Here are some latest developments in the cryptocurrency space
Popular meme coin Shiba Inu is all set to take the fashion industry by storm as reports emerged that an Italian fashion designer would make it a part of his latest collection. Shiba Inu has already entered mainstream business activities, with multiple crypto payment processors accepting SHIB, such as Welly’s SHIB-themed fast food restaurant, according to a Binance report. This time around, the meme coin is making its way into the fashion industry, with a Shiba Inu-themed clothing collection.
The Italian fashion designer named John Richmond took to Twitter earlier to reveal his latest collection. Richmond tweeted a street-style design that had the word Shiba written on the shirts and pants, while the varsity jacket had the designer’s initials J.R. written on them. Richmond said that the picture was a sneak peek of the collection, according to Binance.
Additionally, the designer had previously posted a picture of a hoodie with the hashtags #Shibafashion among a flurry of other tags. Richmond is also a prominent designer, with his clothing worn by the likes of legendary rapper Snoop Dogg. Interestingly, the account has a cartoonised Shiba Inu dog breed as its profile picture, not the official logo of Shiba Inu. While Shiba Inu and John Richmond announced their partnership in 2022, with the designer showcasing his SHIB clothing at fashion events, such as the Milan Fashion Week, the designer is yet to reveal a launch date for the SHIB-themed clothing collection.
Shiba Inu’s price performance is largely driven by hype, and the more exposure the coin gets, the higher the chances that the meme coin could rally, this is where partnerships like the one with John Richmond become important, the report said. Richmond’s designs help to put the cryptocurrency in front of an audience that could likely become crypto investors , the report added.
Amazon’s Web3 Foray Likely To Be A Compliance Nightmare
Days after news broke out of Amazon's rumored unveiling of its Web3 initiative, reports say that what the project will look like when it materialises remains in mystery. According to a report by Coindesk, Amazon's project may involve gaming, an NFT marketplace, or something related to them. The report further noted that the regulatory complexity and uncertainty of doing this would kill the project before it begins, or Amazon has the size and scale to "make the market" on this and bring the Web3 economy into the mainstream.
Additionally, the report said that major blue-chip corporations generally avoided Web3 due to legal uncertainties. "Sure, there have been efforts by payment companies like Visa and Mastercard to integrate stablecoins into their networks, many crypto nodes are hosted on Amazon's cloud service AWS, and big tech and TradFi firms are regular investors in the crypto economy," the report said.
However, they are still stakeholders in the Web3 economy, embracing the ethos of decentralised ownership, regulatory uncertainty, and a lack of clarity interferences. The report added further that Amazon's efforts could be transformational if they succeed, which will mean addressing the regulatory issues.
US Institutions Account for 85 Per Cent Of Bitcoin Buying: Report
A new financial services firm Matrixport report revealed that institutional investors are "not giving up on crypto," with recent data pointing to as much as 85 per cent of Bitcoin buying being the result of American institutional players. Matrixport's chief strategist Markus Thielen, the head of research and strategy, told crypto news outlet Cointelegraph that the evidence shows that institutions are not "giving up on crypto" and is an indicator that we might be entering a new "crypto bull market now."
The data from a Matrixport report on January 27 suggests that it can be distinguished whether a digital asset is more favorable by retail or institutional investors at any given time based on whether that asset is performing well in the United States or Asian trading hours, Binance said.
The report stated that if an asset that trades 24 hours "performs well" during US trading hours, it indicates that U.S. institutions are buying it, while an asset that sees growth during Asian trading hours indicates that Asian retail investors are buying it, Binance added.