16th April 2023

Last week, the cryptocurrency market saw a flurry of activity as major digital assets such as Bitcoin and Ether surged, with the latter rising by over 9% since the completion of the highly-anticipated Ethereum Shanghai upgrade. The upgrade allowed ETH stakers to withdraw their deposits, which had been locked in since the Ethereum 2.0 launch in December 2020. This move was widely anticipated by the market, as it was expected to result in a significant increase in selling pressure on the asset. However, contrary to expectations, the market responded positively to the de-risking of ETH staking, resulting in a surge in its price.

Bitcoin, on the other hand, maintained a strong position above $30,000, despite facing a significant price drop earlier this year. The market's newfound confidence in Bitcoin is attributed to the recent encouraging economic reports, which showed lower-than-expected inflation and higher-than-expected jobless claims. These reports may delay the Federal Reserve's plans to raise interest rates again when the Federal Open Market Committee (FOMC) next meets in May.

Bond markets have also responded positively to the economic reports, with the spread between two- and 10-year Treasury bonds narrowing since early March. This is indicative of increased confidence in the market, as investors are becoming more optimistic about the economic recovery.

The surge in Bitcoin and Ether prices resulted in both assets breaching the upper range of their Bollinger Bands, a technical tool that plots an asset's moving average and two standard deviations above and below. This is a significant event that is considered to be bullish for the market.

Other altcoins also saw significant gains last week, with ARB, the native token for Ethereum layer 2 system Arbitrum, leading the way with a 28% rise over the past seven days. Solana (SOL) and Immutable X's IMX also had strong weeks, rising 20% and 17%, respectively.

Overall, last week was a busy one for the cryptocurrency market, with positive economic reports and the completion of the Ethereum Shanghai upgrade contributing to a surge in market confidence, resulting in increased trading volume and valuations for major digital assets.

In other news, Dubai announces metaverse training for customs officials, France publishes Metaverse Consultation, seeking an alternative to dominance by Web giants, Swiss Post launches a third version of its Crypto Stamps, and G7 to discuss more Crypto Regulation and how to help develop nations introduce Central Bank Digital Currencies. Bitcoin hits $30K to mark the highest price since June 2022, Komainu was selected as custodian for ETC group MSCI Digital Assets Select 20 ETP and MetaMask launches a new fiat purchase function for cryptocurrency.?

In the News:??

Bitcoin hits $30K to mark the highest price since June 2022. Analysts predict that the cryptocurrency will continue to increase as traders await the United States Consumer Price Index report on April 12, which will offer insight into the Federal Reserve's battle against inflation. Cointelegraph ?

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Swiss Post launches the third version of its Crypto Stamps. The limited edition is available in limited numbers, with the edition being staggered according to ratity, ranging from 65,000 to only 50 copies for the rarest. Prices are then determined by the rarity of the design. Cointelegraph ?

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The future of enterprise blockchain is multi-chain. Blockchain interoperability allows enterprises to connect and engage with multiple chains, resulting in improved operational efficiency and reduced costs. Cointelegraph ?

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Bitcoin miner CleanSpark purchases 45,000 ASICs for $145M. These mining rigs are expected to be delivered by Antminer and installed at CleanSpark's Bitcoin mining facility in Georgia, which is currently undergoing a 150-megawatt power expansion. Cointelegraph ?

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Crypto exchange BitGet starts a $100M Asia-focused Web3 fund. Bitget, a cryptocurrency exchange based in Seychelles, has announced a $100 million fund to support Web3 startups in Asian countries. The move comes as East Asian countries are promoting the development of Web3. Coindesk ?

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EOS Network lands $60M investment and partnership from DWF Labs. This move aims to boost the acceptance and growth of the EOS Network, which is launching an enterprise-grade EOS Ethereum Virtual Machine on April 14. DWF Labs is a digital asset market maker and investment firm. Cointelegraph ?

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Sei Labs raises $30M for trading-focused layer 1 Blockchain. Sei Labs has raised $30m in two funding rounds to help accelerate growth and expand in . the Asia-Pacific region. The funds came from a group of investors, including Jump Crypto, Hypersphere Ventures, and Bixin Ventures, with an $800m post-money valuation. Coindesk ?

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AI-Focused Cryptogpt raises $10 Million in series A funding to expand Into Asian markets. The funds will be used to expand into large Asian markets. The firm's native token, GPT, has gained 41.64% in the past 30 days, with a circulating supply of three billion GPT. In March, Cryptogpt launched "Alex," a chatbot powered by OpenAI models. Bitcoin.com ?

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Information Protocol RSS3 Raises $10M via Token Sale to DWF Labs. The funding follows the release of RSS3 AIOP, an AI training environment providing Web3 information to developers. DWF Labs' Andrei Grachev said RSS3 was positioned to create "cutting-edge applications that will redefine how we interact with the web3 ecosystem". Coindesk ?

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Komainu was selected as custodian for ETC group MSCI Digital Assets Select 20 ETP. The partnership enables ETC Group to benefit from Komainu's cutting-edge ETP structuring abilities while ensuring investor protection with high-quality custody services. Komainu's institutional-grade custody solution and industry-leading technology make it a suitable custodian for issuers such as ETC Group. Komainu ?

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MetaMask launches new fiat purchase function for cryptocurrency. The service is available in over 189 countries and offers more than 90 tokens across eight different networks, including Ethereum and Polygon. Users can pay using debit or credit cards, PayPal, bank transfers, and instant ACH. Cointelegraph ?

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G7 to discuss more Crypto Regulation and how to help developing nations introduce Central Bank Digital Currencies. The discussions come as a response to challenges posed by fast-moving digital technology, such as cybersecurity risks, the spread of misinformation, and social and political divides. Bitcoin.com ?

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Beyond Bitcoin: How Blockchain and AI are driving Crypto adoption. The AI application can play an important role in supporting blockchain education and crypto adoption by explaining the essence of crypto and the technology behind it. Unlock Blockchain ?

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Montenegro's Central Bank to test CBDC with Ripple. Ripple states that the CBCG will determine the CBDC's practical uses and develop a simulation to assess its benefits and drawbacks. CBDCs are being examined by over 100 countries as a possible digitized form of central bank money for public use. Coindesk ?

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Coinbase CEO says Bitcoin Lightning is 'something we’ll integrate'. Coinbase CEO, Brian Armstrong, announced plans to integrate the Lightning network scaling solution with the cryptocurrency exchange. If integrated, Coinbase would join Bitfinex, Kraken, and OKX as the largest trading platforms to have adopted the technology, which allows for faster and cheaper bitcoin transactions. Cointelegraph ?

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Dubai announces metaverse training for customs officials. Dubai Customs will incorporate metaverse technology into its leadership development program to transform customs operations and establish Dubai as a leading city in the global metaverse community. The initiative, led by Dubai Customs Director-general Ahmad Mahboob Musabih, aims to increase customs revenues through digitization and ensure the secure implementation of metaverse technology. Dubai ?

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Adidas releases Chapter 1 of its ALTS Dynamic NFT collection. Adidas has unveiled the latest addition to its NFT ecosystem - the ALTS by Adidas collection. The ALTS collection offers perks such as ownership of a stake in the ecosystem, commercial IP rights, access to exclusive virtual wearables, and entry to exclusive community events and token-gated Discord channels. Adidas ?

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Why Mastercard is dropping an NFT to help emerging musicians. Mastercard is embracing Web3, the blockchain-powered internet, as a transformative technology with the potential to reshape industries and businesses. To demonstrate its commitment, the company has released a multisensory Mastercard Music Pass NFT that unlocks its Web3 music-focused program, the Mastercard Artist Accelerator, which helps musicians monetize their work and build a fan community. Mastercard ?

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Gaming tech company Razer introduces Web3 venture fund. The fund will look for games that are fun to play and are backed by an established team, with a view to enhancing the gamer experience. The projects that receive funding will have access to Razer's marketing and partnership resources, as well as other Web3 partners, including Amazon Web Services, Animoca Brands and Griffin Gaming Partners. Coindesk ?

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DappRadar: $739M invested in blockchain games in Q1 2023. Blockchain gaming projects have received $739 million in investments, with $434 million raised in March 2023 alone, according to a report from DappRadar and the Blockchain Games Alliance. Game and metaverse firms received $214 million, infrastructure companies $159 million and NFT companies just $10 million. Venture Beat (Apr 06)?

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Polygon becomes the second-largest gaming blockchain after user activity surges in March. Polygon, a popular Ethereum layer-2 scaling solution, became the second-largest blockchain gaming network in March, according to a report by decentralised application (DApp) analytics platform DappRadar. The report shows that the network saw an increase of 53% in unique active wallets (UAWs) engaging with games on Polygon, hitting 138,081 in March, well ahead of Hive and BNB Chain at 84,000 and 80,000 UAWs, respectively. Cointelegraph ?

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A16z highlights Web3 strength in its second ‘State of Crypto’ report. The report includes the newly launched State of Crypto Index, a monthly interactive tool that tracks 14 technology-focused metrics offering a snapshot of the industry's health. The report shows that Web3 is an evolution of the Internet, and it advances the Internet through "crypto computers, not crypto casinos." Coindesk ?

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Reddit keeps upvoting NFTs, and drops third-generation collections. The Gen3 collection, called "future realities," includes collectible avatars, which come with a degree of interoperability and allow artists to earn royalties on their work. The Gen3 collection has around $585,000 in sales volume, with over 7.4 million unique holders across all Reddit-based collections. Coindesk ?

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NFT warranties can help mass adoption of the technology, says a Web3 executive. George Basiladze, CEO of Wert, expects that this project will encourage more non-crypto users to adopt Web3 technologies with less risk, resulting in the widespread use of NFTs and Web3 in general. Cointelegraph ?

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Companies behind Azuki NFTs and Line Friends characters join forces for Web3 expansion. Web3 firm Chiru Labs and IPX, the parent company of popular character collection Line Friends, have partnered to collaborate on content, merchandise, retail distribution, real-life activations, and immersive metaverse experiences, initially focusing on the Beanz NFTs and Line Friends characters. Coindesk ?

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Shiba Inu's Metaverse will partially open by end of 2023, developers say. Shiba Inu developers have announced plans to open SHIB: The Metaverse, an expansion of the Shiba Inu ecosystem, by December 2023. It will have 100,595 land plots that users can mint and generate passive income, collect in-game resources and rewards. Coindesk ?

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France publishes Metaverse Consultation, seeking alternatives to dominance by Web giants. The goal is to create "digital sovereignty" for Europe by developing homegrown alternatives to companies such as Meta Platforms. The consultation covers policy issues such as privacy, health, and environmental risks of virtual worlds, and will run until May 2. The European Union is also set to produce an EU strategy on virtual worlds in May. Coindesk ?

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SinVerse secures strategic partnership and investment from DWF Labs to drive Web3 Gaming industry. DWF Labs will provide strategic support for the gaming company to achieve its future plans, such as developing the first-ever Web3 Gaming console called The NFT Cube. Bitcoin.com ?

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Proof launches exclusive NFT collection for Moonbirds holders. Proof is launching a digital art collection titled "Moonbirds: Diamond Exhibition" featuring 22 artists including Beeple and Summer Wagner. The collection is exclusive to Moonbirds holders who have reached "Diamond Nest" status by staking their NFTs. Decrypt ?

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‘Right time’ for Hong Kong’s Web3 push despite market flux — Financial Secretary. The Financial Secretary of Hong Kong, Paul Chan, believes that Hong Kong should move ahead with Web3 development, despite crypto market volatility. He stated in a blog post that he proposed further development and application of Web3 as one of three major directions in the city's budget. Cointelegraph ??