Animoca Brands reports a strong crypto and cash reserve of over $5 billion. Is Binance the next target for the SEC? Gas prices surge again overnight. Where’s the price of oil headed next? My name is Ben. This is your nightly crypto news wrap-up. Let’s get it! Animoca Brands, publisher of Sandbox and partner in Bored Ape Yacht Club’s metaverse project the Otherside, released their key unaudited financial results of the last three months of 2021 and first four of 2022, totaling $5 billion in crypto and cash reserves. Companies invested $1.5 billion in crypto assets and Web3 gaming, spanning a total of 340 companies. These companies include big players in metaverse and Web3 like OpenSea, Axie Infinity, Alien Worlds, Dapper Labs and more. Where’s Alien Worlds?
If you want to buy Bitcoin or Luna v.2 and be aware of its movements, download Jet-Bot copy trading platform! Earn from 200% up to 2,000% APY!
The company’s earnings include over $700 million from token and NFT sales, as well as investments in digital assets, with a cash balance of $100 million, crypto holdings totaling $200 million, 3rd party tokens valued at $650 million and $4.2 billion in digital asset reserves. Their holdings include BTC, ETH, SAND, stablecoins and other metaverse tokens. Animoca Brands continues to establish itself. It’s one to watch. Already, it has partnered with Bored Ape Yacht Club on their Otherside metaverse project. It owns The Sandbox and gaming studios like Grease Monkey Games. Good balance sheets in a bear market are hard to find, and right now we’re seeing the wheat separated from the chaff. Now, let’s take a look at the crypto market balance sheet. Bitcoin saw a price surge over the weekend and got rejected by $32K, so let’s turn it over to Frankie Candles for a look at the charts. Thanks, Ben! Alright, guys.
Let’s jump in and do a little market watch here. We’ve got Bitcoin coming in at $31,181. Ethereum coming in at just about $1,800 even Down about 2% on the day Let’s go ahead and check our top winners. We’ve got AR up 10% on the day Chainlink up 10% on the day DCR up about 5% And XEC up 5% And LEO up almost 4% on the day Guys, Bitcoin’s price action has been a little bit wacky. We just, a few minutes ago, had a big dump down about 5% only to have a rip up another 5% in the matter of about 10 or 15 minutes. So the price action is getting a little bit volatile right now. So be careful out there.
Is Binance next to face legal challenges with the SEC? Binance is reportedly under investigation by the SEC concerning its 2017 ICO of the BNB token. We’ve seen how that’s gone for Ripple Labs. Unclear rules regarding securities stall tactics in court. Sometimes grownups need to lie! Naturally this means that the SEC investigation is likely months away from any conclusion. The SEC has not released an official statement, but a Binance spokesperson said they can’t comment on their conversations with regulators. That includes education and assistance, along with voluntary responses to information requests. “Voluntary” Binance is also being investigated for possible insider trading, questions surrounding whether Binance US is independent of the Binance exchange. Reuters reported recently that Binance was a channel for laundering $2.35 billion in illicit funds. In response, CZ posted a statement about these allegations, published 50 pages of email records between their cybersecurity team and journalists, whom he calls cherry picking, misleading, time wasting. In his tweets, CZ says, “If you have time to waste, see the details and truth for yourself.” Gas prices rose 5¢ overnight, and now Americans are paying $2 more per gallon than they were just a year ago. Many believe that soon gas prices will reach $200 a barrel, with Fortune releasing a worst case oil forecast of $240 a barrel by summer!
That’d be a two-fold increase as the current price is around $120. President of Lipow Oil Associates said that hurricane season could have an impact on oil production since the Gulf Coast is home to 15% of America’s oil production and 45% of its refinery capacity. If a major storm hits landfall during hurricane season, this could send oil prices even higher. Mark it down. Probably going to happen. It’s a good thing companies like Animoca Brands have strong balance sheets even in the bear market. With the SEC going after crypto and the price of gas running out of control, apparently with no one or nothing to blame for it, ~ how about the SEC under Gary Gensler or ridiculous energy policies for a start? ~ maybe the only place left to escape from the lunacy is the metaverse! Keep the Web3 development coming and things continue the way they’re going, the BitSquad might need an escape to decentralized blockchain. Behold! The internet!
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/l2mNyQL2XkQ