Market
Yat Siu Talks Blockchain Gaming and Digital Identity
Yat Siu, co-founder and executive chairman of Animoca Brands shared his unique perspective on the evolving landscape of Web3, drawing from his extensive experience in tech innovation and his multicultural background.
In a recent interview with BeInCrypto, Siu highlighted the stark contrast between Eastern and Western attitudes. He also offered valuable advice for aspiring artists in the age of AI.
As a global leader in blockchain and gaming, Siu’s vision for the future of blockchain technology was evident in his discussion of Mocaverse, a project aimed at solving digital identity issues in Web3. His insights on China’s approach to blockchain and Hong Kong’s role as a crypto sandbox provided a nuanced view of the industry’s global dynamics.
Q: Why do you think the MOCA price rose significantly, compared to other Game tokens?
There is a whole series of tokens that haven’t done that well. But some have done well like Bitcoin, Ethereum, Solana, and TON, plus in our case, I would argue MOCA, too. The key difference is the institutional support. Projects with institutional backing tend to perform more stably. Starting with the Bitcoin ETFs, I think we’re entering an institutional era of crypto, meaning that, to stand out, you now need institutional support.
Q. How does the institutional support help the growth of projects?
The traditional stock market is by-majority institutional, but the token market is by-majority retail. In an institutional market, you diligently research to know what the project is about because you have large purchasing power and long-term planning.
Retails have a lot more short-term behavior naturally. For instance, Pump.fun launched two million tokens in the last 6 months. It is amazing as a business model, but also concerning. Among the new tokens, many of them are very small, and may also be very speculative.
An institution will not invest in Pump.fun. They have discipline. In this age, projects that have institutional support and capability become much more relevant.
Q: As an advisor to the Hong Kong Government’s Web3 Task Force, how do you interpret the recent atmosphere of the industry in China and Hong Kong?
Although President Xi Jinping put blockchain technology into his agenda, you can’t just assume by China saying “we’re supportive of blockchain”, that they will allow Bitcoin to be traded in China. You can’t even trade the US dollar in China, and what makes you think it should be okay to do crypto?
But there is a role for Hong Kong, which has been a financial clearing house for international capital in and out of the mainland.
It makes sense that Hong Kong is becoming pro-Web3 and pro-Crypto because it is the sandbox for China. If something happens, it can happen in Hong Kong and won’t affect China. Moreover, Chinese capital might flow out to other places, but it would rather be in Hong Kong, a free market under China’s influence than move to the US ally’s soil like Singapore.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Q. You have a Chinese background, but you grew up in the West, in Austria. How do Web3 and GameFi differ between East and West?
Asia is more pro-capitalist and the West is split between capitalism and, especially in Europe, more socialism. In Asia, even in China, they are capitalists by nature, and it doesn’t matter if you are called the Communist Party. That is not true for Europe and many young Americans. So if you’re a gamer in Asia, you make money with your assets and it’s okay because by nature you are comfortable with capitalism. But in Europe, people don’t necessarily agree with that. In America, the younger generation doesn’t necessarily believe in capitalism because it hasn’t worked for them.
There’s an ironically greater love of capitalism in Asia, which is why DeFi and GameFi are growing. I wouldn’t say everyone, but there’s a much louder voice of people in the West who don’t like it. If you talk to gamers in the West, they will say “I don’t want money to swallow my game”.
Q. Between Game Boy (of Nintendo) and Game Science (of Black Myth: Wukong), which one would you choose?
I would go for the Game Boy. I’m very proud that Black Myth: Wukong can be a global hit coming out of China. It’s an interesting moment. However, Wukong would not have been possible to be popular if it wasn’t for the earlier kinds of Asian game companies and Asia-led culture booms leading the way. In other words, the Chinese moment came thanks to Japan and Korea. Japanese anime paved the way for K-pop and K-drama, and K-culture did the same for China. Even if Wukong might become bigger, Gameboy should be respected.
Q: You studied music in college in Vienna. As an artist, what advice do you have for aspiring artists in the age of AI?
Regardless of what you do, especially for those who want to do creative things, it is important to own your property. The most successful musicians like Michael Jackson had a growing asset base because they owned their intellectual properties. On top of that, you need to understand money and business which we don’t teach in school. You can’t have independence if you outsource the value of the system. If you have an idea, if you create music, if you’re a performer, the important thing is to make sure you own enough of your property to have the long tail benefit for your work. Maybe it would make no difference if you’re not very successful, but if you have something successful, you know what I mean.
Q. How can blockchain benefit content creators?
The biggest theft in Web2 was those like YouTube, Instagram, and Tiktok. In the early days of YouTube, mukbangs, live-streamed videos where viewers watch the host eat, were very popular, but even when the creators became famous, the content was not theirs and they lost the IPs to YouTube. The same is true for Instagram, and when people take a photo on Instagram, they spend a long time getting the angle. But they don’t get paid for the work or its IP. Even when you make a video that goes viral on TikTok, you get nothing. In Web3 with blockchain, you own the property. If you mint it as an NFT, you have the history and the record. You will be able to defend theft from the blockchain. You can’t stop it, but you can trace and claim its ownership. That’s the point.
Q: What major factors of the industry have drawn your attention recently?
The crypto industry has grown over the last 12 months. We’ve had a lot more launches, a lot more projects, and a lot more people involved in the space.
In particular, we’re excited about TON and Mocaverse. The TON ecosystem brings many users into Web3 and our games like Gamee now have 90 million users. And for the Mocaverse, we think it’ll solve digital identity. Often it is the same people who are essentially farming the tokens which is a problem. You want to make it more distributed and you want to make it not go to bots but to individuals. You need an identity solution, and that’s what Mocaverse is doing.
Disclaimer
In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
ETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge
The ETH/BTC ratio, a metric measuring Ethereum’s price performance compared to Bitcoin, has reached its lowest point since March 2021. This development comes amid BTC’s brief rise to $98,000.
While the flagship cryptocurrency has increased by 7.45% in the last seven days, ETH has hovered around the same region, with investors raising concerns about the altcoin’s future.
Ethereum Continues to Lag Behind Bitcoin
In February, the ETH/BTC ratio climbed to a yearly high of 0.060. During that time, speculation spread that Ethereum’s price would begin to outperform Bitcoin and validate the altcoin season. However, that has not happened, as Bitcoin’s price has continued to make new highs
Ethereum, on the other hand, is yet to retest to reclaim its all-time high despite reaching $4,000 earlier in the year. This disparity in performance could be linked to several factors. For instance, both cryptocurrencies saw approval for exchange-traded funds (ETFs) this year.
However, while Bitcoin has seen billions of dollars in inflows, ETH has been inconsistent in attracting capital. Hence, the institutional inflow has driven BTC toward $100,000, ensuring that the ETH/BTC ratio drops to $0.033 — the lowest level in 42 months.
Further, the disparity in Ethereum’s performance can largely be attributed to sustained selling pressure. For instance, CryptoQuant data reveals that exchange inflows into the top 10 exchanges have climbed to 461,901 ETH, valued at approximately $1.50 billion as of this writing.
This surge in exchange inflow reflects large deposits by investors, indicating a heightened willingness to sell. Such movements typically increase the supply of ETH on exchanges, raising the likelihood of a price drop.
In contrast, a low exchange inflow generally indicates that investors are holding onto their assets, which is not the current scenario for ETH.
ETH Price Prediction: Crypto Could Retrace
As of this writing, ETH trades at $3,317, which is a higher close than yesterday’s. Despite that, the altcoin is still below the Parabolic Stop And Reverse (SAR) indicator. The Parabolic SAR generates a series of dots that track the price movement, positioning above the price during a downtrend and below the price during an uptrend.
A “flip” in the dots — shifting from one side to the other — often signals a potential trend reversal. As seen below, the indicator is above ETH’s price, suggesting that the cryptocurrency could reverse its recent gains.
If this is the case and the ETH/BTC ratio declines, Ethereum’s price could decline to $3,083. However, if buying pressure increases, that might not happen. Instead, the value could surge above $3,500 and toward 4,000.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin Cash (BCH) Price Up, Leads Daily Gains
Bitcoin Cash (BCH) price has risen more than 10% in the last 24 hours, surpassing the $10 billion market cap and signaling renewed bullish momentum. The recent surge has brought BCH closer to key resistance levels, indicating the potential for further gains if the uptrend strengthens.
However, indicators like the RSI and ADX show that while the trend is improving, it is not yet fully strong. Whether BCH can sustain its upward momentum or face a pullback will depend on how it navigates critical resistance and support levels in the coming days.
BCH Current Uptrend Is Getting Stronger
BCH currently has an ADX of 19.31, up from 12 just a day ago. This increase indicates that the strength of the trend is gradually gaining momentum after being weak.
However, since the ADX is still below 25, it suggests that the uptrend has not yet reached a strong or sustained level of trend strength.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or uncertain trend. While Bitcoin Cash is currently in an uptrend, the ADX at 19.31 suggests that the trend is still in its early stages of strengthening.
If the ADX continues to rise above 25, it could confirm a stronger uptrend, but for now, Bitcoin Cash price movement remains cautious, with room for further development.
Bitcoin Cash Is Not In The Overbought Zone Anymore
Bitcoin Cash has an RSI of 64.5, down from over 70 just a day ago. This decline suggests that while the asset is still experiencing bullish momentum, the intensity of buying pressure has started to decrease.
The drop below 70 takes BCH out of the overbought zone, indicating a more balanced market sentiment.
The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 64.5, BCH remains in bullish territory, which supports the ongoing uptrend.
However, the slight decline in RSI could mean the pace of gains is moderating, potentially leading to BCH price consolidation before any further upward movement.
BCH Price Prediction: Will a New Surge Occur Soon?
If BCH maintains its current uptrend and gains additional momentum, it could continue its rise after climbing more than 10% in the last 24 hours.
This strength could push BCH price to test the resistance at $536.9. Breaking this level would signal a continuation of bullish momentum and could attract further buying interest.
On the other hand, if the uptrend fades away and reverses, BCH price could retrace to test the nearest support levels at $424 and $403. If these supports fail to hold, the price could fall further to $364, representing a potential 27% correction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Custodia Bank to Retrench Staff Again Amid Regulatory Heat
Wyoming-based crypto bank Custodia is reportedly deliberating more layoffs as it braces for ongoing regulatory scrutiny under the Biden administration. The decision comes as the crypto sector faces unprecedented challenges, including de-bankings and increasing pressure from US regulatory agencies.
Meanwhile, cryptocurrency market participants remain hopeful of a better regulatory environment amid expectations of policy shifts with the incoming Donald Trump administration.
Custodia Banks Plans More Layoffs Amid Regulatory Pressure
Custodia Bank might enact more layoffs after retrenching 25% of its staff in August. This comes as the digital asset-focused bank continues to devote resources to its ongoing lawsuit with the Federal Reserve (Fed), which denied the lender a master account last year.
“Fox Business has learned that Wyoming-based crypto bank Custodia Bank will implement further layoffs in order to preserve capital,” Fox Business correspondent Eleanor Terrett reported.
The bank did not immediately respond to BeInCrypto’s request for comment on the supposed layoffs. Early in 2023, Custodia Bank was denied a master account, which would give it access to the Fed’s liquidity facilities. The lawsuit challenges this denial.
Custodia Bank has been trying to conserve capital as it continues its legal battle against the Fed. During its last layoffs three months ago, the company’s founder and CEO Caitlin Long attributed the retrenchments to “right-sizing.” She said it was necessary to maintain operations while preserving capital during the lawsuit against the Fed.
Long also indicated that the efforts could continue “until after Operation Choke Point 2.0 ends,” referring to the alleged ongoing crackdown on digital assets under the Biden administration. Operation Choke Point was the name of an Obama-era effort that “choked off” high-risk industries such as payday lending, gambling, and firearms from banking access.
“I’m incredibly proud of the Custodia team, the services we’re building for our customers and our resilience in the face of repeated de-bankings due to no fault of our own. I especially thank Custodia’s customers and shareholders who have helped us continue the fight for the durability of banking access for the law-abiding US crypto industry,” Terrett added, citing Long.
Noteworthy, oral arguments in the lawsuit will take place on January 21. This will be the day after Donald Trump’s inauguration, following his recent win.
Regulatory Pressures Intensify But There’s Hope for Change Under Trump
Custodia is not alone in struggling against regulatory pressure. The crypto industry at large has recently faced mounting regulatory challenges. High-profile companies like Consensys have also recently announced significant layoffs.
As BeInCrypto reported in late October, the blockchain software firm behind Ethereum infrastructure tools like MetaMask revealed it was cutting 20% of its workforce. Its CEO, Joe Lubin, cited mounting pressure from the US SEC (Securities and Exchange Commission), among other uncertainties in the regulatory space.
“The broader macroeconomic conditions over the past year and ongoing regulatory uncertainty have created broad challenges for our industry, especially for US-based companies,” Lubin shared.
Meanwhile, the Biden administration has been accused of taking an increasingly aggressive stance toward the crypto industry. Among the accusations include enforcing stringent banking restrictions and debankings. Nevertheless, Trump’s recent win and upcoming inauguration reignited hope within the crypto sector for a more supportive regulatory environment.
The hope hinges on the delivery of Trump’s crypto blueprint. Experts believe Trump’s pro-business stance could revive the industry by easing regulatory pressures on crypto.
Brian Armstrong, CEO of Coinbase, has also expressed optimism about a potential shift in regulatory attitudes. Armstrong recently urged the next SEC chair to drop “frivolous cases” against crypto firms and issue a public apology. He slammed the current SEC composition for what he views as overly aggressive enforcement, calling out Gary Gensler.
“The next SEC chair should withdraw all frivolous cases and issue an apology to the American people. It would not undo the damage done to the country, but it would start the process of restoring trust in the SEC as an institution,” Armstrong posted.
Still, Custodia’s ongoing lawsuit is a symbol of the crypto industry’s fight for legitimacy and fair treatment within the financial sector. While the industry’s outlook remains uncertain in the short term, there is cautious optimism that the incoming Trump administration could bring relief to embattled crypto firms.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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