Welcome to The Daily Forkast, December 6th, 2021, presented by Megha Chaddah. For the latest in blockchain & crypto news.
On today's show:
00:00 Coming Up
00:36 Foxconn founder Terry Gou says finance cannot be decentralized.
01:53 Many factors at play in crypto plunge.
03:35 Bitget reportedly suspended by Singapore regulator.
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First up, Terry Gou, founder of Foxconn, which supplies Apple's iPhones and one of Taiwan's richest men, says mainstream monetary finance cannot be decentralized. In a Facebook post clarifying comments made in an earlier interview, Gou said the crypto market is still highly speculative and that cryptocurrencies and NFTs need to be incorporated into the real economy in order to be integrated into people's lives. He also says it will take 5 to 10 years for the Metaverse concept to mature, with a lot of room for improvement in the user experience at present and staying in the Metaverse.
GameFi hits Japan with popular mobile game Elemental Nights Online, launching a new version called Gensokishi Online Meta World. Players will be able to purchase virtual land and edit their own creations, such as buildings, as well as trading and minting their own NFTs based on the game content. The full play to earn game is due to be released next summer, with a beta version available earlier. Interestingly, in neighboring South Korea, such play-to-earn blockchain games remain banned from domestic release due to concerns over speculation.
Over on the markets; an underwhelming U.S Jobs report and ongoing concerns over the Omicron variant hit global stocks and bonds hard, and that had a knock on effect on crypto over the weekend, with around US$400 billion lost from the total market cap in less than 24 hours. While Bitcoin has stabilized since the majority of the crypto market remained in the red Monday morning Asia time. Bitcoin lost more than US$1 billion of its market cap over the weekend and was trading it a little over US$48,500 by Monday afternoon Asia time. While a single reason for the wider market downturn may be difficult to pinpoint, one expert told Forkast.News a confluence of factors could be at play. With embattled Chinese property giant Evergrande announcement that it may be facing a restructuring, just one of those. An expert told Forkast.News, he expects more weakness in the trading weeks before Christmas because funds which have made gains over the course of the year are now de-risking. The expert went on to say that while few Asian stock markets did well on Monday morning, Taiwan could outshine others if Covid cases rise, as that economy is dominated by tech, manufacturing and shipping. While for crypto markets, he expects Bitcoin's role as a safe haven to increase. The expert says Bitcoin will become part of a balanced portfolio, particularly with the cost of storing physical gold on the rise.
Meanwhile, the Monetary Authority of Singapore has reportedly suspended the crypto exchange Bitget. Back in October, we reported on Bitcoin's controversial listing of Army Coin named after BTS fans or Army. The band's management company was none too happy, and according to the Financial Times, the argument that arose has now resulted in Bitget's suspension. BTS management company Hybe said the Army Coin had no connection with the band and threatened Bitget with legal action when he was advertised on a platform as a way of offering lifetime financial support to members of the band. Bitget services were available in Singapore until late November, but users there have now been blocked from accessing its app and website. And while no official announcement has yet been made, the exchange has now removed the Monetary Authority of Singapore's logo from its website. But still says it has licenses in Australia, the U.S. and Canada. Forkast.News contacted both Bitget and the MAS for comment, but had received no reply at the time of recording. Singapore has emerged as a haven for crypto businesses in Asia and is home to a number of Chinese crypto entrepreneurs, including Changpeng Zhao, the chief executive of the world's biggest crypto exchange, Binance. Meanwhile, the creators of the Army Coin remain unknown, and the website where it was initially announced now says it is under renewal. And Hybe is actively investing in the field, announcing in early November that it had partnered with Korean blockchain company and operator of the Upbit exchange, Dunamu, to develop an NFT business offering digital collectibles to fans.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Bitget #ArmyCoin #BTS #TerryGou #Omnicron #GameFi #Metaverse #NFT #Foxconn
On today's show:
00:00 Coming Up
00:36 Foxconn founder Terry Gou says finance cannot be decentralized.
01:53 Many factors at play in crypto plunge.
03:35 Bitget reportedly suspended by Singapore regulator.
---
First up, Terry Gou, founder of Foxconn, which supplies Apple's iPhones and one of Taiwan's richest men, says mainstream monetary finance cannot be decentralized. In a Facebook post clarifying comments made in an earlier interview, Gou said the crypto market is still highly speculative and that cryptocurrencies and NFTs need to be incorporated into the real economy in order to be integrated into people's lives. He also says it will take 5 to 10 years for the Metaverse concept to mature, with a lot of room for improvement in the user experience at present and staying in the Metaverse.
GameFi hits Japan with popular mobile game Elemental Nights Online, launching a new version called Gensokishi Online Meta World. Players will be able to purchase virtual land and edit their own creations, such as buildings, as well as trading and minting their own NFTs based on the game content. The full play to earn game is due to be released next summer, with a beta version available earlier. Interestingly, in neighboring South Korea, such play-to-earn blockchain games remain banned from domestic release due to concerns over speculation.
Over on the markets; an underwhelming U.S Jobs report and ongoing concerns over the Omicron variant hit global stocks and bonds hard, and that had a knock on effect on crypto over the weekend, with around US$400 billion lost from the total market cap in less than 24 hours. While Bitcoin has stabilized since the majority of the crypto market remained in the red Monday morning Asia time. Bitcoin lost more than US$1 billion of its market cap over the weekend and was trading it a little over US$48,500 by Monday afternoon Asia time. While a single reason for the wider market downturn may be difficult to pinpoint, one expert told Forkast.News a confluence of factors could be at play. With embattled Chinese property giant Evergrande announcement that it may be facing a restructuring, just one of those. An expert told Forkast.News, he expects more weakness in the trading weeks before Christmas because funds which have made gains over the course of the year are now de-risking. The expert went on to say that while few Asian stock markets did well on Monday morning, Taiwan could outshine others if Covid cases rise, as that economy is dominated by tech, manufacturing and shipping. While for crypto markets, he expects Bitcoin's role as a safe haven to increase. The expert says Bitcoin will become part of a balanced portfolio, particularly with the cost of storing physical gold on the rise.
Meanwhile, the Monetary Authority of Singapore has reportedly suspended the crypto exchange Bitget. Back in October, we reported on Bitcoin's controversial listing of Army Coin named after BTS fans or Army. The band's management company was none too happy, and according to the Financial Times, the argument that arose has now resulted in Bitget's suspension. BTS management company Hybe said the Army Coin had no connection with the band and threatened Bitget with legal action when he was advertised on a platform as a way of offering lifetime financial support to members of the band. Bitget services were available in Singapore until late November, but users there have now been blocked from accessing its app and website. And while no official announcement has yet been made, the exchange has now removed the Monetary Authority of Singapore's logo from its website. But still says it has licenses in Australia, the U.S. and Canada. Forkast.News contacted both Bitget and the MAS for comment, but had received no reply at the time of recording. Singapore has emerged as a haven for crypto businesses in Asia and is home to a number of Chinese crypto entrepreneurs, including Changpeng Zhao, the chief executive of the world's biggest crypto exchange, Binance. Meanwhile, the creators of the Army Coin remain unknown, and the website where it was initially announced now says it is under renewal. And Hybe is actively investing in the field, announcing in early November that it had partnered with Korean blockchain company and operator of the Upbit exchange, Dunamu, to develop an NFT business offering digital collectibles to fans.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Bitget #ArmyCoin #BTS #TerryGou #Omnicron #GameFi #Metaverse #NFT #Foxconn