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Bitcoin Surges Past $64K, Wisconsin Invests $100M, Metaverse Comes to Your Browser

Bitcoin Surges Past $64K, Wisconsin Invests $100M, Metaverse Comes to Your Browser

This week in web3 via NettyBytes

Alcides Aguasvivas
May 15, 2024

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1. Bitcoin Surges Past $64K as US CPI Shows Core Inflation at 3-Year Low

Bitcoin's price surged to over $64,000 as the US Consumer Price Index (CPI) revealed core inflation at a three-year low. This increase was fueled by optimism surrounding the Federal Reserve's potential interest rate cuts, despite mixed economic data. The S&P 500 and Nasdaq Composite Index also reached record highs, reflecting positive sentiment in risk assets. However, market expectations for near-term rate cuts remained low, with BTC price support and reclaiming focus on key technical levels being crucial for further market confidence.

2. Wisconsin Invests Nearly $100M in BlackRock's Bitcoin ETF, Leading Institutional Adoption

The state of Wisconsin purchased nearly $100 million worth of shares in BlackRock's iShares Bitcoin Trust (IBIT) in the first quarter of the year, as revealed in a filing with the Securities and Exchange Commission (SEC). This purchase marks the state's entry into the bitcoin investment space, making it the first state to disclose such a purchase. The investment board also bought shares of Grayscale's Bitcoin Trust (GBTC) worth approximately $64 million. This move by Wisconsin highlights a growing trend of institutional interest in bitcoin and cryptocurrency investments.

3. The Metaverse Comes to Your Browser: Somnia's Initiative to Revolutionize Web3

Somnia, a Layer-1 blockchain and metaverse protocol, has launched the Metaverse Browser to bring the metaverse directly to web browsers. The browser aims to make Web3 exploration and custom content creation more accessible and user-friendly. Users can interact with the browser without needing a Web3 wallet, and it includes tools for creating and deploying DApps within the Somnia ecosystem. Somnia has also partnered with Yuga Labs to offer rewards to holders of select NFT collections, aiming to drive community engagement.