 12%.
