Price Report: WSM Soars After Successful Launch

Dear Readers,

Welcome to the latest edition of XEROF's weekly newsletter. Our European research team offers you the latest insights into digital currencies and luxury real estate in this instalment.

• WSM Valuation Rises 30% Post-Launch, Trading on OKX USDT Pair
• Ethereum Futures ETF Approval Sparks Cryptoasset Market Rally
• Google Cloud Joins Polygon's Proof-of-Stake Network as a Validator

We also feature the latest developments in high-end living, including:

• Limited Supply to Drive Australian Home Prices Up 15%, Predicts KPMG
• DAMAC Properties Invests $160 Million in Two Dubai Residential Projects
• Luxury Homebuyers Flock to Vegas for Lowest Property Tax Rates

Cryptoasset News

WSM Valuation Rises 30% Post-Launch, Trading on OKX USDT Pair

Following a successful launch, Wall Street Memes' (WSM) valuation saw a remarkable 30% surge, and it is now trading on OKX against the USDT pair. XEROF's analysis notes that the current price slightly exceeds its 50-Day Exponential Moving Average (50 EMA) of $0.04166, indicating a short-term bullish trend. Chart patterns reveal a double top pattern at $0.0470, which holds pivotal implications. If Wall Street Memes breaches this level, it could signal a surge in bullish momentum.

Ethereum Futures ETF Approval Sparks Cryptoasset Market Rally

Bitcoin and Ethereum showcased resilience on Friday, with gains of 2.4% and 3.3% in just 24 hours, pushing Bitcoin's price beyond $27,000 and reestablishing Ethereum's support above $1,650. Several factors fuelled this bullish run, including news of an Ethereum futures ETF, a 2% increase in the S&P 500 index, and approximately $80 million in short liquidations. Furthermore, the weakening U.S. dollar heightened cryptoasset appeal as a hedge against currency devaluation. As the larger cryptoasset market followed these developments, XEROF analysts noticed widespread bullish gains.

Google Cloud Joins Polygon's Proof-of-Stake Network as a Validator

Google Cloud has become a decentralised validator on Polygon's proof-of-stake network. Polygon is leveraging the infrastructure that powers YouTube and Gmail to enhance the security of its network. In response to heightened competition and recent market upgrades, such as Ethereum's Holesky testnet launch, Polygon is strategically expanding its services to foster greater user adoption, as observed by XEROF.

Luxury Real Estate News

Limited Supply to Drive Australian Home Prices Up 15%, Predicts KPMG

KPMG forecasts a 15% surge in Australian home prices within 18 months, exceeding pre-pandemic levels. The latest Residential Property Market Outlook emphasises limited supply as the primary driver of short-term and long-term price growth, attributed to land scarcity, reduced building approvals, and slower construction, likely boosting home values over the next year and a half.

DAMAC Properties Invests $160 Million in Two Dubai Residential Projects

DAMAC Properties, a luxury real estate developer in the Middle East, has awarded construction contracts worth AED588 million ($160.09 million) for two residential projects in Dubai. The first contract, valued at AED341 million ($92.77 million), is for the GEMS Estates cluster featuring premium mansions branded by de GRISOGONO, with interiors by an Italian fashion house. The second contract, worth AED247 million ($67.32 million), is for the Cavalli Villas project.

Luxury Homebuyers Flock to Vegas for Lowest Property Tax Rates

In the first quarter of 2023, Las Vegas achieved a record number of $1 million-plus home sales. However, median home prices have recently dipped to approximately $415,000, down from their 2022 peak of $482,000. For comparison, the current median home sales price in Los Angeles is approximately $980,000. The allure of the lowest property tax rates in the country, currently at 0.55%, is drawing many luxury homebuyers (particularly Californian buyers) to Las Vegas, fuelling the city's luxury real estate market expansion.

Company News

Insights from XEROF's CEO: Secure Cryptoasset Custody Cannot Rely on Personal Responsibility Alone

Learn more about cryptoasset custody with XEROF's CEO, Marc Taverner, in his latest article featured in the Crypto Valley Journal. Marc challenges the notion of personal responsibility as the sole safeguard for cryptoassets, advocating for professional, expertly managed solutions. He also details four key characteristics to look for when choosing a secure custody provider. Explore the delicate balance between personal responsibility and specialised custody services by reading the full article.