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May Investment Recap: Fnatic Adds Funds to Grow Asia-Pacific Presence, Early-Stage Investments, and Acquisitions 

During May 2021, The Esports Observer tracked eight investments raised by esports-relevant companies. Disclosed investments amounted to 36.6M$ USD, bringing the total sum of disclosed investments in 2021 to $3B.  Financial terms were not disclosed for all deals highlighted in this article.  Fnatic Raises Funds to Expand into the Asia-Pacific Markets  British esports organization Fnatic announced that it has raised a […]

The post May Investment Recap: Fnatic Adds Funds to Grow Asia-Pacific Presence, Early-Stage Investments, and Acquisitions  first appeared on The Esports Observer.

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During May 2021, The Esports Observer tracked eight investments raised by esports-relevant companies. Disclosed investments amounted to 36.6M$ USD, bringing the total sum of disclosed investments in 2021 to $3B. 

Financial terms were not disclosed for all deals highlighted in this article. 

Fnatic Raises Funds to Expand into the Asia-Pacific Markets 

Credit: Fnatic

British esports organization Fnatic announced that it has raised a $17M financing round led by Japanese business conglomerate Marubeni Corporation to drive further global growth. Further investors that participated in the funding round include a range of international family offices and institutional investors, alongside venture debt from Bootstrap.  

Marubeni’s investment will incorporate a strategic partnership to support Fnatic’s expansion into the Japanese esports sector, and the Asia-Pacific market. As part of the partnership, Fnatic’s base of operations in Japan will be expanded and Marubeni will support the relocation of Fnatic’s Rainbow Six Siege team to the country. 

Early-Stage Investments 

Credit: Beastcoast

Esports team and gaming content network Beastcoast closed a $2.5M Pre-Seed financing round from investors including Andover Ventures, Elevate Ventures, Techstars, NJ/NY Gotham FC owner Steven Temares, and High Alpha Ventures managing partner Scott Dorsey. The funding facilitated the expansion of Beastcoast’s content creation team. Furthermore, the investment proceeds were used by the company to acquire a North American Rainbow Six Siege Pro League slot and expanding internationally into South American Dota 2. 

Gaming highlights content creation technology startup Allstar Gaming secured a $3.85M seed financing round led by members of New York Angels. Allstar revealed that it intends to use the investment proceeds to enhance the company’s current product offering, integrate new titles onto its growing Allstar branded platform, and expand its hiring and partnerships efforts. Its latest investment round brings Allstar’s total capital raised to date to more than $4.2M.   

 Singapore-based esports tournament and media network company Esports Players League (ESPL) secured a seven-digit Pre-Series A financing round led by Swedish esports investment firm RightBridge Ventures. The company intends to use the investment proceeds to fund its future growth including international expansion and platform improvements.  

 SuperGen Education Investment, the esports education division of Chinese esports and entertainment holding company and owner of the esports organization Edward Gaming (EDG)SuperGen Group, closed an undisclosed Series A funding round led by venture capital firm Shanghai Yuangui Asset Management. While the exact size of the investment SuperGen Education general manager Jitang Qiu revealed that it exceeded ¥30M RMB ($4.7M). 

 Acquisitions 

Credit: Enthusiast Gaming

Canadian esports company Enthusiast Gaming completed its acquisition of Vedatis, which owns Icy Veins — a platform dedicated to guides for Activision Blizzard games including Hearthstone, World of Warcraft, and Overwatch — for €7M EUR ($8.51M). Icy Veins founders Damien Thivolle and Vlad-Matei Mladin will remain with the company long-term to operate the website. 

Brazilian live marketing agency V3A acquired a 50% stake in Prêmio eSports Brasil (translated as Brazil Esports Awards) from venture capital firm Go4it. Through the acquisition, V3A joins the Brazilian telecommunications company Globo as organizers of the annual awards ceremony that started in 2017. 

British private equity firm SuperNova Capital acquired Insomnia Gaming Festival operator Player1 Events from UK-based gaming retailer Game. SuperNova Capital retained all of Player1 Events’ staff. 

Source: https://esportsobserver.com/may-2021-investment-recap/?utm_source=rss&utm_medium=rss&utm_campaign=may-2021-investment-recap

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TA: Bitcoin Breaks $35K, Why BTC Bulls Aim A Larger Rally

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

Bitcoin price regained strength for a fresh increase and it broke $35,000 against the US Dollar. BTC is likely to accelerate higher towards $36,500 or even $37,000.

  • Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
  • The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing positive signs and it could even rise towards the $37,000 level in the near term.

Bitcoin Price is Gaining Pace

Bitcoin formed a base above the $32,000 zone to start a fresh increase. BTC broke the $33,500 resistance the 100 hourly simple moving average to move into a positive zone.

The upward move gained strength above the 50% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone. There was also a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.

The pair is now trading nicely above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is showing a lot of positive signs and it could continue to rise above $36,000. On the upside, an initial resistance is near the $36,200 level. The main resistance is now near the $37,000 zone. Any more gains could lead the price towards the $38,000 zone.

Dips Limited in BTC?

If bitcoin fails to clear the $36,200 resistance or the $37,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,500 level.

The next major support is near the $34,000 level. The main support is now forming near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $32,000 zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $34,400, followed by $33,500.

Major Resistance Levels – $36,200, $37,000 and $38,000.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

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Nothing will ‘stop’ Bitcoin in El Salvador, says President after IMF, World Bank criticism

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President Bukele said nothing can stop Bitcoin from seeing widespread adoption in El Salvador, and he sees no scenario in which it can be stopped.

“I don’t see anything stopping it. Everything about the humans can be stopped. But I just don’t see how. It’s law, the government is working 24/7 in going to effect in 80 days,” he said in a recent podcast.

Earlier this month, the Central American nation passed a bill to recognize Bitcoin as legal tender formally. However, as much as crypto advocates celebrated the news, the response from both the IMF and World Bank has been less encouraging.

Their reaction has led to hearsay that international pressure will stop the El Salvadorian Bitcoin bill from happening.

How the IMF and World Bank reacted

El Salvador made history on June 8 by passing the Bitcoin law. This gives Bitcoin the same legal status as the country’s official currency, the U.S dollar.

In an immediate response, the IMF raised concerns that this would interfere with ongoing negotiations for a $1 billion loan.

Top El Salvadorian officials replied by saying the U.S. dollar would continue to be legal tender. In contrast, Bitcoin transactions would be by choice and tied to the dollar exchange rate.

Weeks later, as El Salvador reached out for the technical implementation of its plans, the World Bank gave a resounding denial.

A World Bank spokesperson said they could not help due to the “environmental and transparency shortcomings” of Bitcoin.

“While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”

Can Bitcoin in El Salvador be stopped?

Despite the snubs from the IMF and World Bank, President Bukele is determined to press on regardless.

In an interview with the What Bitcoin Did YouTube channel, President Bukele addressed whether the Bitcoin law can be stopped, and in his mind, it can’t.

Speaking on the democratic process involved with passing the law, President Bukele pointed out that more than a supermajority approved the bill.

“Our Congress has 84 seats, you only need 43 to change monetary policy, which is half plus one. That’s the majority, right? When we have supermajority here, you need two-thirds, which would be 56 out of 84. We got 63 votes.

With that, plans are in place to build the Bitcoin infrastructure in El Salvador, including renewable energy mining and legislation to encourage the country’s development as a hub for crypto developers and companies.

President Bukele added that the plans include things to “protect the decision,” but gave no specifics on what that means.

“Remember Bitcoin works by itself, so it’s not like it depends on what we do. But of course, the things that we are doing, will, you know, it will protect the decision, and guarantee that there will be more benefits for the people.”

Short of an invasion by hostile forces, it looks as though the Bitcoin bill will be happening in El Salvador.

Commenting directly on the IMF and World Bank snubs, President Bukele said it makes no sense and that he has no intention of getting into a fight with them. He added that it’s their choice, but it still doesn’t change El Salvador’s plans with Bitcoin.

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Source: https://cryptoslate.com/nothing-will-stop-bitcoin-in-el-salvador-says-president-after-imf-world-bank-criticism/

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Are The Tables Turning? Litecoin Transactions Compared To Bitcoin Are 75% And Growing

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Data compiled by @MASTERBTCLTC shows the number of Litecoin transactions is just under 75% of that of the number of Bitcoin transactions.

Litecoin transactions are 75% of the total bitcoin transactions.

When will litecoin transactions flip bitcoin transactions?

Sometime in 2021 I predict.

227k BTC vs 168k LTC transactions.”

More significantly, @MASTERBTCLTC suggests this could be the start of an uptrend leading to a flippening in transaction count sometime this year.

Litecoin vs. Bitcoin transactions

Source: @MASTERBTCLTC on Twitter.com

Considering wider factors, including the environmental argument against proof-of-work tokens, what can we deduce from this trend?

The Difference Between Litecoin and Bitcoin

Even though Litecoin is a Bitcoin fork, it differs in terms of its hashing algorithm, supply, and block transaction times.

Litecoin has a 2.5 minute block confirmation time versus 10 minutes for Bitcoin. This focus on speed and low transaction fees make it more suitable for microtransactions and point of sale payments.

Currently, average LTC transaction fees are coming in around $0.0104. In comparison, the average BTC transaction fee is $8.131.

However, the fundamental difference between the two lies in Litecoin’s use of the newer Scrypt Proof-of-Work (PoW) algorithm over Bitcoin’s SHA-256.

Cryptocurrency mining can happen using a CPU, GPU, or ASIC miner. ASIC miners can generate more hashes (tries) per second to match the target data string and “win” the block. Therefore ASIC miners have a distinct advantage over other mining methods.

But Scrypt was chosen by Litecoin developers because it is less responsive to ASIC mining. Although Scrypt ASIC miners have since come onto the market, a significant portion of Litecoin mining still occurs using CPUs and GPUs. This makes mining Litecoin more accessible for everyday people.

What’s Behind This Trend?

Much has been said about the environmental damage caused by Bitcoin mining in recent weeks. Although Litecoin and Bitcoin employ computationally intensive proof-of-work algorithms, Litecoin’s Scrypt model relies more heavily on memory than out and out processing power.

The upshot to this reduces the advantage of ASICs and increases network participation and energy efficiency. Hence some would argue that Litecoin is a greener token.

Research compiled by TRG Datacenters showed that Litecoin consumed 18.522 kilowatt-hours per transaction. Unsurprisingly, Bitcoin came bottom of the list, consuming 707 kilowatt-hours per transaction.

Interestingly, Dogecoin, which also uses a Scrypt algorithm, consumed just 0.12 kilowatt-hours per transaction.

At the present time, it’s too speculative to state that crypto users are increasingly turning to Litecoin for green reasons.

But at the same time, the three months of data compiled by @MASTERBTCLTC shows a definite downtrend, of lower highs, in usage for Bitcoin.

Taken in conjunction with Litecoin’s rising transaction count this week, this may suggest users increasingly see Bitcoin primarily as a store of value, rather than a coin to make payment transactions with.

Litecoin daily chart YTD

Source: LTCUSD on TradingView.com

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Source: https://bitcoinist.com/are-the-tables-turning-litecoin-transactions-compared-to-bitcoin-are-75-and-growing/?utm_source=rss&utm_medium=rss&utm_campaign=are-the-tables-turning-litecoin-transactions-compared-to-bitcoin-are-75-and-growing

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