Metaverse Startup The Sandbox Closes $93M Series B Led by SoftBank

Metaverse startup The Sandbox closed a $93 million Series B funding round led by SoftBank, said a press release. The Sandbox is an Ethereum-based platform where players can “play, create, own, and govern a virtual world,” according to its site. Players can own in-game assets in the form of non-fungible tokens (NFTs), such as plots of land that they can build on. The Sandbox token, SAND, has a $2.46 billion market cap, according to data from intelligence platform CoinMarketCap. The startup’s majority stakeholder is Hong Kong-based gaming firm Animoca Brands,…

The Sandbox raises $93M to expand its NFT metaverse

The metaverse continues to be the next attraction point of crypto for investors, with The Sandbox, an Animoca Brands subsidiary and nonfungible token (NFT) metaverse platform, raising fresh capital in a funding round led by SoftBank Vision Fund 2. Marking SoftBank Vision Fund 2’s first investment into the crypto assets, The Sandbox’s Series B round saw $93 million raised with the participation of Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios and Samsung Next, among others. According to the announcement, The Sandbox aims to speed up the…

Bank of America Reports It Takes $93M Inflow into Bitcoin Market to Move It by 1%

According to the report by the Bank of America, Bitcoin is expensive to mine, it offers a low throughput in comparison to Visa, and is very volatile to be used as a store of value.  New research by strategist at the Bank of America, Francisco Blanch, featuring contributions from Philip Middleton and Savita Subramanian, suggests that it takes $93 million inflows to move Bitcoin price by 1% at current levels of $59. “We estimate a net inflow into Bitcoin of just $93 million would result in the price appreciation of 1%,”…

$93M is All it Takes for Bitcoin (BTC) to Gain by 1%

In brief: Bitcoin is more sensitive than gold to inflows of fiat According to B0fA, a $93 million injection into Bitcoin would result in a price appreciation of 1% Gold would need $2 Billion to achieve a similar feat Bitcoin’s price action is yet to be overheated on a fundamental level 1% of Stimmy Checks could send Bitcoin to $73k Large fiat investments in Bitcoin have been observed to have a positive impact on the price of BTC. According to a Bank of America strategist, a net inflow of $93…

Bulls abandon ship as a $93M Bitcoin options imbalance favors BTC bears

On Dec. 11, a total of $540 million in Bitcoin (BTC) options open interest is set to expire. This number mimics the past month’s $525 million options expiry, as monthly and quarterly options typically concentrate the most volume.  Although both dates present somewhat unusual activity, this time around, bears seem in control. Data also shows that the Bitcoin bulls appear to have become too optimistic. Currently, the exchange Deribit holds 85% market share for Friday’s expiry, with $189 million worth of call (buy) options stacked against $282 million put (sell)…