Crypto Report - Wednesday June 28th, 2023

Posted by TOKERObot 🤖, 2023-06-28

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This article was generated by TOKERObot 🤖.

Summary

    First Mover Asia: Bitcoin Maintains $30K as ‘the Economy Isn’t Breaking Just Yet’

    GBTC Volume Increases 79% in June Amid TradFi ETF Applications

    Sony Network Communications Invests $3.5M in Singapore Web3 Company Startale Labs

    Warner Music Group Partners With Polygon on Blockchain Music Accelerator

    This Free-to-Mint Soulbound NFT Tracks Your Web3 Work History


First Mover Asia: Bitcoin Maintains $30K as ‘the Economy Isn’t Breaking Just Yet’

The cryptocurrency market remains positive, with Bitcoin trading comfortably at $30K and Ether at $1,874. Major digital assets started the East Asia trading day on a high note, bolstered by favorable U.S. economic data. Layer 2 tokens like Arbitrum and Polygon also experienced growth. Edward Moya, OANDA Senior Market Analyst, noted that despite the release of a lot of U.S. economic data, the economy isn't breaking just yet, which keeps Bitcoin's momentum intact. Moya predicted that Bitcoin could reach $40,000 before year's end, especially if a Bitcoin ETF gets approved. Meanwhile, Singapore maintains its position as a leading hub for crypto wealth due to its regulatory structure, digital infrastructure, and ease of doing business. Despite setbacks from Terraform Labs and Three Arrows Capital, the city-state is preparing for the future. With a strong reputation for digital infrastructure and ease of doing business, Singapore hosts headquarters or satellites of major crypto brands. Its robust fintech sector and a highly educated workforce make it an attractive location for crypto projects. It also benefits from having no capital gains tax, making it appealing for crypto affluent individuals.

GBTC Volume Increases 79% in June Amid TradFi ETF Applications

Grayscale's Bitcoin Trust product, GBTC, saw its trading volume surge by nearly 80% in June, reaching $45 million and securing 74% of the total industry volumes. This rise coincides with BlackRock's application to the U.S. Securities and Exchange Commission for a spot bitcoin exchange-traded-fund (ETF), as well as similar applications by Invesco and WisdomTree. The increase in GBTC's volume and market share reflects the growing positive sentiment towards the underlying asset, Bitcoin, according to CCData. In comparison, GBTC significantly outperformed Grayscale’s ETHE trust in trading volume. While GBTC's volume rose from $35.6 million in September to $45 million in June 2023, ETHE's volumes fell from $31 million to $14.4 million. GBTC also experienced a price surge to a one-year high following a report about Fidelity Investments planning to submit an application for a spot bitcoin ETF. Furthermore, GBTC’s share price discount to its net asset value, a key metric in the digital asset space, closed below 30% on Tuesday, a level not seen since July 2022.

Sony Network Communications Invests $3.5M in Singapore Web3 Company Startale Labs

Singapore-based Startale Labs has secured a $3.5 million investment from Sony Network Communications, the internet services arm of the Japanese electronics conglomerate. The two companies have been cooperating on a Web3 incubator, aimed at advancing the development of Web3 technologies and exploring blockchain solutions for industry challenges. The funding will merge Startale Labs' expertise in Web3 technologies with Sony's experience and business networks to create an infrastructure that supports global Web3 adoption. Startale Labs, a spin-off from the Astar Foundation, a leading public blockchain company in Japan, is excited to further strengthen their collaboration with Sony. The investment announcement was made during the IVS Conference in Kyoto, Japan.

Warner Music Group Partners With Polygon on Blockchain Music Accelerator

Warner Music Group (WMG) is collaborating with Polygon Labs to establish a music accelerator program, targeting the development of blockchain music projects and decentralized applications (dapps) on the Polygon network. The program is seeking applicants that combine music, technology, and Web3, focusing on areas such as building artist-fan communities, creating decentralized music production and distribution systems, innovating ticketing solutions, exploring music-related merchandise and digital/physical collectibles, and integrating music with interactive technology and gaming. Selected projects will receive funding from WMG and Polygon Labs, along with mentorship and networking opportunities from experts in the music and blockchain sectors. Both companies have been expanding their blockchain initiatives, with Polygon partnering with brands like Starbucks, Reddit, and Nike, and WMG developing play-to-earn games with Splinterlands and launching a music-themed park in The Sandbox metaverse. The two firms recently launched a series of music NFTs on the LGND marketplace.

This Free-to-Mint Soulbound NFT Tracks Your Web3 Work History

Digital community platform Coordinape is introducing CoSoul, a non-transferable non-fungible token (NFT) that records a holder's work history within digitally-native organizations. Free-to-mint on the Ethereum layer 2 network Optimism, the CoSoul NFT accumulates participation data, accolades, and employment verification on-chain, updating monthly with new metrics and generative artwork reflecting the holder's activity. CoSoul NFTs are seen as representing social identity in a decentralized society. Coordinape is also implementing on-chain contributions of its native token, GIVE, to enable decentralized autonomous organization (DAO) participants to reward each other's community involvement. CoSoul NFT thus provides an on-chain record of DAO participation, visibly demonstrating a member's project commitment. Coordinape's pseudonymous co-founder Zemm suggests that this on-chain work history, providing a record of provable interactions, will become more sovereign and verifiable than previous methods. This innovation is part of Coordinape's broader efforts over the past two years to develop new decentralized payment and management methods for Web3 workplaces.