Crypto Three Things (5/20)
May 20, 2022
1) Bitcoin dominance advances as traders seek relative safety in a tough market
BTC’s dominance, a measure of Bitcoin’s total crypto market share, has accelerated in recent weeks to top 45%, its highest level in 2022.
The recent read on dominance shows Bitcoin’s ability to attract funds during soft periods.
In contrast, altcoins continue to struggle after the collapse of UST sent shock waves through the digital asset space.
Titan’s Takeaway: The relative safety in Bitcoin has tilted the scale once again as the original crypto boasts the most liquidity. In line with our recent moves, investors are seeking shelter in Bitcoin to ride out the volatility.
2) Swiss asset manager Julius Baer prepares to offer crypto services to high-net-worth clients
The Zurich-based banking group is taking advantage of the market route and is now creating a proprietary digital wealth management system focused on bitcoin and other cryptocurrencies.
CEO Philipp Rickenbacher defined the current state of crypto as a ‘bubble-burst moment’ and likened it to the dot-com bubble burst that paved the way for a new sector.
Through this service, tailored to the bank’s wealthy clients, Julius Baer wants to position itself as an intermediary between digital assets and fiat money.
Titan’s Takeaway: Julius Baer has set out to navigate the volatile crypto market at a time when digital assets are falling out of favor amid looming uncertainties. Another day, another legacy bank stepping into the crypto world.
3) Blockchain gaming startup Azra Games raises $15M to build out its first web3 play-to-earn game
After a seed-funding round led by Andreessen Horowitz, Azra Games will develop its flagship NFT game – a sci-fi fantasy RPG “Project Arcanas”.
Other participants in the fundraising include NFX, Coinbase Ventures, Play Ventures, and Franklin Templeton.
The Arcanas Genesis Collection will feature unique in-game items and collectibles that could be purchased as NFTs to signify ownership.
Titan’s Takeaway: Azra has built a team of gaming veterans that seem to be well-equipped to win mind-share in the NFT space. It’s certainly still early days though; the company is yet to decide on a blockchain to build the game on.
Cash Management
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