First Mover Asia: Singapore-Based Gaming Company Razer Struggles To Pivot; Bitcoin Declines After a Positive Week

First Mover Asia: Singapore-Based Gaming Company Razer Struggles To Pivot; Bitcoin Declines After a Positive Week

First Mover Asia: Singapore-Based Gaming Company Razer Struggles To Pivot; Bitcoin Declines After a Positive Week

By Sam Reynolds, Damanick Dantes, James Rubin

The one-time, would-be “Apple of the Gaming World” failed in its attempt to secure a digital banking license and to reinvent itself into a lifestyle brand; bitcoin falls slightly but holds over $41,000.

Prices: Bitcoin holds over $41,000, despite a slight weekend drop; ether and most other major cryptos follow a similar pattern.

Insights: The one-time, would-be “Apple of the Gaming World” failed in its attempt to secure a digital banking license and to reinvent itself.

Technician’s take: BTC’s four-month-long downtrend could be nearing an end.


Bitcoin (BTC): $41,246 -1.3%

Ether (ETH): $2,863 -1.8%

Top Gainers

Asset Ticker Returns Sector
Ethereum Classic ETC +21.1% Smart Contract Platform
Bitcoin Cash BCH +2.7% Currency
EOS EOS +1.7% Smart Contract Platform

Top Losers

Asset Ticker Returns Sector
Polkadot DOT −3.3% Smart Contract Platform
Solana SOL −2.9% Smart Contract Platform
Internet Computer ICP −2.5% Computing

A Slight Drop After a Good Week

Bitcoin and other major cryptocurrencies fell slightly but finished a largely upbeat week higher than when they started the week, withstanding the U.S. central bank’s first interest rate hike in four years and Russia’s escalating attacks on Ukraine.

The largest cryptocurrency by market capitalization was recently trading about $41,200, off about 1.3% over the past 24 hours. Bitcoin topped $42,000 late during U.S. trading hours Friday, a more than 7% increase from where it started the week as investors digested the long-expected Federal Reserve’s 25-basis-point increase on Wednesday and global unrest tied to Russia’s invasion. Ether, the second largest crypto by market cap, was changing hands a little under 2,900, a 1.8% drop over the same period, but well up from where it began the week. Most other major cryptos were in the red over the weekend. Trading volume fell over the past three days.

“It’s been a good week for Bitcoin,” Joe DiPasquale, the CEO of fund manager BitBull Capital, wrote to CoinDesk. “We have been holding support above $40,500. If we can break through the next resistance line at $42,500, we could see a breakout to $45,000 as we saw in the last day of February.”

DiPasquale added that “low trading volume is normal for weekend activity,” and he expected it to increase during the week. “With the equities markets rising again, there is a moment to be had in Bitcoin, Ethereum and other assets if Monday starts strong,” he said.

The tech-focused Nasdaq rose 2% on Friday, while the S&P 500 was up a little over 1%. Gold fell 1.2%. The upswing in stocks and cryptos late in the week suggested that investors were willing to embrace more risk than they had been just a few days before.

The weekend saw a new round of atrocities in Ukraine and continued fallout that could undermine the already jittery, global economy. According to one report Mariupol, a strategic Black Sea port that would help Russia control the southern Ukraine coastline, was days away from falling. Meanwhile, a Wall Street Journal story Sunday said that Russia has largely failed so far to demonstrate that its economy could thrive in the face of fierce sanctions from countries opposed to its unprovoked attack, and would take years to achieve this objective.

DiPasquale noted that many investors have associated February’s drop in equities and crypto markets with a similar decline in March 2020. “While there was a lot of uncertainty, the wrong thing to do then was to sell low; the next two years saw historic rises,” he said. “Hedge funds like ours have a generally optimistic sentiment given the market’s history of rising through uncertainty even after periods of turbulence.”


S&P 500: 4,463 +1.1%

DJIA: 34,754 +0.7%

Nasdaq: 13,893 +2%

Gold: $1,919 -1.2%


Razer’s Efforts to Diversify Into Payments Still Overshadowed by Its Hardware

Razer (RAZFF) used to talk a big game about itself. The Singapore-based manufacturer of gaming PCs and peripherals was once called “the Apple of the gaming world.”

Some lapped it up, but industry analysts snickered as channel data showed the company didn’t really ship many PCs. Its keyboards, mice and other accessories were well received, but the PCs not so much.

Then, after its initial public offering (IPO), Razer became more modest. As part of the IPO it had to list how much it actually sold of its products. The results were underwhelming. While its competitors shipped tens of millions of gaming PCs and notebooks, Razer could barely muster 600,000, according to analysts and others who reviewed its earnings. For some models, the shipments were under 1,000.

Razer’s bark was louder than its bite.

As a listed company it was harder to throw around monikers like “Apple of the Gaming World,” so Razer needed to pivot. In 2020, its CEO, Min-Liang Tan, said that Razer was a “lifestyle brand” and the company put a larger emphasis on alternatives to selling PCs.

The company settled on payments and fintech to diversify, applying for one of Singapore’s coveted digital banking licenses. But regulators in Singapore declined Razer’s application, limiting it to payments, a cut-throat industry with thin margins. Of course, Razer could apply for a license somewhere other than Singapore, such as Malaysia, but so far it hasn’t made a move.

In late 2021, Razer decided to shutter its Razer Pay wallet service because it couldn’t carve out a meaningful niche in Southeast Asia’s crowded payments marketplace, dominated by super app Grab.

Razer still has a foot in the payments game, but its most recent earnings show that its efforts to move the company away from hardware and peripherals has stalled. At the end of the last fiscal year software and services contributed 10.6% to the company’s revenue. While the division’s raw revenue is up, overall it actually accounts for less, coming in at 10%.

Total payment volume for Razer Gold, its virtual credits service used to monetize games, is up 56% year on year as the coronavirus pandemic continues to keep people inside and gaming. Razer’s fintech arm, which provides merchant services, hit $7 billion in revenue for 2021, up 63.5%.

Theoretically, GameFi would take a big bite out of Razer Gold as a way to monetize and finance games. When asked about this a PR rep directed CoinDesk to a statement in the earnings report from Razer’s CEO, which said the company intends to “explore decentralized finance” but otherwise said nothing concrete.

Shareholders don’t care. The stock is a catastrophe, especially in the pandemic era when investors put a premium on anything to do with gaming and PCs as locked-down consumers spend more in this segment as a way to entertain themselves and stay productive.

Since its listing in Hong Kong in 2017 the stock is down nearly 47%. This is incredible when compared to its peers. Logitech (LOGI), which makes PC peripherals for productivity and gaming, is up nearly 110% during the same time period; Taiwan’s MSI, a well-known gaming PC manufacturer; is up 90%; and Corsair (CRSR), which listed in late 2020, is up by around 40%.

Part of this might be because Razer is actually a fairly small company, despite its cult following. Net profits for the year were around $43.4 million. Last fiscal year it was a mere $800,000.

Razer’s future appears to be as a private company (there was talk about a U.S.-listing, but that would devolve into meme stock territory) as investors move towards de-listing it from the Hong Kong exchange through a buyout. That might be the best move because investors don’t seem to be too enthusiastic about Razer as a PC gaming company or even a payments company.

Technician’s take

Bitcoin Holding Above $40K, Resistance at $46K

Bitcoin daily price chart shows support/resistance levels. (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) buyers remain active after maintaining support at $37,000 over the past two weeks. The cryptocurrency is up 7% over the past week and could see further upside toward the $43,000-$46,000 resistance zone.

Short-term momentum signals have turned upward, especially after a downside exhaustion signal appeared on March 7. Further, the relative strength index (RSI) on the daily chart is rising above oversold levels (above 50), suggesting the four-month-long downtrend in price is nearing an end.

Still, there is significant overhead resistance on the charts, which could stall the current price bounce.


Editor’s Note: 

New Global Currencies

New Resistance Global Currencies that support Independent Media and are against the “Great Reset” –

Our World Coin, a force for good and a peaceful revolution, is built to save humanity from the Globalists deadly Great Reset Totalitarian Agenda.

Bitcoin 2.0 is a new cryptocurrency that is looking to innovate the Global Payment System. It is backed by real value in independent media news sites & networks.

Truth Coin, a platform that’s free from Globalists’ control, and will not support the Great Reset Agenda or the vaccine digital passport. This enables everyone to support and benefit from building a better world, by the people for the people, a force for good.

Original Source:

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

28 May 23
In these settings, proxy-reports involving actual-time, or near-actual-time, quality monitoring of close family or caregivers could turn out to be the one information being collected so as to identify available measures and the only available data to patterns of missing data, leading to improvement be included into registries; subsequently, it's of targeted interventions to scale back missing information. Roche et al (2010) said that a pilomatricoma, also called pilomatrixoma or calcifying epithelioma of Malherbe, is a benign pores and skin tumor arising from the hair follicle matrix. No use, distribution or replica is permitted which doesn't comply with these phrases 10th antimicrobial workshop cheap 750 mg keftab with amex. Anterior one-third inserts into lamina cribrosa, center one-third (oblique anterosuperior to posteroinferior course) into lamina papyracea and. For still different physique elements and threat elements, there may be either an insufficient variety of research from which to attract conclusions or the general conclusion from the research is equivocal. This relative weak point of the opening It is probably because of neuromuscular musculature is a major issue within the affected personпїЅs incoordination throughout swallowing which incapability to open the mouth when some manifests as a failure of relaxation of the pathology includes the mandible and its surcricopharyngeal sphincter and its untimely rounding tissues. Use of this offer have to be according to the terms of any drug bene t supplied by a health insurer, health plan, or private third-get together payor. Hemophilia A is more widespread than hemophilia B, accounting for 80-eighty five% of the total hemophilia population mood disorder forums zyban 150 mg line. Additionally, we supplemented the usual dent kinase that's upregulated in myoblasts to signal terminal diferentia- food plan with ldl cholesterol to look at the efects of MeHg when the worms have been tion. Language Requirements пїЅ added information to clarify steerage on certification and reporting process. Fallopian tube stenosis Asymptomatic scientific or Symptomatic and intervention Severe symptoms; elective Life-threatening Death diagnostic observations only; not indicated operative intervention consequences; pressing intervention not indicated indicated operative intervention indicated. Lung most cancers in never smokers: Clinical epidemiology and environmental threat components. Approach to the Patient the transition from the textbook or journal article to the medical scenario is one of the most difficult tasks in drugs antifungal emulsion paint mentax 15 mg proven. Microinsert nonincisional hystero sterilization: fndings from the United States Collaborative Review of Steriliza scopic sterilization. Scientific research exhibits instead that the cause of most circumstances of narcolepsy is the brainпїЅs loss of neurons that comprise hypocretin, which is a protein that helps your mind keep alert. Granulomatous irritation (with epithelioid cells), poison ivy reactions, and contact dermatitis are types of delayed kind hypersensitivity. Results from the Adverse Childhood Experience examine (53), a survey of roughly 10,000 adults in a Health Maintenance Organization from 1995 to 1996, point out a strong graded response between the level of publicity to childhood abuse or household dysfunction and poor well being outcomes. If spillage worsens stage and survival, then removing a