Crypto SWOT: GameStop Announced Partnership With FTX US Crypto Exchange

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Strengths

  • Among the cryptocurrencies tracked by CoinMarketCap, the best performer of the week was Terra LUNA, up 216.98%.
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  • Ether outperforms the broader crypto market as the latest Ethereum network software update kicks off one of the final steps in the long-awaited transition of blockchain to a more energy-efficient process, Bloomberg reports. The latest Ethereum network upgrade, known as Bellatrix, was activated around 7:35 a.m. PT. It officially kicks off the blockchain’s transition from proof-of-work to proof-of-stake, the article continues.
  • Thailand will establish a task force to study improving supervision of digital assets to strengthen investor protection and follow international standards, according to the Securities and Exchange Commission. The group will be made up of representatives from agencies, including the Ministry of Finance and the Bank of Thailand. Improved supervision will help prepare for rapid changes in the digital asset market, reports Bloomberg.

Weaknesses

  • Among the cryptocurrencies tracked by CoinMarketCap, the week’s worst performer was NEXO, down 14.61%.
  • Bitcoin is flirting with a test of this year’s lows following a cryptocurrency selloff that once again pushed the sector’s overall market value below $1 trillion. Bitcoin has lost more than 6% so far this week and was trading at around $18,750, Bloomberg explains. Soaring real interest rates are putting pressure on a range of risky assets and crypto is no exception.
  • Scammers who ransacked cryptocurrency projects worth hundreds of millions of dollars in recent months were able to pull off such heists by taking advantage of a core tenet of decentralized financial services. While DeFi projects promise to enable greater efficiency in crypto transactions, much of the code that underpins the software is public, meaning anyone online can scan it for possible vulnerabilities. ‘it can exploit, writes Bloomberg.

Opportunities

  • Binance, the largest crypto exchange by volume, will begin converting all existing user balances and new deposits of USDC, USDP, and TUSD into the company’s own stablecoin. The exchange said the move was “to improve liquidity and capital efficiency for users,” writes Bloomberg.
  • Insolvent crypto lender Voyager Digital has garnered enough interest from potential buyers to warrant an auction, Bloomberg reports. The need for an auction means that Voyager received more than one acceptable bid for its assets and no one bid was clearly the best. That could be good news for Voyager customers who still don’t have access to their accounts, the article continues.
  • GameStop shares rose on Thursday after the video game retailer announced a partnership with cryptocurrency exchange FTX US, suggesting the company is making progress in its strategy shift to NFTs. But analysts were still skeptical of long-term growth prospects after the company reported lower sales and a bigger loss in the second quarter. GameStop said it will collaborate with FTX US on new e-commerce and online marketing initiatives and begin offering FTX gift cards at select stores, Bloomberg writes.

Threats

  • Thailand’s Securities and Exchange Commission has filed a police complaint against Zipmex Thailand, a crypto exchange operator, and its managing director for failing to comply with the country’s digital asset regulations, Bloomberg writes. . Exchange CEO Akalarp Yimwilai violated digital asset rules by not disclosing information about the exchange’s digital wallet, which holds client assets, and details of digital asset transfers and withdrawals as requested by the authorities.
  • A closely watched measure of Bitcoin mining revenue has fallen to the lowest in about two years as competition increases while prices fall and energy costs soar. The hash price index, which indicates the value of mining revenue per unit of computing power, fell to around 7.7 cents for every terahash, the lowest since September 2020.
  • The White House Office of Science and Technology released a report claiming that Bitcoin mining has a negative impact on the environment and suggests banning proof-of-work, according to Daily Bitcoin News. The report hints at possible executive orders and congressional legislation to “limit” or “eliminate” proof-of-work mining if regulatory measures fail to influence U.S. climate goals, the report says.

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Crypto SWOT: GameStop Announced Partnership With FTX US Crypto Exchange


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