CryptomiaI

GameStop, the iconic retailer specializing in video games and tech gadgets, recently announced its intention to close its non-fungible token (NFT) marketplace by February 2. This update was communicated through an alert on their NFT Marketplace website, highlighting the ongoing uncertainty in regulatory frameworks impacting the cryptocurrency sector.The announcement stated: “In light of the persistent regulatory ambiguity in the crypto world, GameStop has opted to cease operations of our NFT marketplace.” The notice further explained that while existing NFT owners can continue to access their assets via alternative NFT platforms, the capabilities for minting or transacting on GameStop’s NFT marketplace will end.This move marks a strategic pivot for GameStop, as it strategically withdraws from cryptocurrency and NFT ventures, signaling a shift away from high-risk crypto investments.GameStop initially ventured into the NFT and crypto realm in July 2022, launching a platform designed for the trade and creation of NFTs, particularly those with gaming motifs and linked to GameStop rewards. This foray into digital assets was a key component of its rejuvenation strategy following a tough business phase, culminating in the infamous short-squeeze event of January 2021, popularized by the film “Dumb Money.”During this phase, GameStop recruited a dedicated 20-person team to manage its gaming NFT marketplace and collaborated with Immutable X. However, a few months down the line, the company made a stark turnaround in its crypto strategy.Despite initial enthusiasm, the NFT market has experienced a drastic downturn, with trading volumes dropping by over 97% from their peak. This downturn, coupled with GameStop’s marginal presence in the NFT market, likely influenced its decision to withdraw from the field.The abrupt closure of the NFT marketplace did not surprise industry experts. Prior to this announcement, GameStop had already halted its crypto wallet in August 2023 and terminated all support for it as of November 1.This decision followed shortly after GameStop’s CEO, Matt Furlong, was dismissed. Furlong had overseen the launches of both the crypto wallet and the NFT marketplace.#Write2Earn #Earn

1. Bitcoin (BTC)Market cap: $916.4 billionCreated in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters. Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $500. As of Jan. 9, 2024, a single Bitcoin’s price was around $46,770. That’s a growth of 9,254%.2. Ethereum (ETH)Market cap: $272.6 billionBoth a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).Ethereum has also experienced tremendous growth. From April 2016 to the end of January 2024, its price went from about $11 to around $2,269, increasing 20,523%.3. Tether (USDT)Market cap: $94.1 billionUnlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.4. Binance Coin (BNB)Market cap: $45.9 billionBinance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.BNB’s price in 2017 was just $0.10. By late January 2024, its price had risen to around $302, a gain of 302,227%.5. Solana (SOL)Market cap: $43.8 billionDeveloped to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.When it launched in 2020, SOL’s price started at $0.77. By late January 2024, its price was around $101.38, a gain of 13,066%.6. XRP (XRP)Market cap: $30.5 billionCreated by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.At the beginning of 2017, the price of XRP was $0.006. As of Jan. 9, 2024, its price reached $0.56, equal to a rise of 9,277%.7. U.S. Dollar Coin (USDC)Market cap: $25.3 billionLike Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.8. Cardano (ADA)Market cap: $18.3 billionSomewhat later to the crypto scene, Cardano (ADA) is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers.Cardano’s ADA token has had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.02. As of Jan. 9, 2024, its price was at $0.52. This is an increase of 2,480%.9. Avalanche (AVAX)Market cap: $13.2 billionAvalanche delivers two important features: fast transaction speeds and low transaction fees. AVAX also has a healthy total value locked (TVL) or amount of money deposited in decentralized finance. TVL is the total value of crypto assets deposited in a decentralized finance (DeFi) protocol, such as staking, lending or liquidity pools.A high TVL indicates the popularity of a protocol and the adaption rate of a particular cryptocurrency. Avalanche’s price today is $36.10. Dogecoin (DOGE)Market cap: $11.2 billionDogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.Dogecoin’s price in 2017 was $0.0002. By January 2024, its price was at $0.08, up 39,019%.*Market caps and pricing sourced from coinmarketcap.com, current as of 2:31 p.m. UTC on Jan. 9, 2024.

The integration of Bitcoin into Wall Street, particularly through the introduction of Bitcoin Exchange Traded Funds (ETFs), marks a significant shift in the cryptocurrency landscape. This development is met with mixed reactions within the Bitcoin community, highlighting a divergence between the original libertarian ethos of cryptocurrencies and the current trend towards institutionalization.Originally, Bitcoin was celebrated for its potential as a revolutionary payment system, offering a decentralized, peer-to-peer approach. However, challenges related to its complexity and transactional limitations have hindered its widespread use in everyday transactions. Over time, Bitcoin’s narrative has shifted towards that of a speculative asset, valued for its volatility and potential for investment returns.The embrace by Wall Street, seen through the lens of Bitcoin ETFs, represents a departure from Bitcoin’s founding principles. Some members of the community view this as a betrayal, arguing that the move towards regulated investment vehicles contradicts the decentralized vision at the heart of Bitcoin’s creation. This institutionalization is seen as a dilution of the cryptocurrency’s original intent.On the practical side, the emergence of ETFs introduces a more regulated and ostensibly safer method for investing in Bitcoin. This stands in stark contrast to the often chaotic and risky nature of cryptocurrency exchanges, and could potentially redefine the landscape of cryptocurrency trading. This dichotomy creates a split between traditional investors and those advocating for a decentralized approach.However, there are voices within the Bitcoin community that support this evolution. They argue that Wall Street’s involvement could bring increased stability and legitimacy to Bitcoin, as well as pave the way for more comprehensive regulatory frameworks. These frameworks could address ongoing concerns about security and fraud within the cryptocurrency sector.As Wall Street continues to delve deeper into the cryptocurrency world, the Bitcoin community is at a pivotal juncture. This development can be viewed either as a welcome step towards mainstream acceptance or as a departure from Bitcoin’s core principles. The divergent perspectives within the community reflect the ongoing debate about Bitcoin’s identity and its role in the broader financial system.Bitcoin’s journey from a countercultural icon to a recognized financial asset on Wall Street encapsulates a broader narrative of change and adaptation. This evolution prompts essential questions about the future of digital currencies and their role in the global financial ecosystem, as Bitcoin’s true essence and purpose continue to evolve amidst these changes.

The recent transfer of around 4,000 BTC by Grayscale Bitcoin Trust, estimated at $183 million, to Coinbase Prime’s deposit accounts has come to light through Arkham Intelligence’s latest insights. This move is of particular interest amidst Grayscale’s launch of a spot Bitcoin ETF, distinguished by its relatively steep fee of 1.5%. The shift in investor preference is becoming more apparent in the wake of the SEC sanctioning multiple spot Bitcoin ETFs.In this evolving landscape, other ETFs managed by major players like BlackRock, VanEck, ARK 21Shares, and Bitwise are stepping up the competition with more appealing fee structures, varying from 0.2% up to 1.5%. Some of these ETFs are even offering temporary fee waivers to attract investors.The Bitcoin market itself is experiencing significant dynamism. Post the SEC’s endorsement of several Bitcoin spot ETFs, Bitcoin’s value soared to nearly $49,000, only to subsequently plunge to about $41,300, which translates to a sharp 10.5% drop within a day. This price fluctuation can be ascribed to multiple factors, including the market’s reaction to the introduction of new ETFs and potential supply disturbances caused by substantial transactions like that of Grayscale.Earlier, various analysts had pointed out the likelihood of substantial volatility in Bitcoin prices as the market adapts to these new investment mechanisms.