Crypto traders are betting on World Cup-themed tokens. What sparks interest?

Hello. Here is what happens:

Prices: Bitcoin rose significantly for a second straight day, despite disappointing results from the tech sector.

Knowledge: What is driving crypto traders’ interest in World Cup-themed tokens?


CoinDesk Market Index (CMI)

1,022.42 +38.3 3.9

Bitcoin (BTC)

$20,825 +731.6 3.6

Ethereum (ETH)

$1,575 +113.5 7.8

S&P 500 daily close

3,830.60 −28.5 0.7


$1,669 +16.2 1.0

10-year Treasury yield

4.01 0.1

BTC/ETH price per CoinDesk Indices; gold is the COMEX spot price. Prices from around 4 p.m. ET

Bitcoin continues its high-flying ways

By James Rubin

bitcoin (BTC) continued its recent mini-surge, surpassing $21,000 at one point after Canada’s central bank raised its main interest rate less vigorously than expected, and despite disappointing results on Tuesday night from Google’s parent company Alphabet and software giant Microsoft.

The largest cryptocurrency by market capitalization was recently trading at around $20,800, up more than 3.5% in the past 24 hours amid Bank of Canada approval of a 50% hike. basis points (BPS) instead of 75 BPS. The bank has expressed concerns about the slowing economy. Central bankers around the world have tried to control inflation without triggering a deep recession. On Tuesday, BTC surpassed $20,000 for the first time since October 5.

“Economic growth is expected to stagnate through the end of this year and into the first half of next year as the effects of higher interest rates ripple through the economy,” the Bank of Canada said in a statement. a statement noting its progress in reducing inflation below. 7% and underlined his concerns about the decline in economic growth.

Ether (ETH) recently changed hands at $1,575, a nearly 8% gain from the same time on Tuesday, continuing its more than 11% rise the next day. The second-largest crypto by market value hit its highest level since mid-September.

Most major altcoins were well into the green, with popular meme pieces DOGE and SHIB recently up over 14% and 5%, respectively. The former’s rise comes amid the upcoming closing of billionaire entrepreneur and DOGE enthusiast Elon Musk’s acquisition of social media platform Twitter.

The CoinDesk Market Index (CMI)a broad market index that measures the performance of a basket of cryptocurrencies, has climbed 3.09% in the past 24 hours.

In traditional markets, U.S. stocks tumbled after rising the previous two days as investors pondered the tech industry’s struggles, which are likely to continue. Troubled social media platform.

Meta platforms (FB) reported revenue of just $285 million in the third quarter for its Facebook Reality Labs (FRL) division, which includes its augmented and virtual reality businesses, according to its revenue report released on Wednesday. That was below consensus analyst estimates of $406 million, and down from $452 million in the second quarter.

The Technology-focused Nasdaq fell about 2%, while S&P500, which has a strong technology component, fell 0.6%. The Dow Jones Industrial Average (DJIA) was roughly flat. Both Microsoft and Alphabet the earnings results killed off what was becoming “not too bad an outlook for the economy,” wrote Edward Moya, senior market analyst for foreign exchange market maker Oanda.

In raw materials, Brent crude, a measure of energy markets, hit $94 a barrel, up about 0.27% from the previous day. Three weeks after OPEC announced it was cutting production, investors remain worried about energy prices. Brent is up more than 15% since the start of the year. Safe-haven gold rose 0.7% to $1,664 an ounce.

Housing starts plunged nearly 11% in September, continuing a recent trend that some U.S. monetary policy watchers believe will allow the Federal Reserve to reverse its recent monetary policy. The most recent drop comes when mortgage rates hit 7%, hitting a two-decade high.

The University of Michigan’s monthly consumer sentiment index will offer new insight into public perceptions of the economy on Friday. “Bitcoin is now comfortably above the $20,000 level and now it will try to stabilize here until the [Fed’s Federal Open Market Committee] meeting,” Moya wrote. “If risk appetite remains healthy, bitcoin could hit a level of $22,500.”​

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Why are crypto traders and Degens interested in World Cup-themed tokens?

By Shaurya Malwa

You would probably think of a fancy sports betting platform if someone said they wanted to bet on FIFA World Cup matches in Qatar.

But crypto schemers do better. Crypto Twitter and altcoin Telegram niche groups are inundated with discussions of countless tokens named after participating countries, players, stadiums, and even the host country itself. Tokens allow speculators to bet oddly on the prices of their favorites.

No license

None of these tokens are licensed or even affiliated with any World Cup participants. That hasn’t stopped punters from making big wins. A token called the inu world cup jumped around 500% in the last week alone, with others like CHAMPS and the world cup token gaining at least 200% (before seeing the price drop over the last 24 hours).

However, it’s not all a random jostling. Like CoinDesk’s Omkar Godbole announced tuesdaycertain fan tokens issued on the Socios and Bitci blockchain-based fan reward platforms allow holders to contribute merchandising, participate in exclusive dating events, and earn loyalty rewards.

Over the past seven days, the fan tokens of the Peruvian National Football Team (FPFT), the Spanish National Team (SNFT) and the Brazilian National Team (BFT) have respectively increased by 29%, 17 % and 12%, according to data source CoinGecko. Fan tokens for Turkish and Argentine teams increased by 10% and 9%, as shown.

Availability of capital

What’s driving the latest frenzy? The likes of Wes Hansen, head of trading and operations at crypto fund Arca, blame sidelined capital looking to invest in, well, pretty much anything with a short-term narrative.

“There is a lot of money in reserve waiting for any opportunity to invest, which is why short-term event trading has been the only way to generate decent returns for a few months now,” Hansen told CoinDesk. in a recent conversation.

He added, “When these terms are paired with a massive month-long event like the World Cup and this industry’s love of meme tokens, there are bound to be savvy entrepreneurs launching themed tokens. of the World Cup (ex. WCI and WILLIE).

But hopeful investors still need to tread carefully, he noted. “These tokens simply become high-speed trading vehicles that have little or no intrinsic value or functionality and will disappear as soon as the event begins to unfold,” Hansen said, adding that one of the interesting reasons for the The rise of these tokens was that they gave fans a way to “interact with and support their favorite teams.”

Important events

4:15 PM HKT/SGT (8:15 AM UTC) European Central Bank Monetary Policy Decision Statement

4:30 p.m. HKT/SGT (8:30 a.m. UTC) US Durable Goods Orders (September)

4:30 p.m. HKT/SGT (8:30 a.m. UTC) Annualized U.S. Gross Domestic Product (Q3)

6:15 PM HKT/SGT (10:15 AM UTC) Speech by the President of the European Central Bank Lagarde

07:00 HKT/SGT (23:00 UTC) Bank of Japan Monetary Policy Statement

CoinDesk TV

In case you missed it, here’s the most recent episode of “First Mover” on CoinDesk TV:

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Slowing crypto ad spend contributes to Google’s Soft Quarter: The company’s advertising growth in the third quarter was the slowest in nine years.

Crypto Exchange SushiSwap approves the restructuring and will create 3 companies for DAO: The development of the decentralized autonomous organization will be managed by three organizations, which will be based in Panama and the Cayman Islands.

A16z’s largest crypto fund drops 40% in the first half of 2022, the Wall Street Journal reports: Andreessen Horowitz slowed his crypto investments, making just nine in the third quarter, down from 26 in the fourth quarter of last year.

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