26th June 2023

Welcome to This Week in Crypto by Crypto Oasis which also includes DIFX Dispatch. The previous week marked the beginning of a recovery in the markets, driven by a perceived cooling of U.S. inflation. The momentum continued this week as BlackRock, the world's largest asset manager, made headlines by filing an application with the SEC for a Bitcoin spot Exchange-Traded Fund (ETF). While numerous companies have applied for ETFs in the past, and many have been rejected, no Bitcoin spot ETF has been approved by the SEC so far, despite their approval by Canadian regulators.

The potential approval of a Bitcoin spot ETF is significant because it would provide investors with the opportunity to invest in Bitcoin while enjoying the protection offered by traditional investment vehicles. This news spurred other asset managers, such as WisdomTree, Invesco, and Valkyrie, who have previously applied for their own ETFs, to file fresh applications this week. Given BlackRock's impressive track record of getting ETFs approved by the SEC, they stand a good chance of success.

Bitcoin (BTC) and Ethereum (ETH) experienced notable surges this week. Bitcoin, the largest cryptocurrency, saw an 18% increase, reaching a current price of $30,687. Ethereum, the second-largest cryptocurrency, rallied by 12.7% and traded at $1,893 at the beginning of the weekend. Several other cryptocurrencies also witnessed double-digit percentage gains among the top thirty by market capitalization, with no major losses observed among the leading unbacked coins.

Bitcoin Cash (BCH), a fork of Bitcoin, saw an astonishing 80.5% surge over the past seven days, currently trading at $192.90.

Alongside the developments surrounding the SEC and asset managers, there were other notable stories indicating the ongoing adoption of cryptocurrencies worldwide. In the United Kingdom, a central bank digital currency (CBDC) trial project supported by the Bank of England published its findings, highlighting the potential of a centrally-issued digital currency pegged to the British pound. The project, known as Project Rosalind, emphasized the programmability of cryptocurrencies through smart contracts, enabling automatic payments and innovative online transactions.

In the British parliament, the House of Lords voted in favor of the Financial Services and Markets Bill, which proposes regulations for stablecoins, cryptocurrencies, and crypto promotion. The bill has already passed the House of Commons and awaits final approval through the Consideration of Amendments stage and the signature of the King.

Deutsche Bank, Germany's largest bank, applied for a license for a digital asset custody platform with the German finance regulator, BaFin. In a monetary policy hearing led by the House Financial Services Committee, Federal Reserve Chair Jerome Powell advocated for a robust federal role in crypto regulation, expressing confidence in Bitcoin's longevity and implying the same for stablecoins.

Furthermore, Ripple, the progenitor of XRP, received an in-principle payments license in Singapore. Ripple has faced regulatory challenges in the United States, with an ongoing lawsuit by the SEC. Like Coinbase, Ripple is expanding globally to mitigate regulatory risks.?

In other news Crypto Oasis Ventures, Roland Berger launch ‘The Green Block’ for Web3 sustainability, Ripple gets in-principle nod for digital asset services in Singapore, and Mastercard files trademark application for Blockchain and Cryptocurrency technologies. ‘Britcoin’ launch inches closer after Project Rosalind CBDC tests, DIFC unveils ambitious plan for AI and Web3.0 hub, targeting 500 tech businesses by 2028, Nike teases upcoming ‘Airphoria’ NFT sneaker hunt on Fortnite, Puma, Gutter Cat Gang, and LaMelo Ball team up to release NFT sneakers and Hong Kong’s Cyberport signed up 150 Web3 firms in the past year, says city’s financial secretary.?

In the News:?

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MUFG Explored Global Stablecoin Issuance as Japan’s Largest Lender. Mitsubishi UFJ Financial Group (MUFG) explored the possibility of issuing stablecoins through its Progmat blockchain platform, in accordance with Japan's stablecoin law. The discussions involved various entities and aimed to create stablecoins linked to foreign currencies. Unlock Blockchain ?

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Solana-Based Crypto lending platform Jet pivots to fixed-rate term lending. Founder James Moreau emphasizes that Jet's rates are entirely market-based, with the goal of attracting niche users such as DAOs and organizations with dormant treasuries, as well as traders engaged in maximal extractable value (MEV) strategies. Coindesk ?

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Crédit Agricole’s CACEIS gains Crypto custody registration in France. CACEIS, the asset servicing branch of Crédit Agricole and Santander, has been authorized by French regulators to offer crypto custody services. The registration with the Financial Markets Authority (AMF) makes CACEIS Bank the latest traditional finance firm to enter the crypto space. Coindesk ?

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‘Storage Proofs’ touted as alternative to hack-prone bridges in multichain world. New Blockchains face challenges with vulnerable bridges that expose users to attacks. Chainanalysis reveals that bridge attacks accounted for 69% of cryptocurrency theft in 2022, resulting in over $2 billion stolen. Ethereum's Starknet is adopting "storage proofs" to enhance security and enable seamless cross-chain asset transfers. Coindesk ?

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Deutsche Bank applies for Digital asset license in Germany as TradFi pushes further into Crypto. The bank aims to offer institutional-grade storage and a range of services including buying and selling digital assets, taxation, valuation, fund administration, and more. Deutsche Bank's asset management group has also been in talks to acquire stakes in crypto companies. Coindesk ?

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The latest Cardano node upgrade goes live on mainnet. Developers released an upgrade to enhance the Cardano Blockchain by reducing epoch transitions, ensuring smoother network operations. The upgrade, version 8.1.1, improves epoch calculations, expediting network processes during epoch changes. Additionally, it addresses issues with peer-to-peer network communications and the Cardano-based domain name system. Coindesk ?

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Ripple gets in-principle nod for digital asset services in Singapore. Ripple has received regulatory approval from Singapore's financial regulator, the Monetary Authority of Singapore (MAS), allowing the company to offer digital asset payments and token products in the country. The approval will enable Ripple's subsidiary, Ripple Markets Asia Pacific, to expand its On-Demand Liquidity (ODL) services. Cointelegraph ?

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Blackrock’s spot Bitcoin ETF renews optimism, sparks wave of new filings. Two investment firms, WisdomTree and Invesco, have filed new applications for spot Bitcoin exchange-traded funds (ETFs) following BlackRock's recent application. WisdomTree aims to list its "WisdomTree Bitcoin Trust" on the Cboe BZX Exchange, while Invesco has requested the listing of its "Invesco Galaxy Bitcoin ETF." Cointelegraph ?

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Ethereum scanner Etherscan adds OpenAI-based tool to analyze smart contract source code. Etherscan has introduced an AI-powered tool called Code Reader, developed by OpenAI, to help users interpret Ethereum smart contract source code. Users can request explanations and access "read" and "write" functions of smart contracts to make informed decisions. Coindesk ?

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China and Malaysia to research AI for Blockchain applications in trade. Malaysia's public Blockchain developer, Zetrix, and Universiti Malaya will collaborate with the China Academy of Information and Communications Technology (CAICT) to implement AI technology for trade transactions. The joint research aims to streamline cross-border trade processes, reducing inefficiencies and speeding up transactions. Bitcoin.com ?

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Binance to implement Lightning Network nodes for enhanced Bitcoin transactions. Cryptocurrency exchange Binance has started operating nodes on the Bitcoin Lightning Network, taking a step towards integrating it for deposits and withdrawals. While additional technical work is needed for full implementation, this move aims to address network congestion issues. Cointelegraph ?

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Mastercard files trademark applications for Blockchain and Cryptocurrency technologies. The company aims to simplify crypto transactions and enhance connectivity between virtual asset service providers. Unlock Blockchain ?

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First ever Canadian Bitcoin Conference wraps up in Toronto. The conference highlighted the growing adoption of Bitcoin in Canada and featured unconventional participants like Panties for Bitcoin. Coindesk?

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AI has a ‘symbiotic relationship’ with Blockchain: CEO, Animoca Brands. Artificial intelligence (AI) and blockchain are shaping the gaming industry, according to Robbie Yung, CEO of Animoca Brands. AI enhances productivity for art teams, while blockchain-based games allow for more interactive experiences. Yung believes crypto will become the native currency of AI, and welcomes regulations for clarity and investment. Cointelegraph ?

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‘Britcoin’ launch inches closer after Project Rosalind CBDC tests. The Bank of England (BoE) is closer to launching its CBDC, "Britcoin," after concluding the Project Rosalind trial study. The study developed 33 API functionalities and explored over 30 retail CBDC use cases, finding that a well-designed API layer could facilitate secure retail CBDC payments. Cointelegraph ?

Arte News:?

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DIFC unveils an ambitious plan for AI and Web3.0 hub, targeting 500 tech businesses by 2028. Through a substantial investment of $300 million and the creation of 3,000 jobs, the initiative aims to position the UAE as a prominent participant in the AI and Web 3 industry. Unlock Blockchain ?

Nike teases upcoming ‘Airphoria’ NFT sneaker hunt on Fortnite. Nike is teasing the release of sneaker nonfungible tokens (NFTs) in Fortnite, potentially promoting Web3 adoption among gamers. The upcoming sneaker hunt, called "Airphoria," may utilize Fortnite Creative 2.0. Cointelegraph ?

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Puma, Gutter Cat Gang and LaMelo Ball team up to release NFT sneakers. Gutter Cat Gang, a Web3 streetwear brand, joins forces with Puma and LaMelo Ball to introduce a digital sneaker collection in the form of NFTs. This collection, named "GutterMelo MB.03," is designed by Ball as part of his fashion collaboration with Puma and will be accessible on OpenSea starting June 29. Coindesk ?

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$95K CryptoPunk NFT Burned by Bitcoin Bandits, Revived as Ordinals Inscription. A CryptoPunk NFT, sold for $95,000, has been burned, permanently removing it from circulation. The burn was conducted by a community-led effort and symbolically tied to an Ordinals inscription on Bitcoin. This move is part of a growing trend called teleburning, shifting valuable NFTs from Ethereum to Bitcoin. Decrypt ?

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Gods Unchained hits Epic Games store ahead of mobile expansion. Digital card battler Gods Unchained is set to reach a wider audience as it debuts in the Epic Games Store. The move allows the NFT game to coexist with other popular games and provides players with a familiar interface. The game also has plans for new features, expansions, and mobile versions in the future. Decrypt ?

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Animoca Brands CEO Robby Yung: expect ‘Triple-A Console-Style’ Web3 games in 2024. Animoca Brands CEO Robby Yung predicts the rise of triple-A console-style games in the Web3 gaming space, such as Life Beyond, Devourers, and Phantom Galaxies. Yung believes these games will appeal to traditional gamers and could help onboard them to Web3 gaming. He also expresses optimism about the Metaverse and emphasizes the importance of Blockchain technology for content interoperability. Decrypt ?

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First animated film funded by a DAO brings Nouns NFT collection to life. Atrium, a network of Web3 artists, has released the pilot for "Nouns: A Movie," an animated film funded by a DAO. Led by former animators for Pixar, Netflix, and Marvel, the project has a $2.75 million budget. Coindesk ?

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NFT creation platform Zora launches creator-focused Layer 2. The network aims to make minting faster, cheaper, and more efficient. Zora's CEO mentioned that the network allows experimentation with economic mechanisms to subsidize fees. Coindesk ?

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Bored Ape creator's 'HV-MTL Forge' mech game revealed. Yuga Labs' Dookey Dash generated $110 million in NFT trades. The winning player sold their reward NFT for $1.63 million. Yuga Labs announced HV-MTL Forge, a workshop-building game, launching on June 29, connected to the Bored Ape Yacht Club's HV-MTL robot NFTs. Decrypt ?

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The University of Nicosia lets students become ‘Masters of the Metaverse’. The University of Nicosia (UNIC) in Cyprus is launching a Masters of Science program focused on design and management in the Metaverse. The interdisciplinary program will cover areas like architecture, finance, policy, and social science. It intends to equip students with skills to thrive in the evolving metaverse industry. Coindesk ?

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Teddy DAO Launches daily NFT auctions for charity. Web3 software company Lucky Friday introduces Teddy DAO, a perpetual NFT collection donating sales to charity. Partnering with JustGiving, Teddy DAO auctions teddy bear NFTs daily, allowing winners to donate proceeds to any of 400 supported charities. Coindesk ?

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Improbable opens up the tech behind the Bored Ape Metaverse. Improbable has opened up access to its creation suite, MSquared, for developers to build the Metaverse. The suite includes a network, tech stack, and Metaverse Markup Language (MML). Users are already experimenting with the tools, and Improbable plans to announce more partners. Decrypt ?

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Hong Kong’s Cyberport signed up 150 Web3 firms in past year, says city’s financial secretary. Hong Kong's Cyberport has attracted over 150 Web 3.0-related companies in the past year, according to Paul Chan, the city's financial secretary. The government-backed technology business park has set aside HK$50 million to support the development of Web3 and attract companies in this space. Forkast ?

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Czech automobile conglomerate ?koda Auto launches NFT platform. The platform offers low gas fees, interoperable NFTs, and eco-friendly, scalable NFTs. The debut NFT collection will be released soon, with benefits for holders including unique digital assets, potential value appreciation, and exclusive perks. Cointelegraph ?

?The Green Block:?

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Crypto Oasis Ventures, Roland Berger launch ‘The Green Block’ for Web3 sustainability. The Green Block, a pioneering initiative fostering ESG projects in Web3, was launched at BEEAH Group HQ in Sharjah, UAE. Led by Crypto Oasis Ventures and Roland Berger, it aims to create a sustainable future through Web3 and AI technologies. The initiative aligns with UAE's COP28 and UN SDGs, connecting stakeholders to develop impactful solutions. Gulf Business ?

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Blockchain in energy market growth factors, opportunities, ongoing trends and key players 2032. Blockchain technology enables regions to cut utility capital expenditures on clean energy generation, increase grid efficiency and dependability, and meet renewable energy targets. Thus, over the course of the projection period, its adoption is anticipated to rise. Digital Journal ?

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A new paradigm in energy: How Blockchain is driving decentralized power generation. This cutting-edge method of energy production and distribution has the ability to challenge established utility business models, empower customers, and tackle some of the most critical issues affecting the energy industry right now. Power Technology ?

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DeFi and the Environment: Understanding the Energy Impact of Decentralized Finance. A more sustainable DeFi ecosystem will likely be attained through the adoption of scaling solutions and the switch to more energy-efficient consensus methods. The sector must prioritize both financial innovation and environmental sustainability as DeFi develops and matures. City Life ?

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Grid-interactive efficient buildings: The perfect solution for a decentralized energy system. The development of grid-interactive efficient buildings (GEBs) was a promising solution for the evolving global energy landscape. These buildings optimized energy consumption, generated renewable energy, and interacted with the grid, reducing emissions and costs. Energy Portal ?

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European investment bank taps Blockchain for Climate awareness bond. The bond, denominated in Swedish krona, offers a fixed rate of 3.638% over two years. It will be registered on the Luxembourg Stock Exchange and displayed on the Luxembourg Green Exchange.? Cointelegraph ?

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The role of smart contracts in P2P energy trading on Blockchain platforms. The demand for a more effective and transparent energy trading system is growing as the globe continues its shift toward renewable energy sources. Blockchain and smart contracts-based decentralized energy markets have the ability to meet this requirement and completely change the way the energy sector operates today. Energy Portal ?

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CRDC Global leverages Blockchain tech for eco-transparency. CRDC Global has developed a concrete additive from a mixture of plastic waste materials using a unique method. All types of plastic are included in the solution, which transforms them into a valuable addition that strengthens the structural integrity of concrete structures. Sustainability Mag ?

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Tokenizing carbon credits presents a potential solution for the complexities faced in voluntary carbon markets. With a projected worth of over $50 billion by 2030, the need for transparency and credibility is vital. Blockchain technology offers opportunities for project verification, standardized issuance, and efficient token transfer. This could enhance transparency, attract more participants, improve credit access, and reduce costs. Medium ?

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GMEX ZERO13 and Zumo collaborate on new carbon credit offering for banks and corporates. By utilizing GMEX ZERO13's hub connectivity to digital carbon registries, trade execution venue capacity, and its decentralized asset settlement network, the integrated solution will try to make it possible for Zumo to source validated, high-quality, tokenized carbon credits. Through the acquisition and custody of tokenized carbon credits, with ease of trading, clearing, and settlement, the system will also offer clients a flexible and transparent means to account for their carbon impact. Digital Journal ?

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Klaytn Foundation drives the transition towards decentralized clean energy with Blockchain technology. An MOU was signed by the Klaytn Foundation, Crypto Workers DAO, and Prometheus Space Power to tackle global warming and hasten the switch to decentralized renewable energy sources. The three businesses will develop decentralized digital asset finance solutions for the supply and production of renewable energy using Klaytn's Blockchain technology. Tech Pope ?

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The Potential of Blockchain Technology in Renewable Energy Investment and Financing. The combination of blockchain technology and investments in renewable energy has the potential to hasten the transition to a low-carbon economy globally and assist nations in achieving their climate change mitigation goals. Energy Portal ?

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InterOpera launches carbon credit and renewable energy certificate exchange, OperaX. This is made possible by the Blockchain architecture, which adds an additional layer of trust to the existing framework of carbon credit registries by providing a verifiable and auditable trail of the carbon credit's complete history, from origin to offsetting. The compliance, transparency, and legitimacy of carbon credit transactions are all guaranteed by this strategic approach, which also promotes product innovation.Yahoo Finance ?

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DIFX DISPATCH

Top Stories This Week:

●?????Wall Street's main indexes experienced a slide this week due to concerns over higher interest rates following hawkish remarks from Federal Reserve officials.

●?????Initially, the S&P 500 and Nasdaq showed some gains following Fed Chair Jerome Powell's testimony, where he highlighted the Fed's cautious stance. However, the indexes were still poised for their worst weekly performance since the bank turmoil in March.

●?????Regardless of Powell's hint at two more rate hikes, money markets are currently pricing in only one more rate hike in July.

●?????U.S. business activity growth slowed in June, with services sector growth easing for the first time this year and manufacturing sector contraction deepening.

●?????There are concerns about the future economic outlook and recalibration of expectations is weighing on risk appetite, which is supporting the U.S. dollar.

Economic Calendar

A Look at the Charts

USD/JPY

●?????USD./JPY broke out the upper trend line as the Dollar saw bulls with hawkish sentiment from the Fed.

●?????The FX pair had followed the same trend since the start of the year trading slightly bullish.

●?????Now the pair has broken out to the upside with RSI pushing above 70.

●?????Price action is trading above the 50-EMA on the 4-hour chart which is a bullish indicator.

●?????The resistance level at $144.782 is the next target as dovish policy continues out of Japan and the Dollar strengthens even with only one more rate hike expected in July.

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EUR/USD

●?????EUR/USD has broken support on price action and is falling back toward $1.07.

●?????RSI?broke the trend to the downside and is now losing weakness pulling the price lower.

●?????The pair is now trading between the 50 & 200 EMA on the 4 hour chart as it entered consolidation at the end of last trading week.

●?????With the Dollar strengthening after comments from Fed officials and data reflecting diminished expectations in the US, we may see EUR/USD find some bearish moves at the start of this trading week.

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Dollar Index

●?????The Dollar Index is trending lower inside a descending triangle as the lows remain flat and with lower highs being set since the end of 2022.

●?????Investors were initially expecting a fall beneath $100 with the pivot from the Fed as inflation begins to slow down.

●?????However, due to?heightened expectations of a hard landing which may affect businesses in the US, we are now seeing investors take profits and the Dollar see some gains.

●?????Jerome Powell also alluded to the fact that we may see 2 more rate increases before the end of the year and this hawkish sentiment was mirrored by other Fed officials.

●?????That resulted in bullish sentiment for the Dollar.