Weekly Headlines 2022.12 W3
“Sometimes you need to battle test, you need to go through crises to see the survivors.” – Cathie Wood
Weekly News Report:
News
1. Argentina’s province to issue US dollar-pegged stablecoin
– The bill also authorizes local artists to issue nonfungible tokens (NFT) to promote financial and cultural inclusion.
2. Japan to Exempt Token Issuers From Corporate Tax on Unrealized Gains
– Project founders will no longer be subject to hefty taxes which forced them abroad from next April onwards.
3. Microsoft bans cryptocurrency mining on cloud services
– Microsoft now requires users to obtain a written pre-approval from the firm in order to use Microsoft Azure for mining cryptocurrencies like Bitcoin.
4. Crypto Lending Platform Maple Finance Unveils Major Overhaul, Stops Lending on Solana
– The improvements attempt to solve Maple’s design shortcomings highlighted during a recent debt crisis, but they may reduce incentives for holding the protocol’s native MPL token in its new form, an analyst said.
5. PayPal Working With Crypto Wallet MetaMask to Offer Easy Way to Buy Crypto
– Users will be able to buy and transfer ether from PayPal to MetaMask.
6. Breaking: SBF denied bail by Bahamas Magistrate Court judge
– Sam Bankman-Fried will remain in custody at the Bahamas Department of Corrections until Feb. 8, 2023.
7. Judge Approves Sale of Self-Custody Platform to Galaxy Digital in Celsius Bankruptcy
– Galaxy, the crypto-focused financial services firm, had won the auction for GK8 earlier in the month.
8. FTX Founder Sam Bankman-Fried Formally Charged With Conspiracy, Fraud in US Court
– Bankman-Fried was arrested in The Bahamas on Monday.
9. Breaking: FTX founder Sam Bankman-Fried arrested, set to be extradited to US
– Royal Bahamas police have arrested SBF at the request of the U.S. government, based on a sealed indictment.
10. Bitcoin Group Agrees to Buy German Bank Bankhaus von der Heydt for More Than $15M
– The transaction is expected to be completed by the third quarter of 2023.
11. Bermuda Digital Bank Jewel Issues ‘Fully-Backed’ Stablecoin
– The Jewel USD stablecoin will be launching on Polygon.
Institution
1. Basel Committee Endorses Global Crypto Banking Rules to Be Implemented by 2025
– The rules suggested that a bank’s exposure to certain crypto assets must not exceed 2% and should generally be lower than 1%.
2. New York State issues guidance for banks seeking to engage in activities with crypto
– The state, a notoriously demanding regulator of the industry, has released detailed guidelines for banks’ applications; some licensed banks may have to play catchup.
3. Major Japanese Utility Works With Local Hardware Maker to Capitalize on Excess Power With Crypto Mining
– The utility behind the Fukushima nuclear reactor is trying out crypto mining.
4. Brazil Central Bank Plans to Launch a CBDC in 2024
– The central bank sees a digital currency as a way of increasing participation in the financial system.
Market
1. 2023 Will Be the Year of Dapps – Here’s What to Expect
– The greatest areas for decentralized application (dapp) development will be across gaming, identity and the evolution of Web2 apps.
2. Crypto Markets Analysis: Bitcoin and Ether Stall Following Chair Powell’s Sobering Tone
– Funding rates for bitcoin and ether take different routes for the moment.
3. CryptoQuant: On-Chain Data Shows Crypto Exchange Binance Isn’t Exhibiting ‘FTX-Like’ Behavior
– The analytics firm found the exchange is almost entirely collateralized and diversified away from its proprietary token.
4. Cathie Wood’s ARK Continues to Buy Coinbase’s Dip, Adding $3.2 Million of COIN to Portfolio
– The latest purchase means ARK’s Innovation ETF holds 5.8 million COIN shares.
5. Bitcoin Falls as Federal Reserve Slows Rate Hikes but Stays Hawkish
– The U.S. central bank raised its benchmark interest rate to a range of 4.25%-4.5% on Wednesday. Officials now expect the current rate-hiking cycle to peak next year at a “terminal rate” above 5%.
6. Citi Says Crypto Market Leverage, Open Interest Are Historically Low
– The bank expects a broader focus on decentralization in 2023 following this year’s failings in centralized crypto ventures.
7. Crypto hotspots continue to thrive despite FTX collapse
– Crypto-friendly cities throughout the world report growth and innovation despite recent events.
8. 2023: The Year Blockchain Becomes a Sustainability Solution
– Blockchain’s role in helping the environment can go far beyond energy footprints and carbon credits.
9. Bitcoin, Ether Jump After US CPI Report Shows Slower-Than-Expected November Inflation
– Crypto traders were monitoring the U.S. government’s monthly inflation report for signs of whether the Federal Reserve’s monetary-policy tightening this year is helping to slow the pace of consumer price increases.
10. Algorand Rises After Italy Selects Blockchain Protocol for Digital Guarantees Platform
– The new platform is expected to become operational in early 2023.
11. Brazil could cement its status as an economic leader thanks to 2024 CBDC move
– Brazil is set to launch a Central Bank Digital Currency (CBDC) in 2024, a move that could contribute to its status as an economic leader in South America.
12. NYC mayor stands by Bitcoin pledge amid bear market, FTX: Report
– During Eric Adams’ time in office, the NY state government passed a law that will implement a two-year moratorium on non-renewable proof-of-work mining and the crypto market turned bearish.
13. Bitcoin could reach $1M in 5 years due to fiat currencies’ collapse, says Samson Mow
– The future collapse of fiat currencies could propel Bitcoin to $1 million in the next five to 10 years, according to Jan3 CEO and Bitcoin proponent Samson Mow.
14. Where Is the Ethereum Virtual Machine Headed in 2023? (Hint: Beyond Ethereum)
– With apps like Uniswap exploring Layer 2s, dYdX building on Cosmos and the rise of appchains on Cosmos next year seems fit for an explosion of EVM experimentation.
15. Tron’s USDD Stablecoin Falls to Under 97 Cents, Lowest Level Since June
– The algorithmic decentralized stablecoin modeled after Terra’s now-defunct UST lost its dollar peg last month as the collapse of FTX dented investor confidence in digital assets.
16. Goldman Sachs Is Trying to Make Blockchain Bonds Happen
– But it probably won’t – for blockchain bonds, tomatoes or whatever.
17. Cathie Woods’ ARK Buys 238K More Shares in Coinbase Exchange Amid Crypto Rout
– The purchase adds to the more than 400,000 Coinbase shares bought by ARK’s exchange-traded funds earlier this week.
18. Florida best-prepared US state for widespread crypto adoption: Research
– While the U.S. the most dominant player in crypto, a state-wise analysis reveals that not all 50 states are equally prepared for the inevitable mainstream crypto adoption.
NFT
1. Donald Trump NFT Collection Sells Out, Price Surges
– According to data from OpenSea, the collection’s floor price is about 0.19 ETH, or $230, more than double the original mint price.
2. Argentina’s fan token greater by 70% immediately after reaching the World Cup ultimate
– The Argentine soccer team’s (ARG) fan token greater by 70% immediately after Lionel Messi and his teammates reached the FIFA World Cup Final.
3. Trump Announces $99 Digital Trading Card NFTs
– The edition of 45,000 NFTs features the former president in various fantasy costumes and poses and will be minted on Polygon.
4. Social media influencers flock to Web3, Izzy the French Bulldog with new NFT collection
– An exciting new NFT collection is about to drop and the center of it all – French Bulldog Isabella.
DeFi
Protocol Developer Archblock Aims to Bring US Community Banks to DeFi Through Partnership
– Archblock and Adapt3r’s joint effort highlights an accelerating trend in DeFi to cozy up with old-school banking.
Metaverse
The Netherlands tops new survey as the most metaverse-ready country
– A new study by Uswitch revealed which countries are ready to embrace the metaverse by more technical standards, such as fixed broadband speeds and prices.
Web3
1. Corporate America has finally taken notice of Web3 — US trademark lawyer
– Trademark applications filed this year covered various disparate sectors.
2. Crypto Winter Isn’t Chilling VCs From Investing in Web3, Says PitchBook Analyst
– Robert Le, senior emerging technology research analyst at the data and research company, breaks down investment in the coming months and details which areas of the industry are seeing growth right now.
3. Family-friendly NFTs bring the next generation of youth into Web3
– As Web3 tools and features become integrated into many known Web2 communities, creating NFTs that are family-friendly becomes a need in the space.
4. Gaming Platform Forte Partners With Venture Studio SuperLayer to Expand Beyond Web3 Gaming
– The blockchain platform also invested $5 million in the venture studio, which will go towards backing incubated companies.
5. Apple to Add Flexibility for App Developers, Including in Web3
– Apple Web3 policy may be affected if it allows third-party app stores on the iPhone.
6. Investors chase Web3 as blockchain industry builds despite bear market
– Cointelegraph Research asked top venture capitalists and industry professionals, “What is Web3, and what does it mean for the industry?”
December 16, 2022