Make Kitco Your Homepage

Crypto SWOT: fast-food chain Wingstop has filed a trademark to sell chicken in the metaverse

Commentaries & Views

Strengths

  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Star Wars Cat, rising 3,637%.

  • Bitcoin surged as much as 10% on Monday, rebounding from a weekend selloff amid speculation that cryptocurrencies will gain favor in the wake of sanctions against Russia, writes Bloomberg.

  • Bitcoin's strength is being driven by Russians choosing the cryptocurrency as an avenue to move their wealth out of the country, legendary investor Mark Mobius says. Mobius commented that this is the avenue to get money out of Russia, in an interview with CNBC on Tuesday.

Weaknesses

  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Spook Inu, down 99.99%.

  • Ukraine has scrapped a plan to reward people who donated to its fight against a Russian invasion with newly created crypto assets, writes Bloomberg, following complications with the project. Ukraine's Vice Prime Minister Mykhailo Federov said in a tweet that the nation decided to drop the so called "airdrop" and instead would soon announce NFTs to support Ukrainian Armed forces soon.

  • Bitcoin is finding a lot of selling pressure above the $44,000 level. The popular digital currency needs to at least hold near $42,000 or it could face the fear of retracing dramatically to under $40,000 per coin (and potentially stay under the $40,000 level for a while).

Opportunities

  • Crypto hedge fund Pantera Capital has backed African crypto exchange VALR.com in its latest funding round, reports Bloomberg, valuing the company at $240 million, the U.S group's first foray into the continent. Crypto has started to boom in Africa and the exchange started its operations in 2019, facilitating $7.5 billion worth of annual trades in more than 60 digital currencies, the article continues.

  • CME group plans to launch cryptocurrency options on micro-Bitcoin and Ether futures March 28, subject to regulatory review. The new options contracts will be one-tenth of its respective underlying tokens in size and have monthly or weekly expires according to CME and reported by Bloomberg.  

  • Fast-food chain Wingstop has filed a multi-class trademark to sell chicken wings in the metaverse. The application covers "downloadable virtual goods" including NFTs and virtual food and drinks, writes Bloomberg.  

Threats

  • The Biden administration is asking crypto exchanges to help ensure that Russian individuals and organizations aren't using virtual currencies to avoid sanctions. The White House's National Security Council and the Treasury Department have sought help from operators of some of the world's largest trading platforms to thwart any attempts to sidestep the stiff restrictions levied by the U.S and its allies, writes Bloomberg.

  • In his senate hearing this week Federal Reserve Chairman Jerome Powell let the Finance Banking Committee know that the Fed will do whatever it takes to get inflation down. Bitcoin was off about 3.75% during his hearing as the inflation hedge risk asset digested his hawkish tone.  

  • Hundreds of NFTs were stolen in the TreasureDAO exploit, conducted through a series of transactions, according to crypto potato. The attackers were able to exploit a bug in the protocol that enabled them to mint NFTs for free. Soon after the platform urged its users to de-list their NFTs from the marketplace.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.