There’s a lot going on in the crypto sector today, ranging from big court cases and changes in the views of well-known figures to the rise of game tokens and the SEC’s first steps into Bitcoin ETFs. Also, people are interested in the metaverse magic that’s used in healthcare. It’s a lot, but that’s crypto for you – there’s never a boring moment. Let’s look into what all made the digital coin jar shake today.
3AC Creditors on the Clock
Creditors of 3AC are racing against time, with a March 14 deadline looming to submit their claims for a piece of the dividend pie. Teneo, the liquidator, has outlined a timeline that pegs the dividend distribution around March 31, though the exact figures remain under wraps. This update follows Teneo’s December projection, estimating that creditors could see nearly 46% of their claims met, thanks to a recovery effort amassing $1.16 billion out of the owed $2.7 billion. The saga of 3AC, culminating in a Chapter 15 bankruptcy filing in July 2022, has been marked by the elusive nature of its founders, Su Zhu and Kyle Davies, adding layers of complexity to the liquidation process.
Trump’s Crypto Turnaround
Donald Trump, once a vehement critic of Bitcoin, has notably softened his stance. The former U.S. President, known for his scathing rebukes and calling Bitcoin a scam, now acknowledges the cryptocurrency’s burgeoning demand. In a Fox News interview, Trump highlighted the increasing interest in Bitcoin payments, signaling a significant pivot from his previously held views. This change reflects a broader acceptance of Bitcoin’s role in the financial ecosystem, despite Trump’s continued preference for the U.S. dollar.
Kraken’s Legal Defense Against the SEC
The SEC sued Kraken in November 2023, but Kraken is fighting back. They say the case could set a bad example for regulators going too far. The crypto exchange’s argument is based on the SEC’s broad view of investment contracts, which could mean that many different types of assets are considered stocks. Kraken’s case shows the importance of the lawsuit by stating that it might give the SEC a lot more power to regulate things than it was meant to. This case adds to the current discussion about how crypto assets and services should be regulated.
Pixels’ Stratospheric Valuation
Following its migration from Polygon to the Ronin blockchain, Web3 game Pixels has seen its valuation soar to $2.7 billion. This remarkable increase followed the PIXEL token’s listing on Binance, which saw its value skyrocket by 1,246%. Pixels’ success story is part of a larger narrative of blockchain gaming’s rise to prominence, with Ronin’s recovery from a $600 million hack in 2022 signaling a robust comeback. Sky Mavis’ integration efforts, particularly through the Mavis Hub, underscore the blockchain’s potential as a central hub for Web3 gaming.
SEC Eyes Bitcoin ETF Options
The SEC wants to hear your thoughts on a rule change that would let people trade options for Bitcoin ETFs. Thanks to the NYSE’s request, Bitcoin ETF options could be sold in the same way as options for other ETFs, even ones based on commodities. The suggested change includes specific rules for trade and is a big step toward Bitcoin becoming more fully integrated into traditional financial markets. If this is allowed, it could give buyers new ways to bet on or protect Bitcoin’s price changes without actually selling the cryptocurrency.
Metaverse’s Healthcare Revolution
With estimates pointing to enormous expansion over the next decade, the metaverse is making considerable inroads into the healthcare industry. Both of these developments are expected to continue. The worldwide market for healthcare in the metaverse is expected to reach a value of more than $496.23 billion by the year 2033, according to reports from a variety of market research agencies.
These developments are being pushed by breakthroughs in technology, notably augmented reality, as well as the increase in telemedicine that occurred when COVID-19 released. Large technology corporations, in addition to health technology companies, are at the vanguard of this change, investigating innovative methods to combine digital innovation with the delivery of healthcare.
