Daily News | Crypto VC trading reached a one-year high in March; Immutable launched a 50M game reward program; WLD will collaborate with PayPal OpenAI

2024-04-26, 03:42

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## Crypto Daily Digest: The number of crypto VC transactions has reached a new year high; Immutable launches a 50 million game reward program; Worldcoin will collaborate with PayPal OpenAI
First, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on April 25, Grayscale Bitcoin spot ETFs (GBTC) had a cash outflow of $139.4 million. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) outflows $22.6 million, Bitwise Bitcoin spot ETF (BITB) outflows $6 million, and ARK 21Shares Bitcoin spot ETF (ARKB) outflows $31.3 million. Today, there is a significant outflow of Bitcoin spot ETF funds.

According to a research report by CoinTelegraph, despite recent market fluctuations and downturns, cryptocurrencies such as Bitcoin are experiencing a cooling-off period. However, in March and April 2024, the venture capital market continued to recover. In March, 161 transactions were completed, setting a record high in 12 months. The total investment exceeded $1 billion, a month-on-month increase of 52%. Although April has not yet ended, 90 transactions have been recorded, attracting over $820 million in investment. In March, the number of transactions reached its highest level in 12 months.

The influx of new venture capital has also stimulated developer activities, especially in emerging fields such as artificial intelligence, and L1/L2/L3 infrastructure solutions. The infrastructure sector is the most attractive to investors, with a total investment of over $1.2 billion in March and April.

Several funds announced or launched in recent months have driven the recovery of the crypto venture capital market. In addition to the well-known Hack VC and Immune x <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> funds, several new funds have also been released. The most eye-catching among them is Paradigm, which announced a fundraising of $850 million to redirect funds back into the crypto venture capital field.

The GameFi industry has also shown signs of recovery, receiving support from a16z. The company plans to invest $30 million in technology-driven game startups, focusing on artificial intelligence, virtual reality/augmented reality, and Web3 technology.

Immutable announced the launch of the "largest Web3 game mission and reward program ever," offering players $50 million in token rewards. The company stated that the Immutable ecosystem has over 270 games under development, including highly anticipated projects such as Illuvium and MetalCore.

According to the company's announcement, players can immediately receive rewards by exploring missions, playing games, and owning favorites on Immutable. With the continuous maturity of web3 games and the release of more games with larger budgets to the public, Immutable seems to be hoping to attract more game players through reward programs.

Bloomberg reported that Worldcoin's developer Tools for Humanity is interested in partnering with payment giant PayPal and artificial intelligence company OpenAI. However, the partnership details are still unclear, and specific plans have not yet emerged.

The concept of Worldcoin is to verify the user's identity by scanning their iris information, and in return, the user can obtain the crypto WLD. Sam Altman, Chairman and Co-Founder of Tools for Humanity, is also Co-Chairman of OpenAI, a famous developer of Generative AI ChatGPT.

## Market Trends: The market is weak and volatile, and the Meme sector is the main storyline of this round
Bitcoin (BTC) fell below $63,000 yesterday evening, and the overall crypto market showed a weak and volatile trend. Despite the overall poor performance of the market, the Meme sector remains the main focus of this round of trading, demonstrating relatively strong resilience.

On the macroeconomic front, the US stock market fell. The GDP economic data for the first quarter of the United States shows that the economy has fallen into stagflation, while inflation has been rising for three consecutive months. These factors have collectively dealt a heavy blow to market expectations for interest rate cuts, exacerbating investor uncertainty and market volatility.
### Market Hotspots:
Meme sector: Tokens such as BONK and PEPE in the Meme sector have shown strong performance against widespread market decline. Meme tokens have become the focus of investor attention in this market round due to their fair issuance mechanism, good chip structure, and no previous pressure from venture capital. This type of token's uniqueness and community support have brought it stable market performance.

The Rise of Rune Dogs: As a member of the Rune series, Dogs have a market value of $500 million and have been launched on Gate.io. The rise of DOG may be driven by its unique positioning and functionality in the market, as well as the increased availability of trading platforms.

Although the overall market is volatile, especially in an unfavorable macroeconomic context, the Meme sector still shows strong market performance and investment potential. Investors should continue to monitor the Meme sector and closely monitor changes in the global economic situation and monetary policy to make timely adjustments and decisions. In the current market environment, maintaining a flexible and prudent investment strategy is particularly important.

## Macro: The global market continues to be cautious, with mixed ups and downs; Japanese yen crisis seeking response from the Bank of Japan
The Wall Street stock market closed lower on Thursday as data showed slower-than-expected US economic growth and persistent inflation, coupled with disappointing performance leading to a sell-off in large-cap stocks,

Meta's performance among tech giants was unsatisfactory, but Alphabet (GOOGL.O) and Microsoft's quarterly results exceeded Wall Street's expectations, driving up US stock index futures. Nasdaq futures rose more than 1%, while S&P 500 index futures rose 0.7%.

According to data from the London Stock Exchange, the money market expects the Federal Reserve to cut interest rates by about 36 basis points this year, down from about 150 basis points at the beginning of the year.

Asian stock markets rose cautiously on Friday, with Japan's Nikkei Index slightly up 0.02%. The MSCI Asia Pacific Stock Index rose 0.27%, while the Australian S&P/ASX 200 Index fell more than 1%. The Hang Seng Index in Hong Kong rose 0.3%.

The focus of Asia is on the interest rate decision made by the Bank of Japan at the end of its two-day monetary policy meeting, as well as the subsequent press conference by Governor Ichio Ueda. Before the results were announced, the yen exchange rate against the dollar had barely changed, hovering around a 34-year low of 155.62 yen, while the yield of the 10-year Japanese treasury bond bond rose to a five-month high of 0.93%.

Due to the market's clear understanding that the United States is likely to cut interest rates for some time, Japanese government bonds are in trouble before the policy decision becomes closely monitored by the central bank. What complicates the situation for the Bank of Japan is that Friday's data showed that the slowdown in core inflation in Tokyo in April exceeded expectations and was lower than the Bank's target of 2%.

Regarding commodities, oil prices rose in early trading on Friday as investors evaluated the remarks of the US Treasury Secretary, stating that the economy may be stronger than shown in the first quarter data, coupled with supply concerns caused by conflicts continuing in the Middle East. Brent crude oil futures rose 34 cents, or 0.38%, to $89.35 per barrel. West Texas Intermediate crude oil futures in the United States rose 33 cents, or 0.39%, to $83.90 per barrel.

Gold fell 0.08% to $2,329.50 per ounce. The recent overall rise in gold prices has helped Newmont (the world's largest gold miner) make profits, with its first-quarter profit exceeding expectations and its stock price rising by 12%.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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