Edge-Forex Forex

Forex News Update January 31, 2022

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Metaverse and How to Trade it

The adoption of the Metaverse by large tech corporations fueled the hype. The metaverse is a collection of linked and experienced worlds that transcend the digital and physical domains, and it is an emergent multisensory version of the web. It is the next stage of the internet’s growth, with technological titans and leaders like Bill Gates frequently speaking of its expanding popularity and the revolutionary influence it will have on our lives.

The Metaverse has made its way into the investment world. Unsurprisingly, the growing popularity and potential of the metaverse has sparked financial interest among traders. Furthermore, because the technologies that enable the metaverse are still evolving and expanding, traders and investors may explore a broad range of fascinating investment options. 

According to Grayscale Investments, the sector has a $1 trillion revenue opportunity including everything from eCommerce and gaming to real estate and entertainment. This has already piqued the interest of large corporations such as Microsoft, Adobe, and Qualcomm, which are investing more to research the metaverse and remain competitive in the next years.

Metaverse is a player on the technological field. In 2021, the Metaverse had a significant influence. The adoption of this futuristic virtual environment by the top internet giants fueled the excitement produced by it.

In October 2021, Facebook relaunched itself Meta, expressing its interest in the metaverse as a virtual environment where people may engage with computer avatars.

These avatars are controlled via virtual reality (VR) headsets such as the Oculus Rift. In fact, Meta’s Oculus Quest 2 headset sales surpassed Microsoft’s Xbox game system sales in 2021, demonstrating customer enthusiasm in engaging with this new technology.

Other tech titans, such as Apple, Google, and Microsoft, are following Meta’s lead and producing their own VR headsets. This is a significant milestone for the metaverse, as more tech businesses adopt this technology, the metaverse’s prospects of becoming a widespread technology improve.

Nvidia, the chip titan, has also dabbled in metaverse technology through its chipsets, which are already used in a range of centralised computers and servers.

 Nvidia, often regarded as one of the top long-term semiconductor companies, poised to benefit from metaverse applications. While the fate of its prospective acquisition of ARM Holdings is unknown, if it goes through, Nvidia will be able to build an end-to-end ecosystem to improve computational power in apps that support the metaverse.

Crypto Weekly Review

  • The US stock market reversed last week’s fall and climbed for the first time in three weeks.
  • Bitcoin rose 7.3 percent in the last week, finishing at $37,700. Ethereum increased by 7%, but the other top ten cryptocurrencies exhibited a varied picture, ranging from a 25% drop (Terra) to a 4.6 percent increase (Binance Coin). Terra’s demise is connected to the Wonderland DeFi protocol scandal.
  • According to CoinGecko, the overall capitalization of the crypto market increased by 1.7 percent last week to $1.79 trillion.
  • The week did not begin well for bitcoin. The first cryptocurrency touched six-month lows below $33,000, but BTC quickly recovered after a dramatic rise in US market indexes.
  • The US stock market reversed last week’s fall and climbed for the first time in three weeks. Apple’s stock price rose on Friday following a solid quarterly report and Tim Cook’s remarks about the metaverse’s enormous potential.
  • The surge in the stock market also helped to the recovery in the cryptocurrency market, highlighting the current strong link between stock and digital assets. This tendency is likely to continue at least through the end of the year. Despite stabilising, the position in the cryptocurrency market remains precarious.
  • Bitcoin might drop for the third month in a row. The January drop is more than 17%, and the first cryptocurrency has already lost 45 percent from its November highs. In 2022, the US Treasury Department intends to reexamine the contentious FinCEN proposal for mandatory verification of bitcoin wallet users. If passed, the plan would compel bitcoin exchanges to acquire personal information from their customers.

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