Fuzenomics Weekly #8

Your route to web3 alpha in the MENA region. Whether you’re a seasoned HODLer or just getting into crypto - we’ve got something for everyone to keep you ahead of the curve. By the community, for the community - Fuzenomics Weekly.

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Birds Eye View (vs Last 7 Days)

?? Overall Crypto Market Cap: $2.63 Trillion (+3.1%)

?? BTC Dominance: 53.17% (+0.77 PPT)

?? Price Snapshot:

?? Bitcoin: $70948 (+4.56%)

?? Ethereum: $3804 (+0.01%)

?? BNB: $697 (+16.5%)

?? Solana: $172 (+2.4%)

Bitcoin transaction value hits yearly high as $BTC hovers around $70K

The total estimated value of Bitcoin transactions on the blockchain exceeded $25 billion on May 28, marking the highest amount in USD terms in the past year. ??

Bitcoin's on-chain transaction value encompasses the overall estimated worth of transactions conducted on the blockchain. This key metric aids traders in analyzing Bitcoin trends and determining their trading positions. ?

According to data from Blockchain.com, individuals transferred approximately 367,000 BTC on the blockchain on May 28th. This represents the highest volume of BTC moved since June 13, 2022, when over 519,000 BTC were transferred.

During that time, Bitcoin's price was around $26,500, resulting in the total value of these transactions reaching nearly $14 billion.

Although the transaction value reached its peak for the year, the quantity of transactions maintained a steady level. Bitcoin transaction monitor YCharts reported a cumulative total of 596,790 Bitcoin transactions on May 28th.

The quantity of transactions seemed to be average when compared to those on May 26 and 29, which recorded more than 850,000 and 700,000 transactions respectively.

Aside from the transaction count, the trading volume of Bitcoin also did not exhibit any unusual patterns. On May 28, Blockchain.com reported a trading volume of $200 million for Bitcoin transactions on cryptocurrency exchanges.

Meanwhile, in the midst of bullish sentiment in the market, and with BTC flirting with the $70,000 price mark, trading analyst Peter Brandt forecasted that $BTC could reach $130,000 by 2025. ??

Although this price point might seem like something of the distant future, $BTC hitting a price between $130K and $150K would actually be aligned with the trajectory of previous bull runs. ??

In previous cycles, BTC halving was almost in the middle of the bull run's beginning and peak - like for example in 2020 the bull run started about 16 months before the BTC halving and peaked/ended 18 months after it. ?

When do you think this cycle will end and at what price will $BTC peak? Let us know in the comments below!

Mastercard's Crypto Credentials P2P Project Goes Live to Simplify Transactions

Mastercard has recently introduced a pilot program called Crypto Credentials P2P, with the aim of simplifying cryptocurrency transactions and reducing errors for its customers. ??

The program involves collaboration with several exchange partners, including Bit2Me, Lirium, Mercado, and wallet provider FoxBit. Walter Pimenta, Mastercard's executive vice president for product and engineering in Latin America, expressed his thoughts on the initiative:

“As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks."

The credit company's system for crypto credentials assigns easily understandable names to people, and Mastercard verifies these names. This eliminates the need for users to send and verify the lengthy combination of numbers and letters that typically represent wallet addresses. ??

Furthermore, the crypto credentials program aims to reduce financial losses by screening transactions in advance. This prevents users from sending crypto assets that are not compatible with the recipient's address. This is an incredibly important feature that will ease out the entry of newcomers into crypto. ??

Cryptocurrencies and other digital assets have faced difficulties for a long time with their complicated user interfaces, posing technical obstacles that can be intimidating for new or inexperienced users.

The presence of intricate addresses, technical terminology, and the risk of irreversible financial loss resulting from sending assets to the wrong blockchain are sufficient deterrents to keep users who are familiar with Venmo, PayPal, and online banking apps away from the world of cryptocurrencies.

If you are a financial institution in the ???? looking to take your next step into the real crypto by launching a product/feature such as the above - look no further as you can benefit from Fuze's embedded digital asset capabilities to help you launch tomorrow's products today. Learn more about this by contacting us here or dropping us an e-mail at [email protected].

We're regulated by VARA, AML + Travel Rule compliant and are led by a team of some of the top cryptocurrency, finance and security experts from around the world.

Qatar ???? Central Bank launches the 1st Phase of its Central Bank Digital Currency (CBDC) Project

The Qatar Central Bank (QCB) has successfully developed the necessary framework for a digital currency project and initiated the initial stage of a trial run. The QCB aims to examine the settlement of significant financial transactions between major local and international banks. ?

Limited information has been made available regarding the project. According to the state news agency, the project will primarily concentrate on distributed ledger technology, artificial intelligence, improving liquidity, and facilitating securities transactions. The project is scheduled to continue until October 2024. ??

The QCB began studying CBDC technology in March 2022 and confirmed that it was launching a project in June of that year. According to a press report, QCB governor Sheikh Bandar bin Mohamed bin Saoud al-Thani said at the Qatar Economic Forum in May, "We are in the foundation stage and evaluating the pros and cons of issuing the CBDC."

The United Arab Emirates (UAE), along with China, Hong Kong, and Thailand, was among the original participants in the mBridge initiative. Utilizing mBridge, the UAE has successfully facilitated remittance payments to India and conducted wholesale transfers among the project members. Additionally, the UAE collaborated with Saudi Arabia on a CBDC proof-of-concept known as Project Aber, which concluded in 2020.

The QCB introduced a fintech sandbox right before revealing the CBDC project. Known as the Express Sandbox, this platform provides eligible participants with shorter testing periods, faster testing cycles, and a more efficient evaluation process. Although not explicitly mentioned in the official national development strategies, the CBDC project aligns with these strategies. ?

Which other countries could benefit by launching a CBDC and why? Let us know in the comments below!

Ripple CEO believes XRP, SOL and ADA ETF launches are just a 'matter of time'

The CEO of Ripple Brad Garlinghouse predicts that there will be an increase in the number of crypto exchange-traded funds (ETFs) in the future. This comes after the approval of spot bitcoin (BTC) ETFs and advancements in ETFs specifically designed to hold Ethereum's Ether (ETH). ??

"I think it's just a matter of time, and it's inevitable there's gonna be an XRP ETF, there's gonna be a Solana (SOL) ETF, there's gonna be a Cardano (ADA) ETF, and that's great" said Brad at the stage of Consensus 2024 in Austin.

Ether ETFs have experienced sudden and unforeseen advancements as the U.S. Securities and Exchange Commission has granted approval for key filings. However, final go-ahead is still awaited before trading can commence.

Cathie Wood, the CEO of ARK Invest, also mentioned during Consensus that the approval of these ether ETFs is attributed to the fact that cryptocurrencies have become a prominent topic during elections. ??

According to Garlinghouse, there will be an extensive regulatory approval process before these ETFs are given the ?? light. However, he believes that these obstacles will ultimately just be nothing more than speed bumps.

He also touched upon how it is important for regulatory clarity to improve in the US, and how Ripple has increased it's hiring in the US by 15% to support this mission. ?

Which cryptocurrency are you predicting to be the next one approved for an ETF in the US? Let us know in the comments below! ??

Deutsche Bank ???? and BitPanda join forces for real-time Crypto Payments

Thanks to a recent collaboration between Bitpanda and Deutsche Bank, German crypto traders can now enjoy the convenience of real-time inbound and outbound payments. This partnership not only enhances transaction efficiency and security but also provides robust liquidity for Bitpanda's user base in Germany. ??

By utilizing an API-based account solution, Bitpanda gains access to German International Bank Account Numbers (IBANs), which are globally recognized codes that facilitate safe international transfers. Leveraging this service, Bitpanda aims to optimize the efficiency and security of fund transfers. In addition, users in the region will benefit from having a German IBAN for deposits and withdrawals. ??

As a result of this collaboration, all fiat deposits and withdrawal requests from Bitpanda will be processed through Deutsche Bank, ensuring real-time settlements for a seamless user experience. ??

Over the past years, BitPanda has collaborated with many major financial institutions including Raiffeisen Bank International, N26 and LBBW to promote the adoption of cryptocurrencies. The CEO of BitPanda Lukas said:

“We have made a point over the last decade of focusing on trust, compliance, and security, and that’s what makes these leaps forward possible. You can’t buy trust or integrity; you have to earn it, and that’s what we’ve done.”?

Deutsche Bank is set to offer protection for accounts and payment solutions that will enhance value for Bitpanda, aiding in the optimization of their treasury operations and reconciliation processes. As a result, this is anticipated to bolster liquidity in Bitpanda's core markets. ??

The CEO also commented on the fact that crypto-bank partnerships eventually benefit the end-user the most:

“Our infrastructure enables these banks to offer their customers the full capabilities of a first-class crypto product. It is a sign of the maturity of players like Bitpanda that we can now add Deutsche Bank as a major international bank to the list of institutions that partner with us.”

If you are a financial institution in the ???? looking to take your next step into the real crypto by launching a product such as the above - look no further as you can benefit from Fuze's embedded digital asset capabilities to help you launch tomorrow's products today. Learn more about this by contacting us here or dropping us an e-mail at [email protected].

We're regulated by VARA, AML + Travel Rule compliant and are led by a team of some of the top cryptocurrency, finance and security experts from around the world.

NotCoin is up 300% this week - let's dive in to see why

According to data from TradingView, the price of Notcoin experienced a significant surge of over 323% in the previous week, ultimately reaching a record-breaking high of $0.02896 on June 2nd. ??

Fuzenomics Weekly #5 covered NotCoin in detail and it's impact on TON on May 15 - when the price was just $0.006. ??

Within a span less than 2 months, Notcoin, the game that offers earnings and incorporates its own token, has managed to amass an impressive user base of over 30 million individuals on the Telegram platform. ??

On the 16th of May, Notcoin became available for trading on the Bybit exchange. Since its listing, the value of NOT has skyrocketed by more than 200% within a period of two and a half weeks. ??

After the rally, Notcoin achieved a market capitalization of $2.3 billion, making it the 51st largest cryptocurrency according to by CoinMarketCap. ??

According to Justin Hyun, the director of investments at TON Foundation, Notcoin and other Telegram Mini Apps will serve as a "Trojan horse" for widespread blockchain adoption and have the potential to attract the next 500 million cryptocurrency users. ?

"Bringing 500 million people on-chain by 2028 — which is our goal — is going to require use cases that interact with the blockchain without the user knowing that in the front end.”

The surge in Notcoin's value to its highest level can be attributed to the increasing interest from retail investors through social media platforms. Within just two weeks of its launch, Notcoin quickly gained popularity and became the second most talked about cryptocurrency within a 12-hour period. ??

Notcoin has seen a significant increase in investor interest as well, evidenced by its ranking as the fifth-most traded cryptocurrency. On June 3, the trading volume for Notcoin surpassed $4 billion, surpassing USD Coin's (USDC) trading volume of $3.5 billion, according to CoinGecko. ??

In addition to the growing investor interest, there is also a growing social sentiment surrounding Notcoin. This has led to the influx of large investors, commonly referred to as "whales," into the Telegram ecosystem, particularly for Toncoin (TON).

Which other projects on the TON network are you looking out for? Let us know in the comments below!??

Hong Kong ???? officially bans all unlicensed crypto exchanges

Cryptocurrency exchanges in Hong Kong must stop their operations immediately if they have not applied for an operational license with the Securities and Futures Commission (SFC). ?

The regulators in Hong Kong have issued a clear warning to these exchanges, giving them the option to either apply for a license before February 29 or face closure within 3?? months. This ultimatum aims to reduce risks for investors in the cryptocurrency market.

During this period, more than 22 cryptocurrency exchanges applied for licenses to maintain their presence in the region. However, many of these exchanges ultimately decided to withdraw their applications just before the deadline.

Six cryptocurrency exchanges, including well-known entities such as OKX and Huobi HK, made the decision to withdraw from the Hong Kong market during the month of May.

Although most exchanges did not offer any explanations for this unexpected development, Gate.HK, a Hong Kong-based exchange, stated that it needed to undergo a significant restructuring of its trading platform in order to meet the regulatory requirements set by Hong Kong.

After the license was revoked, Gate.HK halted its efforts in acquiring new users and marketing. Existing users have been provided with a deadline of August 28th to withdraw their funds. ??

The Gate.HK trading platform will no longer be operational from May 28, all the previously tradable tokens, such as BTC, ETH, SOL, and MATIC will be delisted permanently. ??

By May 31, a total of 1??8?? cryptocurrency exchanges have submitted applications for an operational license in Hong Kong. The Securities and Futures Commission (SFC) has stated that the approved exchanges will be publicly announced by June 1. ?? Presently, only HashKey and OSL Exchange have obtained approval to operate as cryptocurrency exchanges in Hong Kong. ?

It should be noted that not all cryptocurrency exchanges may be granted a license. If the SFC decides against granting a license, these exchanges may be compelled to cease their operations in Hong Kong. ?

To mitigate the risks associated with trading cryptocurrencies, the SFC strongly advises investors to refer to the official list of approved exchanges. This will help ensure that they engage in trading activities with authorized and regulated platforms.

Which exchanges do you predict getting approved in Hong Kong by June 1? Let us know in the comments below! ??

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