In the April edition of the Crypto Finance House View, we cover the following topics:
Market Review & Outlook
Crypto markets continued their positive momentum last month, with bitcoin exceeding previous cycle highs. Sam Bankman-Fried was sentenced to 25 years in prison on 28 March 2024, sending a strong signal to the crypto market. For the next cycle, we continue to anticipate fewer bad actors and a greater focus on the fundamentals of blockchain applications. One of these blockchain applications is decentralised gaming, which we explore in this report.
By Friedrich Herzog
Technical Analysis
As expected in last edition of our House View, BTC attacked its all-time high. The high was just below USD 74,000 and subsequent profit-taking saw prices fall back to the USD 60,000 level, which is now coming into focus as a new key support level. We are sticking to our plan as long as prices trade above this level. Profit-taking has contributed to the change in ownership, and this supports a more sustainable uptrend. We maintain our USD 80,000 target as our medium-term scenario. Invalidation and reassessment if the support (USD 60,000) is breached. The long-term RSI model has confirmed its long position. The RSI readings stands at 81.8, well above the trigger level of 53. The relative strength of ETH vs. BTC has moved back in favour of BTC and is testing the old support area.
By Michael Zbinden
The Pulse of Web3 Gaming
In the past year, Web3 gaming has emerged as a powerful driver of digital asset adoption, blending traditional gaming experiences with blockchain innovation. Through the use of NFTs and substantial investment, it’s reshaping player ownership and participation in digital realms. Despite hurdles like scalability and game quality, strategic partnerships with industry giants and DeFi integration signal a bright future. As we enter 2024, Web3 gaming is set for growth and innovation, with the potential to revolutionise the user experience and drive blockchain adoption, offering unparalleled interactivity and player empowerment.
By William Ery
Immutable’s Role in Web3 Gaming Evolution
While the crypto industry as a whole is seeing an upward trend, all eyes are on the Web3 gaming category, as the gateway to usher in the next wave of 100 million users to Web3. The gaming industry is massive, currently having over 3 billion consumers worldwide, and with a market size of USD 217B, gaming is bigger than music and movies combined. Blockchains offer the gaming industry a platform shift that has historically underwritten a massive commercial opportunity. This platform shift ensures digital ownership for players and opens up new opportunities for game studios, such as new methods of distribution and monetisation with increased retention.
Guest Contribution
Crypto Reads: Juliane Proelss, Stéphane Sévigny, and Denis Schweizer – “GameFi: The Perfect Symbiosis of Blockchain, Tokens, DeFi, and NFTs?”
In the research paper titled “GameFi: The Perfect Symbiosis of Blockchain, Tokens, DeFi, and NFTs?” authored by Juliane Proelss, Stéphane Sévigny, and Denis Schweizer, GameFi, a fusion of “game” and “finance,” is a subject of thorough investigation. This paper encompasses blockchain games that incentivise players economically, also known as play-to-earn (P2E) games. Proelss, Sévigny, and Schweizer delve into the nuances of GameFi compared to traditional gaming, elucidating its unique value proposition and examining the spillover effects between crypto asset sectors such as GameFi, DeFi, NFTs, and P2E, alongside the impacts on BTC, ETH, and gas fees.
By Crypto Finance Editorial Team
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