This week’s top crypto news stories see the crypto industry being further entrenched in entertainment. From video games to sports to even social media companies, blockchain technology continues to grow more into the mainstream. Now, some of the biggest names across all of these industries are making headlines in the crypto world.
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Of course, there’s also plenty of news this week pertaining to the government and Wall Street. For one, the Federal Reserve meeting on Wednesday has been one of the biggest influencers on crypto prices in recent weeks. Moreover, the U.S. Securities & Exchanges Commission (SEC) still seems to be mulling over cryptocurrency’s place on Wall Street. Could Bitcoin (BTC-USD) exchange-traded funds (ETFs) be on the way sooner than expected?
Without further ado, let’s take a look at the week’s top crypto news.
Top Crypto News of the Week
Fed rate hikes do little to ease a volatile market
While it’s not exactly crypto news, the Fed’s meeting is perhaps the biggest story of the week for the market. Wednesday was the second Federal Open Market Committee (FOMC) meeting this year in which investors expected an interest rate hike. In March, the committee kicked off a series of hikes to curb inflation, starting with a 0.25% increase. Now this week, the FOMC mounted its second hike — to the tune of 0.5%. Lower than expected, the crypto market saw a brief surge from the good news, with BTC prices nearly breaching $40,000. However, it appears the market is now back down and then some, following a selloff of stocks in the wake of the announcement.
Another Bitcoin futures ETF sees approval
Yet another Bitcoin ETF has been given approval by the SEC. The new ETF from Valkyrie is another fund trading BTC futures contracts. This new fund adds to a growing crew of Bitcoin futures ETFs. However, what sets this approval apart is the method by which Valkyrie applied for the fund; it was filed under the Securities Exchange Act of 1934 with a 19b-4 form. This particular form is the same one used by firms seeking out approval for spot ETF funds. The SEC has been historically harsh on Bitcoin spot ETFs, saying the market lacks surveillance. Now, some think the Valkyrie news may point to a slight easing on the idea of future spot ETFs.
Algorand inks deal with the biggest soccer event in the world
This week, Algorand (ALGO-USD) also continued to push crypto into the mainstream. Specifically, the network just partnered with a massive entity within the world’s most popular sport: the Fédération Internationale de Football Association, or FIFA. One of the most renowned organizations for professional soccer in the world, FIFA is partnering with Algorand to make ALGO an official sponsor. Algorand will be a regional supporter for North America and Europe at the FIFA World Cup tournament later this year in Qatar. This news marks one of the largest partnerships for a blockchain project yet, taking ALGO to the world stage for an event that saw over 1 billion viewers in 2018.
Square Enix sells major intellectual property in its push toward blockchain gaming
Square Enix (OTCMKTS:SQNXF) is one of the world’s largest and best-known video game companies. It is behind some of the most iconic franchises in gaming, including the Final Fantasy and Tomb Raider series. In January, however, the studio began stirring up even more interest when it voiced bullish sentiment toward the future of blockchain and gaming. Since then, the company has retained interest in the space — and now it seems it’s diving in all the way. Specifically, Square Enix is selling intellectual property rights to Tomb Raider, as well as three subsidiary development studios to fund its blockchain gaming venture. The sale is netting Square Enix $300 million.
Binance shows support for Elon Musk with $500 million Twitter investment
It seems that Elon Musk’s $44 billion purchase of Twitter (NYSE:TWTR) will be one of the most controversial events of 2022. The billionaire entrepreneur — who has become quite the polarizing figure on the platform — is sparking much chatter around the free speech debate. Elon Musk says that, once the sale is processed, he will be shuffling Twitter’s rules to reduce censorship of content. This news has drawn criticism, with many saying Musk will bring hate speech to the platform. However, it has also seen plenty of support, much of which is coming from the crypto industry. Binance (BNB-USD) has been one of the most supportive companies of Musk’s acquisition; it is contributing $500 million toward the sale.
Yuga Labs’ Otherside metaverse sale faces backlash
Finally, Bored Ape Yacht Club developer Yuga Labs has landed itself in some hot water this week. Over the weekend, the company conducted a land sale for its Otherside metaverse, an interactive evolution of the Bored Ape non-fungible token (NFT) collection. The event was highly successful. However, it was not without criticism. The huge sale ended up sending Ethereum (ETH-USD) gas fees soaring sky-high for both Otherside land buyers and everybody else on the ETH network. Some transactions took thousands of dollars to process as a result of the bottlenecking. Users have been pointing out many easy steps Yuga could have taken to avoid the sale pratfalls.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
