4th September 2023

Join us from September 11th to 17th, 2023, as Zug and Zurich will be transformed into the heart of Crypto Valley, the epicenter of decentralized innovation. The Swiss WEB3FEST offers enlightening conversations and groundbreaking insights with a comprehensive program covering a wide range of Web3 topics. In addition to the convention in Switzerland, the event will also unfold in the metaverse. At its core, the ecosystems of Switzerland’s Crypto Valley and the Middle East’s Crypto Oasis are championing the next era of the Internet, known as Web3. https://lu.ma/cvcoecosystemfestival

During the past week in the cryptocurrency market, Bitcoin and Ethereum remained relatively stable, with Bitcoin starting the week at around $26,051, experiencing a brief surge due to a court ordering the SEC to review its denial of Grayscale's Bitcoin ETF proposal. Ethereum saw a minor 0.4% loss, trading at $1,646.

Most other top cryptocurrencies showed little change, except for Toncoin (TON), which surged by 22% to reach $1.75, and Bitcoin Cash (BCH), which rose by 8.6% to $206.87. Toncoin's increase was attributed to developments in the TON ecosystem, including the launch of a Web3 app store and a community-driven initiative.

Bitcoin Cash and Coinbase stock also saw gains following the news of the SEC's review of Grayscale's ETF proposal. However, these intraweek gains were erased when news broke that the SEC needed more time to decide on six Bitcoin ETF applications.

Overall, it was a slow week for significant news in the global crypto adoption landscape. The most notable event was the court-ordered review of the SEC's denial of Grayscale's ETF application, which briefly boosted prices. However, the week ended with the SEC delaying decisions on multiple Bitcoin spot market ETF applications, including one from BlackRock.

In addition to market developments, on Twitter, there was attention on the high rate of redemptions for Circle's stablecoin, USD Coin (USDC), which saw its market cap drop significantly. SEC Commissioner Hester Peirce once again voiced her disagreement with the SEC's decisions related to cryptocurrency regulations.

In summary, the week in crypto was characterized by relatively stable prices for major cryptocurrencies, a brief rally due to the SEC's review of Grayscale's ETF proposal, and ongoing regulatory discussions and delays, with some concern expressed about the stability of USD Coin.

In other news, $30 Million in BTC moved from dormant wallets after a 6-year slumber, Africa-focused remittances fintech Lemfi raises $33 Million in series A funding round, and HashKey, OSL, first exchanges to offer retail crypto services in Hong Kong. Circle gains Latin American foothold as MercadoPago, Airline giant Lufthansa launches NFT loyalty program on Polygon, and UAE’s Phoenix Group links up with Green Data City to start a $300m crypto farm in Oman. 

In the News: 

Grayscale wins SEC lawsuit for Bitcoin ETF review. The appeals court said the SEC’s decision to reject the Grayscale Bitcoin ETF application was “arbitrary and capricious” in its ruling. Cointelegraph 

Bitcoin ETFs have 75% chance of approval this year: Bloomberg analysts. Bloomberg ETF analysts raised their odds for a spot Bitcoin ETF approval after the recent Grayscale victory against the Securities and Exchange Commission. Cointelegraph 

Awakening of a Bitcoin giant: $30 Million in BTC moved from dormant wallets after 6-year slumber. In 2023, multiple dormant bitcoin transactions caught the public’s attention and made headlines. Bitcoin News 

SEBA Hong Kong awarded approval-in-principle. SEBA (Hong Kong) Limited (SEBA Hong Kong) is set to become the first licensed corporation in Hong Kong with crypto capabilities backed by a Swiss crypto bank. SEBA Bank 

DYdX to unlock 6.52M tokens worth $14M for community treasury, rewards. Out of the lot, 2.49 million DYDX tokens — worth $5.36 million — will be allocated to the community treasury, which funds contributor grants, community initiatives and liquidity mining, among other programs. Cointelegraph 

Africa-focused remittances fintech Lemfi raises $33 Million in series A funding round. America’s military leaders are racing to deploy thousands of autonomous weapons and an AI-powered air monitoring system for Washington D.C. Bitcoin News 

Google Cloud to digitize El Salvador’s governance, healthcare and education. Google Cloud and the government of El Salvador have entered into a seven-year partnership to digitize the country’s infrastructure in various sectors. Cointelegraph 

HashKey, OSL, first exchanges to offer retail crypto services in Hong Kong. HashKey and OSL now serve retail cryptocurrency users in Hong Kong after receiving license uplifts from local regulators. Cointelegraph 

Iris Energy buys 248 Nvidia GPUs worth $10M for generative AI and Bitcoin mining. Iris Energy has invested $10 million in the latest generation of Nvidia GPUs to explore generative AI while it continues to focus on Bitcoin mining. Cointelegraph 

Indian PM Modi calls for global cryptocurrency framework at G20 summit. India has advocated for a global crypto framework for years, however, back home, the crypto ecosystem is still looking for a clear regulatory framework and simpler taxation. Cointelegraph 

Vertex AI by Google introduces invisible watermark. The ability to mark AI-generated images is Google's latest enhancement for privacy and security. Decrypt 

Circle gains Latin American foothold as MercadoPago adds USD. "Chile is our first flag thanks to its vibrant technological ecosystem,” Dante Disparte, Circle chief strategy officer and global policy head told Decrypt. Decrypt 

The Pentagon is accelerating AI and Autonomous Technology. America’s military leaders are racing to deploy thousands of autonomous weapons and an AI-powered air monitoring system for Washington D.C. Decrypt 

Stroom raises $3.5M to bring liquid staking to Bitcoin Lightning Network. Bringing liquid staking to Bitcoin will help solve Lightning Network’s liquidity challenges, argues the team behind the Stroom Network. Decrypt 

Researchers explore the promise and peril of using AI to fight cancer. One research study used generative AI to design a potent cancer treatment, while another found the technology gave dangerous advice. Decrypt 

Arte News: 

The world's "web3 hub" UAE and the Emirate of Ras Al Khaimah are participating. Opening of the first specialized free zone. Yahoo Finance Japan 

Atari founder, Animoca sees Web3 games as vital for virtual ownership and education. Nolan Bushnell, Atari's founder and Pong's inventor, expressed optimism about Web3 games' potential for virtual world ownership. Bushnell praised Web3 for transferring ownership to the digital realm. Cointelegraph 

Airline giant Lufthansa launches NFT loyalty program on Polygon. Lufthansa's Uptrip loyalty program provides exclusive benefits to travelers who gather collections of trading cards based on NFTs. Decrypt 

Twitch chat Hivemind played World of Warcraft—and just maxed out a character. Former news anchor turned Twitch streamer, Alex Labat, has introduced a unique feature called "Twitch Plays World of Warcraft." Labat's chat room members can control their character in Blizzard's game using text commands. The chat recently achieved the max level of 70 for the character "Twitch Plays Jenkins," garnering increased viewership for Labat's channel. Decrypt 

Legends of the Mara Open beta launching in September. Yuga Labs, the creator of the Bored Ape Yacht Club, has revealed plans for an open beta test of its Legends of the Mara (LotM) game experience in September. LotM is a 2D strategy game connected to the Otherside metaverse. Decrypt 

This premium glow-in-the-dark game boy plays all the classics. Nintendo's Game Boy receives a modern upgrade with the unofficial Analogue Pocket—now sporting a spooky vibe. Decrypt 

Adidas creates residency for NFT artists with plans for physical collabs. Adidas, the renowned sportswear and lifestyle brand, is collaborating with artists to release NFT collections and various merchandise, commencing as part of Korea Blockchain Week. Decrypt 

IOTA’s Tangletech innovates betting with NFTs: New patent sets the stage. A recent patent discusses the incorporation of NFTs for wagering in conjunction with IOTA's Tangletech. The advancement involves an automated framework crafted to securely handle and protect the confidentiality of betting-related data inputs. These inputs facilitate bets among both familiar and unfamiliar users. This is accomplished by leveraging a distributed and decentralized database system. Crypto News Flash 

The rise of blockchain gaming in Asia has just begun | Opinion. In the years ahead, Asia holds immense promise to emerge as the primary catalyst for the global embrace of web3 games and blockchain technology. Crypto News 

‘Breakthrough growth’ will be driven by Web3: Hong Kong financial secretary. Hong Kong's financial secretary, Paul Chan Mo-po, emphasizes his backing for blockchain technology as a pivotal force in the digital tech sector's growth. He sees Web3 domains like NFTs, GameFi, and immersive entertainment as leading the way. Cointelegraph 

A Tinder-like approach to venturing into DeFi and Web3. This platform aims to make cryptocurrency accessible to everyone by simplifying the process of investing in DeFi and Web3. Cointelegraph 

The Green Block News: 

Bitcoin mining startup Raises $13 Million to Turn Trash Into BTC. Bitcoin mining assists in utilizing stranded energy that might not be readily vendible back to the grid, stated Nodal's co-founder, Matthew Jones. Decrypt 

JPMorgan executive explains why decarbonization is a ‘megatrend’ that business can’t ignore. Like digitization for the past few decades, decarbonization is a “megatrend” for the global financial markets, Rama Variankaval, the head of JPMorgan’s Center for Carbon Transition, told CNBC. CNBC 

UAE’s Phoenix Group links up with Green Data City to start $300m crypto farm in Oman. Green Data City and Phoenix Group join to build a $300 million crypto-mining farm in Oman. The National 

Sparklo drives sustainability by installing 1,000 AI-powered reverse vending machines in MENA. Through the utilization of the company's AI-powered Sparklomats, individuals in the MENA region earn points by recycling materials, which they can subsequently redeem for various rewards. Arabian Business 

How AI will affect sustainability and ESG integration. Japan's MUFG suggests that AI's rapid progress holds the potential to address global sustainable challenges, improve ESG integration, rectify rating flaws, enhance climate models, and foster social responsibility. The National 

New “Powerledger Blockchain” goes public – will facilitate global energy transactions and the development of decentralised apps. Powerledger launches the "Powerledger Chain" to revolutionize the energy sector through blockchain technology. Crypto Reporter 

AI powers the energy transition. AI drives energy efficiency, from consumption analysis to creating 'green scorecards. Innovation Origins 

Petronas and AIQ accelerate the energy transition with AI. Climate challenges call for smart solutions, & Petronas & AIQ are ensuring digital solutions are available industry wide says Omar Al Marzooqi, AIQ CEO. Energy Digital 

Strong signal from investors for Philippines firms to focus solely on growing renewable energy portfolio: IEEFA. Investors are now  more willing to bet on listed pure renewables players, as seen from the increase in the valuation of firms like Solar Philippines and ACEN Corporation, as compared to energy firms that still have gas in their portfolio. Eco-Business 

Genesis Digital Assets opened a renewable-powered Bitcoin mining facility in Sweden. Global energy leader GDA established a new green data center in Sweden for Bitcoin mining, reinforcing the trend toward sustainable practices in the industry. Cointelegraph 

DIFX Dispatch

This Week's top stories:

●      This week we have Non-Manufacturing PMI data coming out which will be a strong indication for growth in the US economy.

●      EU GDP data will be released this week and it should have an impact on the Euro.

●      Japanese GDP is one to look out for coming out towards the end of this week.

●      German CPI is a signal for the strength of the European economy as its largest contributor to growth.

Economic Calendar 

A Look at the Charts:

Bitcoin:

●      Bitcoin has been seemingly weaker than its average 2023 performance after the trend was broken to the downside.

●      We are seeing technicals become more bearish as the EMA’s on the daily are heading for a bearish cross.

●      RSI on the daily is below 50 signaling further weakness in momentum.

●      Traders can look for these 2 entries to go long:

○      $24,700

○      $23,200

Gold:

●      Gold is at the top of the range as it looks to reverse to the downside.

●      We can expect $1945 to hold as a resistance.

●      RSI is also at the top of its trend.

●      We are expecting bearish moves from here for the asset toward $1907 ot the 200-day EMA.

EUR/USD:

●      EUR/USD is at the bottom of the range which it has followed since the start of the year consistently.

●      Traders can look to go long near this area and hold tighter stop losses.

●      We can expect potential bullish price action from here until $1.095.

●      This week is not data heavy so we can expect the asset to follow the trend and not experience any shocks or volatile movements outside of the range.