China’s Meitu Loses Big On Bitcoin | Blockchain & Crypto News | The Daily Forkast

[Music] welcome to the daily forecast july 7th 2021. i'm angelou editor-in-chief of forecast news covering all things blockchain coming up chinese tech giant may 2 expects a bitcoin blow to its bottom line south korea issues another stern warning to banks seeking immunity for new crypto regulations and a look at how and why the music world is going big on nfts let's get you up to speed from asia to the world chinese technology giant metoo most famous for its beauty selfie apps has no beauty filter for this one it's expected to have a 17.3 million us dollar loss in its bitcoin investment that's according to a recent announcement by the firm to investors famous for its photoshop app and filters the hong kong listed company acquired 31 000 units of ether and about 941 units of bitcoin earlier this year it was the first major hong kong listed company to invest in cryptocurrency directly but right now it's only a loss on paper the group said it has quote no plan to sell nor acquire more crypto in the near future and believes cryptocurrencies have ample room for appreciation in value over the long term all right a quick look at the markets now and bitcoin dipped seven tenths of a percent by the end of the trading day here in hong kong closing at over thirty four thousand seven hundred dollars by four p.m local hong kong time at the end of the asian trading day and in the top ten for cryptocurrencies it was another mixed day of trading some of the top performers though included polka dot and ethereum news of the upcoming london hard fork for ethereum no doubt driving sentiment it ended the day up 2.6 while polka dot climbed five and a half percent in south korea tension continues to intensify between banks and financial services commission over new regulatory changes the fsc chairman has harshly criticized banks again over requests for exemption from anti-money laundering and counterterrorism financing responsibilities in their contracts with crypto exchanges this time though he's asked that banks not suggest that the fsc is shifting the responsibility of verifying these exchanges to the banks themselves when quote that is the job of the bank industry experts expect only a few exchanges to survive in south korea since those unable to obtain the bank contract will be forced to shut down after september 24th professor kim seung-joo does not think though that's necessarily a bad thing it seems that the fsc has made an unyielding decision to have the crypto markets reorganized even if it does mean more than 50 exchanges disappear all at once and finally before we go k-pop adding a new acronym to its ranks nfts another performer has joined the growing camp of musicians and entertainers launching their own nfts this time it's k-pop star seven who's released his first single after nearly two and a half years in the form of you guessed it and nft but why has the k-pop music industry been embracing nfts so readily well one artist says it's because earning money in the music biz has become increasingly difficult especially in china it's part of a global issue being faced by the industry but as far as the chinese music industry is concerned hong kong-based singer and songwriter tan hen jin told forecast news nfts could be a solution to the income problem it seems to me that nfts is a way to um sustainably allow musicians to find their own patron musician relationships find their own patrons so that you you're no longer relying on the 1000 fans model back then it was when the 1000 fan model has failed just like how the streaming model is not working the mp3 model failed the cd model tan is already running tests on how artists can work with nfts in a bid to raise the income floor for musicians and that's probably going to be music to many ears especially fans or stans who want to support their favorite stars and that's the daily forecast from our vantage point right here in asia for more visit forecast.news i'm editor-in-chief angie lao until the next time

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