Of course, this afternoon we also look at the live Bitcoin price and the prices of the top 25 crypto. Then we look at how the SEC is playing a trick on crypto regulation. There is also crypto news about Nike and Manchester United. Finally, we share some notable NFT news.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto recovering
At the time of writing, the live Bitcoin price is quoting EUR 33,142.02 ($37,997.40). This is 4.33% higher than yesterday around this time and also higher than during our Bitcoin update last night.
We also see strong price increases among the top 25 crypto. Apart from some stable coins, we only see green numbers on the digital price board. The strongest price increase so far today is for Cosmos (ATOM), which is up 9.47% in 24 hours. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day, including the entire weekend.
SEC launches crypto regulation in disguise
In the crypto market, people are waiting with excitement and anxiety for an announced proposal from the SEC on crypto regulation. This was supposed to be launched in February. However, now there is confusion regarding a proposal that has already been launched on January 26, 2022. This proposal is a general proposal to change the laws and regulations to allow the SEC to regulate all kinds of platforms. The voluminous proposal runs to 654 pages. The technically written SEC proposal can be read here.
The striking thing is that the terms Bitcoin, crypto and NFT do not appear in the proposal. In an interview with Yahoo Finance, one of the members of the SEC, Hester Peirce, indicates that no specific legislation for crypto is planned for this year. She therefore expects that this law will be used by the SEC to enforce at US crypto exchanges in order to get the crypto market regulated. You can watch the entire interview here.
As you can see, Peirce is also critical of the SEC. The market has only 30 days (starting January 26) to react to the proposal. After this, the proposal will be amended, if necessary, and the proposal will come to the SEC for a final vote. According to her, this period is exceptionally short and, given the size of the proposal, that concern seems logical to us.
Incidentally, Yahoo Finance is broadcasting an extensive interview with Hester Peirce on February 6 (starting at 5 pm Dutch time). You can follow that interview here.
Tezos (XTZ) to become new Manchester United clothing sponsor
Soccer fans have probably noticed that the name of insurance broker AON is no longer on Manchester United’s clothing. Since the deal with AON expired they had not yet had a new clothing sponsor, but that now seems to be changing.
Indeed, according to strong rumors, the soccer superpower is about to sign a sponsorship deal with Blockchain platform Tezos (XTZ). Club watchers have also seen that promo photos have already been taken.
If the rumors are true, a multi-year deal is in the works where Tezos (XTZ) can look forward to as much as GBP 20 million (over EUR 23.6 million) per year. This means that the club will receive GBP 5 million more per season than during the AON deal.
Tezos (XTZ) is no stranger to sports sponsorship. For example, they are sponsors of the New York Mets and the Formula 1 teams of McLaren and Max Verstappen’s Red Bull.
Whether Tezos (XTZ) will also provide NFT launches for Manchester United may be shared at the press conference to be scheduled. It is the intention that the deal will contribute to maximizing Manchester United’s presence in the metaverse and web 3.0. Incidentally, the sponsorship deal is not yet leading to enthusiasm among investors. The current price of Tezos (XTZ) is $3,814 and that is 1.73%% lower than yesterday.
Nike starts lawsuit over NFTs
One of the newest trends in crypto is the NFT, which we regularly post about. One of the discussions within the NFT is about intellectual property rights. A gray area for many, but that may be about to change. In fact, Nike has filed a lawsuit against the online sales platform StockX.
Since January, this platform has been selling NFTs of Nike shoes without collaboration with Nike. The platform also promises that the NFTs will be exchangeable for real shoes, without giving details. The charge boils down to the fact that Nike not only believes that its trademark rights are being unfairly used, but that its reputation may also be damaged by the “murky terms” used by the platform.
With this lawsuit, Nike joins rapper Lil Yachty, fashion house Hermes and Miramax film studios. They are suing parties who they believe are unfairly infringing on their rights with NFTs. Miramax’s case is particularly spicy. Namely, they are suing Quentin Tarantino for announcing the release of NFTs over the film ‘Pulp Fiction’.
Justin Bieber in crypto, buys a Bored Ape NFT for…
NFT is now wildly popular, including among studios that create digital art and celebrities who like to buy them. We see this, for example, with the Bored Ape Yacht Club. This project creates (up to 10,000) cartoons of monkeys. These are extremely popular and are traded for large sums of money. One of the fans is Justin Bieber. He previously bought one NFT for 500 ETH (then $1.3 million) and now bought a new NFT for 166 ETH (about $470,000). You can see what that NFT looks like here.
This is how you can enjoy your NFTs offline
The question, of course, is how Justin Bieber can enjoy his monkey portraits when he’s not at the PC. There are several ways to do that. Of course, he may have made the purchases as an investment and enjoy the return when he sells in the future.
In addition, thanks to all kinds of technology, he can also enjoy his NFTs offline these days. In addition, there are often other offline benefits associated with NFTs. For example, Bieber’s purchases also make him an immediate member of the private Yacht Club behind the cartoons. With a rock-bottom price of about $100 ETH per NFT, he is thus in the company of wealthy investors and that offers opportunities.
Lifetime access to Coachella festival at NFT
That you can also add things of physical value to crypto art is not unknown to the Coachella festival. They are launching their own NFTs this afternoon where you get all sorts of physical things in addition to digital art when you buy an NFT. For example, there are NFTs with backstage tours and even lifetime tickets. You can check out the NFTs and auction here.
Want to stay up to date on the latest stock price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly price forecast on Monday morning might be a reading tip.