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Fresh Off The Block: Bitcoin hits two-week high after slump, Gamestop's NFT project on carbon-neutral blockchain & more

Chloe Lim
Chloe Lim2/7/2022 11:55 AM GMT+08  • 2 min read
Fresh Off The Block: Bitcoin hits two-week high after slump, Gamestop's NFT project on carbon-neutral blockchain & more
Bitcoin price hits two-week high after slump, Gamestop launches NFT marketplace on carbon-neutral blockchain and more
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Bitcoin’s (BTC) price has been climbing steadily, after jumping to a two-week high last Friday and holding above US$41,000 over the weekend.

Image Credit: Bloomberg

Other cryptocurrencies including Solana (SOL) and Ethereum (ETH) surged back up as well by approximately 12%.

At 11:41am, BTC is trading at US$42,792, and SOL and ETH are trading at US$114.18 and US$3,064 respectively.

Meanwhile, Gamestop announced that it has entered a partnership with Immutable X Pty Limited to help launch an NFT marketplace for consumers to engage more in the world of digital collectibles.

See also: Singaporeans still actively investing in crypto despite a hit in confidence: IRCI

The partnership establishes an up to $100 million fund in Immutable X’s IMX tokens, which the parties intend to use for grants to creators of non-fungible token (NFT) content and technology.

According to a report by Business Insider, building on Immutable’s protocol will enable quicker, carbon-neutral transactions at more affordable prices, especially for gaming developer-focused NFT projects.

In addition, GameStop is also creating a US$100 million fund alongside Immutable X to support game developers and studios that will partner with them.

See also: FTX's Sam Bankman-Fried charged with bribing Chinese officials

Didi Taihuttu, known as the patriarch of the ‘Bitcoin family’, is settling down on Portugal– Europe’s crypto tax haven, after travelling the world to over 40 countries over the last 5 years.

In 2017, Taihuttu, with his wife and three kids, liquidated all their assets which included a 2,500-square-foot house and bought bitcoin, when it was trading at around $900, according to a report by CNBC.

Portugal has made clear that buying or selling cryptocurrencies would not be subject to capital gain taxes or value-added tax (VAT). This is unlike the U.S., that treats virtual currency as property, thereby taxing it in a manner similar to stocks or real estate.

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