updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Bitcoin enthusiasts remain in delight following renewed institutional investment in the cryptocurrency market. The bullish action has led to an upward price action in the market leader and an increasing adoption in several jurisdictions.
According to Google data, interest in Bitcoin post-Easter slightly surged before plummeting to levels last week. Among the leading countries for interest in the market or related searches around Bitcoin were El Salvador, Nigeria, Switzerland, and the Netherlands.
Pro-Bitcoin El Salvador maintains the top spot on the list following its policies to adopt and double down on the asset. After adopting Bitcoin as a legal tender, the nation’s total holdings stand at 5,690 BTC valued at approximately $400 million. The country recently transferred assets to a cold wallet signaling a long-term holding strategy and move toward greater security.
El Salvador’s economic stance began in 2021 after Bitcoin was introduced as a legal tender with support from the cryptocurrency community. Although several critics pointed to the volatility of the cryptocurrency market, the country remained firm with eyes keen on wider economic reforms.
Nigeria’s youthful population is pro-crypto despite macroeconomic factors and domestic market clampdown by successive administrations. Recently, Nigeria has turned to cryptocurrencies as a hedge against inflation following the economic downturn and the crash of the naira. Bitcoin and stablecoin USDT have been top assets among the populace in the last year.
The former government banned cryptocurrency trading in the country citing investor risk amongst others. However, citizens remained determined behind blockchain technology leading to a reversal of the policy before the present crypto exchange debacle with Binance and other platforms. Last year, a CoinGecko report showed Nigeria represents 66% of crypto interest in Africa and continues to rank higher globally.
“Nigeria was previously ranked as the most crypto-curious country in the world, alongside Kenya. The West African country has frequently appeared in other global top rankings too, with strong interest in specific areas of crypto.”
Switzerland also ranks high post-Easter with an increased number after the approval of spot Bitcoin ETFs in the United States. The move sparked a surge in institutional demand for the asset globally. The European market has become more welcoming to digital assets due to the passage of the Markets in Crypto Assets (MiCA) regulation.
Read Also: Top 5 Cardano Tokens to Invest in April 2024
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin is once again making waves in the financial world, hitting a new all-time high of over $71,000 on Monday, March 11. This surge comes alongside a remarkable uptick in market interest, particularly from the Wall Street players, as evidenced by the latest CoinShares report.
Meanwhile, the recent CoinShares report showed a $2.6 billion inflow into Bitcoin last week. This influx underscores the growing confidence in cryptocurrencies, especially among institutional investors.
The latest report from CoinShares unveils a significant milestone in the cryptocurrency market. With a record-breaking $2.7 billion inflow into digital asset investment products, the total year-to-date influx has surged to $10.3 billion, nearly matching the entirety of 2021’s record.
Meanwhile, Bitcoin stands out as the primary focus of investors, capturing $2.6 billion in inflows, representing 14% of total Assets under Management (AuM) for the year. The report suggests that the surge was largely attributed to the robust influx witnessed by the U.S. Spot Bitcoin issuers.
In other words, this surge in Bitcoin’s inflows is indicative of Wall Street’s burgeoning interest in the digital currency. Despite recent price hikes, investors continue to pour funds into Bitcoin, with even short Bitcoin products witnessing a further $11 million inflow last week.
In addition, other cryptocurrencies like Solana, Polkadot, Fantom, Chainlink, and Uniswap are also seeing notable inflows, signaling a broader shift towards digital assets.
Also Read: MicroStrategy’s Bitcoin Holdings Exceed 200,000 In Latest Acquisition
The Digital Asset Fund Flows Weekly Report showed that last week’s inflows bring the year-to-date total to US$10.3 billion, nearing the 2021 record of US$10.6 billion. While Bitcoin steals the spotlight with its monumental inflows, other cryptocurrencies experience varied fortunes.
Meanwhile, Solana saw a resurgence with US$24 million inflows, while Ethereum experienced minor outflows of US$2.1 million. Besides, some other notable inflows include Polkadot, Fantom, Chainlink, and Uniswap.
Regionally, the US led with US$2.8 billion in inflows, followed by Switzerland and Brazil. However, Canada, Germany, and Switzerland saw profit-taking, with outflows recorded. Overall, recent price increases propelled total assets under management to a record high of US$94.4 billion, reflecting the growing investor interest in digital assets.
Meanwhile, recent data suggests that investors’ interest in cryptocurrency is surging, evident in the robust inflow into the U.S. Spot Bitcoin ETF, signaling growing institutional involvement from Wall Street. This influx has boosted investor confidence, propelling Bitcoin to new all-time highs.
Besides, the market analysts are optimistic about BTC’s future, particularly with the impending Bitcoin Halving event. Historical trends suggest post-halving rallies, further bolstering investor sentiment toward Bitcoin’s potential trajectory. As reported by CoinGape Media, a prominent Bitcoin analyst suggests BTC price hit $337,000 citing macro events and bullish technical indicators.
Also Read: Reddit’s Highly Anticipated US IPO Eyes $6.4 Bln Valuation
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Sony could pursue a partial divisional spin-off by listing its finance unit within the next two to three years.
Sony Group Corp is reportedly mulling a partial spin-off and listing of its finance unit just three years after assuming full ownership. The Japanese multinational conglomerate could retain a stake of slightly less than 20% of Sony Financial Group. In addition to a possible spin-off, Sony is also focusing on other operational plans, including strengthening its entertainment and image sensor businesses.
The Tokyo-based company’s shares rose 6% on positive investor reception to the operational developments.
In a strategy meeting, Sony chief financial officer Hiroki Totoki touched on the need to spin off the finance unit with a partial listing. According to Totoki, the company’s financial group, including life insurance and banking, requires substantial capital to sustain. “It is a challenge to balance this with our investment in other growth areas such as entertainment and image sensors,” he added.
Totoki also explained that Sony would deploy a government scheme that permits companies to divest their units without additional tax burdens. Furthermore, the company could achieve a partial spin-off of ‘finances’ but still see the new listing retain the Sony branding. As it stands, Sony seeks a fine balance within all its business divisions.
On Sony’s public perception following the listing, which could take two to three years, LightStream Research analyst Mio Kato said:
“It doesn’t change anything drastically in terms of the outlook for Sony, but it does make it a more pure play entertainment company which the market generally likes.”
Sony’s finance unit sustained a 5% revenue decline to 1.45 trillion yen ($10.74 billion) in the first quarter of the year. However, operating profit surged 49% to 223.9 billion yen, spurred by a one-off real estate sale gain.
Sony forked out $3.7 billion three years ago to fully own its financial unit. This move came despite some external pressure from activist investors to focus on entertainment. However, in the last five years, the PlayStation maker has expanded its entertainment portfolio with a slew of lofty acquisitions. These include purchasing EMI Music Publishing for $2.3 billion and Crunchyroll for $1.2 billion. Crunchyroll is an anime streaming service formerly owned by American telco giant AT&T (NYSE: T).
Amid its entertainment-driven agenda, Sony previously said it expects to sell 25 million PlayStation consoles in 2023. As supply chain constraints taper, the Japanese corporation expects to achieve this record target in the financial year. Despite forecasting a decline in first-party software sales for 2023, Sony expects several notable title releases this year. This includes a sequel to its exclusive Marvel’s “Spider-Man” game.
MST Financial analyst David Gibson touched on Sony’s plans to steepen investments in entertainment. He opined that proceeds from listing Sony Financial could help fund the conglomerate’s “aggressive merger and acquisition” activities. “Consolidation in entertainment has been happening, and Sony doesn’t want to be left behind,” Gibson pointed out.
Meanwhile, Macquarie analyst Damian Thong hailed Sony’s latest operational decision as a brilliant opportunistic move.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Social interests in ADA, XRP, SHIB, ETH, and Matic have continued to soar while discussions about other cryptos have reduced.
Despite the plunge in cryptocurrency prices over the weekend, certain digital currencies have recorded massive spikes in social engagement in the past few days.
Leading cryptocurrency on-chain and social metrics platform, Santiment, has shared interesting stats about the top crypto assets with good social engagements.
According to Santiment, the top crypto assets with good social interests in the past few days include Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), Ethereum (ETH), and Polygon (MATIC).
While these cryptocurrencies have been highly mentioned across various social media platforms, including Twitter and Facebook, other digital currencies have seen lower engagements.
“Crypto markets have obviously taken a big hit over the past week, but it’s interesting to see where social interests have shifted. ETH, XRP, ADA, MATIC, and SHIB have increased in discussions, while most other assets are being discussed far less,” Santiment tweeted.
#Crypto markets have obviously taken a big hit over the past week, but it’s interesting to see where social interests have shifted. $ETH, $XRP, $ADA, $MATIC, and $SHIB have increased in discussions, while most other assets are being discussed far less. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— Santiment (@santimentfeed) September 19, 2022
Notably, the cryptocurrencies that made a list have at least one development that is underway or has been implemented. It is not surprising to see Cardano, Ripple, Shiba Inu, and Ethereum on the list.
What’s Fueling ADA, XRP, and SHIB Social Engagements?
Cardano is close to launching its much-anticipated Vasil hard fork. The upgrade is considered Cardano’s most significant hard fork since the network launched. Vasil was earlier scheduled to roll out in June, but due to unforeseen circumstances, the upgrade was postponed to a later date.
The team behind the project has finally concluded that Vasil will launch on September 22, 2022. The excitement among Cardano enthusiasts saw the network’s social engagement grow to 108.27 million in a single day, the highest in the past 90 days, crypto social intelligence platform Lunar Crush tweeted.
Trending…$ADA social engagements measured daily hit 108.27M, the highest point in the last 90 days!
More #cardano insights: https://t.co/iBYG5RLCVJ pic.twitter.com/5TGqesGkdN
— LunarCrush (@LunarCrush) September 19, 2022
For Ripple, the blockchain project has continued to attract social engagement as the Silicon Valley tech company and the SEC publicly file their summary judgment motions. The filings of the summary judgment motions indicate that the lawsuit is close to an end.
Furthermore, Shiba Inu made a list following the announcement that the project’s Play-to-Earn (P2E) game Shiba Eternity, has been launched in Australia for beta testing. Earlier today, the pseudonymous lead developer of Shiba Inu, Shytoshi Kusama, revealed that the game would soon be launched globally.
The long-awaited Ethereum Merge was recently completed earlier last week, an event that resulted in the birth of another forked network, EthereumPoW. Since the Merge launched, the price of ETH has plunged massively below $1,300. Thus, prompting reactions from social media users.
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