Dubai Positioning Itself to Embrace the Rebound of Digital Assets
Despite the previous downturn in the digital assets market, there are a myriad of groups putting their weight behind them. Dubai, one of the seven states comprising the United Arab Emirates has made several moves over the past year, embracing the currency with open arms and investing heavily not only in regulatory framework and streamlining but also introducing itself as the social hub of the Metaverse.
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FTX and Alameda Research Go Bankrupt: What Happened?
Over the past two weeks, previously trusted exchange FTX has been rocked by a scandal where it was discovered that customer funds from FTX were misappropriated and funneled to quantitative investing firm Alameda Research. Following this news, a crisis of confidence and subsequent liquidity crisis struck the exchange, sending a shock throughout the digital asset world that had previously already endured similar turmoil earlier this year following the collapse of LUNA.
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Varys Capital is pleased to announce an investment in Arties. Arties’ goal is to provide a platform for traditional artists and guide them through the NFT space through combining traditional and digital art with new technology.
Varys Capital is pleased to announce an investment in Analog. Analog’s mission is to provide omnichain interoperability that allows any number of blockchain projects to communicate with each other, providing a decentralized, secure, trustless, and infinitely scaling transaction ledger.
Institutional Investors Dig Deeper Into Digital Assets Despite Bear Market
According to a study conducted on behalf of Fidelity Digital Assets, seven out of ten institutional investors expect to invest in digital assets In the future. Moreover, almost half of those respondents stated they are already invested in them. Despite the common perception of a “crypto winter” it appears that institutions are still bullish in investing and have maintained their holdings even despite Bitcoin’s precipitous fall earlier in the year.
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Ethereum Merge Brings Huge Upgrades to the #2 Market Player
The long-awaited Ethereum Merge is set to occur between September 10 and 20, dependent on when specific on-chain metrics are reached. This will bring with it not only several on-chain upgrades but also address a very specific environmental concern that critics of digital assets have been levying against Bitcoin for years. Although any upgrade to a major platform can be intimidating, there is quite a bit of reason for optimism and may bring some big changes to how digital assets are traded and invested.
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What We Can Learn From Celsius
Following on the high-profile collapse of Terra a month prior, the Celsius network has filed for Chapter 11 bankruptcy protection while halting transactions and withdrawals. While the two networks had much in common, such as offering users unsustainable high rewards, their stories have nonetheless subtle differences. It’s important to examine what led to the collapse, and how other platforms and services can avoid the same fate, even in the midst of a heavy bear market.
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How to Read Bitcoin After The Price Drop
Bitcoin experienced a massive sell-off over the prior month, spurred on by uncertainty over adverse market conditions, scrutiny over products promising high yields such as Celsius and TerraUSD, and potential action by the Federal Reserve being considered to counteract rampant inflation in the United States Dollar. While the price drop may seem precipitous, over the long term Bitcoin has remained a strong competitor to the dollar, even in a bear market specific to digital assets.
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TerraUSD and Luna Stablecoin Ecosystem Crash: What’s Next?
Earlier this month, the price of the Luna digital asset crashed down to a fraction of a cent from a high over $77 over the span of a few short days. The asset had previously weathered a few bumps in the road and appeared to have a healthy ecosystem behind it, so the flash crash caught investors and onlookers off guard. The community is already conducting a sort of post-mortem analysis to determine what happened and how to potentially prevent it with other assets going forward.
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Digital Assets Play a Role for Both Ukraine and Russia
On February 24, 2022, the Russian government invaded Ukraine, raising tensions to their highest point in the near decades-long dispute between the two countries. The world responded to the aggression with near-unanimous disapproval, and the United States and Europe levied harsh economic sanctions on Russia in response, removing much of Russia’s access to international banking systems. The invasion has placed a tremendous shock on the citizens of both countries, and digital assets have played a pivotal role in ensuring everyday individuals from both countries can continue to manage their day-to-day affairs.
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Varys Capital is pleased to announce an investment in Brickken. Brickken’s mission is to bring unrestricted self-crowdsourcing to the public through the use of security token offerings, allowing individuals to raise funds for any project they choose without fear of payment processor interference.
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Digital Asset Markets in Transition
Following their recent all time highs, Bitcoin and other digital assets have recently languished farther from them than most people would like. Global economic uncertainty continues as the Russo-Ukrainian crisis supplants COVID’s weakening grip on markets. Bitcoin’s behavior has slowly changed over time to correlate more closely with traditional investment assets, which may help provide a clue as to why prices have not yet recovered.
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