18th December 2023

In the current cryptocurrency market, Bitcoin (BTC) has started the trading week slightly higher, trading above $41,000. Ethereum (ETH) also saw a modest increase, trading above $2,100.

Over the past 12 hours, there have been significant liquidations of token-tracked futures, totaling $103.5 million, with $95 million of these liquidations coming from long positions, indicating bets on higher prices. Out of the total liquidations, $33 million were related to Bitcoin positions, and $29 million of those were from long Bitcoin positions.

Despite recent events, such as the Ledger hack, the broader cryptocurrency market remains relatively stable. Factors like potential rate cuts and increasing interest in Bitcoin continue to support market sentiment.

Predictions for the end of 2024-2025 remain optimistic, especially when compared to previous, more bearish predictions. Some experts target a BTC price of $75,000 for "early 2024," and Bitwise predicts that Bitcoin will trade above $80,000. Furthermore, predictions suggest the approval of spot Bitcoin ETFs and significant revenue growth for Coinbase.

Gas fees are on the rise across various blockchain networks, including Ethereum and Avalanche, as a wave of new meme coins floods the market. Avalanche has generated $5 million in fees over the last 24 hours, while Ethereum, with its larger market capitalization, generated $13.52 million in fees. Other layer-1 chains like Arbitrum and Optimism have also experienced notable increases in gas fees in recent days.

One notable performer in the cryptocurrency space is the meme coin BONK, which has experienced a substantial surge in value. It has risen by 67% over the past seven days and an astonishing 441% over the last two weeks. This surge is partly attributed to its connection with the Solana blockchain, which has also seen a more than 20% gain since the start of December.

However, not all meme coins have fared as well. Dogecoin (DOGE), the 11th largest digital asset, has declined by over 3% in the past day and 8% over the week, currently trading at $0.094. Meanwhile, Shiba Inu (SHIB) experienced a 4% drop late in the week but remains up by over 17% over the past two weeks.

A notable exception to the relative stability of altcoins is Avalanche (AVAX), which has risen to become the 10th largest cryptocurrency by market capitalization. Institutional interest in AVAX increased after JP Morgan's blockchain Onyx used the Avalanche blockchain subnet in a proof-of-concept trial. AVAX is currently trading at $41.77, with solid gains in the last 30 days, up 78%.

Bitcoin itself has seen a nearly 4% decline over the past seven days, trading at $40,834. The initial excitement surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) seems to have subsided, contributing to the recent price correction.

In summary, the cryptocurrency market presents a mixed picture, with some tokens experiencing significant gains while others face fluctuations and corrections. Amidst ongoing developments and market dynamics, optimism remains for the long-term growth of cryptocurrencies.

In other news, Phoenix takes sustainable mining to new heights with $380M Whatsminer deal, UAE-based Seagrass, and the Hashgraph Association announce the launch of co-funded carbon credit web3 identity wallet and BEEAH-led consortium launches voluntary recycling credits initiative at COP28. The voluntary recycling credits (VRC) initiative, unveiled at COP28, spearheads a global push led by Roland Berger and Beeah Group. FIFA to drop limited NFTs offering access to 2026 World Cup final, Google Cloud to run validator on crypto gaming network XPLA, German asset manager DWS joins Galaxy to issue euro stablecoin and Worldcoin integrates with Shopify, Mercado Libre, Minecraft, Reddit, and Telegram. Saudi Aramco and Japan’s SBI holdings forge pathbreaking partnership in crypto and semiconductor sectors, Al Fardan exchange and Fuze unite for digital asset exploration and Blackrock revises spot bitcoin ETF to enable easier access for banks.

In The News: 

Al Fardan exchange and fuze unite for digital asset exploration. Al Fardan Exchange and Fuze unite to pioneer secure digital asset services, aligning with UAE regulations and envisioning innovative financial solutions for the region. Unlock blockchain 

Dubai regulator grants crypto license to Bahrain’s CoinMENA. The license grants CoinMENA the authority to enable both retail and institutional clients in the United Arab Emirates to make deposits and withdrawals in UAE dirhams. Cointelegraph 

Saudi Aramco and Japan’s SBI holdings forge pathbreaking partnerships in Crypto and semiconductor sectors. SBI Holdings and Saudi Aramco join forces in a strategic alliance, fostering crypto exploration and semiconductor initiatives. Unlock blockchain 

CoinW Redefines Crypto Presence in MENA. CoinW's strategic expansion into the MENA region highlights the compelling allure of the UAE's regulatory landscape focused on compliance. This has spurred a migration of companies seeking to flourish within a framework that encourages innovation while ensuring adherence to regulations. Unlock Blockchain 

Bit Origin secures $6.74 million for new Bitcoin mining facility in Wyoming. Bit Origins secures $24.74 million for a new eco-friendly bitcoin mining facility, anticipating a post-halving revenue surge amidst industry-wide investments and market uncertainty. Bitcoin news 

Crypto fund worth $500M eyes Animoca Brands and Chainalysis: report. The C1 secondaries fund strategically aims to invest substantial sums in leading crypto firms like Animoca Brands and Chainalysis. Cointelegraph 

Google prepares for potential bitcoin etfs by easing crypto ad rules. Google adjusts ad policies, allowing promotion of cryptocurrency coin trusts, signaling preparation for potential spot bitcoin ETF approval. Decrypt 

Oursky raises $9.5 million to add an API to open-source astronomy. Oursky introduces an AI-powered telescope network, backed by $10 million in funding, aiming to revolutionize stargazing through collaboration and citizen science.  Decrypt 

UK asset manager M&G invests $20M in bitcoin derivatives exchange. Uk's M&G invests $20 million in GFO-X, marking a pivotal move towards a regulated bitcoin derivatives exchange. Cointelegraph 

Blackrock revises spot bitcoin ETF to enable easier access for banks. Blackrock's revamped bitcoin ETF proposal aims to facilitate bank participation, allowing new shares with cash, not just crypto. Cointelegraph 

World’s first Bitcoin bonds receive regulatory approval in El Salvador. El Salvador's upcoming "Volcano bonds," tied to Bitcoin, received regulatory approval for issuance in early 2024, aiming to raise $1 billion for a renewable energy-focused initiative. Coindesk 

Starkware distributing $3.5M fees to developers in 'Devonomics' program. StarkWare's "Devonomics" program allocates $3.5 million in network fees to support developers. Coindesk 

Worldcoin integrates with Shopify, Mercado Libre, Minecraft, Reddit and Telegram. Worldcoin launched an updated edition of its World ID functionality, incorporating it into various applications. Cointelegraph 

German asset manager DWS joins Galaxy to issue euro stablecoin. DWS Group collaborates with Galaxy Digital and Flow Traders to launch AllUnity. Cointelegraph 

a16z and Founders Fund leads $13.5 million round for crypto onboarding startup Dynamic Labs. In a Wednesday blog post, Arianna Simpson, a general partner at a16z, expressed that Dynamic's technology is essential for companies aiming to streamline Web3 onboarding, highlighting the team's dedicated efforts to address the ongoing challenge of achieving smoother onboarding and authentication processes. Yahoo Finance 

Arte news: 

Footwear market revenue to reach USD 1.09 trillion by 2031 | Transparency Market Research, inc. The footwear industry, set to reach $1.09 trillion by 2031, merges AI and metaverse tech, driving immersive digital experiences while emphasizing sustainability and customization. Yahoo finance 

Blockchain gaming market in North America is projected to reach $600B by 2030 — report. Fortune Business Insights forecasts a monumental leap in the blockchain gaming market to $614 billion by 2030, driven by role-playing games and North America's dominant contribution. Cointelegraph 

Line messenger’s NFT arm raises $140M for web3 services. Line Next gathers $140 million in funding to launch DOSI, a global NFT marketplace integrating AI-driven characters and Web3 games. Cointelegraph 

MPL acquires NFT marketplace Good Game Exchange for $12.75 million. MPL's $12.75 million acquisition of NFT marketplace GGX, transacted via Series E preference shares, furthers its goal to enable digital card trading. G2G news 

Immutable expands web3 gaming payment options with Transak integration. Immutable deploys Transak’s functionality into its Zkevm gaming development infrastructure, powering in-game cryptocurrency and fiat payment methods. Cointelegraph 

Dynamic Labs Secures $13.5 Million for Web3 Wallet Innovation. Dynamic Labs secures $13.5 million funding led by a16z crypto to revolutionize web3 with user-friendly non-custodial wallets and SDK v1 launch. Yahoo Finance 

Pudgy penguins reveal 'pudgy world' NFT game rollout plans. Pudgy Penguins announces the upcoming launch of Pudgy World, a 3D game intertwining NFT ownership and physical toy interaction. Decrypt 

Decrypt Media Inc. and Rug Radio merge to create global web3 publishing company. Decrypt media inc. and rug radio merge to form [REDACTED], promising a groundbreaking decentralized media future. Decrypt 

Google Cloud to run validator on crypto gaming network XPLA. Google gears up to embrace crypto-related ads, adjusting its policies to permit the promotion of "cryptocurrency coin trusts."  Decrypt 

Nigerian web3 startup wicrypt gets grant from Microsoft to develop its infrastructure network. Wicrypt receives a $150,000 grant from Microsoft to advance its decentralized physical infrastructure network (Depin), aiming for global scalability and cost efficiency. Bitcoin.Com 

Animoca Brands Japan and Apas Port unveil new Cryptoys universe to Japanese collectors. Onchain Studio, Animoca Brands Japan, and Apas Port unite to introduce Cryptoys digital toys to Japan, aiming to create an expansive entertainment world for collectors. Blockchain gamer 

FIFA to drop limited NFTs offering access to 2026 World Cup final. Fifa's latest NFT drop unveils 100 ultra-rare tokens on the polygon blockchain, granting lucky holders the chance to secure coveted tickets for the 2026 World Cup final. Milkroad 

Coinbase becomes latest DLT firm embracing UAE with Cefi smart contract platform. Coinbase launches Project Diamond, a smart contract platform for institutions, targeting Abu Dhabi's RegLab. The defiant 

Animoca brands and T&B media join forces to expand ecosystem capabilities in web3 space. Animoca Brands and T&B Media Global join forces to elevate NFT promotion, Web3 integration, and network capabilities. Proactive investors 

Sonorus and Linea Forge Strategic Partnership: The Future of Music on Blockchain. Sonorus and Linea join forces to fuse music and blockchain, revolutionizing Web3 with innovative TrendFi integration and promising enriched user experiences. Yahoo Finance 

The Green Block News: 

Adani Group to invest $100 billion in ESG over 10 years.   Adani Group commits $100 billion for a decade-long transition to renewable sources and hydrogen fuel cell tech. Financial express 

Thailand plans to raise 10 billion baht in one year through new ESG funds. Thai SEC launches 22 ESG-focused funds aiming for 10 billion baht investments. Thailand business news 

Abu Dhabi Chamber launches net zero transition program for SMES and the broader business sector. Ahmed Al Qubaisi expresses the Abu Dhabi Chamber's commitment to advancing national initiatives for achieving net-zero and facilitating increased access to green financing sources. Zawya 

BEEAH-led consortium launches voluntary recycling credits initiative at COP28. The voluntary recycling credits (VRC) initiative, unveiled at COP28, spearheads a global push led by Roland Berger and Beeah group. Khaleej times 

PR1MA proposes collaboration with Masdar to drive ESG, and clean energy agendas in its developments. PR1MA Corp Malaysia proposes a collaboration with Masdar to drive sustainable initiatives and clean energy integration for Malaysian communities. The Edge Malaysia 

UAE-based Seagrass and the Hashgraph Association announce the launch of a co-funded carbon credit web3 identity wallet.   The Hashgraph Association partners with Seagrass, an E.ON subsidiary, to fund the Seagrass Wallet, a pioneering Web3 identity wallet driving transparency in carbon markets. Zawya 

The AYA platform of Enjinstarter was granted a virtual asset service provider license by Dubai’s virtual assets regulatory authority. Enjinstarter's Dubai-based entity secures a VASP license, marking a pivotal step towards fostering climate innovation by connecting investors with eco-centric startups and actively participating at COP28. Yahoo Finance 

Phoenix takes sustainable mining to new heights with a $380M Whatsminer deal. Phoenix Group PLC clinched a record-breaking $380 million deal with Whatsminer, solidifying its dominance in the Middle East's tech sphere. Unlock blockchain 

Dubai investments highlight sustainable products and projects at COP28. Dubai Investments demonstrates its dedication to Environmental, Social, and Governance (ESG) principles by incorporating these values into its investment activities. The company seamlessly integrates ESG factors into its investment strategies, promoting synergy with sustainable and ethical business practices. Media office 

American Airlines recognised for ESG achievements. American Airlines secures a prestigious spot in the Dow Jones Sustainability World Index, celebrating its dedication to operational reliability. Business Travel News Europe 

Emirates Steel Arkan to utilize IBM ESG software. Emirates Steel Arkan joins forces with IBM and GBM at COP28, revolutionizing sustainability reporting via IBM Envizi ESG Suite. Trade Arabia 

SACE and Illimity Bank join forces to propel Italy’s eco-friendly business revolution. The Thai Securities and Exchange Commission launched 22 mutual funds, while Italy’s SACE and Illimity Bank collaborated to empower eco-friendly investments. Fintech Global 

Wuxi Biologics was named to the 2023 Dow Jones Sustainability World Index. WuXi Biologics secures a spot in the prestigious 2023 S&P Dow Jones Sustainability™ World Index and Emerging Markets Index, lauded for its top-tier sustainability practices. PR Newswire 

The Cigna Group was recognized as a corporate sustainability industry leader by Dow Jones sustainability indices for 7th consecutive year. DJSI sets benchmarks for corporate sustainability, including the Dow Jones Sustainability™ World Index (DJSI World) and Dow Jones Sustainability North America Index (DJSI North America). The Cigna Group achieved recognition on both lists. PR Newswire 

E& enterprise launches sustainability consultancy program at COP28. This initiative aims to promote corporate environmental and social responsibility. It offers free sustainability consultancy, including a GHG assessment, to the first eight qualifying organizations joining the program. Zawya