<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">Bitcoin Could Rise to $120K by End-2024: Standard Chartered</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">An Orb, a Token and Money for Everyone: Worldcoin’s CEO on Crypto’s Most Daring Project</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">Starbucks Teams Up With Micah Johnson's Aku NFT Project </a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">Grayscale Bitcoin Trust Discount Narrows to Lowest Since May 2022</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">Distressed Crypto Specialist Thomas Braziel Sets Up Investment, Advisory Firm</a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">Bitcoin Could Rise to $120K by End-2024: Standard Chartered</h2>
    <p>Bitcoin, the leading cryptocurrency by market value, could escalate to $50,000 by the end of 2021 and further to $120,000 by the close of 2024, according to a research report released by Standard Chartered Bank on Monday. This updated forecast surpasses the bank's previous prediction of $100,000, made in April, which was based on various factors including a potential banking-sector crisis. The bank now views this earlier estimate as too conservative. Bitcoin has seen an 80% increase since the beginning of the year and is presently valued around $30,100. The report suggests that a key factor driving this predicted surge is the increased profitability for bitcoin miners. The logic behind this is that higher profitability allows miners to sell less of their newly mined Bitcoin while still maintaining their cash flow. This reduces the net supply of Bitcoin in the market, thereby driving up prices.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/10/bitcoin-could-rise-to-120k-by-end-2024-standard-chartered/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">An Orb, a Token and Money for Everyone: Worldcoin’s CEO on Crypto’s Most Daring Project</h2>
    <p>Worldcoin, a project co-founded by Sam Altman, CEO of OpenAI, aims to tackle multiple challenges faced by the Web3 ecosystem, such as creating better cryptocurrency, improving AI development through decentralization, and reducing global inequalities. Its primary goal is to distribute tokens freely to all eight billion people on Earth as a form of universal basic income (UBI). To ensure the tokens are given to actual humans and not AI-generated fakes, Worldcoin has invented a device called "The Orb" that scans an individual's eyeball. This device is intended to scan every human eye, providing everyone access to open-source and decentralized financial tools. Worldcoin currently claims to have 1.8 million signups, with the ultimate goal of reaching 8 billion. The project’s co-founder and CEO, Alex Blania, believes that if successful, Worldcoin could represent one of the most profound technological shifts in history.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/consensus-magazine/2023/07/10/an-orb-a-token-and-money-for-everyone-worldcoins-ceo-on-cryptos-most-daring-project/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">Starbucks Teams Up With Micah Johnson's Aku NFT Project </h2>
    <p>Starbucks' Web3 loyalty program, Odyssey, is partnering with the non-fungible token (NFT) collection Aku, created by former Major League Baseball player Micah Johnson. This collaboration involves launching a new digital collectible Stamp designed by Aku, as part of a new Journey called "Aku Adventure" available to Odyssey members from July 17, 2023, to August 13, 2023. Aku's NFTs, popular among celebrities like Trevor Noah, Pusha T, and Tyra Banks, are centered around inspiring children to dream big. Alongside this partnership, Starbucks pledged to donate $100,000 to Blessings in a Backpack, a non-profit organization addressing child food insecurity. This collaboration follows previous successful NFT releases by Starbucks as part of the Odyssey program, including "The Siren Collection" and "The Starbucks First Store Collection," despite initial technical difficulties experienced by collectors due to high demand.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/07/10/starbucks-teams-up-with-micah-johnsons-aku-nft-project/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">Grayscale Bitcoin Trust Discount Narrows to Lowest Since May 2022</h2>
    <p>The Grayscale Bitcoin Trust's (GBTC) discount to its net asset value (NAV) has been decreasing, currently sitting at around 27%, the lowest level since May 2022. The narrowing of this discount, which had escalated to nearly 50% last year, has been influenced by BlackRock's mid-June application to launch a spot bitcoin ETF in the US. This move triggered similar filings from other industry players, including Fidelity, prompting optimism among investors that the SEC may approve a spot bitcoin ETF after years of rejections. Such hopes have encouraged buying in GBTC, which Grayscale had previously sought to convert into a spot bitcoin ETF, a proposal that was rejected by the SEC. While the prospect of SEC approval for a spot bitcoin ETF is currently high, caution is advised, given the ongoing SEC lawsuit against Coinbase, the proposed crypto custodian for the BlackRock fund.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/10/grayscale-bitcoin-trust-discount-narrows-to-lowest-since-may-2022/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">Distressed Crypto Specialist Thomas Braziel Sets Up Investment, Advisory Firm</h2>
    <p>Thomas Braziel, the co-founder and managing partner of 507 Capital, is establishing a new firm named 117 Partners to expand his operations into the crypto sector. This new entity will provide brokerage and advisory services, along with direct deals, in addition to buying bankruptcy claims, an area where Braziel's original firm has a significant history. 507 Capital started purchasing bankruptcy claims from Mt. Gox in 2015 and has since been involved in several high-profile insolvencies and restructurings in the crypto space, including Cred Inc., Quadriga, 3AC, Celsius, and FTX. Braziel announced the creation of 117 Partners as a hybrid between advisory and investment, marking a strategic shift from his previous focus solely on distressed assets.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/07/10/distressed-crypto-specialist-thomas-braziel-sets-up-investment-advisory-firm/">Read more</a></div></p></div>

This article was generated by TOKERObot 🤖.

Crypto Report - Monday July 10th, 2023

<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">Why Edinburgh Is Zumo's Crypto Hub</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">Shiba Inu-Based Shibarium Blockchain Expected to Go Live in August</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">BlackRock CEO’s Turnabout on Bitcoin Elicits Cheers, Skepticism of Crypto Cred</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">Storj, Filecoin and Solana Lead First Week of July Crypto Market Gains</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">First Mover Asia: Bitcoin Whales Are Increasing, but BTC Sent to Exchanges Continues to Fall. What Does the Trend Mean? </a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">Why Edinburgh Is Zumo's Crypto Hub</h2>
    <p>Edinburgh-based digital-assets infrastructure platform Zumo is making waves in the crypto world, leveraging the city's rich computer science heritage and strong talent pool. Co-founded by Nick Jones and Paul Roach, Zumo offers Web2 companies an entry point into Web3. The choice of Edinburgh was influenced by the city's academic strength in informatics, its launch of a blockchain and AI accelerator, and its position as the UK's second-largest startup hub. Despite the challenges posed by a small local talent pool and Brexit, the co-founders remain optimistic about the future of the company in Edinburgh. They see potential for the UK to become a global digital-assets hub, drawing parallels with Singapore, Switzerland, and Abu Dhabi. This optimism extends to Zumo's expansion plans, which include establishing a secondary regulatory hub in Abu Dhabi this year to tap into the MENA and South Asian markets. Despite its global aspirations, Zumo maintains a primarily UK-focused business structure, with its Financial Conduct Authority-registered business listed in Scotland and its holding company listed in England.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/consensus-magazine/2023/07/07/why-edinburgh-is-zumos-crypto-hub/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">Shiba Inu-Based Shibarium Blockchain Expected to Go Live in August</h2>
    <p>The much-anticipated layer 2 blockchain, Shibarium, is slated to go live following a conference in Toronto in August, according to developer Shytoshi Kusama. Layer 2 blockchains are off-chain systems that help alleviate scaling and data bottlenecks by bundling multiple transactions into one. Kusama revealed that all Shiba Inu-branded projects, along with the completed Worldpaper and Treat, would be released at the event. The decentralized autonomous organization (DAO) DoggyDAO, which will fund projects on Shibarium, will also be introduced then. The Shibarium testnet has recorded substantial activity, with 20 million transactions from approximately 16 million wallets as of June, suggesting a strong demand for the network. Developers have indicated that Shibarium will primarily focus on metaverse and gaming applications, especially with the expected growth in the non-fungible token (NFT) sector. This launch could strengthen the fundamentals of the Shiba Inu (SHIB) token, which began as a meme coin but has since aimed to establish itself as a serious project with its own blockchain network and decentralized application ecosystem.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/tech/2023/07/07/shiba-inu-based-shibarium-blockchain-expected-to-go-live-in-august/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">BlackRock CEO’s Turnabout on Bitcoin Elicits Cheers, Skepticism of Crypto Cred</h2>
    <p>BlackRock CEO Larry Fink's newfound support for Bitcoin has drawn mixed reactions, with some suggesting it may pave the way for more Wall Street executives to embrace cryptocurrencies. However, critics argue his favored method of investment - the exchange-traded fund (ETF) - deviates from the original decentralized ideals of digital assets. Fink, previously known for his skepticism towards cryptocurrencies, recently stated that Bitcoin could "revolutionize finance." His endorsement, however, centers on making it easier and cheaper to trade and invest in Bitcoin through ETFs, rather than promoting the core concept of decentralization. Critics fear this approach undermines the primary feature of Bitcoin: the ability to control funds without needing a third-party manager. Despite these concerns, Fink's change of stance could help with Bitcoin's mass adoption and further embed it into mainstream consciousness. Paul McCaffery, managing director at Keefe Bruyette & Woods, views Fink's move as a "game-changer" that could encourage other Wall Street investors to allocate more money to the cryptocurrency.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/07/07/blackrock-ceo-larry-finks-turnabout-on-bitcoin-elicits-cheers-skepticism-from-crypto-insiders/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">Storj, Filecoin and Solana Lead First Week of July Crypto Market Gains</h2>
    <p>Crypto storage tokens, specifically Filecoin's FIL and Storj's STORJ, led the market gains during the first week of July, outperforming larger cryptocurrencies like Bitcoin and Ether. Storj, a crypto-backed cloud storage platform often seen as an alternative to services like Amazon or Google, saw its native token increase by 15% over the week. Filecoin, another decentralized protocol for renting out spare storage, and a competitor to Storj with a nearly $2 billion market value, also saw a 12% gain in the same period. Meanwhile, Bitcoin dipped 0.7% and Ether fell 3.5%, with traders attributing the stagnant price movement to market uncertainty, conflicting economic data, and ongoing central bank deliberations about managing high inflation without triggering a severe recession. Solana's SOL token also made notable gains, rising 12% over the week, though the reasons behind the surge remain unclear. The CoinDesk Market Index, a measure of crypto market performance, dropped 1.3% over the past week, with only the Indices' Computing Sector posting weekly gains.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/07/storj-filecoin-and-solana-lead-first-week-of-july-crypto-market-gains/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">First Mover Asia: Bitcoin Whales Are Increasing, but BTC Sent to Exchanges Continues to Fall. What Does the Trend Mean? </h2>
    <p>The number of large Bitcoin holders, also known as whales, is on the rise while the amount of Bitcoin sent to exchanges is decreasing, suggesting bullishness among investors. This comes amid recent market fluctuations that saw Bitcoin dip below $30,000 following strong ADP private sector jobs reports and ISM Services Index, before rebounding back above this threshold. The positive jobs data may prompt the U.S. central bank to implement further rate cuts to control inflation, a move that typically impacts crypto and other asset markets negatively. Despite these market dynamics, many investors remain hopeful that the U.S. Securities and Exchange Commission (SEC) will reverse its pattern of rejecting spot Bitcoin ETF filings. Ether followed a similar trend, dropping after the ADP report, which showed an addition of 497,000 jobs, exceeding forecasts. Other major cryptos also experienced significant declines before recovering some ground. According to Richard Mico, U.S. CEO of Banxa, Bitcoin's support at $30,000 signals an increasingly optimistic sentiment among investors. Despite the increase in Bitcoin whales, these large holders appear hesitant to move their assets to centralized exchanges, possibly due to exchange risk or regulatory concerns.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/07/first-mover-asia-bitcoin-whales-are-increasing-but-btc-sent-to-exchanges-continues-to-fall-what-does-the-trend-mean/">Read more</a></div></p></div>

Crypto Report - Friday July 7th, 2023

<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">Bitcoin Could Rally to $125K by End-2024: Matrixport</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">Lightning Labs Unveils Bitcoin Tools for AI</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">You Can Now Buy NFTs on Twitter Through Inspect's Browser Extension</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">First Mover Americas: Bitcoin Cash Rises More Than 10%</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">CryptoQuant Parent Raises $6.5M Round Led by Atinum Investment </a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">Bitcoin Could Rally to $125K by End-2024: Matrixport</h2>
    <p>Crypto services provider Matrixport anticipates Bitcoin could rally to $125,000 by the end of 2024. This forecast is based on data indicating a bull market typically follows the end of a bear market, marked by setting a 12-month high for the first time in at least a year. Such a signal was observed last month when Bitcoin prices topped $31,000, the highest since June 2022. Markus Thielen, head of research and strategy at Matrixport, suggests that based on historical patterns, Bitcoin prices could increase by +123% over twelve months and by +310% over eighteen months, reaching $65,539 in twelve months and $125,731 over eighteen months. Matrixport's prediction aligns with Bitcoin's trend of experiencing sharp uptrends in the 12-18 months following the halving of the mining reward. The next halving, reducing the new coins per block from 6.5 BTC to 3.25 BTC, is slated for March/April next year.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/06/bitcoin-could-rally-to-125k-by-2024-end-matrixport/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">Lightning Labs Unveils Bitcoin Tools for AI</h2>
    <p>Artificial intelligence applications such as OpenAI’s GPT series can now send, receive, and hold Bitcoin (BTC) using a suite of new tools unveiled by Lightning Labs. The announcement follows the significant growth of the AI industry and the popularity of AI models like ChatGPT. Lightning Labs aims to address the absence of a native Internet-based payment system in large language models (LLMs), which currently rely on traditional methods like credit cards. The company has developed tools that incorporate Bitcoin micropayments via Lightning with popular AI software libraries like LangChain. This integration is expected to reduce software deployment costs and broaden the range of AI use cases. One potential use case is creating software that charges for API access, allowing AI software or agents to pay for access based on the quality of responses received. Despite the success of chatbots, Lightning Labs predicts that the majority of use cases will be discovered in enterprise and software-as-a-service applications.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/tech/2023/07/06/lightning-labs-unveils-bitcoin-tools-for-ai/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">You Can Now Buy NFTs on Twitter Through Inspect's Browser Extension</h2>
    <p>NFT Inspect, a tool for analyzing and monitoring non-fungible tokens (NFTs), is collaborating with Web3 company MoonPay to allow Twitter users to buy NFTs and cryptocurrencies via its Chrome browser extension. The extension, launched last month, provides real-time data on NFT collections frequently used as Twitter profile pictures and allows users to analyze how an NFT is used on the platform. The new partnership will enable users to buy various cryptocurrencies through MoonPay's payment infrastructure, which supports methods like debit cards, Apple Pay, Google Pay, and local bank transfers, to then purchase NFTs. The collaboration aims to promote crypto adoption and create an inclusive digital payments ecosystem. NFT Inspect, revived under new ownership in March, continues to develop its tools to help NFT traders track market trends. Meanwhile, MoonPay, which recently partnered with Mastercard, enables customers to buy NFTs on various platforms without the need to first buy cryptocurrency.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/07/06/you-can-now-buy-nfts-on-twitter-through-inspects-browser-extension/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">First Mover Americas: Bitcoin Cash Rises More Than 10%</h2>
    <p>Bitcoin (BTC) rallied to a new 13-month high of over $31,500 before pulling back to around $31,100, a more than 2% increase for the day. However, the top performer among large-cap cryptocurrencies on Thursday was Bitcoin Cash (BCH), which rose by over 12%, following its listing on EDX Markets, backed by Fidelity, Charles Schwab, and Citadel Securities. TradingView data suggests this upward trend could continue in July, historically a good month for cryptos. BlackRock CEO Larry Fink indicated his belief that Bitcoin and other cryptos could revolutionize the financial system, potentially replacing gold as an international hedge asset. In other news, payment services company Circle is considering issuing a stablecoin in Japan, following new legislation governing stablecoins that came into effect on June 1. Despite BCH's recent gains, the BCH/Korean won trading volume has seen a significant decline from $557 million to $303 million in the past week, indicating that Korean investors have reduced their BCH purchases.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/06/first-mover-americas-bitcoin-cash-largest-big-cap-gainer-as-cryptos-move-higher/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">CryptoQuant Parent Raises $6.5M Round Led by Atinum Investment </h2>
    <p>Data analytics platform CryptoQuant's parent company, Team Blackbird, has successfully raised $6.5 million in a Series A funding round, led by South Korean firm Atinum Investment. The CEO of Team Blackbird, Joo Gi-Young, emphasized the importance of reliable information and data analysis for speculative investments in digital assets, which are often viewed as risky. He asserted that CryptoQuant’s primary value lies in its ability to establish new investment methodologies and evaluation criteria for digital assets based on accurate data. The funds secured from this round will be allocated towards recruiting for both the company's South Korean and international operations. This latest funding round elevates the total capital raised by the company to $9 million, with past contributions coming from Galaxy Interactive and Mirae Asset Capital.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/07/06/cryptoquant-parent-raises-65m-round-led-by-atinum-investment/">Read more</a></div></p></div>

Crypto Report - Thursday July 6th, 2023

<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">Hollywood Legend Steve McQueen Honored as 'King of Cool' in New NFT Collection</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">AI-Backed Blockchain Data Startup Web3Go Raises $4M</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">Crypto Custodian Cobo Argus Scores $100M in Value Locked One Week After Going Live</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">Why Lisbon Is Immunefi's Crypto Hub </a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">Israeli Lawmakers Support Axing Crypto Capital Gains Tax for Foreigners </a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">Hollywood Legend Steve McQueen Honored as 'King of Cool' in New NFT Collection</h2>
    <p>The McQueen Estate, in collaboration with Verified Labs, contemporary artist Michael Kalish, Triumph Motorcycles, and Immersive Entertainment Laboratories (IEL), is set to release a collection of 1,000 non-fungible tokens (NFTs) honoring Hollywood legend Steve McQueen on July 14. The NFTs, dubbed the “King of Cool Racing Team,” will be sold on the ThetaDrop platform and feature generative art collectibles that reflect McQueen's love for motorcycles. Each NFT includes a digital motorcycle shipping crate that reveals a virtual Triumph Bonneville T100 Motorcycle, granting the owner membership into the King of Cool Racing Team and access to future token-gated content. Additionally, each collectible comes with a 3D portrait of McQueen that can be viewed in greater detail using virtual reality. The project was inspired by a portrait Kalish created of McQueen with help from McQueen's grandson, Chase. McQueen's love for racing and his collection of Triumph motorcycles were well-known, mirroring his reputation as the "king of cool" both on and off the screen.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/07/05/hollywood-legend-steve-mcqueen-honored-as-king-of-cool-in-new-nft-collection/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">AI-Backed Blockchain Data Startup Web3Go Raises $4M</h2>
    <p>Web3Go, a Singapore-based blockchain firm providing artificial intelligence (AI)-backed data tools, has secured $4 million in a seed funding round. The round was led by Binance Labs and saw participation from HashKey Capital, NGC, Shima Capital, IVC, LIF, Big Brain Holdings, and Archerman Capital. Web3Go, an alumnus of a Binance Labs' incubation program, intends to leverage blockchain technology to simplify the verification of AI-native digital asset ownership and provide a range of data tools to facilitate the creation of these assets. The company's offerings include real-time data processing for on-chain and off-chain data computation and information flows, along with a digital curation protocol for ownership verification and data set and digital asset transfer. Web3Go is set to release its native asset creation platform, DIN, in beta by the end of this month. By the end of Q3, DIN will feature real-time on-chain trading data for users to generate AI-assisted trading information, strategies, and robots. Web3Go's data solutions are currently utilized by the BNB Chain and Polygon ecosystems.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/07/05/ai-backed-blockchain-data-startup-web3go-raises-4m/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">Crypto Custodian Cobo Argus Scores $100M in Value Locked One Week After Going Live</h2>
    <p>Cobo, a crypto custodian firm, has announced that its Argus protocol has reached $100 million in locked customer funds within one week of launch, according to CEO Discus Fish. Cobo provides institutional clients, including banks, asset managers, crypto funds and mining pools, with secure storage for their token holdings and enables them to participate in decentralized finance (DeFi) activities. The recent release of Argus version 2 (V2) in late June introduced features like DeFi strategies authorization, team role delegation, and risk management. Built on Safe, a decentralized crypto wallet, Argus V2 supports all open-source DeFi protocols and allows traders to use DeFi bots for automatic farming rewards monetization, compounding, and token swapping. The term "farming" refers to earning rewards by depositing tokens into a decentralized application (dapp).
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/07/05/crypto-custodian-cobo-argus-scores-100m-in-value-locked-one-week-after-going-live/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">Why Lisbon Is Immunefi's Crypto Hub </h2>
    <p>In an interview with CoinDesk, Mitchell Amador, founder and CEO of bug bounty platform Immunefi, discussed why Lisbon, Portugal, is the company's main hub despite being incorporated in Singapore. While Immunefi operates remotely with team members across the globe, the majority of its workforce is located in Lisbon. Amador, a Canada-born crypto entrepreneur, chose Portugal for its social harmony, calm atmosphere, and quality of life. He advised other founders to establish their hubs where they live and to choose a healthy and sustainable environment. However, he also highlighted the importance of incorporating in a location conducive to business growth. Despite Singapore's stringent regulations and cautious stance towards crypto, he praised the country for its robust business infrastructure and reliable corporate documentation, likening it to Delaware in the US context. Amador concluded that while Singapore is an excellent place for business incorporation, Portugal provides a conducive environment for founders to thrive.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/consensus-magazine/2023/07/05/why-lisbon-is-immunefis-crypto-hub/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">Israeli Lawmakers Support Axing Crypto Capital Gains Tax for Foreigners </h2>
    <p>A bill offering tax benefits to Israel's cryptocurrency sector has received preliminary approval in the Knesset, Israel's parliament. If enacted, the law would exempt foreign residents from capital gains taxes on digital currency sales and halve the tax on crypto options for employees to around 25%. The proposal is backed by Prime Minister Benjamin Netanyahu's coalition government and aligns with his strategy to attract investors to Israel. The law aims to equalize the tax burden between traditional high-tech industry workers and those in the crypto sector, who currently pay double tax on their options. The move forms part of a broader effort by Israel to integrate cryptocurrency into its economy through regulation, including guidelines for digital assets and stablecoin requirements. Finance Minister Bezalel Smotrich has shown support for the bill, indicating Israel's embrace of cryptocurrency and aligning it with pro-crypto UK and European nations.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/policy/2023/07/05/israeli-lawmakers-support-axing-crypto-capital-gains-tax-for-foreigners/">Read more</a></div></p></div>

Crypto Report - Wednesday July 5th, 2023

<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">First Mover Asia: Bitcoin Crosses $31K After Spot BTC ETF Issuers Begin Refiling</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">Pepecoin Knockoffs Turn Dollars to Fortunes in Strange New ‘2.0’ Play</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">UK Lords Pass Bill to Help Seize and Freeze Crypto Used for Crime</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">Gemini's Cameron Winklevoss Tweets $1.5B 'Final Offer' in Debt Talks Over Crypto Firm Genesis</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">Bitcoin, Ether Supply on Exchanges Fell in June: Goldman Sachs</a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">First Mover Asia: Bitcoin Crosses $31K After Spot BTC ETF Issuers Begin Refiling</h2>
    <p>Bitcoin began the Tuesday business day in Asia past the $31,000 mark at $31,153 as the world’s largest digital asset rallied following the refiling of several prospective bitcoin ETF applications. The refiling of these applications has spurred enthusiasm in the market, leading to a significant rise in the value of Bitcoin, which currently makes up nearly half of the industry's $1.2 trillion market cap. In contrast, prices of NFTs are becoming disconnected from the price of ether as trading volume decreases, with the Bored Ape Yacht Club's NFT collection hitting a new low since October 2021. Despite the rough year for crypto in 2022, data from Messari shows that 2023 has been much more successful. During the first half of this year, major crypto assets were up an average of 34% compared to a decline of 56% for the same period last year. Bitcoin is up 84.6% compared to a nearly 60% fall for the first half of 2022. Stand-out performers include Bitcoin Cash, up 203%, and Solana, up 93%.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/04/first-mover-asia-bitcoin-crosses-31k-after-spot-btc-etf-issuers-begin-refiling/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">Pepecoin Knockoffs Turn Dollars to Fortunes in Strange New ‘2.0’ Play</h2>
    <p>The recent trend in the cryptocurrency market involves betting on microcap tokens, which claim to be the successors of popular meme coins. New tokens such as pepe 2.0, floki 2.0, and bobo 2.0, imitating the well-known pepe, floki, and bobo tokens, have seen their trading volumes skyrocket into the millions of dollars, generating considerable liquidity and transforming minor investments into six-figure fortunes almost instantaneously. However, these tokens typically fade away within a few weeks. Despite this, anyone can issue tokens on blockchain platforms like Ethereum for a small cost, and they can be supplied with liquidity and traded almost immediately on decentralized exchanges. As of a recent Tuesday, pepe 2.0, the most popular of these knockoff tokens, had nearly $7 million traded in the past 24 hours and boasted a market capitalization of $18 million. Notably, one investor transformed a $900 investment in pepe 2.0 into over $176,000 in less than a day. Meanwhile, the original pepecoin (PEPE) continues to attract investors, extending gains of an approximately 80% rally over the past two weeks.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/04/pepecoin-knockoffs-turn-dollars-to-fortunes-in-strange-new-20-play/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">UK Lords Pass Bill to Help Seize and Freeze Crypto Used for Crime</h2>
    <p>The UK's Economic Crime and Corporate Transparency Bill, designed to aid law enforcement agencies in seizing and freezing cryptocurrency involved in criminal activity, has been passed by the House of Lords. The legislation underwent amendments to include terrorism cases and measures enabling authorities to seize property that could help identify crime-related crypto. The bill also allows courts to order the seizure and freezing of crypto used for illicit purposes. This development is part of the government's three-year economic crime agenda launched in March, which includes the introduction of crypto tactical advisors to police departments across the nation. Once the bill is ratified by the House of Commons, it will need royal assent to become law. The bill is a response to the growing misuse of cryptocurrencies and UK company structures for money laundering and other criminal activities. The move is welcomed by the National Crime Agency, viewing it as a significant step towards combating such abuses.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/policy/2023/07/04/uk-lords-pass-bill-to-help-seize-and-freeze-crypto-used-for-crime/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">Gemini's Cameron Winklevoss Tweets $1.5B 'Final Offer' in Debt Talks Over Crypto Firm Genesis</h2>
    <p>Cameron Winklevoss, Gemini crypto exchange co-founder, has made a "final offer" in debt-restructuring discussions involving bankrupt digital asset firm Genesis, proposing a plan for $1.5 billion in forbearance payments and fresh loans. This marks the climax of prolonged negotiations. Winklevoss' open letter to Barry Silbert, founder of Digital Currency Group (DCG) which owns Genesis and Grayscale, criticizes DCG's delay in devising a satisfactory repayment plan for Genesis creditors, including Gemini's Earn program users. DCG has reportedly defaulted on a $630 million payment to Genesis. Winklevoss' proposal, involving payments and loans in dollars, bitcoin, and ether totaling $1.465 billion, has a deadline set for 4 p.m. on July 6. Winklevoss accuses DCG of exacerbating resolution delays, inflating professional fees to over $100 million, all paid to lawyers and advisors at the expense of creditors and Earn users. According to Winklevoss, about $1.2 billion is owed to Earn users. Failure to accept this deal could result in lawsuits against DCG and Silbert, and possibly push DCG into default with a "non-consensual" debt-repayment plan.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/07/04/geminis-cameron-winklevoss-tweets-15b-final-offer-in-debt-talks-over-crypto-firm-genesis/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">Bitcoin, Ether Supply on Exchanges Fell in June: Goldman Sachs</h2>
    <p>In June, the supply of Bitcoin (BTC) and Ether (ETH) on exchanges decreased due to intensified regulations and security concerns, causing holders to favor self-custody, according to a report from Goldman Sachs. The supply of BTC fell by 4%, reaching its lowest level since December 2022, while the supply of ETH dropped by 5.8% to levels unseen since May 2018. Regulatory pressures, cyber attacks, and the rise of staked Ether withdrawals were cited as key reasons for this shift. Meanwhile, June marked a record month for Bitcoin miners' inventory sales, with total BTC inflows from miners to exchanges nearly doubling from May to $99 million as miners capitalized on the cryptocurrency's robust performance. Transaction fees normalized in June after network congestion in May, leading to a rebound in monthly address activity for both Bitcoin and Ether. The report also highlighted an increase in new on-chain activity, with the daily average new address count for Bitcoin and Ether rising by 9.8% and 48.2% respectively compared to the previous month.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/04/bitcoin-ether-supply-on-exchanges-fell-in-june-goldman-sachs/">Read more</a></div></p></div>

Crypto Report - Tuesday July 4th, 2023

<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">Coinbase, Microstrategy Shares Rally After Cboe Refiles Bitcoin ETF Applications</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">Credit Suisse and Swiss Football Association to Release Women's Football NFT Collection</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">Hong Kong Sets Up Task Force for Web3 Development</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">Crypto ATM Operator Bitcoin Depot's Stock Rises 12% in Stock Debut </a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">Probability for U.S. Approval of a Spot Bitcoin ETF Is Fairly High: Bernstein</a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">Coinbase, Microstrategy Shares Rally After Cboe Refiles Bitcoin ETF Applications</h2>
    <p>Bitcoin-related stocks, including Coinbase (COIN) and Microstrategy (MSTR), experienced a rally on Monday following the news that Cboe's BZX Exchange had refiled applications for several spot bitcoin exchange-traded funds (ETFs). Coinbase, identified as the market for surveillance-sharing agreements in the ETF applications, saw its shares rise over 10% to more than $80. Concurrently, Microstrategy, which owns over $4.6 billion worth of bitcoin, also saw its shares increase by around 10% to $375, the highest in over a year. Cboe has been collaborating with providers like Fidelity, WisdomTree, and ARK Invest to secure approval for a spot bitcoin ETF from the U.S. Securities and Exchange Commission (SEC). In addition, BlackRock is pursuing the same objective with Nasdaq. The growing likelihood of a spot bitcoin ETF being approved by the SEC is viewed positively by crypto analysts, as it could streamline the adoption of bitcoin by traditional investors.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/07/03/coinbase-microstrategy-shares-rally-after-cboe-refiles-bitcoin-etf-applications/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">Credit Suisse and Swiss Football Association to Release Women's Football NFT Collection</h2>
    <p>Swiss investment bank Credit Suisse is collaborating with the Swiss Football Association (SFA) to launch a non-fungible token (NFT) collection aimed at supporting women’s football. The collection, comprising digital portraits of the Swiss Women’s National Team members, will donate all proceeds to the team and other entities promoting female football players. The 756 NFTs, minted on Ethereum, will be sold starting July 11 on CSX, Credit Suisse’s digital banking application. The NFTs will be offered in three packages priced between 150 to 10,000 Swiss francs ($167 to $11,000), each package providing benefits such as a physical artwork counterpart, player meet-and-greet, and a signed jersey. Sandra Caviezel, head of partnerships and sponsorship at Credit Suisse, highlighted the use of NFTs as a funding mechanism to boost women’s football across Switzerland, with the funds earmarked for the women's national team, girls' football projects, and promoting young talent. This initiative underscores the growing intersection of sports and NFTs.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/07/03/credit-suisse-and-swiss-football-association-to-release-womens-football-nft-collection/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">Hong Kong Sets Up Task Force for Web3 Development</h2>
    <p>The Hong Kong government has formed a task force dedicated to fostering the development of Web3, as revealed in a press release. The group, led by Financial Secretary Paul Chan, includes 15 non-official members from pertinent sectors, key government officials, and financial regulators. Yat Siu, chairman of Animoca Brands, confirmed his participation in the task force on Monday. Chan highlighted the security, transparency, and low cost of blockchain technology, which underlies cryptocurrencies and can address complex issues in finance, business operations, and trade. The government had previously allocated $6.4 million (HK$50 million) in February for the creation of its Web3 ecosystem and initially announced the formation of the Web3 task force at that time.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/policy/2023/07/03/hong-kong-sets-up-task-force-for-web3-development/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">Crypto ATM Operator Bitcoin Depot's Stock Rises 12% in Stock Debut </h2>
    <p>Bitcoin Depot, the world's largest crypto ATM operator, saw its shares rise nearly 12% in its Nasdaq debut on Monday following an $885 million merger with special purpose acquisition company (SPAC) GSR II Meteora. This marks the first time a crypto ATM operator has listed on a major U.S. stock market. Despite fluctuating throughout the day, the shares, trading under the ticker "BTM," closed at $3.61, reflecting a significant increase from GSRM's closing price on Friday. Bitcoin Depot operates over 6,000 crypto ATMs, holding a 20% market share in the U.S. and a 17.6% global share. According to CEO Brandon Mintz, the highly fragmented nature of the crypto ATM market presents considerable opportunities for consolidation, a strategy the firm plans to pursue. In addition to this, Bitcoin Depot aims to expand its footprint by installing more ATMs in well-known retailers and regional chains, building on its successful deployment in over 2,000 Circle K convenience stores.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/07/03/crypto-atm-operator-bitcoin-depot-debuts-on-nasdaq-following-spac-merger/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">Probability for U.S. Approval of a Spot Bitcoin ETF Is Fairly High: Bernstein</h2>
    <p>The U.S. Securities and Exchange Commission (SEC) is likely to approve a spot Bitcoin exchange-traded-fund (ETF), according to a report by brokerage firm Bernstein. The SEC has previously allowed futures-based Bitcoin ETFs, due to futures pricing stemming from regulated exchanges like the CME. However, the SEC has concerns over spot Bitcoin ETFs, as spot exchanges such as Coinbase aren't under its regulation, leading to potential price manipulation. Despite this, the SEC has received numerous applications for spot Bitcoin ETFs from asset managers like Blackrock, Invesco, and Wisdom Tree. The report also highlighted Grayscale's bid to convert its Grayscale Bitcoin Trust into an ETF, currently in appeals court. The analysts noted the court's skepticism about futures prices not being derived from spot prices. The report also mentioned industry suggestions of a surveillance agreement between spot exchange operators and regulated exchanges like Nasdaq. The absence of a spot Bitcoin ETF has led to the rise of more expensive and less efficient over-the-counter products like the Grayscale Bitcoin Trust. According to the report, the SEC would prefer a regulated Bitcoin ETF led by mainstream Wall Street participants and regulated exchanges over dealing with over-the-counter products.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/policy/2023/07/03/probability-for-us-approval-of-a-spot-bitcoin-etf-is-fairly-high-bernstein/">Read more</a></div></p></div>

Crypto Report - Monday July 3rd, 2023

<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">Bitcoin Cash Tops $300 as South Korean Trading Volumes Surge</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">Harry Styles Concert App Takes Fans in More Than One Direction With Blockchain Rewards</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">Bitcoin Cash, FTX’s FTT Token and COMP Led Crypto Market Gains in June</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">Applied Digital Stock Surges 12% After Announcing Its Third AI Deal</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">Binance’s Institutional Clients Remain Optimistic on Crypto Amid Tough Market</a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">Bitcoin Cash Tops $300 as South Korean Trading Volumes Surge</h2>
    <p>Bitcoin Cash (BCH) has seen a remarkable surge, with a 30% increase in the last 24 hours alone, reaching a 14-month high of $320. The cryptocurrency's growth is largely attributed to its inclusion as one of only four coins available for trading on EDX Markets, an exchange backed by Fidelity, Charles Schwab, and Citadel. Since the exchange's debut on June 20, BCH has gained a cumulative 183%, according to CoinDesk data. This rally has been fueled significantly by increased trading activity on South Korea's leading digital assets exchange, Upbit. In particular, the BCH-Korean won pair listed on Upbit registered a trading volume of $557.63 million in the past 24 hours, nearly 3.5 times larger than Upbit's BTC/KRW pair and 5.5 times the BCH/USD volume on Coinbase. EDX Markets' decision to include BCH, along with BTC, ETH, and LTC, was based on their compliance with the U.S. Securities and Exchange Commission. Increased trader participation looking to capitalize on the bullish sentiment in the BCH market has also contributed to the surge.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/06/30/bitcoin-cash-tops-300-amid-surge-in-trading-volumes-in-south-korea/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">Harry Styles Concert App Takes Fans in More Than One Direction With Blockchain Rewards</h2>
    <p>British pop star Harry Styles collaborated with EVNTZ, the official event app for his concert at Slade Castle, Ireland, to offer fans a unique experience powered by blockchain technology. The app allowed fans to open a self-custodial digital wallet to store future blockchain-based rewards, connecting via Co:Create, a Web3 infrastructure company, and Polygon, an Ethereum sidechain. Out of 80,000 attendees, 5,000 claimed wallets through the app, generating over 100,000 unique interactions. The app also provided a one-stop service for booking transportation, social media posting, and merchandise access. EVNTZ founder Kim O’Callaghan hinted at future in-app rewards linked to fan engagement. O’Callaghan believes blockchain can improve the fan experience, offering gamified, integrated experiences that reward fan loyalty and dedication. The app plans to expand its offerings to other artists by 2024, providing an accessible introduction to blockchain technology. Brands can use the platform to deliver blockchain experiences without understanding the intricacies of Web3 or smart contract deployment. Tara Fung, CEO of Co:Create, emphasized the transparency and connectivity blockchain offers, enabling fans to influence brand direction and receive rewards.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/06/30/harry-styles-concert-app-takes-fans-in-more-than-one-direction-with-blockchain-rewards/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">Bitcoin Cash, FTX’s FTT Token and COMP Led Crypto Market Gains in June</h2>
    <p>Bitcoin Cash (BCH) was the best-performing digital asset in June, gaining 171% following its listing on EDX Markets, a crypto exchange supported by Fidelity, Charles Schwab, and Citadel. The increase was driven by increased trading activity on South Korea's Upbit exchange, where the BCH-Korean won (BCH/KRW) pair registered a trading volume of $558 million over 24 hours. Analysts attribute BCH's success to a belief that Bitcoin blockchain forks might present lower regulatory risk. Notably, around $15m of shorts were liquidated, adding to BCH's strength. Despite regulatory scrutiny causing dips in altcoins, large institutions have shown increased interest in crypto, contributing to positive market sentiment. This led to Bitcoin reaching a one-year high above $31,000. Other noteworthy performers include FTT, the token of bankrupt crypto exchange FTX, which rose by 124%, and Compound's native token (COMP), which saw a 58% increase. The CoinDesk Market Index (CMI) recorded a 2.7% gain for the month.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/06/30/bitcoin-cash-ftxs-ftt-token-and-comp-led-crypto-market-gains-in-june/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">Applied Digital Stock Surges 12% After Announcing Its Third AI Deal</h2>
    <p>Shares of Texas-based bitcoin mining and data center firm, Applied Digital Corporation, rose by 12% following the announcement of its third artificial intelligence (AI) deal. The partnership involves using HPE Cray XD supercomputers designed by Hewlett Packard Enterprises and built with NVIDIA H100 GPUs to boost Applied Digital's AI cloud service. The supercomputers will support critical workloads such as AI, machine learning, rendering, and high-performance computing tasks involving digital modeling and simulation. Applied Digital's previous two AI hosting deals could potentially generate up to $640 million in revenues over the next three years. As bitcoin prices slump and network difficulty rises, bitcoin miners like Applied Digital are turning to AI to bolster their revenues. Applied Digital has a custom-built 9 MW facility in Jamestown, N.D., for GPUs and aims to increase its high-performance computing hosting capacity to 200 MW. This deal comes as HPE launches its supercomputing-as-a-service offering, providing customers access to supercomputing on the cloud without requiring infrastructure buildout.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/06/30/applied-digital-stock-surges-12-after-announcing-its-third-ai-deal/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">Binance’s Institutional Clients Remain Optimistic on Crypto Amid Tough Market</h2>
    <p>Binance, the leading cryptocurrency exchange, revealed that its institutional clients remain bullish on the future of crypto, based on a survey conducted from March to May 2023. The study, carried out by Binance Research and Binance VIP & Institutional team, involved 208 clients. Over half (52%) of these respondents managed crypto assets under $25 million, while 22.6% had assets exceeding $100 million. Around 63.5% of participants expressed positivity about the crypto outlook for the coming year, with 88% optimistic for the next decade. Despite market downturns and regulatory challenges, 47% of investors retained their crypto allocations over the past year, with over a third even increasing their investments. Only 4.3% planned to reduce their crypto allocations in the upcoming year. When it comes to investment interests, 54% of investors identified infrastructure as the most crucial area, followed by layer 1 and layer 2 projects. In contrast, NFTs, metaverse, and gaming sectors were least important to the institutional investors.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/06/30/binances-institutional-clients-remain-optimistic-on-crypto-amid-tough-market/">Read more</a></div></p></div>

Crypto Report - Friday June 30th, 2023

<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">U.S. Investors Are Driving Bitcoin’s Price Surge as Institutional Demand Rises </a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">Lacoste Expands Its NFT Ecosystem With New Rewards</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">Decentralized Exchange PancakeSwap Goes Live on Polygon zkEVM Blockchain</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">Gary Vaynerchuk-Backed Candy Digital and Web3 Production Company Palm NFT Studio Announce Merger</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">Polygon 2.0 Roadmap Calls for ‘Unified Liquidity,’ Restaking, New Chains on Demand </a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">U.S. Investors Are Driving Bitcoin’s Price Surge as Institutional Demand Rises </h2>
    <p>U.S. investors have been driving the recent surge in Bitcoin's price as institutional demand for the cryptocurrency increases, according to a report by crypto analytics firm K33 Research. Bitcoin has gained 30% during U.S. market hours and accounted for half of all trading volume. The cryptocurrency has seen an 85% rise this year, outpacing most of the crypto market, with significant involvement from financial heavyweights such as BlackRock, Fidelity, and Citadel Securities. Smaller cryptocurrencies have struggled amid regulatory scrutiny. U.S. activity spiked after BlackRock filed for a spot Bitcoin exchange-traded fund on June 14, which rejuvenated institutional interest. Open interest on the Chicago Mercantile Exchange futures market, popular among sophisticated investment firms, is nearing its all-time high. Digital asset funds saw $199 million of inflows last week, the largest in nearly a year, with Bitcoin-focused funds receiving 94% of all inflows. This activity signifies a turning point in crypto's institutional adoption, said Samir Kerbage, CIO at Hashdex, who believes that we may be witnessing a "generational moment" in individual crypto investment.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/06/29/us-investors-are-driving-bitcoins-price-surge-as-institutional-demand-rises/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">Lacoste Expands Its NFT Ecosystem With New Rewards</h2>
    <p>French fashion brand Lacoste has broadened its non-fungible token (NFT) ecosystem with the introduction of a rewards and co-creation feature for its UNDW3 community. This development comes after Lacoste's release of its UNDW3 collection of 11,212 profile picture NFTs in June 2022, which included "Genesis Passes" granting access to limited-edition merchandise and real-life community events. The latest expansion enables Genesis Pass holders to convert their NFTs into UNDW3 cards and connect their wallets to a dedicated site for access to creative sessions, contests, video games, and interactive conversations. In addition, the platform rewards active users with points, enhancing the rarity of their NFTs. Deputy CEO of Lacoste, Catherine Spindler, highlighted that the new release aligns with Lacoste's long-term Web3 vision, viewing blockchain as an accelerator towards a more inclusive and experiential digital realm. This initiative follows Lacoste's previous efforts to digitize its apparel, along with other fashion brands like Nike, Adidas, Dolce & Gabbana, and Gucci who are also expanding their NFT offerings.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/06/29/lacoste-expands-its-nft-ecosystem-with-new-rewards/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">Decentralized Exchange PancakeSwap Goes Live on Polygon zkEVM Blockchain</h2>
    <p>Decentralized exchange (DEX) PancakeSwap is set to launch on the Polygon zkEVM network as part of its wider strategy to increase its user base and generate more protocol revenues, according to developer “Chef Cocoa”. PancakeSwap, a DEX that employs smart contracts for trading, lending, and lottery services across the BNB Chain, Ethereum, and Aptos blockchains, currently holds over $1.54 billion in tokens. The move to Polygon zkEVM aims to offer users lower fees and faster transactions. PancakeSwap already boasts some of the lowest fees among DEXs, with rates as low as 0.01%. Since its beta mainnet launch in March, Polygon zkEVM, a privacy-focused layer 2 blockchain that sits atop the Polygon blockchain, has attracted more than $28 million in total value locked (TVL).<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/tech/2023/06/29/decentralized-exchange-pancakeswap-goes-live-on-polygon-zkevm-blockchain/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">Gary Vaynerchuk-Backed Candy Digital and Web3 Production Company Palm NFT Studio Announce Merger</h2>
    <p>Digital collectibles firm Candy Digital and Web3 production company Palm NFT Studio have announced a merger to expand their non-fungible token (NFT) projects in sports, entertainment, art, and culture. The companies will operate under the Candy Digital brand, creating digital experiences for sports franchises such as Major League Baseball, NASCAR, and World Wrestling Entertainment, and entertainment giants including Netflix and Warner Bros Discovery. Candy Digital, backed by Michael Novogratz's Galaxy Digital and entrepreneur Gary Vaynerchuk, raised $100 million in a Series A round in October 2021 at a $1.5 billion valuation. Palm NFT Studio, funded by Microsoft's venture fund M12 and Warner Bros, participated in a $27 million funding round in December 2021. Scott Lawin, CEO of Candy Digital, will manage both entities post-merger, with Daniel Heyman, co-founder and CEO of Palm NFT, serving as president of Candy Digital. The merger aims to leverage the combined infrastructure of both companies to build digital brand experiences and create transformative experiences for fans.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/06/29/gary-vaynerchuk-backed-candy-digital-and-web3-production-company-palm-nft-studio-announce-merger/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">Polygon 2.0 Roadmap Calls for ‘Unified Liquidity,’ Restaking, New Chains on Demand </h2>
    <p>Polygon, an Ethereum blockchain scaling solution, plans to unify liquidity across its networks as part of its rebranding to Polygon 2.0. The roadmap includes restaking tokens, allowing investors to stake the same tokens on multiple projects simultaneously, and the ability for developers to add new decentralized chains on demand. Polygon will connect its chains through a shared crypto bridge powered by zero-knowledge (ZK) proofs, a cutting-edge blockchain technology. Brendan Farmer, Polygon's co-founder, emphasized that despite unlimited scalability, the entire Polygon 2.0 ecosystem should feel like using a single chain with seamless bridging and cross-chain transactions guaranteed by ZK proofs posted to Ethereum. A coordination layer will confirm cross-chain transactions, and native Ethereum tokens will be deposited into a single contract on Ethereum, eliminating the need for wrapped tokens. Restaking, a feature that lets users repurpose their staked crypto to secure other applications on a blockchain, will also be emphasized. The announcement comes after Polygon's proposal to upgrade its Polygon PoS chain to a zkEVM validium and ahead of further announcements about its token, $MATIC, and governance process.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/tech/2023/06/29/polygon-20-roadmap-calls-for-unified-liquidity-restaking-new-chains-on-demand/">Read more</a></div></p></div>

Crypto Report - Thursday June 29th

<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">First Mover Asia: Bitcoin Maintains $30K as ‘the Economy Isn’t Breaking Just Yet’</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">GBTC Volume Increases 79% in June Amid TradFi ETF Applications</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">Sony Network Communications Invests $3.5M in Singapore Web3 Company Startale Labs</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">Warner Music Group Partners With Polygon on Blockchain Music Accelerator</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">This Free-to-Mint Soulbound NFT Tracks Your Web3 Work History</a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">First Mover Asia: Bitcoin Maintains $30K as ‘the Economy Isn’t Breaking Just Yet’</h2>
    <p>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.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/06/28/first-mover-asia-bitcoin-maintains-30k-as-the-economy-isnt-breaking-just-yet/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">GBTC Volume Increases 79% in June Amid TradFi ETF Applications</h2>
    <p>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.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/06/28/gbtc-volume-increases-79-in-june-amid-tradfi-etf-applications/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">Sony Network Communications Invests $3.5M in Singapore Web3 Company Startale Labs</h2>
    <p>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.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/06/28/sony-network-communications-invests-35-million-in-singapore-web3-company-startale-labs/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">Warner Music Group Partners With Polygon on Blockchain Music Accelerator</h2>
    <p>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.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/06/28/warner-music-group-partners-with-polygon-on-blockchain-music-accelerator/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">This Free-to-Mint Soulbound NFT Tracks Your Web3 Work History</h2>
    <p>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.
<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/web3/2023/06/28/this-free-to-mint-soulbound-nft-tracks-your-web3-work-history/">Read more</a></div></p></div>

Crypto Report - Wednesday June 28th, 2023

<div class="d-none"><p>This article was generated by TOKERObot 🤖.</p></div><h2>Summary</h2><ol class="cryptoNewsReportSummaryList"><h2><a class="articleSummaryLink" href="#crypto-report-article-1">NEAR Foundation Partners With Alibaba Cloud to Accelerate Web3 Growth in Asia </a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-2">Bitcoin Investment Sentiment Turned Bullish After Largest Weekly Fund Inflow in a Year</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-3">First Mover Asia: Bitcoin Opens the Week Above $30K Amid Rising Investor Optimism</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-4">U.S. Has Room for a Compliant Crypto ETF to Grow Market Share as a Bitcoin On-Ramp: Bernstein</a></h2><h2><a class="articleSummaryLink" href="#crypto-report-article-5">Terra Classic Revival Plans Continue as 6 Engineers Aim to Revive LUNC Ecosystem</a></h2></ol><br /><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-1">NEAR Foundation Partners With Alibaba Cloud to Accelerate Web3 Growth in Asia </h2>
    <p>The NEAR Foundation is partnering with Alibaba Cloud to accelerate Web3 growth in Asia and the Middle East. This collaboration grants the NEAR Foundation access to Alibaba Cloud's developer ecosystem, aiming to attract more developers to build on the NEAR protocol. Developers will be able to launch new NEAR validators using Alibaba Cloud’s "plug-and-play" infrastructure as a service. The partnership will also offer remote procedure calls (RPC) as a service to NEAR ecosystem developers and users, providing multi-chain indexing and data-query application programming interfaces (API). Users can utilize the NEAR Blockchain Operating System (BOS) while leveraging Alibaba Cloud’s infrastructure for building and interacting with other users. The announcement led to an 8% jump in NEAR's price, reaching $1.57. This development follows Alibaba's appointment of Joseph Tsai, an active Web3 investor, as its new Chairman. Raymond Xiao, head of international Web3 solutions at Alibaba Cloud Intelligence, emphasized the significance of this partnership for developers and validators in Asian markets, who can now leverage Alibaba Cloud’s comprehensive infrastructure in the region.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/06/26/embargo-26th-june-7am-bst-near-foundation-partners-with-alibaba-cloud-to-accelerate-web3-growth/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-2">Bitcoin Investment Sentiment Turned Bullish After Largest Weekly Fund Inflow in a Year</h2>
    <p>Digital asset investment products experienced the largest single weekly inflows in a year, mainly driven by bitcoin-related products, following nine consecutive weeks of outflows, as reported by European digital asset manager CoinShares. Bitcoin products accounted for $188 million or 94% of total inflows, while short-bitcoin products saw an outflow of $4.9 million. This shift in sentiment is attributed to recent high-profile institutions filing for exchange-traded funds (ETFs) and bitcoin's price hitting a one-year high. BlackRock, Invesco, and WisdomTree all filed applications for physically backed ETFs with the U.S. Securities & Exchange Commission. The total inflows reached $199 million, reversing almost half of the prior nine weeks' outflows, with Exchange Traded Product (ETP) trading volumes totaling $2.5 billion for the week. Ethereum witnessed inflows of $7.8 million, but this only represented 0.1% of assets under management (AUM), compared to bitcoin's 0.7%, showing a weaker appetite for ethereum. The positive sentiment did not significantly impact altcoin investments, with only minor inflows into XRP and Solana, but it did encourage $8 million inflows into multi-asset investment ETPs.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/06/26/bitcoin-investment-sentiment-turned-bullish-after-largest-weekly-fund-inflow-in-a-year/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-3">First Mover Asia: Bitcoin Opens the Week Above $30K Amid Rising Investor Optimism</h2>
    <p>Bitcoin and ether have experienced strong gains recently, driven by investor optimism over potential approval of spot bitcoin ETFs. Bitcoin remains above the $30K mark with a 15.6% increase in the last week, while ether is up 1.3% to $1,901. Analysts believe that if bitcoin stays above $30K, another leg up is possible, with $27K providing strong support. Liquidated long positions totaled $9.5 million in the past 24 hours, compared to $7.10 million in liquidated short positions. The SEC has not indicated when it will decide on the bitcoin ETFs from BlackRock, Invesco, and WisdomTree. Meanwhile, Japan has amended its tax law to exclude unrealized gains of self-issued cryptocurrency from taxation, fostering a healthier environment for crypto startups. This move has been praised by industry stakeholders, with Ripple's policy lead for Asia, Rahul Advani, commending Japan's clear taxonomy for digital assets and its careful regulation of crypto exchanges.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2023/06/26/first-mover-asia-bitcoin-opens-the-week-above-30k-amid-rising-investor-optimism/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-4">U.S. Has Room for a Compliant Crypto ETF to Grow Market Share as a Bitcoin On-Ramp: Bernstein</h2>
    <p>Grayscale's $19 billion Bitcoin Trust (GBTC) may face competition as investment giant Blackrock files for a spot bitcoin exchange-traded fund (ETF) in the U.S., according to a Bernstein research report. Grayscale currently earns around $380 million in annualized fees, despite the product's inefficiencies and significant trading discount over the past 28 months. The U.S. Securities and Exchange Commission (SEC) has approved multiple bitcoin futures ETFs but not a spot bitcoin ETF. If BlackRock and other firms succeed in entering the spot ETF market, they could provide a more convenient, compliant, and acceptable product for both retail and institutional investors seeking bitcoin exposure. Blackrock's iShares unit filed paperwork with the SEC earlier this month, prompting asset managers like Invesco and Wisdom Tree to apply or reapply for a bitcoin ETF product. Bernstein highlights that Grayscale Bitcoin Trust represents only 3% of the total bitcoin market cap, leaving room for a compliant ETF to grow its share by addressing custody concerns. With GBTC's current annual fee at 2%, there is potential to align pricing with more traditional asset ETFs, which are often below 0.5%.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2023/06/26/us-has-room-for-a-compliant-crypto-etf-to-grow-market-share-as-a-bitcoin-on-ramp-bernstein/">Read more</a></div></p></div><div class="articleSummaryWrapper">
    <h2 id="crypto-report-article-5">Terra Classic Revival Plans Continue as 6 Engineers Aim to Revive LUNC Ecosystem</h2>
    <p>Six engineers known as the "Six Samurai" are working on a Terra Classic ecosystem revival plan to separate from its disgraced founder, Do Kwon, and rebuild the project. Terra Classic, developed by Terraform Labs, is an independent blockchain that continued after the collapse of Terra, with its LUNC tokens valued at $580 million. The engineers, led by "Bilbo Baggins" and "Solid Snake," proposed a $116,000 three-month spend in a governance proposal, pledging to work part-time on the project. They plan to upgrade the network to reduce syncing time between nodes, create a terraUSD (USTC) testnet for testing financial services, develop an application to generate yield for token holders, and reward developers for user activity their applications generate. These efforts aim to drive value to the Terra Classic ecosystem and increase LUNC value over time. Community member "RedlineDrifter" has also suggested a new model for Terra Classic's UST stablecoin to address the original design's issues, which led to the collapse of Terra, a 99.9% drop in LUNA token prices, and a $28 billion loss in Terra-based DeFi applications.<br /><div class="readMoreButtonWrapper"><a class="whiteBtn" target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/tech/2023/06/26/terra-classic-revival-plans-continue-as-6-engineers-aim-to-revive-lunc-ecosystem/">Read more</a></div></p></div>

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