24th July 2023

Two major pieces of news this week for the Crypto Oasis Ecosystem, first Crypto Oasis Ventures expands in Dubai and sets up a new venture studio at DIFC Innovation Hub and the World Coin Orbs arrived at our offices in DIFC for everyone to come and claim their WorldID.

Worldcoin is addressing the need for robust privacy-preserving proof of personhood online through its World ID protocol. They aim to democratize digital identity verification with the deployment of 1.5K Orbs in more than 35 cities worldwide. During the beta phase, over 40,000 individuals per week were successfully verified, and with the 1.5K Orbs, sign-up capacity will increase significantly, welcoming millions of new users. The Orb, a custom biometric imaging device, is central to the World ID protocol, ensuring secure and privacy-preserving verification of humanness and uniqueness. Orbs are available in 35+ cities across 20+ countries, contributing to Worldcoin's vision of an inclusive and accessible digital identity ecosystem. For Dubai, individuals can claim their World ID at specified Crypto Oasis offices in DIFC.

The past week's blistering altcoin rally tapered off, with Chainlink, XRP, XLM, Stellar, and TRX being the only coins to post notable gains. Bitcoin and Ethereum entered the weekend slightly lower than they did the previous week. Bitcoin dropped 1.5% to its current price of $29,869, while Ethereum dropped 2.5% to trade at $1,888 at the time of writing. The steepest pullbacks among leading currencies this week were from Solana (SOL), which dropped 9.8% to $25.68, and Avalanche (AVAX), which shed 8.1% to $13.77.

Several altcoins appreciated, with Toncoin (TON) growing 8.3% to $1.46, Stellar (XLM) surging 23% to $0.163126, and Chainlink (LINK) rallying 15% to $7.98. Chainlink's rally was attributed to the launch of its Cross-Chain Interoperability Protocol (CCIP) on its main net, supporting Avalanche, Ethereum, Optimism, and Polygon networks, and integrated with DeFi lending protocols Aave and Synthetix. Chainlink aims to serve as an onramp for Traditional Finance (TradFi) institutions to access tokenized digital assets.

The Financial Stability Board issued nine top-level recommendations for regulators to oversee crypto companies and markets, aiming to prevent crashes similar to FTX and Terra. These recommendations include calls for cross-border cooperation between regulators, governance requirements for crypto issuers, and mandatory disclosures for the industry. Additionally, the US Securities and Exchange Commission (SEC) accepted Valkyrie's Bitcoin Spot ETF proposal for official review, and Nasdaq delayed its digital assets custodian service launch, citing the shifting business and regulatory environment in the US.

A bipartisan group of US Senators introduced a bill to subject decentralized finance (DeFi) services to the same compliance rules as financial firms like banks and centralized crypto exchanges, aiming to address concerns related to "criminals, drug traffickers, and hostile state actors such as North Korea." On the other hand, the UK Treasury rejected a House of Commons Treasury Committee recommendation to classify crypto trading as gambling, firmly disagreeing with the proposal.

Republican lawmakers in Washington introduced the Financial Innovation and Technology for the 21st Century Act, a 212-page bill aiming to bring clarity and a "much-needed regulatory framework." The act includes a pathway for blockchains to be certified as decentralized, allowing the SEC to push back against assertions made by token issuers about meeting decentralized standards. It also seeks to establish a disclosure regime for the transparency and compliance of digital asset issuers.

In the News:?

Crypto Oasis Ventures expands in Dubai: New venture studio at DIFC Innovation Hub and MOU signing. As per the Memorandum of Understanding (MOU), DIFC's Innovation Hub will receive ongoing and upcoming start-up accelerator programs' expertise and support from Crypto Oasis Ventures. Unlock Blockchain ?

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UAE serves as 'perfect launchpad' to test new technologies before scaling them up globally: Experts “The UAE is a perfect launch pad where we can test solutions and scale them up in bigger countries like Saudi Arabia and Egypt, which have high populations,” said Saqr Ereiqat, co-founder of Crypto Oasis. Khaleej Times ?

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Dubai AI & Web 3.0 Campus organized a Blockchain in Banking Fest at DIFC Innovation Hub. On Thursday, industry experts emphasized the necessity for Blockchain and artificial intelligence (AI) to collaborate, aiming to enhance the trustworthiness and credibility of AI-utilized data. Khaleej Times ?

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Vitalik Buterin explains how Ethereum plans to make crypto wallets as simple as email. He mentioned that Account abstraction, enabling the storage of seed phrases in smart contracts, is a significant development. Decrypt ?

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Binance completes integration of Bitcoin Lightning Network. Now, users have the option to choose "LIGHTNING" in addition to other selections. The CEO of Coinbase also intends to embrace the Lightning Network, a technology designed to accelerate Bitcoin transactions by utilizing off-chain channels. Cointelegraph ?

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Cerebras and G42 Unveil world’s largest supercomputer for AI training with 4 exaFLOPs to fuel a new era of innovation. On July 20, 2023, Cerebras Systems, the pioneer in accelerated generative AI, and G42, the UAE-based technology holding group, announced Condor Galaxy, a network of nine interconnected supercomputers that offered a novel approach to AI compute, promising a significant reduction in AI model training time. Cerebras ?

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Reddit Moons token surges 104% as Kraken hints at potential listing. Moons are earned by r/CryptoCurrency users based on their activity and can be used for tipping. Reddit recently announced changes, sunsetting Reddit coins for a new awarding system. Decrypt ?

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Stride blockchain will move to ATOM-Powered security model. According to the official blog, the transition to ICS is expected to significantly enhance Stride's economic security, increasing it from approximately $25 million to $2.3 billion. This upgrade will make the liquid staking protocol much more resistant to potential hacks. Coindesk ?

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8 Billion people will go on-chain over the next decade: Coinbase protocols lead. Jesse Pollak is spearheading the exchange's initiatives concerning Base, a layer-2 network focused on Ethereum. Decrypt ?

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Crypto Exchange Bitget opens Dubai office, plans Middle East expansion. The company has announced the opening of an office in downtown Dubai to facilitate its expansion. Moreover, they intend to explore potential opportunities in both Bahrain and the United Arab Emirates (UAE) while also planning to establish a regional headquarters. Coindesk ?

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UK Financial regulator to introduce digital Sandbox. The U.K. Financial Conduct Authority (FCA) will offer a digital sandbox for firms to test products in an early development stage. The sandbox includes data access, APIs, and security protection. It aims to support distributed ledgers and digital-asset use cases, fostering crypto innovation. Coindesk ?

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Kennedy pledges to back US dollar with Bitcoin as President. “Bitcoin is among the hardest currencies and the Kennedy administration is going to encourage its proliferation and propagation,” he said. Decrypt ?

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Aave’s dollar-pegged GHO stablecoin hits $2.5M market cap After just 2 days. Aave has introduced a fresh stablecoin on the Ethereum platform, which is pegged to the dollar and supported by overcollateralized loans, following the model used for Maker's DAI. Decrypt ?

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Chainlink launches cross-chain protocol bridging blockchain to TradFi. The Cross-Chain Interoperability Protocol has attracted the interest of numerous leading banks globally, as they engage in collaborative efforts with Chainlink to explore its diverse applications. Cointelegraph ?

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$5 Million token grant will fuel ‘Decentralized AI’ development. The Internet Computer Protocol offers projects the opportunity to receive ICP tokens worth up to $100,000 for developing artificial intelligence tools. Decrypt ??

Arte News:?

Etihad Airways launches NFTs on Polygon network. Etihad Airways, founded by UAE President Sheikh Khalifa bin Zayed Al Nahyan, enters the NFT space with its inaugural NFT on the Polygon network. The NFTs offer exclusive services, and Mission Impossible Livery tokens will be minted on August 1, 2023, limited to 300 pieces. Unlock Blockchain ?

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Welcome to McNuggets Land: McDonald’s launches Metaverse game in ‘The Sandbox’. McDonald's has recently launched an interactive metaverse gaming experience, joining other prominent brands in this venture, and it also offers NFT and cryptocurrency rewards. Decrypt?

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Dota 2, Rocket League pros ‘want to explore’ Web3 and blockchain gaming. Erik "Tofu" Engel, a professional Dota 2 player, holds the belief that Web3 offers highly advantageous attributes for gamers. Cointelegraph ?

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Tokenizing music royalties as NFTs could help the next Taylor Swift. Taylor Swift faced the task of re-recording her entire back catalog, yet tokenized music royalties offer a simpler and more equitable alternative. Cointelegraph ?

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Super Bowl MVP Patrick Mahomes launching new NFT collection. In September, the Museum of Mahomes brand, led by the renowned Kansas City Chiefs star Patrick Mahomes, will release 15,000 digital collectibles. Decrypt ??

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Metaverse startup Futureverse raises $54M Series A from 10T holdings, Ripple Labs. The company's objective involves integrating AI and blockchain technologies to create the foundational framework for users to engage with the Metaverse. Coindesk ?

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Museums and Galleries are embracing digital art, exploring AI. Web3 and NFTs are reshaping the art world, expanding access and engagement. The Art+Tech Summit at Christie's explored their impact on museums and galleries. AI also emerged as a topic, with experts seeing it as a tool to enhance, not threaten, the curatorial process. Decrypt ?

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Auction House of Gucci: Christie’s teams up with luxury brand on NFT collection. The "Future Frequencies: Explorations in Generative Art and Fashion" collection draws its inspiration from Gucci designs and showcases contributions by artists such as Claire Silver and Emily Xie. Coindesk ?

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Digital art platform Prohibition taps Arbitrum to democratize generative art. Prohibition, a product of VenturePunk, a Web3 innovation studio, empowers artists to produce generative art on the blockchain using the Art Blocks Engine. Coindesk ?

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AI opens doors for NFT artist Ellie Pritts at bitforms gallery in NYC. Ellie Pritts, a renowned NFT artist from Los Angeles, skillfully combines artificial intelligence and analog technology in her imaginative animations. Cointelegraph ?

Scalo Technologies leads $3.5m funding for Web3 mobile games publisher. Dubai's Scalo Technologies leads a $3.5 million investment for mobile game publisher Hexacore, known for web3 games with over 350 million downloads. The funding will expand Hexacore's team and support innovative hybrid monetization games with NFTs and in-app purchases. Khaleej Times ?

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Solana wants more Games—This simple tool could help developers. Solana Labs announces GameShift, a software tool for game developers on the Solana blockchain network, offering third-party crypto applications to add a blockchain layer to games. GameShift aims to provide a seamless "ownership layer" with NFT integration and various features, facilitating faster and more confident game building. Decrypt ?

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'Assassin's Creed' creator Ubisoft throws weight behind Cronos Blockchain. The Cronos blockchain validator welcomes the gaming giant as it further expands its presence in the blockchain space. Decrypt ?

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Xangle and Republic Crypto form strategic partnership to power Korean enterprises’ adoption of Web3. The partnership expands Xangle's services to include Republic Crypto's web3 execution expertise, enhancing opportunities for Korean businesses to thrive in the decentralized frontier. Yahoo Finance ?

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The Green Block News:?

Crypto Mining: Environmental concerns and the quest for sustainable solutions. Over the past few years, there has been a significant focus on cryptocurrency mining, which involves verifying transactions and incorporating them into the blockchain. This process has revolutionized the world of digital currencies, but concerns have arisen regarding its ecological consequences. Finance Magnates ?

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Lionel Messi's secret project is all about Blockchain-powered sustainability. Football legend Lionel Messi recently created intrigue among his millions of followers with a cryptic Instagram post. The post featured a video and a cryptic caption: "I have been working on something..." alongside the logo of PLANET. This unexpected action has drawn attention to PLANET, a blockchain-powered organization striving to revolutionize the future of sustainability and societal responsibility in the $100 billion green tech industry. Benzinga ?

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EU invests €3.6 billion of emissions trading revenues in innovative clean tech projects. The funding aims to support the environmental improvement of key sectors within the European economy, especially those posing challenges in their efforts to reduce carbon emissions. ESG News ?

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Blockchain Unicorn 5ire unveils a new approach towards sustainability Pratik Gauri, CEO - 5ire. The goal of 5ire is to incorporate a for-benefit paradigm onto the blockchain. The Sustainable Development Goals (SDGs) of the UN serve as the foundation of the for-benefit paradigm. Organizations including the World Economic Forum, Entrepreneur Magazine, Economic Times, Forbes, TED, and others have acknowledged 5ire for its influence. Outlook India ?

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Bitcoin mining is becoming more environmentally friendly. The increased adoption of hydro-cooling farms and utilization of associated petroleum gas is enhancing the sustainability of Bitcoin mining, thereby mitigating environmental concerns and criticisms. Cointelegraph ?

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Bitcoin's potential in combating climate change emergency. Nigel Green, the CEO and financial analyst of deVere Group financial advisory, suggests that Bitcoin could play a crucial role in tackling the climate change emergency by addressing the severe heatwaves observed in the northern hemisphere. Korea IT Times ?

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East metro counties test AI program to pull food from waste stream. Residents of Washington and Ramsey counties will be able to dispose of their table scraps alongside regular garbage, thanks to an innovative food waste recycling program. This initiative incorporates robots, artificial intelligence, and eco-friendly composting bags to effectively manage food waste. Statribune ?

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How automation and Artificial Intelligence are transforming E-Recycling. The e-recycling industry is experiencing rapid growth, as an increasing number of small- and mid-sized companies, including electronics repair shops and recyclers handling other commodities, are entering this specialized market. Simultaneously, established e-recycling firms are adapting to emerging requirements brought about by evolving standards and policies. Waste 360 ?

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Crypto asset ESG ranking, Ethereum tops - Bitcoin degrades due to massive energy use. As per CCData, a crypto asset data company's survey, institutional investors ranked Ethereum (ETH) as the leading crypto asset in the ESG category, which evaluates environmental, social, and governance factors. Following closely were Solana (SOL) and Cardano (ADA). Bitcoin News ??

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Foundry Digital steps up as whale sponsor for Mining Disrupt 2023, accelerating decentralized financial future. The foremost thinkers and innovators from the blockchain and digital mining sectors will gather at this yearly conference scheduled to take place in Miami from July 25 to July 27. Digital Journal ?

DIFX Dispatch

This Week's top stories:?

●?????Wednesday should bring the final rate increase from the Feds aggressive post-pandemic hiking cycle.

●?????The Core PCE Price Index will be released on Friday and as the primary indicator for inflation in the US, it should bring some activity to the markets.

●?????If inflation data comes out as expected or lower then the Dollar will continue its tumble and stocks will find even more upside momentum.

●?????The ECB is expected to hike rates this Thursday by 25 basis points.

●?????Bitcoin is consolidating around the $30,000 mark and does not seem to have the momentum to break into the new upper range above $32,000.

●?????Microsoft and Alphabet will release their earnings this week.

Economic Calendar

A Look at the Data:

US stock market from the start of 2022:

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●?????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 forecasted

●?????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

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●?????Early 2022, we saw stocks fall as the Fed began raising interest rates.

●?????After the 3rd consecutive 75 basis point rate hike the US stock market hit its lowest point.

●?????Since then there has been some gain back to Early 2022 levels.

●?????SVB caused a hiccup in prices but the Fed acted quickly to evade any cascading effects.

●?????With the hiking cycle nearing the end we could see a shift in the stock market.

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Final Rate Hike:

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●?????This week may be the final rate hike for the Fed and the chart shows how rates have moved since the Great Recession.

●?????If Jerome Powell goes down the dovish route with his speech and during the press conference, expect the Dollar to slide back to $100.

●?????Economists have mentioned that we may not see rates reach as lower as they have been for the past decade with almost 0% rates.

Bitcoin:

●?????Bitcoin is consolidating after a couple weeks of positive news with Ripples win and ETF applications under review.

●?????The lower support trend line is bullish and we expect it to be hit as the asset loads more long positions before a move into the $32,000 - $37,000 range.

●?????Once $32,295 is broken there is not much holding Bitcoin back in terms of technical resistance.

●?????RSI reading just below 50 which is neutral but edging to the oversold range.

●?????The asset is trading near a support level and we see it hitting $28,263 before price action begins a considerable bullish move.

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Gold Pushing for $2000:

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●?????Gold is lining up the move for $2000.

●?????We saw a retracement in price after bullish momentum and 2-month high toward the end of last week.

●?????Less hawkish policy and an end to rate hikes will undoubtedly bring bulls to the precious metal.

●?????Investors are entering long positions as sentiment shifts for Gold.

●?????RSI is building momentum to the upside.

●?????Fridays Core PCE Price Index will be the last signal for inflation and coming after Fed commentary on Wednesday, there will definitely be volatility if we see a surprise in the data.