22nd May 2023

Bitcoin's price fluctuated around the $27,000 level for several days before experiencing a brief jump above it in the past 24 hours. However, it has not been able to firmly reclaim that level yet. Last week, Bitcoin started on a positive note, surging above $27,600 after a stagnant weekend. However, this upward momentum was short-lived, and the price retraced below $27,000 within a few days. Another price pump followed, pushing it back up to $27,500, but it faced strong resistance at that level.

The rejection at $27,500 was more intense, resulting in Bitcoin dropping to a weekly low of $26,400 on Bitstamp. The bulls attempted to counter this downward movement, aiding in a partial recovery for Bitcoin. As a result, the price returned to the familiar range of around $27,000 and remained there for a few days. Recently, it briefly surged above $27,000 again but encountered resistance at $27,300. Although it has lost some value since then, Bitcoin is currently trading slightly above $27,000.

Meanwhile, a memecoin called PEPE has gained significant attention within the crypto community over the past month. Initially launched in mid-April as an obscure coin, PEPE quickly gained popularity and achieved a market capitalization of nearly $2 billion within a few weeks. This sudden surge in value made some investors overnight millionaires. PEPE was listed on prominent exchanges, including Binance, but the listing turned out to be a "sell-the-news" event. As a result, the memecoin lost momentum, and its market capitalization plummeted by over a billion dollars in a matter of days.

However, in the past 24 hours, PEPE has shown positive movement, gaining over 12% in value. It has managed to climb back into the top 70 largest cryptocurrencies based on market capitalization. Other major altcoins, such as Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Polygon (MATIC), Solana (SOL), Litecoin (LTC), Polkadot (DOT), TRON (TRX), have also experienced modest daily gains ranging up to 2%.

The overall crypto market has witnessed an increase of approximately $10 billion in its total market capitalization, which currently stands at $1.130 trillion.

In addition to the price movements, there have been some notable developments in the crypto space. Axie Infinity, a popular blockchain-based game, launched its card-based strategy game called Axie Infinity: Origins on the Apple App Store in key markets across Asia and Latin America. This release gave a temporary boost to its native token, AXS. Furthermore, digital artist Jack Butcher released a new collection of non-fungible tokens (NFTs) called Elements, which are paired with physical prints. On the other hand, DappRadar, a platform tracking decentralized applications (Dapps), released a report predicting that NFT trading volume is likely to dip below $1 billion for the first time this year. This development raises questions about the significance of NFT trading volume in the crypto industry.

In other news, Dubai Customs earns a second intellectual property certificate for Innovative Blockchain System, Emirates NBD unveils Digital Asset Lab and announces founding council members and Dubai Civil Aviation Authority to integrate Blockchain for swift permits. The Crypto Valley Association (CVA) has announced the return of its flagship event, the Crypto Valley Conference (CVC), from June 1-2, 2023, in Rotkreuz, Switzerland, Tether says it will buy Bitcoin for stablecoin reserves using realized profits, EU Pioneers Landmark Milestone: Unanimous Approval of Groundbreaking Crypto Regulations and Samsung to research South Korea’s CBDC for offline payments.?

In the News:?

Revolutionising government services: Dubai Customs earn second intellectual property certificate for Innovative Blockchain System. Dubai Customs has been awarded a second certificate of intellectual property by the UAE Ministry of Economy for its "Blockchain System for Managing Intellectual Property and Knowledge Assets." The system offers robust and transparent protection for intellectual property rights and promotes collaboration between government agencies and international organizations. Unlock Blockchain?

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Emirates NBD unveils Digital Asset Lab and announces founding council members. This groundbreaking platform aims to drive digital asset and financial services innovation in the UAE. The Lab serves as a foundation for collaborative creation and experimentation, bringing together experts to develop revolutionary ideas in financial services using digital assets and their technologies. The initiative prioritizes customer empowerment, global accessibility, education, security, and transparency. Unlock Blockchain?

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Taking flight into the digital era: Dubai Civil Aviation Authority to integrate Blockchain for swift permits. Dubai's Civil Aviation Authority (DCAA) has partnered with Dubai Aviation City Corporation and Dubai Integrated Economic Zones to expedite the digitization of aviation activities. The agreements aim to establish a connected network using 'Web Service' technology, enabling swift approvals for commercial licensing transactions in the aviation sector. The collaboration also focuses on managing institutional information and data integration. Unlock Blockchain?

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Crypto Valley Conference returns in June for its sixth annual event. The Crypto Valley Association (CVA) has announced the return of its flagship event, the Crypto Valley Conference (CVC), from June 1-2, 2023, in Rotkreuz, Switzerland. The two-day conference will host over 1,000 attendees from the startup and business world, featuring more than 60 speakers covering topics ranging from technology and finance to regulation. Be In Crypto?

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DLT-powered financial markets could save $100B per year, TradFi study says. A report by the Global Financial Markets Association (GFMA) suggests that incorporating distributed ledger technology (DLT) in securities markets could lead to annual savings exceeding $100 billion. GFMA, which includes major financial institutions like JPMorgan Chase and HSBC, calls for regulators to embrace DLT for collateral management, asset tokenization, and sovereign bond markets. The report highlights the potential for cost reduction by freeing up collateral in derivatives and securities lending, as well as streamlining settlement processes using smart contracts. Coindesk?

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Tether says it will buy Bitcoin for stablecoin reserves using realized profits. In the first quarter of 2023, the company responsible for issuing the USDT stablecoin, which has a total value of $82 billion, announced a net profit of $1.48 billion. Additionally, they disclosed their holdings of $1.5 billion worth of BTC. Coindesk?

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Ripple acquires Crypto custody firm Metaco for $250M in tokenization push. Ripple has acquired Swiss digital asset custody company Metaco in a $250 million deal. Ripple aims to expand its institutional offerings, enabling customers to custody, issue, and settle tokenized assets. Metaco expects accelerated growth through Ripple's customer base and resources. Decrypt?

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Bitcoin miner Marathon Digital-Linked startup Auradine raises $81M. Silicon Valley-based web infrastructure solutions provider Auradine has secured $81 million in a Series A funding round. Auradine, founded in 2022, is developing a range of infrastructure including energy-efficient silicon, zero-knowledge proofs, and AI solutions for decentralized applications. Backers also include Marathon Digital Holdings and other investors such as Cota Capital, DCVC, and Stanford University. Coindesk?

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Peter Thiel backs Bitcoin startup River in $35M round. River offers a range of bitcoin services, such as zero-fee dollar-cost averaging, mining, custody, and a wallet supporting both on-chain and Lightning Network transactions. The company aims to provide a seamless on-ramp for individuals seeking an alternative to the current financial system. Coindesk?

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Bitcoin miner Cormint raises $30M series A to build Texas Data Center. Bitcoin mining startup Cormint Data Systems has successfully secured $30 million in a Series A funding round, co-led by the company's president, Jamie McAvity, and Nav Sooch, the Chairman of semiconductor firm Silicon Laboratories (SLAB). This funding will be used to establish a data center in Fort Stockton, Texas, with a computing power of 2.4 exahash/second (EH/s). Coindesk?

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EU Pioneers Landmark Milestone: Unanimous Approval of Groundbreaking Crypto Regulations. This puts pressure on the United States and Britain to catch up. The rules, endorsed after discussions and negotiations, will be implemented from 2024. The rules require companies to obtain a license for issuing, trading, and securing crypto assets. Measures have been taken to enhance transaction traceability and address tax evasion. Unlock Blockchain?

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Asymmetry, ‘ETF’ for liquid staking tokens, raises $3M round from Ecco Capital, Ankr and Others. The company plans to utilize the funds to enhance the protocol, expand its team with top talent, and attract decentralized finance enthusiasts.? Asymmetry's primary offering is the safETH token, which comprises various liquid staking derivative tokens, functioning as an ETF for these tokens. Coindesk?

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zkLink Raises $10M in funding as mainnet launch approaches, with support from Cypher Capital and other prominent investors. Multi-chain ZK-Rollup trading infrastructure zkLink has completed its strategic funding round, raising an additional $10m from investors including Coinbase Ventures and Cypher Capital. The round brings the total raised by the firm to $18.5m, which will be used to support its development of a decentralised trading layer. Unlock Blockchain?

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One Million individual wallets now hold a whole Bitcoin. More than a million wallets currently possess bitcoin, as per Glassnode data. From November to January, the count of wallets holding one bitcoin rose by 79,000. Notably, smaller wallets have been responsible for a majority of recent Bitcoin transactions, indicating heightened Bitcoin velocity. Yahoo Finance?

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Samsung to research South Korea’s CBDC for offline payments. The collaboration will allow Samsung to apply its high-level security technology to the digital currency field, according to Samsung Electronics vice president Won-Joon Choi. Cointelegraph?

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Arte news:?

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Metaverse worth over $80bn to Middle East, report says. The UAE and Saudi Arabia are leading investments and development in Metaverse ecosystems. Saudi Arabia plans to invest $1 billion to become a global tech hub, while Dubai aims to be a top 10 Metaverse economy.? Arabian Business?

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Japan vies to be 'number one again through Web3 innovation' | The Crypto Mile. Japan aims to regain its position as a global leader through Web3 innovation, according to a key advisor to the Japanese government. The country's economy has been stagnant in recent years, and the government's national strategy focuses on leveraging Blockchain technology for peer-to-peer transactions and digital asset creation. Sota Watanabe, founder of Astar Network and a former task force member, emphasized the need for a successful Web3 use-case to boost confidence among Japanese companies.? Yahoo Finance?

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Airstack raises over $7M for AI-backed Web3 developer platform. Airstack, a Web3 developer platform, has raised over $7 million in pre-seed funding led by Superscrypt. The startup offers developers access to cross-chain data through natural language requests powered by AI. Airstack has attracted more than 200 developers who have utilized the platform for various projects, including marketing engines and decentralized finance tools. Coindesk?

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Polygon Co-Founder launches Web3 fellowship program. Sandeep Nailwal, co-founder of Polygon, has launched the Nailwal Fellowship with the aim of helping early-stage builders transition from Web2 to Web3. The program will target individuals and provide $50,000 in grant money, mentorship through Symbolic Capital and access to founder and investor networks. Yahoo Finance?

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Red Beard Ventures closes $25M funding round with Animoca Brands and others. Web3 venture capital firm Red Beard Ventures has secured $25 million in funding from notable Web3 players, including Marc Andreessen and Chris Dixon from a16z, Animoca Brands, SuperRare's CEO John Crain, and others. The funding will be used to drive the adoption of Web3 technologies and support the launch of Denarii Labs, a tokenomics accelerator program in collaboration with Horizen Labs Ventures. Denarii Labs will provide advisory services, educational sessions, mentorship, and launch support for token projects. Coindesk?

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Reef Labs Is Launching a $10M Accelerator Program to Empower Web3 Projects in the Middle East. Blockchain company Reef has launched a $10mn accelerator program aimed at supporting, incubating and investing in Web3 projects based on the Reef Chain and headquartered in the Middle East. Reef Labs will manage the program, which seeks to establish Reef as the region's go-to blockchain, with a focus on driving Web3 adoption. Bitcoin.com?

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Axie Infinity game launches on Apple app store in key markets. Sky Mavis, the creator of the popular NFT project Axie Infinity, is launching its card game, Axie Infinity: Origins, on the Apple App Store in key markets. The game, which was previously available on Google Play and Mavis Hub, will first be released in Latin America and Asia, including countries like Argentina, Colombia, Peru, and Indonesia. Coindesk?

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ApeCoin DAO approves proposal to boost Bored Ape NFTs, APE Ecosystem growth. The AIP-209 proposal, submitted and approved through ApeCoin DAO's Idea Proposal system, aims to incubate and launch community-approved projects that enhance the value of the Bored Ape Yacht Club (BAYC) NFT collection and other ApeCoin projects. Coindesk?

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Adani Foundation launches world's first skill centre in Metaverse. The Adani Foundation's skill development vertical, Adani Skill Development Centre (ASDC), has achieved a significant feat by becoming the world's first skill center to enter the Metaverse. ASDC, which aims to skill India's youth and contribute to nation-building, has launched two courses in the Metaverse. This milestone reflects the organization's commitment to leveraging advanced technology to train professionals for the future. NDTV?

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Crypto wallet Bitski taps the hardware wallet ledger to make Web3 more secure. Ledger users can import their wallet credentials into Bitski, connecting their Bitski wallets to decentralized applications (dapps) and safely transferring funds. Bitski will integrate a transaction simulator to identify security risks. The wallet supports Ethereum and Polygon networks, facilitating NFT purchases. Coindesk?

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Apple's new headset could put a rocket under Metaverse tokens. Apple is preparing to release its highly-anticipated mixed-reality headset, which is expected to revitalize the Metaverse industry. Speculation about Apple's entry into mixed reality has already caused significant price surges for Metaverse tokens such as Decentraland (MANA) and Sandbox (SAND). Cointelegraph?

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Philippine telco giant partners BlockchainSpace for Web3 creator platform. This initiative aims to empower the growing creator economy by facilitating connections between creators, fans, and brands and enabling monetization of content, output, and skills. The Philippines has been a frontrunner in adopting Web3 technology, with a high number of crypto wallet owners and participation in GameFi. Yahoo Finance?

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Endaoment expands Web3 charitable fundraising efforts with GlobalGiving partnership. The collaboration has tripled the number of verified charitable organizations willing to accept digital assets, enabling digitally-native donors to contribute to social causes. This partnership allows Endaoment to extend its mission globally, while GlobalGiving gains exposure to blockchain technology and new donors. Coindesk?

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Web3 education leaders team up to roll out beginner NFT platform HeyMint. Web3 education platform Curious Addys and NFT educator Zeneca have partnered to launch HeyMint, an NFT platform that aims to help creators build their first collection. The platform seeks to make the minting process more accessible and affordable by providing creators with a user-friendly tool that supports Ethereum and three EVM-compatible chains. Creators pay no fees to list their collections, while collectors are charged $1 per mint. Coindesk?

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Jack Butcher expands checks NFTs ecosystem with physical print-backed 'Elements' collection. Visualize Value founder Jack Butcher is releasing a new project called Checks Elements. It is a generative art collection of 152 unique algorithmically generated pieces inspired by the four classical elements of earth, fire, water, and air. Coindesk?