Cryptocurrency traders bet on World Cup-themed tokens.  What is paying attention?

Cryptocurrency traders bet on World Cup-themed tokens. What is paying attention?

good morning. Here’s what happens:

the prices: Bitcoin rose significantly for the second day in a row, despite disappointing earnings from the technology sector.

ideas: What is driving cryptocurrency traders interested in World Cup tokens?

the prices

CoinDesk Market Index (CMI)

1,022.42 +38.3 3.9

Bitcoin (BTC)

$20,825 +731.6 3.6

Ethereum (ETH)

1,575 USD +113.5 7.8

Daily S&P 500 close

3,830.60 −28.5 0.7

He went

1669 USD +16.2 1.0

Treasury yield 10 years

4.01 0.1

BTC/ETH prices per CoinDesk Indicators; Gold is the Comex spot price. Prices as of about 4 PM ET

Bitcoin continues its evolving ways

Written by James Rubin

Bitcoin (BTC) The recent mini hike continued, surpassing $21,000 sometime after the Canadian central bank raised its key interest rate less aggressively than expected, and despite disappointing earnings late Tuesday by Alphabet and software giant Microsoft.

The largest cryptocurrency by market capitalization recently traded around $20,800, up more than 3.5% in the past 24 hours amid the Bank of Canada agreeing to raise 50 basis points (BPS) instead of 75 BPS. The bank indicated its concerns about the slowing economy. Central bankers around the world are trying to rein in inflation without triggering a severe recession. On Tuesday, BTC crossed $20,000 for the first time since October 5.

“Economic growth is expected to slow through the end of this year and the first half of next year as the effects of higher interest rates spread across the economy,” the Bank of Canada said in a statement, noting its progress in bringing inflation to below 7% and reiterating their concerns about a slowdown in economic growth.

Ether (ETH) It was recently changed at $1,575, which is a gain of about 8% from Tuesday, at the same time, with an increase of more than 11% the following day. The second largest cryptocurrency by market capitalization reached its highest level since mid-September.

Most Major Cryptocurrencies It’s been doing well in the green, with popular meme coins DOGE and SHIB recently up more than 14% and 5%, respectively. The rise of the former comes amid the approaching acquisition of the social media platform Twitter by Elon Musk, billionaire entrepreneur and DOGE fan.

CoinDesk Market Index (CMI)a broad-based market index that measures the performance of a basket of cryptocurrencies, is up 3.09% in the past 24 hours.

In the traditional markets, US stocks fell after rising in the past two days as investors pondered the tech industry’s suffering, which is likely to continue. A beleaguered social media platform.

Profiler platforms (FB) mentioned Third-quarter revenue was just $285 million for the Facebook Reality Labs (FRL) division, which includes augmented and virtual reality operations, according to earnings report Released Wednesday. That was below analysts’ estimates of $406 million, and down from $452 million in the second quarter.

The Technology-focused Nasdaq decreased by about 2%, while Standard & Poor’s 500, which has a strong technical component, decreased by 0.6%. The Dow Jones Industrial Average (DJIA) It was almost flat. Both Microsoft and Alphabet Edward Moya, chief market analyst at foreign exchange market maker Oanda, wrote that earnings results killed what had become “a not so bad outlook for the economy.”

in goodsBrent crude, a barometer of energy markets, rose to $94 a barrel, up about 0.27% from the day before. Three weeks after the Organization of the Petroleum Exporting Countries announced production cuts, investors remain concerned about energy prices. Brent crude has risen more than 15 percent since the start of the year. Safe haven gold rose 0.7% to $1,664 an ounce.

Housing starts fell by about 11% in September, continuing the recent trend that some observers of US monetary policy hope will enable the Federal Reserve to escalate its latest monetary tightening. The latest drop comes as mortgage rates soar to 7%, hitting a two-decade high.

Friday’s monthly University of Michigan Consumer Confidence Index will provide fresh insight into the public’s perceptions of the economy. “Bitcoin is now comfortably above the $20,000 level and now it will try to stabilize here even [Fed’s Federal Open Market Committee] Moya Books. “If risk appetite remains healthy, Bitcoin could rise towards the $22,500 level.”

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Why are cryptocurrency traders and Diggins interested in World Cup tokens?

By Shaurya Malwa

You might consider a high-end sports betting platform if someone says they want to bet on matches in the FIFA World Cup in Qatar.

But cryptographic planners do a better job. Specialized Crypto Twitter and altcoin Telegram groups are swamped with discussions about a myriad of tokens named after participating countries, players, stadiums, and even the host country itself. The tokens allow speculators to bet oddly on the prices of their favorite products.

No license

None of these tokens are licensed, or even affiliated with, with any World Cup participant. This has not prevented bettors from making significant gains. A token called World Cup inu is up around 500% in the last week alone, with others like CHAMPS and World Cup token gaining at least 200% (before seeing the price drop in the past 24 hours).

However, not everything is a random scramble. In the name of Omkar Godbole from CoinDesk I mentioned on TuesdaySome fan tokens issued on the Socios and Bitci blockchain-based fan reward platforms allow their holders to contribute to the promotion, participate in exclusive meet and greet events, and earn loyalty rewards.

In the past seven days, fan symbols for the Peruvian national football team (FPFT), Spain national football team (SNFT) and Brazil national football team (BFT) have risen by 29%, 17% and 12%, respectively, according to data source CoinGecko. Fan icons for Turkish and Argentine teams are up 10% and 9%, it was reported.

Capital Availability

What is driving the latest frenzy? The likes of Wes Hansen, director of trading and operations at crypto fund Arca, blame it on margin capital looking to invest in it, well, almost Anything short term.

“There is a lot of money on the sidelines waiting for any opportunity to invest, which is why short-term event trading has been the only way to generate good returns for a few months now,” Hansen told CoinDesk in a recent interview with CoinDesk.

He added, “When those circumstances combine with a massive month-long event like the World Cup and the industry’s love for meme tokens, there are bound to be some smart entrepreneurs releasing World Cup themed tokens (like WCI and Willie).”

But he noted that optimistic investors should exercise some caution. “These tokens have become just high-speed commercial vehicles with little or no intrinsic value or functionality and will disappear once the event starts to erode,” Hansen said, adding that one of the interesting reasons why such tokens are emerging is that they give fans a way to “interact with their teams.” Favorites and support.

important events

4:15 p.m. Hong Kong time / Singapore time (8:15 UTC) European Central Bank monetary policy decision statement

4:30 p.m. Hong Kong time / Singapore time (8:30 UTC) US Durable Goods Orders (September)

4:30 p.m. Hong Kong time / Singapore time (8:30 UTC) US annual GDP (third quarter)

6:15 p.m. HKST / Singapore time (10:15 UTC) European Central Bank President Lagarde’s speech

7:00 a.m. Hong Kong time / Singapore time (23:00 UTC) Bank of Japan monetary policy statement

CoinDesk TV

In case you missed it, here’s the latest episode of “First Engine” on me CoinDesk TV:

Crypto Markets Rise, Liquidations, Tech Profits, and Reddit NFTs

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Slowing crypto ad spend contributes to Google’s soft quarter: The company’s advertising growth in the third quarter was the slowest in nine years.

Crypto Exchange SushiSwap agrees to restructuring, and will create 3 DAO companies: The development of the decentralized autonomous organization will be managed by three organizations that will be based in Panama and the Cayman Islands.

A16z’s largest crypto fund loses 40% in the first half of 2022, according to a Wall Street Journal report: Andreessen Horowitz slowed down his crypto investment, making just nine in the third quarter, compared to 26 in the fourth quarter of last year.

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UK Police have crypto experts stationed nationwide: Police have managed to seize and store hundreds of millions of pounds worth of cryptocurrency, but welcome the laws planned to ease crypto seizures linked to crime and terrorism.

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