Weekly Headlines 2023.6 W1
“The debt ceiling deal once again highlights Bitcoin’s utility because it’s essentially a break away from the traditional financial system.” – Josh Gilbert, market analyst at eToro
Weekly News Report:
News
1. Germany’s Deutsche Telekom plugs in as Polygon validator
– The German telecommunications firm looks to leverage its infrastructure in Web3, plugging in as a network validator for Ethereum scaling protocol Polygon.
2. First Digital Unveils USD Stablecoin as Hong Kong Crypto Rules Kick In
– First Digital Group announced today that it’s launching a USD stablecoin, FDUSD, which is issued on Ethereum and BNB.
3. US district judge sends matter of FTX independent examiner to appellate court
– A bankruptcy judge denied a motion for an independent examiner in February, leading to an appeal that may now go to the U.S. Court of Appeals for the Third Circuit.
4. Crypto Exchange Bybit Exits Canada Citing Recent Regulatory Development
– Binance recently announced its exit from Canada as well, while Coinbase, Kraken, and Gemini among others stay committed.
5. Stablecoin Issuer Tether Invests in Sustainable Bitcoin Mining in Uruguay
– Tether has invested in an energy production and sustainable BTC mining facility in Uruguay, the company announced Tuesday in a press release.
Institution
1. Treat Crypto as Securities by Default, European Parliament Study Says
– Crypto assets should be treated as securities by default, and the autonomous organizations that govern DeFi should be granted legal status, according to a study commissioned by lawmakers at the European Parliament that was published Tuesday.
2. India’s RBI Intends to Push G-20 to Focus on Crypto’s Macro Risks
– The Reserve Bank of India (RBI) is trying to expand the global narrative around cryptocurrencies beyond “financial stability and integrity to macro-financial and cross-sectoral implications and risks of crypto-assets,” the central bank said in its annual report published on Tuesday.
3. ECB Finalizes Digital Euro Prototypes as Development Decision Looms
– The European Central Bank (ECB) has finalized prototypes for a digital euro as it prepares to take a decision later this year over whether to develop the EU’s fiat currency in a new format, according to reports released on Friday.
Market
1. Tether Market Cap Climbs to All-Time High of $83.2B, Even as Stablecoin Market Sinks
– USDT reached an $83.2 billion market capitalization on Thursday, the company reported, equaling its previous peak little more than a year ago. It has recovered all of the $18 billion it lost since the dramatic implosion of blockchain project Terra in May 2022 and following market rout.
2. Marathon Digital Mined 77% More Bitcoin in May With the Help of Its Software
– The spike in bitcoin mining is likely due to its mining machines producing at higher capacity than April. Bitcoin miner MARA mined 1,245 bitcoin in May, up 77% from previous month with the help of its proprietary software.
3. Binance Market Share Drops to Lowest Level Since October
– The exchange remains the largest cryptocurrency exchange by trading volume. Binance’s market share has dropped to its lowest level in eight months, according to data from CCData.
4. Tether (USDT) market cap breaks ATH, Binance CEO points at regulatory caps
– Tether has hit a new all-time-high market capitalization of over $83 billion as its market dominance continues.
5. Litecoin Starts June Strong as Investors Eye August Halving, Uptick in Activity
– LTC has outperformed both bitcoin and ether over the last 30 days. Litecoin has begun the month with a rally, rising 7% over the last 24-hours, with bulls noting the network’s halving in two months and a significant uptick in activity in May.
6. Crypto Exchange Kraken’s Canada Customer Deposits Rose 25% After Binance Announced Departure
– Kraken also saw a fivefold increase in app downloads within a week of OKX saying it was leaving the country back in March.
7. Bankruptcy Claims Exchange OPNX Issues New Governance Token, FLEX Rises 16%
– Bankruptcy claims exchange OPNX has issued a new governance token dubbed OX, which is designed to reduce trading fees on the platform. The platform’s existing native token, FLEX, surged by 16% after it was revealed in the whitepaper that FLEX can be converted for OX at a ratio of 1:100.
8. Bitcoin Trades at a 20% Discount on Binance Australia Following Banking Issues in the Country
– Binance halted Australian dollar bank transfers early May. Bitcoin was trading at about 20% discount on Binance’s Australia arm on Tuesday, compared with rival exchanges, according to data from CCData.
9. Blockchain-Based Render Network’s Token Tracks Tech Stocks as Broader Crypto Market Decouples
– Decentralized GPU-based rendering solutions provider Render Network’s native cryptocurrency RNDR has rallied in sync with technology stocks this month, defying the broader crypto market lull.
10. Cardano DEX Minswap Sees Volume Jump Driven by SNEK, BANK Meme Coins
– Volumes surged from just over $1 million at the start of May to $18 million on Tuesday, data from Minswap shows.
11. Dogecoin Chart Pattern Suggests Volatility Explosion Ahead
– A technical analysis indicator called Bollinger bandwidth suggests dogecoin’s unusual calm could soon end with a pronounced move in either direction.
NFT
1. Sotheby’s Golden ‘Goose’ Sale and Mercedes Benz Puts NFTs in Motion
– Sotheby’s will sell Dmitri Cherniak’s landmark NFT at a live auction this month, while Mercedes Benz released the ‘Maschine’ and Nike teamed up with EA Sports.
2. Japan’s Largest Airline Group ANA Launches NFT Marketplace
– ANA is also working on a metaverse travel experience that will integrate passengers’ flight histories into their digital avatars.
3. Nike Is Bringing Its .SWOOSH NFTs to EA Sports Games
– The sportswear giant and game publisher Electronic Arts are partnering to build new immersive experiences in the EA Sports gaming ecosystem.
4. BRC-721E Token Standard Converts Ethereum NFTs to Bitcoin NFTs
– The new token standard allows traders to burn their ERC-721 NFTs and transfer them to inscriptions on the Bitcoin network.
DeFi
Arbitrum price soars after DeFi whale address resumes ARB accumulation
– On June 2, the price of Arbitrum jumped alongside the top-ranking cryptocurrencies after the United States Senate voted to raise the debt limit.
Web3
1. GameStop Teams Up with The Telos Foundation to Grow Web3 Gaming Strategy
– The leading game retailer will distribute Telos-based games on its forthcoming Web3 gaming launchpad, GameStop Playr.
2. Beijing releases white paper for Web3 innovation and development
– The release of the white paper coincides with new digital asset regulations in Hong Kong, raising further interest in China’s stance toward the crypto industry.
June 2, 2023