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Are Cryptocurrencies the New Tool of Corporations as Nike Trademarks ‘Cryptokicks’?

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Sat, 04/27/2019 - 06:00
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  • There are suggestions that Nike may be the latest corporation to enter the crypto space with their ‘Cryptokicks’ trademark

Cover image via 123rf.com
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There are rumours circling, based off of a trademark application, that shoe manufacturing giant Nike may well be looking into the cryptocurrency sphere in the future. Nike has recently filed a document with the United States Patent and Trademark Office (USPTO).

It would not be altogether that surprising if Nike was looking at the blockchain and cryptocurrency space as many major corporations, worth more than $1 billion, have slowly made their way into the ecosystem to get an edge in the future.

Although the application from Nike mainly focuses on a trademark application for “CRYPTOKICKS”,  the real interesting revelations come in the supplementary information.

A range of crypto-related things

Many companies are starting to look at blockchain to aid in their efficiency. Some are dabbling with stablecoins, but if this Nike application is to be taken seriously, then it would be a big step for Nike to take on a large range of cryptocurrency activities.

“Cryptocurrency software wallets; cryptocurrency hardware wallets; downloadable computer software for use as a cryptocurrency wallet; downloadable computer software for managing cryptocurrency transactions using blockchain technology…” These are all named in the application from Nike.

The intended area of usage also goes on to mention cryptocurrency tokens specifically:

“Downloadable mobile applications for providing access to crypto-collectibles, crypto-art and application tokens; downloadable software for use in electronically trading, storing, sending, receiving, accepting and transmitting digital currency, and managing digital currency payment and exchange transactions…” it adds.

The new tool of corporations

There is no doubting the fact that the blockchain and cryptocurrency enterprise arms race is on. Companies are realising that in order to be future-proof they need to start finding their niche in the cryptocurrency sphere.

Some, like IBM, have decided to build blockchain solutions, but if Nike is entering the water through cryptocurrency tokens, that will be quite a novel way of going about things for a major corporation.

JP Morgan is trying it with their own stablecoin, but a crypto made by Nike would be an interesting thing to place in the market in terms of its useability.

About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Sun, 03/29/2020 - 14:00
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  • Ethereum and XRP would have to rebound to at least $150 to see any possibility of a major recovery.

Cover image via stock.adobe.com
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Following the near 10 percent decline in the bitcoin price on Saturday, the altcoin market has sharply plunged once again. XRP and Ethereum, in particular, are now down by 94 percent and 91 percent respectively from record highs.

The underwhelming performance of altcoins have led the valuation of the entire cryptocurrency market to drop by more than $100 billion since early March.

The Ethereum price has to surge by 20% or more to kickstart recovery
Source: Twitter.com @CryptoDonAlt

XRP and Ethereum see gloomy short-term trends

In recent weeks, the price of XRP has declined to levels unseen since mid-2017 despite substantially lower institutional sales of XRP by Ripple.

Throughout the past year, small market cap altcoins have generally followed the near-term price trend of XRP; when the price of XRP slumps, low market cap cryptocurrencies also tend to underperform.

The lackluster momentum of XRP and three consecutive lower highs at a macro level indicate that there is low demand from buyers to lead a strong recovery for XRP in the short-term.

While Ethereum has performed better than XRP since early 2020, it is seeing a similarly stagnant trend, influenced by the inability of bitcoin to break out of key resistance levels.

Prominent cryptocurrency trader DonAlt said earlier this week that the price of Ethereum would have to rebound to at least $150 to see any possibility of a major recovery.

He said:

“The USD pair looks even worse. ETH dropped by 90%+ and is now ranging putting in lower highs and lower lows. I like being bullish as much as the next guy but as long as ETHUSD is trading & closing below $150 I see little reason to expect higher prices.”

Currently, the price of Ethereum is hovering at $128, and it would need to see a 20 percent upsurge in the near-term to kickstart an extended rally.

Does the crypto market have any catalyst?

Whether key catalysts exist to trigger a 20 percent increase in prices across the cryptocurrency market remains unclear; especially as the level of fear towards the coronavirus pandemic continues to intensify.

As financial analyst Koroush AK said:

“Most businesses and individuals still have 1/2 months runway. Assuming handling the virus lasts several months not several weeks. Let's see how many want to be holding, let alone buying, bitcoin when struggling to pay bills and put food on the table.”

Technical analysts generally believe that for the altcoin market to see revived momentum in the upcoming weeks, bitcoin would have to show strength as a result of the global equities market bottoming out.

With second quarter earnings in the U.S. stock market yet to be released, analysts remain negative about the near-term trend of the stock market as well.

About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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