17th July 2023

Welcome to This Week in Crypto by?Crypto Oasis ?which also includes?DIFX - Digital Financial Exchange ?Dispatch. In the past week, Cryptocurrency prices experienced a decline on Friday afternoon following a significant rally on Thursday, which was driven by Ripple Labs' apparent court victory and the success of its XRP token. Bitcoin (BTC), the leading cryptocurrency by market capitalization, dropped below $30,000, representing a decrease of over 5% from its peak of approximately $31,800 on Thursday.

Ether (ETH) also experienced a setback after its impressive performance on Thursday, with its value declining by 4% to $1,900. This second-largest cryptocurrency by market value had previously surpassed $2,000, reaching a three-month high.

XRP was trading at around $0.69, reflecting a 25% decrease from its peak of $0.93 the previous day. While briefly surpassing Binance's BNB as the fourth-largest cryptocurrency by market cap, XRP slipped back to fifth place following the price drop.

Other major altcoins also saw declines, including ADA (Cardano) and MATIC (Polygon), the tokens associated with smart contracts platforms. Both tokens were down more than 5% on Friday afternoon, although they remained higher compared to the previous two days. The CoinDesk Market Index, which measures the performance of the cryptocurrency market, experienced a 4% decline over the past 24 hours.

According to Craig Erlam, senior market analyst for foreign exchange market maker Oanda, Bitcoin is still exhibiting consolidation behavior and the break above $31,000 does not appear particularly convincing at this point.

The sudden drop in prices caught traders who had bet on higher prices off-guard, resulting in the liquidation of $155 million worth of long positions, marking the largest long liquidation in a month, as reported by CoinGlass data.

In other news RP coin surges after the judge delivers a huge win to Ripple in the SEC case, Google will let Android play store games and apps offer NFTs, and The Jackson Pollock Studio splatters beyond the physical. Coinbase adds messaging function to the Crypto wallet, Netflix taps AI to push visual effects beyond the green screen, and Starbucks teams up with Micah Johnson's Aku NFT project. Copenhagen Infrastructure Partners secures $6 Billion from the first close of renewable energy fund, Dr Sultan Al Jaber reveals UAE's four-pillar plan for Cop28 and KPMG to invest $2 billion in AI in an expanded partnership with Microsoft.?

In the News:?

XRP coin surges after judge delivers a huge win to Ripple in SEC case. This surge was triggered by a judge's ruling in the Southern District of New York, stating that XRP is "not necessarily a security on its face." This decision brought hope to investors, suggesting that other altcoins might also avoid being classified as securities. CNBC ?

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Layer-2 Blockchain Starknet's ‘Quantum Leap’ upgrade goes live, for speedier transactions. Starknet, an Ethereum layer 2 solution, has deployed its "Quantum Leap" upgrade to boost transaction speed and reduce confirmation times. Although the upgrade garnered community approval after testing, the achieved TPS fell short of expectations. Coindesk ?

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Cross-Chain protocol Axelar to develop Web3 services with Microsoft Azure. Axelar announced its future collaborations with Microsoft, which involve establishing connections between private and public blockchains that utilize OpenAI services to develop Web3 products. Coindesk ?

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BNB Chain to tackle Blockchain exploit risks in major July hard fork. In the event of a blockchain exploit, the upgrade will promptly enforce security measures to protect user assets. Coindesk ?

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Social analytics platform LunarCrush raises $5M in Series A funding. LunarCrush intends to expand its scope beyond cryptocurrency and NFTs by leveraging artificial intelligence to include stocks. Decrypt ?

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Stader Labs debuts Ether staking product with 6% yield. On Stader, node operators have the option to start staking with only 4 ETH, a significant reduction from the current minimum requirement of 32 ETH. Coindesk ?

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Zero-Knowledge rollup ZKM sets out to make Ethereum 'universal settlement layer'. The MetisDAO Foundation has unveiled the Zero-knowledge rollup (ZKM), aiming to establish Ethereum as the universal settlement layer for both blockchain and non-blockchain applications. Combining Optimistic and Zero-Knowledge rollups, ZKM plans to enhance layer-2 networks like Metis and Optimism while expanding compatibility with other layer 1 chains. Coindesk ?

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Polygon proposes token switch from MATIC to POL for more utility. Polygon founders and researchers proposed an upgrade to replace MATIC with POL, creating a unified token for all Polygon-based networks. Holders would have ample time to upgrade, and each community would decide whether to use POL for gas fees and governance voting. Coindesk ?

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BLU Mission forms a strategic partnership with Unidef to foster decentralization.? The collaboration aims to engage policy-makers, launch advocacy initiatives, and ensure access to the benefits of decentralization. Unidef's resources and expertise will support BLU Mission's expansion, empowering decentralized communities and fostering a shared vision for the future. Bitcoin.com ?

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Distressed Crypto specialist Thomas Braziel sets up investment, advisory firm. Thomas Braziel, co-founder of 507 Capital, plans to launch a new venture called 117 Partners, expanding into cryptocurrency brokerage and advisory services. Coindesk ?

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Bitcoin continues dominance as 3rd week of fund inflows correct previous months’ outflows. CoinShares' July 10 report found that three consecutive weeks of positive digital asset inflows have offset nine previous weeks of outflows in the market. Cointelegraph ?

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China should consider yuan-backed stablecoins instead of CBDCs, Circle's Allaire says. Experts believe China prefers maintaining its rules rather than challenging the US dollar's dominance. Coindesk ?

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State of the Bitcoin mining industry in the UAE: Major project announced. This article examines the growing popularity of the Middle East as a hub for Bitcoin mining due to the rapid expansion of the digital asset market. It discusses the current state of Bitcoin mining in the region, and factors that make it an appealing location, and provides insights into the industry's future outlook in the Middle East. Roland Berger ?

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Avalanche takes the help of EUROC to outperform these giants. The Avalanche protocol experiences a significant increase in trading volume fueled by the rising interest in EUROC. As traders adopt a bullish sentiment, prices start to climb. AMB Crypto ?

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Lightning Labs enables AI to hold, send, and receive Bitcoin with new tools. Lightning Labs, a company specializing in blockchain infrastructure, has introduced a range of developer tools that facilitate the incorporation of Bitcoin (BTC) into AI applications and Large Language Models (LLMs) like ChatGPT. Crypto News ?

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Arte news:?

AI will make games 'Faster, Cheaper and Better': Unity CEO. "“I don't think anybody's job on the creation side is going to be taken by an AI, but it will get taken by a human using AI." Decrypt ?

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Google will let Android play store games and apps offer NFTs. The Play Store by Google is implementing initiatives to ensure a "secure, transparent, and reliable" environment for blockchain games and NFTs. Decrypt ?

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The Jackson Pollock Studio splatters beyond the physical releases digital art collection. Drawing inspiration from the renowned artists' former workspace, "Beyond the Edge" showcases digitized Pollock artworks accompanied by their physical counterparts. Coindesk ?

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Coinbase adds messaging function to the Crypto wallet. The recently introduced messaging functionality enables communication between any two Ethereum addresses. Coindesk ?

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Digital Toy company Cryptoys integrating kid-friendly AI chatbot into NFTs. The company's ChatGuardian is specifically designed to prioritize safety, enabling children to play and interact with their Cryptoys NFTs, while granting parents the ability to filter and control conversations. Coindesk ?

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Web3 music platform has raised $20M in a funding Round. The company's objective is to assist artists in earning a livelihood from their music by tokenizing their songs on a blockchain and directly selling them to their fans. Coindesk ?

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Free Slurpee NFTs served up by 7-Eleven. The introduction of the 'Find Your Slurpee Vibe' Polygon collectible signifies the arrival of the newest snack food brand in the Web3 space. Decrypt ?

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Netflix taps AI to push visual effects beyond the green screen. Netflix researchers have unveiled the Magenta Green Screen (MGS), an AI-powered technology that aims to replace traditional green screens in filmmaking. The MGS system uses a unique lighting setup and real-time AI processing to achieve more realistic and precise visual effects, even with complex elements. Decrypt ?

Magic Johnson-backed SimWin sports infuses fantasy football with AI and NFTs. Fans can earn money through their virtual players' salaries, sponsorships, and shared fantasy sports revenue. SimWin plans to expand into other sports and collaborate with blockchain developer Immutable to bring a Web3 edge to fantasy football. Decrypt ?

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NFT lender Gondi goes live, raises $5.3M round Led by Hack.vc. The platform enables lenders to offer their NFTs for a fixed rate, while borrowers can use the NFTs as collateral or for NFT-based financial applications. Coindesk ?

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'The Machines Arena' adds in-game rewards that can be minted as NFTs. Those who have accumulated a significant amount of XP in The Machines Arena will have the opportunity to unlock character skins that can be subsequently minted and traded. Decrypt ?

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Stepn creator's next Game is a social MMO called Gas Hero. Crypto startup Find Satoshi Lab (FSL) expands its game development portfolio with the announcement of Gas Hero, a web and mobile MMO. FSL, known for Stepn and NFT marketplace MOOAR, aims to capitalize on the success of move-to-earn games. Decrypt ?

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Starbucks teams up with Micah Johnson's Aku NFT project. Starbucks' loyalty program Odyssey collaborates with Aku NFT collection, created by ex-MLB player Micah Johnson, for a new digital collectible Stamp. Odyssey members can join the "Aku Adventure" Journey from July 17 to August 13. Coindesk ?

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Classic Sega franchises will be becoming an NFT game. Line has signed an agreement with Sega to develop NFT-powered games using Sega's classic franchises. Line's subsidiary, Line Next, will utilize the popular franchises on its Game Doshi platform, supporting NFT production and digital payments. Cryptosaurus ?

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Yuga Labs makes millions from new NFT collection. Yuga Labs has achieved success with its latest NFT collection, "Dookie Dash." The collection includes 30,000. The secondary market has thrived, with trading volume exceeding $10.3 million. Cryptosaurus ?

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The Green Block:?

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Dr Sultan Al Jaber reveals UAE's four-pillar plan for Cop28. On Thursday, Dr. Sultan Al Jaber stated that Cop28 will revolve around four core principles: expediting the energy transition, addressing climate finance, prioritizing human-centric approaches, and emphasizing inclusivity as a defining characteristic of the summit in Dubai. The National ?

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Copenhagen Infrastructure Partners secures $6 Billion from the first close of renewable energy fund. By June 30, 2023, Copenhagen Infrastructure Partners (CIP) had secured EUR 5.6 billion in capital commitments for its fifth flagship fund, Copenhagen Infrastructure V (CI V). This achievement positions CIP to meet its goal of reaching a fund size of EUR 12 billion and solidifying its status as the leading dedicated greenfield renewable energy fund worldwide. ESG News ?

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KPMG to invest $2 billion in AI in an expanded partnership with Microsoft. A significant result of the collaboration is the joint development of an AI solution leveraging Azure OpenAI Service. This solution effectively examines ESG data, detects patterns, and rapidly produces ESG tax transparency reports. Venture Beat

How Web3 can help island nations fight climate change: Opinion. Through asset tokenization, carbon, and renewable energy credits can be created on-chain, traded in an open market, and retired in a way that avoids fraud and double-selling. Because they are accessible to everyone and may be utilized in decentralized finance and regenerative finance once they are on-chain, this approach effectively transforms climate assets into a genuine asset class. Forkast ?

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VeChain unleashes the power of Blockchain: Building smart sustainable cities with seamless cross-sector integration. Blockchain technology has exhibited its capabilities across diverse domains, encompassing smart grid management, transportation and logistics, finance, and healthcare. Crypto News Flash ??

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Metaverse/Digital Twin in Energy market may set epic growth story : Siemens, Atos, Microsoft. As they enable the virtual representation of the physical object in the digital realm, digital twins are one of the fundamental components of the Metaverse. Digital Journal ?

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Liechtenstein’s energy market: A focus on decentralization. Liechtenstein's energy market places significant emphasis on promoting renewable energy sources. The country has set commendable goals to enhance the proportion of renewables in its energy blend, with a target of 20% by 2020 and an even more ambitious goal of 50% by 2030. Energy Portal ?

Blockchain in the Agriculture and Food Supply Chain Market 2023 is booming worldwide. During the projected timeframe, the Global Blockchain in Agriculture and Food Supply Chain market is anticipated to grow at a compound annual growth rate (CAGR) of 20.81%. This growth is expected to propel the market size from USD 123.28 million in 2021 to USD 383.18 million by 2027. Digital Journal ?

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SolarX Plans to empower sustainable cryptocurrency mining on Ethereum through renewable energy. SolarX is dedicated to transforming cryptocurrency mining by adopting renewable energy and actively shaping a more environmentally sustainable future for the blockchain ecosystem. Solar Quarter ?

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EZ Blockchain puts focus on sustainability in Bitcoin ecosystem. Companies such as EZ Blockchain, along with other similar entities, prioritize sustainability by introducing innovative approaches and forming partnerships, recognizing the potential environmental impact of unregulated Bitcoin mining. Waste 360 ?

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Exploring the potential of Smart Contracts for a greener energy trading future. In light of the ongoing global struggles posed by climate change, it becomes imperative to embrace and leverage the potential of cutting-edge technologies such as smart contracts, aiming to establish a sustainable and robust energy system. Energy Portal ?

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Unused renewable energy is an option for powering NFT trade. Cornell Engineering researchers have discovered that the surplus solar, wind, and hydroelectric energy in the United States has the potential to facilitate the exponential expansion of transactions related to NFTs. Eurek Alert ?

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David Chaum unveils AstroCool: A groundbreaking initiative to combat global warming. The 'Festival of the Future' at the Science Museum in Munich, Germany, marked the official launch of the AstroCool science research effort. The emergency "Plan X" plan, launched by inventor David Chaum, looks at alternate ways to lessen the effects of global warming. Unlock Blockchain ?

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Harnessing Blockchain Technology for a Sustainable Livestock industry. The livestock industry is one such sector that can experience substantial advantages from this technological progress. Through the utilization of blockchain, we can establish a more sustainable, transparent, and streamlined livestock industry. City Life ?

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Zero-waste and food security solutions took centre stage at MIFB 2023. The trade talk show by MIFB centered around various subjects, including alternative proteins, precision agriculture, food waste management, blockchain systems, and food technology. The Star ?

DIFX Dispatch

This Week's top stories

●?????Core CPI data came out at 4.8% against the forecasted 5% to indicate inflation was cooling off at a faster pace.

●?????CPI came out at 3% which is 1% away from the Fed target of 2%.

●?????The Dollar slid drastically on the back of this news breaking below $100.

●?????Several policymakers are saying that tightening is coming to an end and there is only one more rate hike priced in for this cycle which will come in July.

●?????Rate cuts are being priced in as early as January

Economic Calendar

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A Look at the Data:

Dollar Low:

●?????The Dollar slid below $100 for the first time in 14-months

●?????This is due to Core CPI slowing down at a much faster pace than previously forecast

●?????The implied year-end Fed rate is at 5.3150 which prices in only one more rate hike which is expected to come in July

Major FX Against USD

●?????The Pound has gained 8.39% against the Dollar since the start of the year.

●?????The Euro is not far behind at 7.66% and with more rate hikes expected for the EU, this will strengthen the Euro even more.

●?????Swiss franc has gained around 4.71% against the Dollar

●?????With Dollar sliding, this makes it much easier for economies in these regions to operate due to lower import costs from the US.

●?????As the US experiences disinflation, it seems they will be exporting it to countries via Dollar weakness.

Last Stretch:

●?????Major economies are all experiencing disinflation as prices increase at a slower pace.

●?????The US is very close to reaching the target in terms of CPI with the Euro Zone not far behind.

●?????The UK has begun its journey but there is still a long way to go and we can expect more gains for GBP/USD.

XRP hit 19-month high:

●?????XRP hit a 19-month high on the back of the ruling against the SEC.

●?????After years of fighting this battle, its an incredible achievement to come out on top.

●?????This sets the precedent for the rest of the crypto market and we can expect positive sentiment in the near term for the entire industry.