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Both bitcoin and ether are battling key resistance levels at the moment, after considerable weakness in the past week. 

Bitcoin saw its price swing last week, reaching above $41,000 on Thursday, before sinking to below $38,500 on the eToro platform on Monday. It is back just above the $40,000 level at the moment.

Ether likewise saw a rally on Thursday, rising above $3,100 before a flash crash took it within reach of $2,900. Today however it has rebounded to trade just above $3,000.

The swinging price of both cryptoassets illustrates a tough market for crypto investors at the moment, which are watching risk assets get buffeted by current events - something that traditionally wasn’t such an issue. 

But a cascade of events following the pandemic, including rising prices and interest rates, geopolitical trouble, and other issues around the globe are conspiring to send investors toward ‘real’ assets such as commodities, including gold and others. 

Cryptoassets are having to work hard in this environment but for now, seem to be holding ground. The market will be watching for expectations around prices and rates to begin to soften, and for relief from tension in Eastern Europe. The former seems possible at the moment but the latter seems a far way away still.    

Ethereum Foundation holds 19% of non-crypto assets

The Ethereum Foundation, which manages funding for the development of the Ethereum blockchain, has announced its latest holdings, which now include 19% non-crypto assets. 

It now holds around $302 million in non-crypto assets and investments which it says help provide a greater safety margin against crypto market downturns. As for its crypto holdings, more than 99% are held in Ether. 

While it is notable that one of the most important organizations in the development of the second-largest blockchain in the world is holding large quantities of non-crypto assets, it is not hugely surprising. The foundation has not disclosed what these non-crypto assets are but it is likely to be fiat currency.

The reality is like normal users and investors, even major crypto foundations still have to be able to plug into both traditional and crypto financial infrastructure which makes blending a portfolio essential. It is also showing good risk management by diversifying its asset base - something all investors need to have in mind with any major asset class. 

With The Merge delayed and markets looking soft, the decision to hold a portion of different assets seems wise. Ether is on a path to a new era but there will no doubt be bumps along that road. Diversifying in that context just makes good sense. 

Emirates to launch Metaverse and NFT experiences

Major UAE airline Emirates has said it plans to launch NFTs and Metaverse experiences for its employees and customers. 

Like many of these announced Metaverse and NFT projects, details are fairly thin on what Emirates is actually planning to do with its own offering. But being an airline, it is conceivable NFTs could be used as a part of a loyalty program, while Metaverse experiences would be a good way to while away the time onboard a flight to Dubai.

The steady stream of major firms announcing such projects shows us that the technology is steadily progressing. The NFT market has suffered from considerable weakness in the past few months but in reality, we’re in a development phase now where the initial hype has died down and firms are busy working away at producing tangible products. 

As for the metaverse, we’re in a similar position where many projects are busy developing their offerings, but the scene is somewhat subdued. What we do know however from eToro’s own platform data is that investors are very interested in tokens associated with metaverse development, including cryptoassets such as MANA, SAND, or ENJ. 

Pay for the cinema in dogecoin

Cinemagoers can now pay for their tickets at AMC theatres in Dogecoin or Shiba Inu coin. 

The firm announced back in November last year that it was looking at ways to accept the cryptoassets as payment, and that has now become a reality through its app, using Bitpay when checking out.

It’s an exciting development for both the tokens, which have had mixed fortunes in the past few months. Although this development is unlikely to move the dial in any major way, it reflects the growing integration of cryptoassets into mainstream financial infrastructure. 

Cryptoasset holders are gaining access to more and more tools and services every day, and this is only going to move in one direction ultimately. AMC is also unlikely to benefit much from cryptoasset inflows and this does stand out as something of a publicity stunt, but AMC is just one company in an ocean of possibility. 

The more that accept tokens such as dogecoin and shiba inu, the more the balance will shift away from fiat currency. That is ultimately positive for crypto.