top of page

What do Sony's metaverse plans mean for Theta Network?

GB Market Commentary 23/05/2022

by Marcus Sotiriou


Bitcoin has broken out of a symmetrical triangle pattern to the upside, after a rally on Sunday evening. It is best to proceed with caution after Sunday rallies, particularly on low volume, as they typically reverse.


However, I think relief across global markets and crypto is due in the short term. This is partly because China have decided to cut rates. In a monthly fixing, China have lowered the five-year loan prime rate (LPR) by 15 basis points to 4.45%. This is the biggest reduction since China revamped the mechanism in 2019 and means that China is stimulating its economy in attempt to propel growth. Even though the reason for cutting rates is due to Chinese consumers being very weak at the moment and lockdowns persisting, markets are forward looking, so if the government is stimulating for future growth, it is usually bullish for risk-on assets.


Bitcoin / U.S Dollar - 23/05/22

In addition, we are currently in oversold conditions, as Bitcoin has not seen significant relief since the 38% drop from $40,000 to $25,500 approximately. Lastly, Bitcoin has printed a higher high and higher low on the 4-hour time frame, which is a bullish indicator for continuation to the upside.


Sony have announced their own metaverse push

More companies are entering the metaverse as global electronics giant Sony have announced their own metaverse push in the latest annual corporate strategy meeting. Sony said this will be a more focused approach, as they aim to use metaverse-inspired experiences to engage users. I think that as Sony own PlayStation brands, one of the biggest install userbases in the world, they are in an amazing position to make an impact. They have also revealed that prior investments in Epic, makers of the Fortnite game, and Bungie, another gaming studio, are part of this push. In my opinion this is very bullish for Theta Network, a blockchain project that provides infrastructure for video streaming. Sony are partnered with Theta, who are able to provide streaming for the metaverse by making use of unused bandwidth. I think Theta’s technology is vital to reduce latency and lag, and hence for Sony’s metaverse ambitions to succeed.


Comments


GB_CC_May_Digital Asset Trading_Whiteout
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • telegram logo

GlobalBlock EU ApS is a company incorporated and registered in accordance with the applicable laws of the Kingdom of Denmark as virtual asset service provider, with registration number (CVR-number) 45126382. GlobalBlock EU ApS is wholly owned by GlobalBlock Holdings., a company registered in England and Wales with registration number 15929099 . GlobalBlock EU ApS is not a licensed financial services provider and is not supervised as such by the Danish Financial Supervisory Authority. GlobalBlock EU ApS is supervised with respect to anti money laundering by the Danish Financial Supervisory Authority within the scope of the Danish Act on Prevention of Money Laundering and Terrorist Financing and other legislation stemming thereof.

.
GlobalBlock Europe, UAB is a company incorporated and registered in accordance with the applicable laws of the Republic of Lithuania as a virtual currency depository wallet operator and virtual currency exchange operator, with registration number 306045642. GlobalBlock Europe, UAB is wholly owned by GlobalBlock Holdings Ltd., a company registered in England and Wales with registration number 15929099,  GlobalBlock Europe, UAB is not a licensed financial services provider and is not supervised by the Bank of Lithuania. GlobalBlock Europe, UAB is supervised by the Financial Crime Investigation Service under the Ministry of Interior of the Republic of Lithuania within the scope of the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania and other legislation stemming thereof.
 
Investors should be aware that cryptocurrencies are volatile investment instruments that carry a high degree of risk to the capital investment. The information in this website is not intended and should not be construed as an offer, solicitation or recommendation to buy or sell any specific investments or participate in any specific investment (or other) strategy. The products and services outlined on this website may not be suitable for all types of investors. The value of an investment can go down as well as up, and you may not get back the amount you originally invested. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of GlobalBlock Europe, UAB based on the legal requirements in your country of residence. The information in this website is for information purposes only and is subject to change. No part of this website can be reproduced without written permission.


 Client fiat is held with GlobalBlock in accounts with BCB Limited,and does not meet the definition of Electronic Money (e-money). Client fiat and cryptocurrency are not “safeguarded” nor covered by any compensation scheme. Clients could potentially lose their cryptocurrency or fiat if something were to happen to GlobalBlock or, BCB.

Cryptoasset Notice

Cryptoasset services are provided by GlobalBlock Europe, UAB (“GlobalBlock”).   Cryptoassets are not regulated in any jurisdiction and the value of your assets can increase or decrease. You should note that your cryptoasset profits may be subject to Capital Gains Tax.

The service you obtain through the website or the app in the UK, contains cryptoasrvices not regulated by the Financial Conduct Authority. Please be aware that:

  • You will have no recourse to the Financial Ombudsman Service in the event of a complaint relating to cryptoasset services.

  • Your cryptoasset account is not protected by the Financial Services Compensation Scheme.

  • Cryptoassets may experience frequent price volatility resulting in a high degree of risk.

bottom of page