GB Market Commentary 07/01/2022
by Marcus Sotiriou
Bitcoin suffered a big drop again this morning falling to a low of $41,000 approximately. However, it has bounced off of the august monthly open which is a key level, hence I think a move to the mid-$40k region is expected in the short term.
Awareness for the metaverse sector continues to grow as ProShares, the first company in the United States to launch a Bitcoin (BTC) exchange-traded fund (ETF), plans to launch a new metaverse-focused ETF. The proposed ETF (subject to approval by the SEC) will track the performance of the Solactive Metaverse Theme Index (SOMETAV), which consists of firms providing or using metaverse-related technologies. This includes US companies like Apple, Nvidia and Meta. Companies globally are becoming increasingly interested in the metaverse and this ETF will give them more access to what I think will grow to a trillion-dollar market within the next decade or so.
Another tech giant has announced their entry into the metaverse as Samsung are launching their own metaverse called ‘My House’, with more details being provided at the 2022 Consumer Electronic Show this week. Samsung has also announced that they are introducing an NFT platform built into their upcoming Smart TVs. Samsung is aiming to be the first smart TV NFT explorer and marketplace aggregator, to enable viewers to trade NFTs without leaving the couch. The company said, “with demand for NFTs on the rise, the need for a solution to today’s fragmented viewing and purchasing landscape has never been greater.” This move from Samsung, one of the biggest tech companies in the world, adds more confirmation to the idea that NFTs are only just beginning their ascent into the mainstream.