Forex Analysis & Reviews: 17.01.2022 - Walmart is preparing to...

17.01.2022 09:15 PM

Walmart is preparing to create its own metaverse

The cryptocurrency market seems to have taken a pause, as has the American stock market, which it has been following very much lately. It's all the fault of the changes scheduled for March this year in the monetary policy of the United States of America. In the meantime, there are no special market fluctuations, I would like to note interesting news related to Walmart Inc.

As stated in the statement, the company is preparing to create its cryptocurrency and a collection of so-called non-interchangeable NFT tokens. Back in December last year, the retailer was looking for several new trademarks, which indicated its intention to produce and sell virtual goods such as electronics, decor, toys, sporting goods, and personal care products.

Now the retail giant is exploring how to participate in the metaverse, a virtual world that combines aspects of digital technology. Last summer, Walmart announced a vacancy for the developer of the "digital currency strategy and product roadmap", and also allocated several investments for various projects related to cryptocurrency. Don't be surprised if in the near future you no longer have to leave home, get on the bus and go to the nearest store to buy something you need. All this can be done very quickly in the metaverse.

On December 30, Walmart filed applications for registration of Walmart Connect - the name of the existing digital advertising enterprise, Verse to Store, Verse to Curb, and Verse to Home. The company said in a statement that it is constantly studying how new technologies may affect future purchases. All applications have been submitted indicating that the company intends to use them, but has not yet started doing so. Trademarks will not be registered until they are used.

In early December 2021, Walmart CFO Brett Biggs said at a conference that the company is open to allowing customers to purchase goods and services using cryptocurrencies if customers require it. However, now the company does not see the need to rush to implement such opportunities.

In the meantime, major global companies are looking for ways to introduce and use new technologies. In some countries, they are working to control the dissemination of information related to cryptocurrencies. Yesterday, it became known that the Monetary Authority of Singapore strongly recommended cryptocurrency companies not advertise their services to the general public. Advertising will be prohibited in public places and transport, and third-party websites and social media platforms cannot be used for this. The regulator also spoke out against advertising cryptocurrency services with the involvement of influential people in social networks.

In Spain, the story is very similar. Control over the promotion of cryptocurrencies was assumed by the country's financial regulator CNMV. According to the data, advertising campaigns of digital assets in Spain must now contain a mandatory disclaimer stating that they are not regulated and that investors can easily lose their money due to excessive risks. In addition, advertising should exclude misleading information.

As for the technical picture of bitcoin

Trading is above the $ 40,520 support and is likely to target the $ 44,300 resistance. Only going beyond this range will open a direct road to a maximum of $ 47,840, from which it is already close to $ 51,800. If the pressure on the trading instrument returns in the near future, and we see a breakdown of $ 40,520, in this case, it is better not to wait for anything good in the near future. I advise you to be patient, waiting for the update of the lows of $ 37,380 and $ 33,830.

As for the technical picture of the ether

The bulls' goal remains to control the $ 3,430 level, which was not achieved at the end of last week. That's where the 200-day moving average is going, indicating the development of a bearish scenario in the near future. As long as trading is conducted below this range, the pressure on the trading instrument will remain quite high. To return demand, a breakdown of $ 3,430 is needed, which will open a direct road to the highs of $ 3,670 and $ 3,880. Problems for buyers will begin immediately after the ether drops below $ 3,220. In this case, there is a high probability of updating the minimum of $ 2,980 followed by a drop of $ 2,720 and $ 2,440.

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# Bitcoin # Ethereum # BTCUSD # ETHUSD Crypto-currencies

Jakub Novak,
Chuyên gia phân tích của InstaForex
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