Weekly Headlines 2023.3 W4
“Chokepoint 2.0 causes BTC to go up 40%. That’s excellent evidence of Bitcoin’s antifragility.” – Jimmy Song
Weekly News Report:
News
1. zkSync Era launches with Uniswap and Sushi — First zkEVM on mainnet
– A new Era has dawned with the launch of the first Ethereum Virtual Machine compatible ZK rollup, enabling projects like Uniswap and Sushi to easily port over for scaling.
2. ChatGPT can now access the internet with new OpenAI plugins
– OpenAI said it is initially rolling out the plugins to a small set of users to “study their real-world use and impact,” before expanding to larger-scale access.
3. Do Kwon Arrested in Montenegro: Interior Minister
– The suspect was detained at the Podgorica airport with falsified documents, said Filip Adzic.
4. Tron Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges
– The regulator alleged TRX and BTT are unregistered securities and claimed Sun created an “extensive wash trading” program to boost their trading volume.
5. Telegram Users Can Now Transfer USDT Through Chats
– USDT has been added to Telegram’s @wallet bot, expanding the messaging app’s facility for buying and selling crypto.
6. Paris Blockchain Week 2023: First day of the summit kicks off
– Pre-summit events such as the Talent Fair, Startup Competition and Investors Day made up the day on March 20 at Paris Blockchain Week.
7. Best and worst countries for crypto taxes — plus crypto tax tips
– Resident tax expert Elias Ahonen looks at the best and worst countries in the world for crypto taxes. Where do the U.S. and U.K. rank?
8. Coinbase Expands in Brazil, Allows Crypto Purchases With Brazilian Reals
– U.S.-based crypto exchange Coinbase (COIN) has integrated the Brazilian government’s payment system Pix and started allowing crypto purchases with Brazilian reals, the company said Tuesday.
9. Florida gov and US presidential hopeful calls for CBDC ban
– “What the central bank digital currency is all about is surveilling Americans and controlling behavior of Americans,” said Ron DeSantis at a ‘Big Brother’s Digital Dollar’ podium.
10. OKX to cease operations in Canada by June 22 2023
– “Withdrawals from OKX will continue to be available,” wrote the OKX team in an email to users. ͏ ͏
11. Paris Blockchain Week 2023: Latest updates by Cointelegraph
– Pre-summit events such as the Talent Fair, the Startup Competition as well as the Investors Day made up the day on March 20 at the Paris Blockchain Week.
12. Taiwan’s Crypto Industry Welcomes Regulatory Announcement
– The Financial Supervisory Commission’s chairman confirms the island’s top financial watchdog will regulate crypto.
13. EU’s MiCA Crypto Law Debate Scheduled for April 18
– A final vote on the bloc’s Markets in Crypto Assets Regulation, which brings in a new licensing regime, is due April 19.
Institution
1. Nasdaq to launch crypto custody services by end of Q2: Report
– As reported by Bloomberg, the exchange group has applied for a limited-purpose trust company charter from the New York Department of Financial Services, which would oversee the new business.
2. German Dwpbank to offer Bitcoin trading to 1,200 affiliate banks on new platform
– Securities processor Deutsche WertpapierService Bank will provide its affiliates with seamless integration with their current offerings, with more digital assets to come.
3. Belgian Crypto Ads Must Warn of Risks Under New Rules
– Crypto ads in Belgium must be accurate and warn investors of the risks, under new laws announced by the country’s financial regulator Monday.
Market
1. Binance Curb on Zero-Fee Trading May Cost Market Share, Boost TrueUSD Stablecoin: Kaiko Research Head
– Binance abolished almost all zero fee trading pairs from its platform after nine months, only keeping the promotion for the TUSD-bitcoin pair.
2. Bitcoin Miners’ Revenue From Fees Rises Suggesting Onset of Major Bull Run
– The two-year “Z-score” for miner revenue from fees has turned positive after a long time, signaling new waves of adoption.
3. Crypto Is the Solution to Bank Runs, Not the Cause
– Self-custody, transparency and immediate settlement are just a few ways that crypto could prevent loss of funds.
4. Tether Stability Made It the Safest Stablecoin Bet Amid U.S. Banking Crisis, Analysts Say
– The often-controversial tether (USDT) stablecoin emerged as the best bet for traders looking for a stable haven earlier this month following a series of banking troubles in the U.S.
5. XRP Token Surges on Positive Outlook in Ripple vs. SEC Case
– The token’s price has jumped 20% in the past 24 hours as Ripple defendants heralded a positive view in their case with the U.S. Securities and Exchange Commission.
6. ConsenSys’ MetaMask Institutional Starts Staking Marketplace With Allnodes, Blockdaemon, Kiln
– The new marketplace comes just weeks before Ethereum’s much-anticipated Shanghai hard fork that should spur growth in staking services.
7. Bitcoin Holds Firm Above $28K, Equities Rise Amid Banking Sector Rebound
– The FOMC will announce its next interest rate decision on Wednesday with markets betting squarely on a 25 basis point rate increase.
8. Crypto Fear and Greed Index hits highest level since Bitcoin’s all-time high
– The Crypto Fear and Greed Index has hit its highest index score this year, reaching levels not seen since Bitcoin posted its all-time high in November 2021.
9. Crypto Users Bridge Millions to zkSync Blockchain in Hopes of Token Airdrop
– Crypto users are bridging millions of dollars in funds to the zkSync network in a move that’s likely in anticipation of a potential token airdrop.
10. Decentralized Exchange Camelot Crosses $100M in TVL Ahead of Arbitrum Airdrop
– A number of other on-chain metrics also highlight Camelot’s speedy growth.
11. As ZK Tech Booms in Crypto, Developers Must Consider User Safety
– Zero Knowledge proofs offer robust security and scaling for the latest crypto products. OpenZeppelin’s Stephen Webber writes about how developers could build more secure ZK proofs.
12. Goldman Sachs Names Bitcoin Best-Performing Asset Year-to-Date
– According to the data shared by Goldman Sachs, Bitcoin has gained as much as 51% in year-to-date absolute returns.
13. ‘Be Your Own Bank’ Mantra More Relevant Than Ever
– Bitcoin was introduced to the world right after the 2008 financial crash, and fifteen years later, we’re witnessing anew the failure of reserve banking and a debt-based system.
14. Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B
– Bitcoin has decoupled from stocks and continues to rise 10 years after the Cyprus banking crisis coincided with a BTC price boom.
15. Why are we debating crypto vs. AI?
– To summarize, both of these technologies set out to capture the similar sentiment of revolutionizing the convenience of our lives.
16. Open Interest in Bitcoin Futures Hits Yearly High of $12B
– The dollar value locked in the number of open bitcoin futures contracts is rising, signifying increased speculative interest in the market and potential for price volatility.
17. U.S. Banking Cutoff Presents Opportunities for Crypto in Europe
– Policymakers seem to be doing their best to suffocate dollar on-ramps into crypto, leaving the door open for other mature markets to gain a competitive edge, Kaiko research analyst Conor Ryder writes.
18. Bitcoin and Stablecoins Will Bring Crypto Mass Adoption to Africa, Experts Say
– The sentiment permeated talks and fireside chats at the 2023 Blockchain Africa Conference in Johannesburg, South Africa.
19. Cryptocurrency Outlook Is Strengthened by U.S. Banking Turmoil: Coinbase
– More people now appreciate the fundamental value proposition of having an alternative to the traditional financial system, the report said.
20. Cryptocurrency Market Set for More Upside After Bank Problems: Bernstein
– The current environment is the perfect setting for the decentralized-financial system to stand out as an alternative to traditional banking, a report from the firm said.
NFT
1. Amazon’s NFT Plans Teased in a Receipt Mailed Friday Afternoon
– In an email to CoinDesk’s Nikhilesh De, Amazon appeared to confirm that digital tokens, an NFT gallery and resale opportunities are coming to the site.
2. Floor Prices for Donald Trump NFTs Surge on News of Possible Indictment
– Meanwhile, the Polymarket prediction contracts relating to the former U.S. president’s indictment have become some of the most actively traded on the platform.
3. Magic Eden Embraces Ordinals, Releases Bitcoin NFT Marketplace
– The popular NFT marketplace is integrating support for Bitcoin wallets Hiro and Xverse to help traders list, purchase and sell Ordinal NFTs.
4. Sony Files Patent for NFTs to Allow Transfers Between Games and Consoles
– Entertainment and gaming console giant Sony Interactive Entertainment has filed for a patent that would make NFT transferable between different games and consoles.
5. IRS Seeks to Tax NFTs Like Other Collectibles
– NFTs will be taxed like the underlying assets until final rules are agreed on how to treat digital proofs of ownership held in retirement accounts.
6. Nike and RTFKT Announce Physical NFT Air Force 1 Sneakers
– Nike and RTFKT plan to deliver the physical Air Force 1 to the owners in the year’s final quarter.
Web3
1. Decentralized Media Via Web3: A Solution to Bias and Trust Issues in News?
– Ashley Rindsberg – a speaker at CoinDesk’s Consensus festival – argues that the New York Times has a track record of dangerous misreporting. Is “DeMe” the answer to what skews to the media?
2. Magic Eden Forms Web3 Games Collective With Leading Publishers, Communities
– The NFT marketplace has teamed up with Yield Guild Games, Game7 and Fenix Games to bring Web3 games mainstream.
3. Users experience cutting-edge Web3 technologies at Dubai event
– Web3 companies, events, and jobs available in Dubai have turned the city into a crypto hub, and people are following the lead.
4. Deloitte dives into immersive experiences as more industries turn to Web3
– The Big Four accounting firm is betting on immersive experiences and other Web3 solutions to address various corporate needs.
5. Yat Siu Says ‘Pro-Capitalist’ Asian Countries Are More Ready to Embrace Web3
– The Animoca Brands chairman said at the Outer Edge conference in Los Angeles that among major international game publishers, those located across Asia are more active in Web3 development.
6. Web3 a hot topic at SXSW despite bear market and declining interest in NFTs
– Web3 was a major theme at SXSW 2023, yet previous hype around NFTs and building during a bear market may be contributing factors to Web3 adoption.
7. 3 Lessons Web3 Founders Can Take From ChatGPT’s Success
– As GPT-4 takes the world by storm, crypto can learn from how artificial intelligence has attracted users.
March 25, 2023