Blockchain-based play-to-earn project Axie Infinity‘s native cryptocurrency AXS experienced a remarkable rally after the company’s card-based strategy game made its debut on the Apple app store. The excitement over this new avenue saw AXS surge over 12% from $7.16 to $8.04, making it the top gainer on CoinDesk Indices’ leaderboard. With the game initially launching in Latin America and Asia on the Apple store, it has the potential to attract new users and broaden its user base.
Meanwhile, Bitcoin continued to struggle to hold the $27,000 mark, losing approximately 9% in value over the past month as investors keep a close eye on the developments around the US debt ceiling. This has caused concern surrounding the stability and future of the world’s largest cryptocurrency by market value.
Crypto companies looking to escape the uncertainty of US regulations have found a welcoming environment in France. French officials, proud of their regulatory framework that offers predictability, have invited fledging US-based crypto firms to join with their already established 74 registered crypto companies. Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF), shared France’s pride in being a pioneer and extended a welcome to American players that wish to benefit from their crypto service asset provider regime (PSAN).
The potential of distributed ledger technology (DLT) to save over $100 billion per year in securities markets is expressed in a report published by the Global Financial Markets Association (GFMA). The lobby group made a case for regulators to allow the technology to assist in various areas such as collateral management, asset tokenization, and sovereign bond markets, in order to drive growth and innovation. GFMA’s Chief Executive, Adam Farkas, regards the promise of DLT as a game-changer for the future of finance, with notable members such as JPMorgan Chase, HSBC, and Nomura supporting the initiative.
Notably, payments-focused XRP emerged as the most active cryptocurrency of the past 24 hours, with a volume growth of over 200%. This has resulted in an increase of 9% in the notional open interest, or the dollar value locked in open futures contracts, signaling an influx of new money into the market. However, this uptick in volumes and open interest is also a source of increased price volatility.
In conclusion, these developments showcase the potential future of blockchain technology and cryptocurrencies. However, certain concerns about market stability and uncertain regulations continue to have a hold over global crypto adoption. As the landscape evolves, the debate about crypto’s position in the world economy will undoubtedly continue.
Source: Coindesk
