{"id":304,"date":"2023-06-03T11:00:32","date_gmt":"2023-06-03T11:00:32","guid":{"rendered":"https:\/\/wagecan.com\/blog\/?p=304"},"modified":"2023-06-04T19:28:09","modified_gmt":"2023-06-04T19:28:09","slug":"weekly-headlines-2023-6-w1","status":"publish","type":"post","link":"https:\/\/wagecan.com\/blog\/2023\/06\/03\/weekly-headlines-2023-6-w1\/","title":{"rendered":"Weekly Headlines 2023.6 W1"},"content":{"rendered":"\n

\u201cThe debt ceiling deal once again highlights Bitcoin\u2019s utility because it\u2019s essentially a break away from the traditional financial system.\u201d  <\/em><\/strong>– Josh Gilbert, market analyst at eToro<\/strong><\/em><\/p>\n\n\n\n

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Weekly News Report:<\/strong><\/p>\n\n\n\n

News<\/strong><\/p>\n\n\n\n

1. Germany\u2019s Deutsche Telekom plugs in as Polygon validator<\/p>\n\n\n\n

– The German telecommunications firm looks to leverage its infrastructure in Web3, plugging in as a network validator for Ethereum scaling protocol Polygon.<\/p>\n\n\n\n

2. First Digital Unveils USD Stablecoin as Hong Kong Crypto Rules Kick In<\/p>\n\n\n\n

– First Digital Group announced today that it\u2019s launching a USD stablecoin, FDUSD, which is issued on Ethereum and BNB.<\/p>\n\n\n\n

3. US district judge sends matter of FTX independent examiner to appellate court<\/p>\n\n\n\n

– 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.<\/p>\n\n\n\n

4. Crypto Exchange Bybit Exits Canada Citing Recent Regulatory Development<\/p>\n\n\n\n

– Binance recently announced its exit from Canada as well, while Coinbase, Kraken, and Gemini among others stay committed.<\/p>\n\n\n\n

5. Stablecoin Issuer Tether Invests in Sustainable Bitcoin Mining in Uruguay<\/p>\n\n\n\n

– Tether  has invested in an energy production and sustainable BTC mining facility in Uruguay, the company announced Tuesday in a press release.<\/p>\n\n\n\n

Institution<\/strong><\/p>\n\n\n\n

1. Treat Crypto as Securities by Default, European Parliament Study Says<\/p>\n\n\n\n

– 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.<\/strong><\/p>\n\n\n\n

2. India’s RBI Intends to Push G-20 to Focus on Crypto’s Macro Risks<\/p>\n\n\n\n

– 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.<\/strong><\/p>\n\n\n\n

3. ECB Finalizes Digital Euro Prototypes as Development Decision Looms<\/p>\n\n\n\n

– 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.<\/strong><\/p>\n\n\n\n

Market<\/strong><\/strong><\/p>\n\n\n\n

1. Tether Market Cap Climbs to All-Time High of $83.2B, Even as Stablecoin Market Sinks<\/p>\n\n\n\n

– 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.<\/p>\n\n\n\n

2. Marathon Digital Mined 77% More Bitcoin in May With the Help of Its Software<\/p>\n\n\n\n

– 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.<\/p>\n\n\n\n

3. Binance Market Share Drops to Lowest Level Since October<\/p>\n\n\n\n

– The exchange remains the largest cryptocurrency exchange by trading volume. Binance\u2019s market share has dropped to its lowest level in eight months, according to data from CCData.<\/p>\n\n\n\n

4. Tether (USDT) market cap breaks ATH, Binance CEO points at regulatory caps<\/p>\n\n\n\n

– Tether has hit a new all-time-high market capitalization of over $83 billion as its market dominance continues.<\/p>\n\n\n\n

5. Litecoin Starts June Strong as Investors Eye August Halving, Uptick in Activity<\/p>\n\n\n\n

– 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\u2019s halving in two months and a significant uptick in activity in May.<\/p>\n\n\n\n

6. Crypto Exchange Kraken\u2019s Canada Customer Deposits Rose 25% After Binance Announced Departure<\/p>\n\n\n\n

– Kraken also saw a fivefold increase in app downloads within a week of OKX saying it was leaving the country back in March.<\/p>\n\n\n\n

7. Bankruptcy Claims Exchange OPNX Issues New Governance Token, FLEX Rises 16%<\/p>\n\n\n\n

– 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.<\/p>\n\n\n\n

8. Bitcoin Trades at a 20% Discount on Binance Australia Following Banking Issues in the Country<\/p>\n\n\n\n

– Binance halted Australian dollar bank transfers early May. Bitcoin was trading at about 20% discount on Binance\u2019s Australia arm on Tuesday, compared with rival exchanges, according to data from CCData.<\/p>\n\n\n\n

9. Blockchain-Based Render Network’s Token Tracks Tech Stocks as Broader Crypto Market Decouples<\/p>\n\n\n\n

– 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.<\/p>\n\n\n\n

10. Cardano DEX Minswap Sees Volume Jump Driven by SNEK, BANK Meme Coins<\/p>\n\n\n\n

– Volumes surged from just over $1 million at the start of May to $18 million on Tuesday, data from Minswap shows.<\/p>\n\n\n\n

11. Dogecoin Chart Pattern Suggests Volatility Explosion Ahead<\/p>\n\n\n\n

– A technical analysis indicator called Bollinger bandwidth suggests dogecoin’s unusual calm could soon end with a pronounced move in either direction.<\/p>\n\n\n\n

NFT<\/strong><\/p>\n\n\n\n

1. Sotheby\u2019s Golden \u2018Goose\u2019 Sale and Mercedes Benz Puts NFTs in Motion<\/p>\n\n\n\n

– Sotheby\u2019s 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.<\/p>\n\n\n\n

2. Japan’s Largest Airline Group ANA Launches NFT Marketplace<\/p>\n\n\n\n

– ANA is also working on a metaverse travel experience that will integrate passengers’ flight histories into their digital avatars.<\/p>\n\n\n\n

3. Nike Is Bringing Its .SWOOSH NFTs to EA Sports Games<\/p>\n\n\n\n

– The sportswear giant and game publisher Electronic Arts are partnering to build new immersive experiences in the EA Sports gaming ecosystem.<\/p>\n\n\n\n

4. BRC-721E Token Standard Converts Ethereum NFTs to Bitcoin NFTs<\/p>\n\n\n\n

– The new token standard allows traders to burn their ERC-721 NFTs and transfer them to inscriptions on the Bitcoin network.<\/p>\n\n\n\n

DeFi<\/strong><\/p>\n\n\n\n

Arbitrum price soars after DeFi whale address resumes ARB accumulation<\/p>\n\n\n\n

– On June 2, the price of Arbitrum jumped alongside the top-ranking cryptocurrencies after the United States Senate voted to raise the debt limit.<\/p>\n\n\n\n

Web3<\/strong><\/p>\n\n\n\n

1. GameStop Teams Up with The Telos Foundation to Grow Web3 Gaming Strategy<\/p>\n\n\n\n

– The leading game retailer will distribute Telos-based games on its forthcoming Web3 gaming launchpad, GameStop Playr.<\/p>\n\n\n\n

2. Beijing releases white paper for Web3 innovation and development<\/p>\n\n\n\n

– The release of the white paper coincides with new digital asset regulations in Hong Kong, raising further interest in China\u2019s stance toward the crypto industry.<\/p>\n\n\n\n

June 2, 2023<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cThe debt ceiling deal once again highlights Bitcoin\u2019s utility because it\u2019s essentially a break away from the traditional financial system.\u201d  – Josh Gilbert, market analyst at eToro Weekly News Report: News 1. Germany\u2019s Deutsche Telekom plugs in as Polygon validator – The German telecommunications firm looks to leverage its infrastructure in Web3, plugging in as […]<\/p>\n","protected":false},"author":3,"featured_media":288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[82,72,5,84,86,85,83],"_links":{"self":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/304"}],"collection":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/comments?post=304"}],"version-history":[{"count":3,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/304\/revisions"}],"predecessor-version":[{"id":356,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/304\/revisions\/356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media\/288"}],"wp:attachment":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media?parent=304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/categories?post=304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/tags?post=304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}