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South Korea to Invest $177 Million Directly in Metaverse Platforms – Metaverse Bitcoin News – Bitcoin News

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by Sergio Goschenko
The government of South Korea has announced it will start investing in metaverse projects directly. More than $177 million dollars will be invested to kickstart national jobs and companies in this field, according to statements made by Lim Hyesook, minister of science and information and communication technologies. South Korea is one of the first countries to put funds into this field.
While more VC firms and companies are actively investing in the future of the metaverse, some nations are also preparing to invest in this new area to secure the future. South Korea is one of them, having recently announced it is going to invest directly in companies and initiatives related to the metaverse.
The investment, which will amount to $177.1 million to kickstart the national industry, was announced by the minister of science and information and communication technologies of South Korea, Lim Hyesook. He stated the metaverse is “an uncharted digital continent with indefinite potential,” showing the possibilities the South Korean government sees in this new technology.
The investment is part of the new tech focus South Korea has included in its Digital New Deal, a set of guidelines that the government is following to push citizens to transition to a fully digital society.
While there are various companies and firms that are already investing in the metaverse, there are not many countries that have gotten into such investing directly. This is likely because there are many regulatory questions still unanswered about the operation of metaverse companies and the intersection of Web3 technologies, which can include a cryptocurrency element in the mix.
Javier Floren, CEO of NFT startup DNAverse, thinks that the metaverse and crypto experiment will be largely influenced by regulation. He stated:
It’s going to depend on how different countries approach the legal side. With any new technology or disruptive ecosystem and new places to interact, there will be issues, challenges, and for sure dangers.
However, with South Korea actively entering into metaverse investments, other countries might follow. About this possibility, Everest Group partner Yugal Joshi told CNBC:
Some things are happening in bits and pieces but I believe this does tell you that governments are starting to take this more seriously because it’s a platform where people come together. Anything which makes people come together, it makes governments interested.
What do you think about South Korea investing directly into metaverse companies? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market … read more.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market … read more.
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Bitcoin drops to lowest in more than a week, ether slides as FTX collapse ripples through crypto market – CNBC

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Bitcoin has shot up 50% since the new year, but here's why new lows are probably still ahead – The Conversation Indonesia

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PhD Researcher in Finance, University of Bath
Senior Lecturer in Corporate Finance, University of Bath
James Kinsella works part-time as an investment analyst for Tyndall Asset Management.
Richard Fairchild does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

University of Bath provides funding as a member of The Conversation UK.
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To the delight of investors across the cryptosphere, the price of bitcoin (BTC) has rallied over 53% since its low of US$15,476 (£12,519) in November. Now trading around US$23,000, there’s much talk that the bottom has finally been reached for the leading cryptocurrency after a year of painful decline – in November 2021, the price peaked at almost US$70,000.
If so, it’s not only good news for bitcoin but the whole market in cryptocurrencies, since the others broadly move in line with the leader. So is crypto back in business?
The past is littered with various periods of market turmoil, from the global financial crisis of 2007-09 to the COVID-19 collapse in 2020. But neither of these is a particularly good comparison for our purposes because they both saw sharp drops and recoveries, as opposed to the slow unwinding of bitcoin. A better comparison would be the dotcom bubble burst in 2000-02, which you can see in the chart below (the Nasdaq is the index that tracks all tech stocks).
Nasdaq 100 index 1995-2005
Look at the bitcoin chart since it peaked in November 2021 and the price action looks fairly similar:
Bitcoin bear market price chart 2021-23
Both charts show that bear markets go through various periods where prices rise but don’t reach the same level as the previous peak – known as “lower highs”. If bitcoin is following a similar trajectory to the early 2000s Nasdaq, it would make sense that the current price will be another lower high and that it will be followed by another lower low.
This is partly because like the 2000s Nasdaq, bitcoin seems to be following a pattern known as an Elliott Wave. Named after the renowned American stock market analyst Ralph Nelson Elliott, this essentially argues that during a bear phase, investors shift between different emotional states of disappointment and hope, before they finally despair and decide the market will never turn in their favour. This is a final wave of heavy selling known as capitulation.
You can see this idea on the chart below, where bitcoin is the green and red line and Z is the potential capitulation point at around US$13,000 (click on the chart to make it bigger). The black line is the path that the Nasdaq took in the early 2000s. The blue pointing finger above that line is potentially the equivalent place to where the bitcoin price is now.
Bitcoin now vs Nasdaq in the early 2000s
The one other thing to note on the chart is the wavy line that’s moving horizontally along the bottom. This is the stochRSI or stochastic relative strength index, which is an indication of when the asset looks overbought (when the line is peaking) or oversold (when it’s bottoming).
A sign of a coming shift is when the stochRSI moves in the opposite direction to where the price is heading: so now the stochRSI is coming down but the price has held up around US$23,000. This too suggests a fall could be imminent.
Within markets, there is often a game that investors from institutions such as banks and hedge funds play with amateur (retail) investors. The aim is to transfer retail investors’ wealth to these institutions.
This is particularly easy in an unregulated market like bitcoin, because it is easier for institutions to manipulate prices. They can also talk up (or talk down) prices to stir up retail investors’ emotions, and get them to buy at the top and sell at the bottom. This “traps” the irrational investors who buy at higher prices, transferring wealth by giving the institutions an opportunity to convert their holdings into cash.
It therefore makes sense to compare how the retail and institutional investors have been behaving lately. The following charts compare those crypto wallet addresses that hold 1 BTC or more (mostly retail investors) with those holding upwards of 1,000 BTC (institutional investors). In all three charts, the black line is the bitcoin price and the orange line is the number of wallets in that category.
Retail investor behaviour
Institutional investor behaviour pt 1
Institutional investor behaviour pt 2
This shows that since the FTX scandal back in November, which led to the world’s second-largest crypto exchange collapse, retail investors have been buying bitcoin aggressively, resulting in the highest number of addresses holding at least one BTC ever. On the other hand, the biggest institutional investors have been offloading. This suggests that the institutional investors agree with our analysis.
There are those who argue that bitcoin is a bubble and that ultimately cryptocurrencies are worthless. That’s a separate debate for another day. If we assume there is a future for blockchains, which are the online ledgers that enable cryptocurrencies, the key question is when bitcoin will reach the accumulation phase that typically ends a bear phase in any market.
Known as Wyckoff accumulation, this is where the price of the asset repeatedly tests two areas: the upper bound where traders previously sold heavily enough for the price to stop rising (known as resistance), and the lower bound where traders bought heavily enough that the price stopped going down (known as support).
At the point where institutional investors decide the lower bound has proved to be sufficiently resilient – in other words, they think the price is cheap at that level – they will start buying the asset again. That moment is only likely to come after there has been a capitulation.
Of course, history does not repeat itself exactly. It may be this is the first time that retail investors have outsmarted the large institutions, and that the only way is now up.
More likely, however, there is more pain on the way. With a recession on the cards, unprecedented job layoffs and weak retail data coming out of the US, it doesn’t point to the kind of optimism that tends to move markets higher. It would therefore make sense to brace yourself for another plunge in the price of bitcoin and the rest of the crypto market.
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Copyright © 2010–2023, The Conversation US, Inc.

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Crypto Price Today Live: Bitcoin marches to $17K; Solana, XRP & Uniswap rally up to 13% – Economic Times

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Did you Know?
SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.
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An entity linked to Vedanta Resources is in talks with bulge-bracket global banks to garner up to $2 billion in bridge loans to finance bond redemptions and debt repayments due for the conglomerate’s holding company and its associates over the next few months, multiple industry sources told ET.
India needs to unleash the animal spirits of the private sector and remain fiscally prudent while speeding up growth further to leverage the unique demographic dividend it enjoys, top industry executives and government officials said.
As many as seven countries will sign up with India to use India Stack’s digital public goods, minister of state for electronics and information technology Rajeev Chandrasekhar told ET.
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