Bitcoin (BTC) has broken above the psychological $40,000 level and shows promising signs of growth. According to on-chain analysis firm Glassnode, Bitcoin has appreciated over 140% year-to-date and has more than doubled relative to gold. Glassnode also highlights that Bitcoin still dominates the digital asset industry.
Compared to previous cycles, Glassnode suggests that the BTC return profile is “eerily similar” to the 2015-17 and 2018-22 cycles in terms of recovery duration and drawdown since the all-time high. The firm adds that several on-chain metrics indicate that the recent rally is pushing the market out of a ‘transitional recovery zone’ and is now resembling an ‘enthusiastic bull market’.
Market Anticipation for a BTC ETF Approval in 2024
Mathieu Ziaei, Portfolio Manager and Risk Officer at Criptonite Asset Management, believes that market hype surrounding a potential approval of a spot BTC exchange-traded fund (ETF) in January 2024 has contributed to price optimism. Ziaei suggests that if the ETF is approved, it could bring significant cash inflows to BTC, leading to increased prices across the entire crypto market.
Ziaei states that traders and fund managers holding a short position in digital assets would not be in a favorable position given the current market dynamics. He argues that with all the positive news surrounding Bitcoin, it would be difficult to justify having a short position. However, Ziaei adds that there is a possibility of a “buy the rumor, sell the fact” scenario leading to a sharp downward move in early 2024.
Black Swan events such as FTX, Luna, and Three Arrows have played a role in creating a bearish sentiment in the market. However, Ziaei suggests that this sentiment may reverse once more positive news and excitement regarding the spot Bitcoin ETF approval emerge.
Gods Unchained Expands In-Game Content with Amazon Prime Gaming Collaboration
Immutable Games, the Web3 game development platform, has announced its collaboration with Amazon Prime Gaming to offer in-game content for its flagship trading card game (TCG), Gods Unchained. As part of this partnership, Prime Gaming members who connect their in-game accounts will gain monthly access to exclusive in-game items.
The collaboration coincides with the Season 2 launch of Gods Unchained, named “Far Horizons,” which brings significant changes to the game’s meta and players’ strategies. Alongside the new season, Immutable Games also introduces Tides of Fate, the company’s first major card expansion set in over a year. The set includes 142 collectible cards and nine in-game-only “chained” cards that are linked to the effects of other cards.
Additionally, Gods Unchained is preparing for its full launch on mobile devices, aiming to reach a wider audience and provide an enhanced gaming experience.
Bitrefill Launches NFT Campaign with Web3 Wallet Suku
Bitrefill, a digital marketplace for gift cards that can be purchased with cryptocurrency, has partnered with Web3 wallet Suku to launch an NFT campaign. The campaign allows anyone to mint a “Secret Code” cashback NFT by posting a tweet. By tweeting the specific hashtag, users can automatically generate a unique Bitrefill NFT that contains a one-time-use code redeemable for cashback on any gift card in the Bitrefill marketplace.
The NFT campaign also includes a gamified component, where participants have the chance to earn cashback NFTs ranging from 10% to 50%. Upon posting the tweet, users receive the NFT in their Suku wallet, which simplifies the onboarding process into the Web3 space by abstracting away complicated seed phrases and private keys.
