Gamexcrypt Crypto gambling across internet casinos is a booming business

Strengths

• Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Luniverse, rising 2,885.76%.

• According to an article written by Bloomberg, Circle Internet Financial, the issuer of USD coin, the second largest stablecoin, landed $400 million in funding from a group that includes Blackrock Inc. and Fidelity Management and Research LLC. The funding is a clear sign of traditional finance’s growing acceptance of the exploding cryptocurrency industry.

• The owner of the biggest Brazilian-based cryptocurrency brokerage is in talks to create a new crypto-focused asset manager, writes Bloomberg. 2TM Participacoes SA is seeking to join with Giant Steps Capital, Latin America’s biggest quantitative asset manager on the new project.

Weaknesses

• Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Mini Cat Coin, down 99.51%.

• Bitcoin dropped below $41,000 for the first time in about three weeks, sliding further on mounting concerns about rising interest rates. The largest cryptocurrency fell as low as $40,996 on Monday, retreating for the seventh day in the past eight, writes Bloomberg.
• On Thursday, Bitcoin fell below $40,000 and weakened 3.1%. Prices fluctuated 3.8%, trading between $39,965 and $41,500. Bitcoin is now 42% below the high of $68,992 reached on November 10 and has weakened 14% so far this year, writes Bloomberg.

Opportunities

• Uniswap Labs, the main developer of the biggest decentralized exchange for spot-market cryptocurrency trading, is launching computer code that can embed its capabilities into any website, writes Bloomberg. The widget is a key part of Uniswap’s growth strategy which recently led to the company’s launch of a venture arm to invest in Web3 startups.  

• Internet casinos that offer users a way to gamble using cryptocurrencies are booming, reports NBC News, sidestepping regulations while operating and advertising with near impunity. Advertising all manner of casino games, these websites often take typical payment methods such as credit cards in addition to Bitcoin and Ether, which can be used on digital versions of slots and roulette, the article continues.

• After releasing the first Amazon shareholder letter since taking over Jeff Bezos’ role as CEO in July of 2021, Andy Jassy says that the international online retail platform could potentially sell NFTs in the future. Despite showing no concrete plans to add digital assets to its e-commerce marketplace in the near future, Amazon appears intent on adding Web3 technology into its business model, writes Bloomberg.  

Threats

• Bitcoin’s tendency to move in tandem with technology stocks means the biggest cryptocurrency may slump to $30,000 by June, according to Arthur Hayes, the co-founder of crypto trading platform BitMEX. Hayes, in a blog post on Monday, also said the same dynamic could drive Ether to $2,500, writes Bloomberg.  

• Former Ethereum developer Virgil Griffith is set to face sentencing in a New York courthouse on April 12 after pleading guilty to one count of conspiracy to violate international sanctions against North Korea last September, writes Bloomberg. U.S prosecutors accused Griffith of teaching North Koreans how to evade sanctions – a violation of the International Emergency Economic Power Act.

• The U.S. government drew a connection between the North Korean hacking unit Lazarus Group and last month’s exploit of Axie Infinity’s Ronin sidechain network, reports The Block. The Treasury Department included the Ethereum address in a sanctions list update. As reported at the time, the exploit resulted in the loss of 173,600 ETH and 25.5 million worth of the stablecoin USDC, the article continues.