This article looks at three of the biggest news stories in the cryptocurrency world from the past week: Everlodge moved higher in the ongoing presale event, SEC delayed a decision on BlackRock’s Bitcoin ETF, and Tottenham Hotspur announced a fan token partnership with Chiliz. Let’s break down these stories and see their impact on the crypto market.
Everlodge (ELDG)’s Decentralized Property Investment Model
The global real estate market is valued at an astonishing $280 trillion, but it still needs to be made available to many individuals. Everlodge has provided a solution to this problem, which is why it’s not surprising that they’ve seen a 90% price pump during their presale event in a matter of weeks.
Everlodge provides an investment opportunity and an experience – a chance to enjoy tangible and profitable luxury. It transforms properties into NFTs, with titles and deeds encapsulated within the metadata of intelligent contracts.
These NFTs are then fractionalized, democratizing access and enabling potential investors to secure stakes as low as $100. As the property appreciates, so does each fractional piece. This allows investors to diversify their portfolios and benefit from the real estate market without the traditional barriers.
Everlodge doesn’t stop at ownership. It also serves as a vibrant hub for property developers to crowdsource funds for upcoming ventures and for users to trade their property-backed NFTs effortlessly. Everlodge’s innovative lending feature further diversifies its offerings, allowing members to secure loans by leveraging their property holdings.
The current valuation of $0.019 for the ELDG token is on an upward trajectory with each ensuing phase, signaling a time-sensitive opportunity for interested parties. Analysts project a substantial 280% rise during the presale phase and a remarkable 30x elevation post-launch, painting a promising outlook for Everlodge and its investor community.
SEC’s Dance with Procrastination: Repeated Delays on Bitcoin (BTC) ETF Verdicts
The United States Securities and Exchange Commission (SEC) has once again postponed its verdict on numerous proposals concerning spot Bitcoin exchange-traded funds (ETFs), including that of BlackRock, amidst looming concerns of a potential government shutdown.
This recent wave of deferrals came unanticipated, two weeks before the slated second deadline for many applicants, who were bracing for feedback from the regulatory body on October 19th. This occurrence marks the second round of postponements.
The third round of deadlines for approving a Bitcoin ETF is approaching in mid-January. There is a possibility of further delays, but the SEC must make a final decision by mid-March at the latest. While the delays may cause concern for some, Eric Balchunas estimates that the chances of a Bitcoin ETF being approved by the end of 2024 are 95%.
Bitcoin’s chart shows a sharp drop in mid-August, causing its value to plummet below $25k from a previous high of $31.8k. Despite attempts to recover, it’s facing short-term resistance at $27.3k, proving to be an obstacle.
There are rumors that the ETF resolution may take until 2024 to be resolved. As a result, many Bitcoin enthusiasts are taking a cautious approach and looking to hedge their risks. Many of them are considering the Everlodge presale, which offers tokens at a discounted rate before they are made available to the general public.
Tottenham Hotspur Joins Chiliz (CHZ)
Tottenham Hotspur, a Premier League team, plans to use blockchain technology to enhance supporter engagement and rewards. The club aims to introduce its Web3 fan token, which will be facilitated through Socios.com, a fan engagement platform using the Chiliz blockchain.
Chiliz empowers teams to release and manage fan tokens, digital collectibles, and tangible rewards while offering fans a say in decentralized autonomous organization (DAO)-esquedecisions regarding their cherished teams. For example, SPURS token holders could vote on which kit the team wears.
The SPURS tokens are slated for a launch on October 4 and will be featured on cryptocurrency exchanges that accommodate Chiliz tokens. This is a chance for Tottenham Hotspur fans to get involved in the crypto world while supporting their favorite team.
Fan tokens morph into a substantial revenue avenue as teams harness digital technologies to amplify user engagement. Chiliz approximates that since 2018, its blockchain platform has generated over $400 million in revenue for teams and leagues.
Nonetheless, this adoption spree has yet to uplift the Chiliz token price, which has plummeted 93.45% from its peak of $0.8915 in May 2021. The token’s tumble below the $0.010 support sparked a notable selloff, further breaching the $0.080 support zone, with the current price of $0.058 marking a three-year low.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
