In today’s briefing:
- Quick Update on the New Hong Kong Crypto Policy Statement – A Revival of the Crypto Hub?
- Crypto Outperforms Tech Stocks
- Sporting Crypto – October 31st 2022: FIFA Partner with Altered State Machine
Quick Update on the New Hong Kong Crypto Policy Statement – A Revival of the Crypto Hub?
- Hong Kong government published on Oct 31 a statement titled “Policy Statement on Development of Virtual Assets in Hong Kong” with a much friendlier stance on crypto industry
- The policy statement mainly focuses on crypto asset ETF, NFT, tokenized assets, stablecoin, and e-HKD; while utility tokens are missing from it.
- While this has been perceived positively by the industry, the biggest concern is still the regulatory uncertainty, especially considering mainland China’s outright ban on all crypto-related activity
Crypto Outperforms Tech Stocks
- Price Movements: Crypto markets are soaring, led by the memecoin DOGE, which is up +100% in a week.
- Market Liquidity: High volatility caused bid-ask spreads to spike across ETH markets, which rippled throughout altcoin markets.
- Derivatives: BitMEX, once the largest derivatives exchange, has experienced a sharp drop in perpetual futures volumes over the past two years.
Sporting Crypto – October 31st 2022: FIFA Partner with Altered State Machine
- FIFA, who recently launched FIFA+ Collect, have stepped up their Web3 game with yet another partnership.
- This one is a bit more niche and complex. Equally, it’s potentially more interesting than the more generic highlight reel based moments that FIFA dropped a couple of weeks ago.
- Basically, this is an NFT, that uses AI to train itself to interact with a number of different digital environments in several different ways.
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