GB Market Commentary 08/12/2021
by Marcus Sotiriou
Bitcoin has recovered somewhat over the past couple of days. This is mainly down to the stock market, in particular the S&P 500, almost engulfing its entire pullback from last week. In the short term Bitcoin is still correlated to the stock market, especially in times of uncertainty, like we have seen with the new Omicron variant. I think this does not mean we’ll see a V-shaped recovery or that Bitcoin is out of the woods just yet. With the rate of which Omicron is spreading, I think this may still cause fear in the short term and choppy price action.
Following on from yesterday’s news regarding gaming funds, Ubisoft, the video gaming giant, have announced that they are integrating NFTs this Thursday. This will be incorporated into their game called ‘Ghost: Recon Breakpoint’ and will launch on a new platform called Ubisoft Quartz, which will use the proof of stake blockchain Tezos. The Ubisoft blockchain product director said, “This new approach can even, on a longer term, open up new opportunities such as interoperability between games. [...] We see blockchain as a means of placing back into the hands of players and creators the value they generate through their engagement with their games.” The fact that Ubisoft, one of the largest gaming companies in the world with a market cap of $5.8 billion, are utilising blockchain technology is a significant step for the blockchain gaming sector. This will force other major gaming companies to consider using blockchain technology or risk falling behind.