Weekly Headlines 2023.1 W3
“$BTC #Bitcoin
2015-2017 bull market: 1064 days
2017-2018 bear market: 364 days
2018-2021 bull market: 1064 days
2021-*current* market low: 364 days
Days left until the top if we just carbon copy the cycle timeframe again: 1001 days” – HornHairs
Weekly News Report:
News
1. U.S. Lays Claim to $700 Million of Assets Linked to Bankman-Fried, FTX
– The U.S. seized $700 million of former FTX CEO Sam Bankman-Fried’s assets and is now seeking their forfeiture.
2. First Hearing in Genesis Bankruptcy Case Set for Monday
– Genesis filed for bankruptcy late Thursday.
3. Genesis Claims $5.1B in Liabilities in First Day Bankruptcy Filing
– Three of the institutional crypto brokerage’s entities filed for Chapter 11 protection late Thursday.
4. Cardano Co-Founder Hoskinson Considering Acquiring CoinDesk
– Hoskinson predicted that the purchase would cost him around two hundred million USD and that he will examine the financial details before taking concrete action.
5. CoinDesk Contemplates Full or Partial Sale as Parent Company Scampers for Funds
– DCG is currently looking for ways to save its business and grow its capital.
6. New FTX Head Says Crypto Exchange Could Be Revived: Wall Street Journal
– John J. Ray III made a comment in his first interview since taking over FTX in November.
7. Genesis is planning to file for bankruptcy: Report
– Another one bites the dust? A report suggested the initial bankruptcy filing from Genesis could come before February.
8. Coinbase Confirms It’s Halting Operations in Japan
– Customers have until Feb. 16 to withdraw their fiat and crypto holdings from the exchange.
9. China’s Digital Yuan Used to Buy Securities for the First Time: Report
– Last week, the country also added a function to its e-CNY payment app that allows users to make payments offline.
10. European Union Postpones MiCA Vote to April
– The holdup comes because of issues in translating the text into 24 different languages.
11. Ukraine Deputy Prime Minister: I’ll Take Salary in CBDC
– Mikhail Fedorov says he wants to make his country the world’s leading jurisdiction for virtual currency after a successful wartime fundraising campaign.
12. Polygon Completes Hard Fork to Reduce Gas Fee Spikes, Disruptive Reorgs
– The software upgrade to the Ethereum-scaling project went live on Tuesday and included two proposals from December that Polygon validator teams voted to approve.
13. Iran and Russia want to issue new stablecoin backed by gold
– The potential stablecoin aims to enable cross-border transactions instead of fiat currencies like the U.S. dollar, the Russian ruble or the Iranian rial.
14. Binance Will Allow Institutional Investors to Keep Collateral Off the Crypto Exchange
– Institutional investors can post collateral from the cold wallets with Binance Custody, the crypto exchange said.
15. Shiba Inu Developers Reveal First Look of Layer 2 Blockchain Shibarium
– Ecosystem tokens shiba inu, leash and bone will serve as the upcoming Ethereum-based blockchain.
Institution
1. PBoC Launches Digital Yuan Smart Contract Functionality on E-Commerce App Meituan
– The Chinese central bank has launched smart contract functionality for its digital yuan amid new use cases.
2. National Australia Bank Becomes Second Australian Bank to Build Stablecoin: Report
– The stablecoin will launch on the Ethereum and Algorand blockchain.
3. New Hampshire gov releases report on blockchain following executive order
– According to the commission, New Hampshire should work toward building a legal framework “for sound development of blockchain technologies and its applications.”
4. City of Busan to establish digital assets exchange: Report
– The Busan Digital Asset Exchange Establishment Promotion Committee said it plans to create a functional exchange by the end of the year.
5. German Online Bank N26 Announces Crypto Trading Expansion to 5 More European Nations
– N26 recently launched N26 Crypto, a new digital currency trading initiative it hopes would gain traction across the West.
6. EU finance ministers’ group releases statement on political aspects of digital euro
– The Eurogroup confirmed its support for digital euro research and noted that some of the design and use elements under consideration would require political decision making.
7. Brazil’s Second-Largest Private Bank Launches First Tokenized Credit Note
– Bradesco carried out the operation as part of a regulatory sandbox promoted by the South American country’s central bank.
Market
1. Crypto to play ‘major role’ in UAE trade: foreign trade Minister
– UAE’s minister of state for foreign trade Thani Al-Zeyoudi noted that as the country has attracted a lot of talent from the crypto sector, the UAE now needs to roll out the correct regulation to support further growth.
2. Gemini’s Bitcoin Inflows From Other Exchanges Dropped to Roughly Six-Year Low, CryptoQuant Data Shows
– The data suggests traders may be finding Gemini to be less desirable than other exchanges.
3. Decentralized forex will reduce cost by as much as 80%: Report
– The researchers compared the cost of trading USDC and EUROC stablecoins on Uniswap with World Bank estimates of the average cost of remittances.
4. MakerDAO Votes to Keep Gemini USD in DAI Stablecoin’s Reserves
– The result averts near disaster for Gemini’s stablecoin because MakerDAO holds 85% of all GUSD in circulation.
5. CoinDesk Contemplates Full or Partial Sale as Parent Company Scampers for Funds
– Canine-inspired tokens, including Dogecoin and Shiba Inu, saw around $25 billion in trading volume in the past month.
6. Crypto Developers Grew in Numbers Amid Bear Market, VC Firm Electric Capital Says
– Developers are focusing on alternative ecosystems to Bitcoin and Ethereum, helping them grow faster, the VC firm said in a report.
7. Options Flip to Show Stronger Bitcoin Into July
– The long-term sentiment has turned bullish with bitcoin showing its biggest weekly percentage gain in two years.
8. Bitcoin Surge Causes Over $500M in Liquidations, Highest in 3 Months
– Crypto markets regained the $1 trillion capitalization mark for the first time since November.
9. Bernstein Expects Crypto Revenue to Jump to Around $400B by 2033
– The broker expects on-chain revenue to grow to about half of the total cryptocurrency revenue from around 15% today.
NFT
1. Yuga Labs’ Sewer Pass NFT Collection Nets Over $6M in Sales in Just Hours
– The latest NFT project by Bored Ape Yacht Club parent company Yuga Labs grants holders access to a skill-based game called Dookey Dash.
2. Rarible Expands NFT Marketplace Builder to Polygon-Based Collections
– The popular NFT marketplace has introduced a tool that helps creators build their own collection-based storefronts for free.
DeFi
1. Lido’s Total Value Locked Spiked 33% In Past Month, Becoming Largest DeFi Protocol by TVL, Says DeFiLlama
– Users have deposited $7.8 billion into Lido to reap the rewards for the protocol’s community-led validator staking service, heating up the liquid staking derivatives space.
2. Circle, Uniswap Research Says DeFi Can Solve $2 Trillion FX Risk Problem
– A paper by researchers at the digital-assets firms says DeFi and blockchain technology could also reduce cross-border remittances costs by $30 billion a year.
3.DeFi Service Frax Finance Gains Momentum Amid Ether Staking Narrative, FXS in Focus
– High yields on Curve-related pools have attracted millions of dollars worth of ether to Frax in the past few weeks.
Metaverse
1. Davos Day 3 Shows Conflicting Visions for the Metaverse, CBDCs
– Whether it’s jumping between virtual worlds or trading state-backed virtual currencies, common standards for digital economies are still hotly contested in global forums.
2. South Korea Launches Metaverse Replica of Seoul
– As part of a three-year effort to expand its public services, Metaverse Seoul will allow users to take their avatars to tax offices, access youth counseling and read e-books.
3. Seoul government opens city’s metaverse project to public
– According to Seoul Mayor Oh Se-hoon, the virtual environment will allow residents to access official documents, file complaints, and receive answers to questions on filing taxes.
Web3
1. Sundance Film Festival embraces blockchain and crypto film initiatives
– Film festivals have seen an increase in blockchain and crypto-funded film projects and initiatives as Web3 technologies continue to merge with the entertainment industry.
2. MatchBoxDAO launches esports experience for Web3 developers
– The tournament, “0xMonaco: Battle of Titans,” is scheduled to kick off on Jan. 29 and will bring together developers from around the blockchain space.
3. Hong Kong investment fund raises $500M to push mass adoption in Web3
– The global asset manager HashKey Capital closed the funding round for its FinTech Investment Fund III, with which it plans to invest in startups and projects in the space perpetuating mass adoption.
DAO
WEF publishes new in-depth guide to DAOs to air issues, encourage development
– The World Economic Forum’s “Decentralized Autonomous Organization Toolkit” is the fruit of the labor of over 100 experts in a concise discussion format.
January 20, 2023