Bitcoin

Citi: Metaverse could become a $13 trillion economy

Citi’s ‘Metaverse and Money’ outlook suggests the virtual world ecosystem could grow to encompass 5 billion users. Citi released a report that predicted the Metaverse could reach a total market (TAM), of up to $13 trillion within the next few years. In its Global Perspectives & Solutions (GPS) report released on Thursday, the bank’s analysts…

Citi’s ‘Metaverse and Money’ outlook suggests the virtual world ecosystem could grow to encompass 5 billion users.

Citi released a report that predicted the Metaverse could reach a total market (TAM), of up to $13 trillion within the next few years.

In its Global Perspectives & Solutions (GPS) report released on Thursday, the bank’s analysts say the spike in interest in the Metaverse has the potential to push the virtual world’s economy to more than ten trillion dollars in the next seven or so years.

A ‘device-agnostic’ Metaverse

The next iteration in the internet will combine physical and digital reality. These immersive experiences won’t be Virtual Reality-targeted but will be “device-agnostic.” According to the GPS report, access will be possible via various devices including smartphones and PCs as well as game consoles.

A Metaverse like this could grow quickly and have up to five billion users. The report stated.

“Based on our definition, we estimate the total addressable market for the Metaverse economy could grow to between $8 trillion and $13 trillion by 2030,” the bank said in the report.

A few issues to be addressed

Although the concept of the Metaverse has been around for a while,’real’ interest only started to emerge last year after the explosion in non-fungible tokens. The interest in the Metaverse was sparked by the entry of Meta Platforms (formerly Facebook), and other Big Tech companies into the ecosystem.

In 2022, The virtual world space is moving towards a stage where many are coming together into Web3. The areas of commerce, art, media and media are some examples of use cases that continue to gain momentum.

Citi analysts view the Metaverse as the “new iteration” of the internet, but they think there are some issues that need to be addressed in order to encourage innovation and growth.

This will likely be driven more attention to the ecosystem by governments and other global regulators. The bank believes that players in the Metaverse space must be prepared to address money laundering, property rights and the use decentralised finance (DeFi) issues.

Bitcoin

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Bitcoin Price Watch: Bulls Eye $108K as Momentum Builds Across Lower Timeframes

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Bitcoin

XCN defies Bitcoin and Ethereum slump with 97% spike

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure. The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier. Tariffs and other market conditions weigh on investor sentiment. Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins…

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure.
The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier.
Tariffs and other market conditions weigh on investor sentiment.

Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins with an impressive 97% over the past 24 hours.

In a price rally that put it on top of the daily gainers’ list, XCN shot up to an intraday high of $0.017.

The performance bucks the downward pressure that has seen Bitcoin (BTC) and Ethereum (ETH) pare gains from a day ago with dips below $80k and $1.5k, respectively.

XCN price performance

The XCN token’s standout performance sees it outpace Flare, Kaspas, and Walrus, among other notable gainers.

According to data from CoinMarketCap, XCN is currently trading at $0.017, with its volume up 1,230%.

The token’s market, though tiny at $531 million, is up 97% and puts Onyxcoin in the top 100 by market cap.

XCN has flipped Floki and CORE, which currently rank 100th and 99th by market cap, respectively.

Onyxcoin’s massive spike comes despite a broader risk market downturn in the past 24 hours.

BTC, ETH, and other coins’ dip has seen the global cryptocurrency market cap drop by 3.9% to $2.52 trillion.

Volume is down 20% to about $127 billion as crypto mirrors losses on Wall Street.

Overall market outlook

Crypto and the stock market rose sharply on Wednesday after US President Donald Trump changed his tariffs stance.

His announcement of a 90-day pause sent risk assets skyrocketing, with Bitcoin’s price breaking to above $82k.

S&P 500 and the Dow Jones Industrial jumped, rising by historic single-day gains.

However, the S&P 500 and Dow opened lower on Thursday and looked to close lower with 3.2% and 2.4 %, respectively.

Dow was down more than 900 points.

On Thursday, Trump announced an additional 25% tariff on China, bringing this to 145%.

After excluding it from the 90-day pause, analysts say the trade war will continue to hurt optimism.

This looks to be the case as stocks sold off despite the latest inflation report that showed CPI dropped to 2.4% against an expected 2.6%.

While this sees many turn to the Federal Reserve for expectations of interest rate cuts, analysts are pointing to “sticky” prices and tariff impact for likely pressure on equities and crypto. Analysts point to a potential bull trap.

Peter Schiff said via a post on X:

“I’ve never seen such a mass selloff of US assets. The US dollar, bonds, and stocks are all getting killed. I can’t remember when the dollar lost 3.5% against the Swiss franc in one day. America’s ride on the global gravy train is about to come to a screeching halt. Buckle up.”