Metaverses, which gained popularity in the second half of last year, seems to remain in the limelight this year too. Given the bearish sentiment in the crypto market, it is time to invest in new promising projects such as Metaverse, as well as Web3.
Yesterday, Fidelity Investments submitted an application for the creation of the Metaverse ETF to monitor public companies with access to a blockchain-based network of three-dimensional virtual realities. Fidelity Metaverse will be tied to the Fidelity Metaverse index, which tracks companies developing, producing, and distributing products or services related to the creation and launch of Metaverse.
Notably, Fidelity recently shifted its attention to Metaverses. Last year, in December, ProShares filed an application for a meta version of the ETF with the SEC. In June, Roundhill Investments launched the metaverse ETF, which is traded on the New York Stock Exchange. Four major South Korean asset management funds are also currently offering ETFs related to the metaverse.
Even Turkish President Recep Tayyip Erdogan showed interest in this field which came as a surprise to many analysts. Yesterday, he ordered the ruling party to conduct a study of cryptocurrencies and the metaverse. "It is a sensitive subject, a good and meticulous study should be done," he said. The government reportedly discussed cryptocurrencies and the metaverse at the last meeting of the central executive council, which took place on Tuesday. During the meeting, President Erdogan ordered his party to analyze new developments, including cryptocurrency and the metaverse. He also plans to organize a forum with a focus on these topics.
Importantly, the ranks of crypto opponents are getting thinner. Yesterday, Lloyd C. Blankfein, the former CEO of Goldman Sachs, said that his view on cryptocurrency had changed after digital assets attracted trillions of dollars in value. "Look, my view of it is evolving. I can't predict the future, but I think it's a big thing to be able to predict the present, like, 'What is happening?' And I look at the crypto, and it is happening," he noted. Earlier, Lloyd was skeptical about crypto assets.
"As a pragmatist and somebody who's skeptical not only about the market but skeptical of my own views, I try to get on board and acknowledge that I don't know everything. Strange things, things that I think are strange, actually happen. And so guess what? I would certainly want to have an oar in that water," Blankfein said Monday.
Today, only the most avid skeptics believe that cryptocurrencies and blockchain have no prospects. Judging by the fast development of the industry, it is hard not to notice how attractive and profitable this market is.
Outlook for bitcoin
It is trading above the support level of $33,800. Now, traders seem to increase positions near 37,380, which may undermine bitcoin's recovery. However, the 33,800 level is more important. If the price rises above $37,380, it will open the way to a high of $40,520 and further to $44,300. If BTC faces strong pressure in the near future, it may decline below $33,800. Therefore, it is better to remain carious. I advise you to be patient, waiting for the breakout of a high of $29,200 and $25,700.
Outlook for ether
Bulls are trying to protect $2,470. However, the price is unable to consolidate above this level. Now, it is difficult to predict whether the price will move up. To resume an upward movement, it needs to test $2,470. If it breaks above this level, it may rise to $2,720. After that, the price is likely to approach the highs of $2,980 and $3,220. If ether continues to drop, bulls are likely to focus on $2,130. If the price breaks below this level, it is sure to hit a low of $1,740.
