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Summary of Past Week Articles May 13, 2022

Chelsea Lands First Crypto Shirt Sponsor in USD 24 Million Deal:

Shortly after the club was taken from sanctioned Russian businessman Roman Abramovich and a group of investors paid GBP 2.5 billion (USD 3.1 billion) for his shares, Chelsea FC announced a shirt sponsorship arrangement. Digital asset investing platform WhaleFin for the upcoming season made an agreemnt with a sports club.

The agreement, worth approximately GBP 20 million (USD 24 million) each year, will allow the Blues to make their first excursion into the cryptosphere, according to Sky News.

Meanwhile, WhaleFin, a subsidiary of Singapore-based Amber Group, is aiming to expand its roster of prominent football sponsors.

According to the industry website Inside World Football, the platform is in talks with Atletico Madrid to clinch a five-year EUR 40 million (USD 42 million) deal. That arrangement would be more than twice what the Spanish team is now paid by its existing jersey sponsor, the online trading platform Plus500.

The newest developments come as Amber Group prepares for a fresh round of fundraising that may raise the company’s valuation to around USD 10 billion, according to unnamed people close to the discussions.

According to the firm’s estimates, the February round increased Amber Group’s valuation to almost USD 3 billion.

As Bitcoin and Ethereum prices fall, Google searches show an increase in interest in purchasing them:

According to Google Trends, there is a spike in interest among those looking to buy popular cryptoassets such as bitcoin (BTC) and ethereum (ETH) when prices hit multi-month lows.

Over the last week, interest in the search keywords “should I buy bitcoin” and “should I buy ethereum” has surged by more than 70% and 50%, respectively.

Notably, there has been an increase in Terra’s LUNA and UST-related search phrases, which should come as no surprise given that a large part of the current market meltdown is claimed to be caused by the concern of stablecoin UST losing its peg.

Since LUNA is down more than 99% from its all-time high, some are wondering if now is the time to invest in the coin (or buy the dip).

Over the last week, interest in the search term “should I buy luna” has increased by 750%.

All of this is taking place as the crypto market suffers widespread losses.

Two Indications of When the Bitcoin Bear Market Will End:

As the crypto market continued to tumble on Thursday, analysts told that traders should keep a close check on the bitcoin (BTC) price on Coinbase. They also suggested following up on tether’s (USDT) progress toward regaining its dollar peg, for hints about when the worst-selling pressure may end.

Marcus Sotiriou, an analyst at digital asset trader GlobalBlock explained that if [USDT] restores its peg, that is an obvious indicator for the market.

At the time of writing (14:34 UTC), tether was selling at roughly USD 0.993 on Coinbase, slightly below its USD 1 peg.

Sotiriou also remarked that if the Coinbase BTC spot price can overtake the Binance discounted BTC spot price it would be a positive sign. 

Such a trend would imply that institutions, which normally prefer Coinbase over Binance, are purchasing more bitcoin than retail investors, indicating that professional investors are growing more confident in the market, according to Sotiriou.

Meanwhile, Ben Caselin, Head of Research & Strategy at cryptocurrency exchange AAX, stated that bitcoin has been “pretty strong” in comparison to most altcoins during the recent selloff and that fundamentals such as the number of bitcoin addresses holding at least 0.1 BTC have increased.

Finally, Caselin stated that the collapse of UST and the Terra (LUNA) network, in general, may result in a huge shift in dominance in favor of both bitcoin and ethereum. BTC was trading at USD 28,750 at 14:34 UTC, down about 8% in the last 24 hours and 28% in the previous 7 days.

At the same moment, ETH was trading at USD 1,961, down 16% on the day and 33% on the week.

The ‘Wave of Crypto Muggings’ has arrived in London’s Financial District:

According to a new report, thieves in the United Kingdom are targeting cryptocurrency traders in “a wave of crypto muggings,” with police warning that thousands of pounds have been stolen by criminals. 

The Guardian got a number of anonymized crime reports from the City of London Police as part of a freedom of information request and published the report. The “crypto muggings” allegedly occurred in the capital’s financial center in the second half of 2021.

Phil Ariss, the head of the National Police Chiefs’ Council cybercrime program’s cryptocurrency team, was claiming that more training was being given to police officers on a variety of crypto-related crimes.  But, those police officers were also looking at ways to inform the public about the need to be vigilant about using crypto-related apps in public spaces.

Ariss exclaims: “You wouldn’t stroll down the street with [banknotes] in your hands and count them.” 

The analogy was meant to warn crypto assets owners. In addition, Ariss explained that these criminal offenses were opportunistic street occurrences resembling a mugging for cash or possessions.

 Indeed, one of the victims appears to have been trading on during an evening at the pub. According to the statement of the victim, his phone was stolen, and around USD 12,300 in cryptocurrency and/or cash was taken from his wallet.

Meanwhile, Gurvais Grigg, the public sector Chief Technology Officer of blockchain analytics startup Chainalysis, said that while police have the capabilities to hunt down crypto offenders, officers are less likely to prosecute smaller crimes. 

In addition, the public has spoken on Reddit using dark humor surrounding the events and the latest crypto price drop. Hence, one Redditor remarked:

“My phone is currently worth more than my portfolio.”

Sony and Theta are set to launch ‘3D NFTs,’ with an eye tie-in to its Spatial Reality Display:

Non-fungible tokens (NFT) are becoming 3D, and Sony wants to be the company that brings them there.

Theta Labs (THETA), South Korea’s blockchain network operator, claimed in a press release shared with that the new 3D NFTs were designed to be used with Sony’s Spatial Reality Display. The product is a display unit that features a high-speed vision sensor that follows users’ eye movements to create 3Ds based on eye positions.

The device does not require goggles or other eye-protective equipment. Sony’s Spatial Reality Display will be available in late 2020 and will cost roughly USD 5,000. 

Theta indicated that the parties would serve up a scenario in which NFTs representing any in-world digital item, avatar, or collectible can be seen and exhibited in glasses-free 3D mixed reality form. 

According to the South Korean firm, through an initial pilot project, the move will provide a new realism and a tangible presence to the metaverse.

 A Theta-powered NFT – ten copies of a token called “The Tiki Guy” will be included.

The Sony connection comes in the form of these ten tokens, which will allow owners with US shipping addresses to redeem a Sony Spatial Reality Display gadget.

Sony’s Spatial Reality Display, according to Theta, will give a unique experience for NFTs and showcase NFTs and virtual experiences in a whole new way.

The mask-themed NFTs will be meant to demonstrate the next-generation capability of Sony’s Spatial Reality Display, according to the company statement. 

It will allow collectors to examine their digital metaverse assets in fully 3D accessory-free mode.

 Those without access to 3D display equipment will be able to purchase 2D versions for viewing on regular displays.

Meanwhile, Theta collaborated with Samsung’s smartphone development team in February of this year to introduce a line of NFT digital collectibles to coincide with the release of two new Samsung smart devices, the Galaxy S22 and the Tab S8.

Analysts are looking for a bottom in Bitcoin and Ethereum:

Bitcoin (BTC) fell to its lowest valuation, breaking through the USD 32,000 barrier.

The Monday meltdown followed a weekend sell-off in the broader crypto market, fueled by plunging stock prices and fears that terraUSD (UST) will lose its dollar peg.

BTC was down 8% in the last 24 hours and 19% in the previous 7 days as of Monday at 19:12 UTC to USD 31,267.

According to the bitcoin analyst Dylan LeClair, another popular on-chain indicator for Bitcoin, the bitcoin realized price, is also showing that the USD 24,000 mark is in the green zone.

LeClair went on to explain that the market to realized value (MVRV) ratio is also pointing to a similar price, through dips below the realized price. 

Meanwhile, Benjamin Cowen, a bitcoin expert famed for his lengthening cycles idea, stated for the first time this weekend that the notion is dead.

Others believe Cowen is correct about the latest bull cycle being over, and that a peak in inflation might cause the US Federal Reserve to shift to a looser monetary policy, driving values once more.

On-chain fundamentals are extremely positive, despite the bearish chart.

Analyst at digital asset broker GlobalBlock commented on the general health of the bitcoin market.

According to Marcus Sotiriou’s emailed opinion on Monday, the chart now appears bearish from a technical analysis standpoint.

Still, with BTC approaching the bottom end of a 16-month trading range, the analyst believes the USD 28,000 to 32,000 mark could be a favorable zone to enter new long-term holdings in BTC.

Sotiriou went on to say that on-chain measures for BTC remain at an all-time high in the percentage of BTC that has not changed in a year. 

Meanwhile, according to CoinShares data, inflows into digital asset investment products were USD 40 million last week. 

BTC had USD 45 million inflows (compared to USD 133 million outflows the previous week), whereas ETH witnessed USD 12.5 million, or 50% less than a week prior.

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