??China releases white paper for Web3 development - Sam Altman’s Worldcoin Raises $115 Million
Get an overview of crypto market liquidity from May 22nd, 2023 to May 29th, 2023.?As usual, we look at the liquidity and trading patterns of BTC and ETH last week, including bid-ask spreads and fragmentation index?and take it a step further with a detailed report on market anomalies.
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Weekly Insights Report:?
Beijing has published a whitepaper advocating for the growth of the web3 industry in China. The country intends to become a global digital economy hub, investing around $14 million annually until 2025 to further this ambition. This is a complete U-turn from the crypto ban policy in 2021 and comes at a time when Hong Kong is implementing new crypto rules and aggressively courting crypto companies to the city. Huobi and Gate.io are launching trading platforms and pursuing licensing with the SFC. Amber Group, OKX, BitMEX are also exploring opportunities.
US President Biden and House of Representatives Speaker McCarthy reached a deal last week to raise the US debt ceiling, averting economic disaster for the next two years. The agreement is yet to be passed before June 5 in Congress, where Republicans control the House and Democrats control the Senate, the crucial date when Treasury Secretary Yellen says the US will no longer be able to pay its bills. China and Japan are the most significant foreign holders of American debt, owning a combined $2 trillion in US Treasuries. A potential US debt default would be devastating to their economies as well.?
Worldcoin, OpenAI CEO Altman's crypto startup, raised $115 million in Series C funding led by Blockchain Capital, a16z, Bain Capital Crypto, and Distributed Global. The startup uses an "Orb" device to scan users' irises to verify unique identities. Critics have raised privacy and security concerns, but Worldcoin insists that the only data leaving the Orb is an iris code to validate uniqueness, and no personal data is sold.
Reuters issued the latest report in its series of investigating Binance practices last week. The report claims that the exchange routinely commingled customer funds with operating capital, violating US financial rules regarding the strict separation of customer funds from company revenue in 2020 and 2021. These practices occurred "almost daily," according to one of Reuters' three sources, at accounts Binance held at the since-collapsed crypto-friendly Silvergate bank, with the extent of the commingling allegedly reaching billions of dollars. Binance's Chief Strategy Officer later took to Twitter to refute Reuters' commingling claims, despite regulatory shortcomings and its lawsuit with the CFTC.
In other news, Circle launched its Euro Coin (EUROC) stablecoin on the Avalanche Network. DCG shuttered crypto institutional services subsidiary TradeBlock. Terra Founder Do Kwon is back in jail in Montenegro, less than two weeks after being granted bail and released to house arrest. Nvidia stock shot toward an elite $1 trillion valuation after putting a dollar figure on AI boost. Executives predicted that revenue would exceed the company's record by more than 30% in the current quarter. The audacious forecast arrived as tech companies look to jump on advances in artificial intelligence powered mainly by Nvidia's computing gear.
On a weekly basis, BTC is up by 5% and ETH is up by 6%.
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Weekly Anomalies Analysis:
On May 25th, around 1:25 – 1:26 AM, BTC-USD prices on Binance-US diverged by more than 25 bps from major CEXs.
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