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Last week, the SPX index is down 1.56%, these market shifts followed high U.S. inflation data, causing traders to reconsider expectations for multiple Federal Reserve rate cuts this year. Investors are now focusing on upcoming U.S. retail sales data and Goldman Sachs’ earnings report. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 0.18% and 0.99%, respectively in the past 24 hours.
Today’s outperformer is VET, which jumped 11.4% after VeChain partners with UFC to tokenize fighter gloves for authenticity and collectibility.
VeChain (VET), founded in 2015, is a blockchain platform aimed at improving supply chain management and business processes by utilizing distributed ledger technology (DLT). The platform features two types of tokens: VeChain Token (VET), which facilitates value transfer within the network, and VeChainThor Energy (VTHO), used as "gas" for powering smart contract transactions. VeChain is partnering with UFC to tokenize fighter gloves using NFC chips to ensure authenticity and track fight data on the VeChainThor blockchain. These tokenized gloves, debuting at UFC 300, will be collectibles verifiable through smart contracts. The project aims to deter fraud in the resale market. Initial exclusive gloves will be presented to celebrities like Joe Rogan. Reactions on VeChain's Reddit varied, with excitement about the use case but skepticism over its minor impact on VTHO token usage and value.
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The Ethereum RPG "Kaidro: Clan Battles," initially set to launch on Immutable's network, shifted to Ronin following strategic meetings and a change in partnership dynamics. The game, inspired by webcomics and featuring a free mint that saw significant uptake, encountered challenges with Immutable after it partnered with Polygon, altering the level of engagement and support the Kaidro team initially received. Conversations with Sky Mavis co-founder in Japan led to a better alignment with Ronin, where Kaidro now feels more supported and integrated, contributing to their decision to migrate. This move has revitalized the team's approach, and Kaidro is now preparing for a closed alpha release of its game, which will be available on Steam, allowing players to engage without needing blockchain integrations, while still offering Web3 benefits through its website. The broader project includes an animated series, enhancing the visibility of Kaidro’s comic-based IP.
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Date | Report | Previous |
Mon, Apr. 15 | Retail Sales MoM MAR | 0.6% |
In February 2024, U.S. retail sales increased by 0.6% month-over-month, a recovery from a revised 1.1% decrease in January but below the expected 0.8% rise, hinting at a possible slowdown in consumer spending. Significant gains were observed in sales of building materials and garden equipment (2.2%), motor vehicles and parts (1.6%), and electronics and appliances (1.5%). Other increases included sales at gasoline stations (0.9%), miscellaneous retailers (0.6%), food services and drinking places (0.4%), general merchandise stores (0.4%), and food and beverage stores (0.1%). Conversely, declines were seen in furniture stores (-1.1%), clothing stores (-0.5%), health and personal care stores (-0.3%), and nonstore retailers (-0.1%). Core retail sales, which exclude food services, auto dealers, building materials stores, and gasoline stations and are important for GDP calculations, remained unchanged.
Last Friday, Bitcoin recently declined slightly by 0.41%, partially reversing a gain from the previous day. This period saw mixed inflows and outflows across various BTC-spot ETFs, including notable outflows from the Grayscale Bitcoin Trust and significant inflows to the Fidelity Wise Origin Bitcoin Fund and Bitwise Bitcoin ETF. The iShares Bitcoin Trust showed robust early performance in the quarter. These investment flow trends are particularly significant as the upcoming Bitcoin halving event, expected to reduce supply, could potentially drive Bitcoin's price towards $100,000.
Avail, a blockchain data availability project, is setting eligibility criteria for an upcoming token airdrop, following in the footsteps of similar initiatives like Celestia's successful token launch. A leaked document posted on social media platform X outlined that users of various layer-2 rollups and ecosystem developers, including Polygon PoS stakers, might be eligible for the AVAIL token. This development coincides with Avail becoming an independent entity after spinning off from Polygon in March 2023. The airdrop is part of a broader trend towards modular blockchains, offering functionalities previously restricted to monolithic systems like Ethereum.