CNA Weekly Roundup 22.03.24

CNA Weekly Roundup 22.03.24

Web3 gaming companies need to better engage users

The world of blockchain gaming is getting bigger and better, with companies forming partnerships to attract more players to the exciting realm of Web3 gaming.

Web3 innovator Immutable has added 75 Web3 games in just three months, making a total of 270 blockchain games available on their platform. Bonkers!

Source: X, Immutable

Seeing the growth in blockchain gaming, the crypto exchange OKX is also diving into this space, teaming up with Immutable to get into Web3 gaming. Lau from OKX chatted with Cointelegraph about how Web3 is set to revolutionise gaming by allowing players to really own their in-game items, trade them, and even earn from them. He’s excited about the fresh game mechanics, new business models, and more community involvement that Web3 introduces.

Related: ASIC Commissioner Unveils Strategy To Tackle Blockchain’s Regulatory Trilemma

OKX and Immutable are cooking up a GameFi launchpad to keep the Web3 gaming buzz alive. This platform will support new game launches on Immutable’s special blockchain technology.

Lau mentioned that this collaboration will make it easier for folks in the crypto world to find and dive into new Web3 games, enhancing their gaming experiences and access to new assets.

Games launched on Immutable will get to use OKX’s bunch of services, like their exchange, wallet, and a market for non-fungible tokens (NFTs). They’re also linking the OKX Wallet with Immutable Passport, a new login tool for gamers in the Immutable universe.

Lau believes that blockchain gaming companies should focus on luring gamers to Web3 by creating unique and fun games. He stresses that quality games will build strong communities. Moreover, he thinks these firms should not only promote their games but also educate players about Web3’s perks.

Immutable is on a roll, enhancing its gaming platform to make life easier for Web3 gamers. They’ve introduced a new tech to cut out gas fees for players and launched a wallet service that simplifies account management using Google or Apple accounts, all to make jumping into Web3 gaming a breeze.

Michael Saylor now owns 1% of entire BTC supply

There are three certainties in life; death, taxes and Michael Saylor DCA’s a sh*t load of money into BTC.

And this time, he’s hit a new milestone in doing so, he now owns more than 1% of all the Bitcoin out there. 

Can you believe that? 

Saylor tweeted earlier this week that his company Microstrategy had snapped up another 9,245 Bitcoin, shelling out about $623 million. That’s an approx purchase price of $67,382 per Bitcoin! 

Now, MicroStrategy’s Bitcoin stash is at 214,246, averaging a buy-in of $35,160 each. 

Source: X, Microstrategy

With this buy, they’re now holding 1.09% of all the Bitcoin available. 

Right after Saylor shared the news, Peter Schiff, who’s always bashing Bitcoin, didn’t miss the chance to throw some shade his way. But Schiff received a lot of criticism for his comments, considering he is down 8% on his investments this year (and Microstrategy is up 390%).

Source: X, Michael Crush

What Are The Charts Telling Us?

We’re currently observing a descent using the ABC corrective wave pattern, a concept originating from Elliott Wave Theory. This theory is a method of analysing financial markets based on recurring wave patterns, dividing market movements into impulsive waves (numbered) and corrective waves (lettered).

Using this theory we have perfectly timed two entry points to dollar cost average our long term bags on Bitcoin. 

There has been an entry at $64,000 and also a potential entry at $60,000 where we documented potential reversals of the price action. However, we are currently seeing a descending broadening wedge pattern: 

Source: Tradingview.

This pattern often signals a potential buying opportunity following a downtrend or within an existing uptrend. This pattern resembles a bearish megaphone, suggesting a period of volatility and uncertainty in the market. However, when identified within the context of a broader trend, it can indicate a reversal or continuation of the current price trajectory.

Source: Tradingview.

Once a potential dip below the $60,000 mark materialises, we anticipate a challenging ascent back towards the yellow arrow, serving as a pivotal resistance line. Here, bears are likely to exert downward pressure on price action. However, once bulls regain momentum and seize control, we anticipate a breakout from this reversal pattern, setting our sights on retesting the $74,000 level. This marks the next phase in our journey, aiming to surpass previous double tops and ultimately reach new all-time highs.

Related:Spot ETF Buying Slows As Bitcoin Slides Into Danger Zone

Moreover, with the halving period looming less than a month away, there’s a compelling possibility that we could witness a resurgence in all-time highs in the near future. This convergence of technical patterns and fundamental factors presents an opportune moment for traders to capitalise on potential market movements.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *