Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
NFT-focused Animoca Brands valued at $5B following $358M raise
NFT and virtual property-focused firm Animoca Brands secured $358 million worth of funding earlier this week at a valuation of $5 billion.
The company said the fresh funds will go towards financing strategic acquisitions and investments, product development, and IP accumulation. The firm has gone from strength to strength over the past 12 months, raising more than $216 million in 2021, while its valuation has more than doubled since its previous capital raise in October.
A key area of focus for Animoca is GameFi, with the firm pointing to research suggesting that the video gaming sector will grow to around $829 billion by 2028. The firm is also invested heavily in the virtual property and Metaverse space, with The Sandbox metaverse being one of its prime jewels.
Bitcoin dumps to hit six-month lows near $38K
Bitcoin’s price dropped a hefty 7.5% in the space of 12 hours to briefly sit around $38,000 in the early hours of Friday morning (UTC). During the depths of the selloff on Tuesday, BTC’s price fell below $35,000.
It is unclear what sparked the sharp price dip and whether it is purely crypto-related or a symptom of a larger trend across the traditional financial market. However, it is quite certain that, while BTC and other assets are down, crypto influencers will be flocking to Twitter to cheesily ask their followers if they have “bought the dip yet?” like they do every single time the markets are in the red.
One potential reason for Bitcoin’s downfall could be that bears are trying to tank the price so that they hit their targets before their futures contracts expire. The InvesetAnswers Twitter account, which has over 85,000 followers, suggested that…