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In the ever-evolving landscape of cryptocurrency and blockchain technology, fascinating developments continue to capture our attention.&nbsp; Recently, the crypto world witnessed a curious phenomenon as one billion XRP were moved, resulting in significant fluctuations in price. Meanwhile, the LNMesh paper has delved into groundbreaking possibilities by exploring methods to enable Bitcoin's Lightning Network even without traditional internet access.&nbsp; Finally we touch on what Disney enthusiasts and collectors are currently doing, with Cryptoys stepping into the spotlight with the launch of 'Mickey and Friends' NFTs, sparking discussions about the future of digital collectibles in comparison to Disney's traditional offerings.&nbsp; Come with us as we delve into the wonderful world of crypto and the exciting news stories that have shaped the last week.<h2>Market Highlights&nbsp;</h2><ul><li>Ripple moves one billion XRP, price goes down.</li><li>No need for the internet? LNMesh paper explores ways to enable Bitcoin Lightning Network without internet access.</li><li>Anything digital is better than what Disney is doing currently - Cryptoys launches 'Mickey and Friends' NFT.</li></ul> <h2>Ripple moves one billion XRP</h2>Ripple has once again made headlines with its latest move involving the release of a substantial amount of <a href="https://u.today/whopping-15-billion-xrp-moved-by-ripple-and-anon-wallets-as-september-begins" rel="noopener noreferrer" target="_blank">XRP from escrow. </a>Over the course of the past 24 hours, Ripple Labs orchestrated a series of notable transactions, collectively unlocking a staggering one billion XRP tokens. These transactions were divided into four sizable chunks, each comprising 400,000,000 XRP, 200,000,000 XRP, 100,000,000 XRP, and 300,000,000 XRP, respectively. At the time of these transfers, their cumulative value soared to an impressive $510,600,000. What's particularly intriguing about these actions is their alignment with Ripple's established monthly XRP release strategy, a practice that has been in effect since 2018. This strategic approach serves a dual purpose within Ripple's overarching goals. Firstly, it functions as a mechanism to promote the XRP token, raising awareness and visibility within the cryptocurrency community and beyond.&nbsp; Secondly, and perhaps even more significantly, it contributes to bolstering the liquidity of XRP within the broader market. This, in turn, can facilitate smoother and more efficient trading of XRP, benefiting both the cryptocurrency's users and its ecosystem as a whole.<h3>What does this mean for you?</h3>Meanwhile, an anonymous whale, previously responsible for moving a staggering 420 billion XRP in chunks earlier in the week, has once again initiated a similar transfer of XRP.&nbsp; These significant transactions, amounting to millions of XRP, have the potential to cause short-term market volatility, leading to price fluctuations. The mystery surrounding the anonymous wallet's activity fuels speculation and uncertainty within the XRP community.&nbsp; Observers are left pondering the intentions behind these transfers, which might reveal insights into the strategies of major XRP holders or whales. While these developments can be unsettling in the short run, XRP's long-term value remains influenced by its fundamentals, utility, and adoption potential, prompting holders to consider diversification and risk management as they navigate the cryptocurrency market's ever-changing dynamics.<img src="https://lh4.googleusercontent.com/LYnTbP75Z_eZUJxD0SKhEEUz9BWLqyLz-nBQC3R9pBD3CxpdmsPlcN3xi6-_TQbXk7EFpNMWzpkS4ao1Vai1v0g89FKc6lrgCCjoThZ__4enW_o22urHryEhLsQ2mK054vvC1ThE_Hf-k529VD9NtdM">Source: <a href="https://u.today/whopping-15-billion-xrp-moved-by-ripple-and-anon-wallets-as-september-begins" rel="noopener noreferrer" target="_blank">https://u.today/whopping-15-billion-xrp-moved-by-ripple-and-anon-wallets-as-september-begins</a>&nbsp;<h2>No need for the internet? - LNMesh paper explores ways to enable Bitcoin Lightning Network without internet access.</h2><a href="https://decrypt.co/154499/no-internet-you-could-still-use-bitcoin-on-the-lightning-network" rel="noopener noreferrer" target="_blank">With the rapid increase in modern technology development and communications, some of the original accessibility features have been lost to progress.</a> Maybe too much evolution is a bad thing, let's just keep it simple! Well, that's the idea behind a Florida-based startup looking to find ways of enabling Bitcoin (BTC) Lightning Network transactions without internet access. Built on the back of local "mesh networks", LNMesh is looking to facilitate offline Bitcoin payments. So why the need then? Well, mesh networks are decentralised, independent networks where devices connect directly via Bluetooth and Wi-Fi, creating a local network without relying on the internet. While it may not be very often these days that you are without internet access, the aim here is to focus on areas where this is more common.&nbsp; The paper, for example, lays out scenarios like a post-natural disaster or remote areas with unreliable connectivity where internet outages or poor infrastructure altogether are common.<img src="https://lh6.googleusercontent.com/2S0z0tp53MFoRuE3Im9rC_Lpd5F8zQltoliOjtxmRntdWg438lB225vQSi0jn5IL3jJCCobD_YUcjRlreB_0tB95Y-mZh0X6MKguqVHVFf8bcJmaC8fPI9ULPLxrCjgL6bYZJDKv-1I_2ksy8JMYjnE">Source: <a href="https://decrypt.co/154499/no-internet-you-could-still-use-bitcoin-on-the-lightning-network" rel="noopener noreferrer" target="_blank">https://decrypt.co/154499/no-internet-you-could-still-use-bitcoin-on-the-lightning-network</a>&nbsp;<h3>What does this mean for you?</h3>It's certainly a promising take on creating a local Lightning Network, one that is potentially faster and cheaper built on Bitcoin's blockchain. So far the team has explored the option of using Raspberry Pi computers (keeping within the affordability criteria) to showcase a smaller network built across a university campus. As the local Lightning Network doesn't require changes to the existing Lightning Network protocol or code, the set-up can be expedited. Of course, as this is only one study, there is still far more work to be done to make this a real-world applicable concept.&nbsp; However, as an open-source advocate, LNMesh's code and research findings are available for others to explore and build upon, so the potential to grow is evident. As more development on ensuring that transactions conducted offline are secure and new real world testing is completed, there is plenty of merit in increasing the accessibility of blockchain and crypto technology!<h2>Anything digital is better than what Disney is doing currently - Cryptoys launches 'Mickey and Friends' NFT</h2> <a href="https://insidethemagic.net/2023/08/disney-mickey-mouse-nft-nk1/#:~:text=Disney's%20Mickey%20Mouse%20NFT,%E2%80%9CMickey%20and%20Friends%E2%80%9D%20collection." rel="noopener noreferrer" target="_blank">Are you collecting the Disney 100 cards? </a>Well if not, maybe this is more to your liking, as a new collection of Disney's most popular characters is set to launch from Cryptoys. The NFT-native digital toy company announced earlier this week that 15 limited-edition digital toys, complete with accessories will be launched under the 'Mickey and Friends' moniker.&nbsp; Cryptoys is no stranger to the NFT scene, closing a $23 million Series A round last year, having previously released collaborations with Mattel and even earlier Disney launches like its Star Wars-themed collectibles. Each digital toy in this collection will be priced at $39.99, maintaining the brand's accessibility to the wider market and each collectible will consist of a digitalized toy for play and collecting, issued as NFTs on the Flow blockchain. As with most NFT projects, the collectibles will have varying rarities (likely 5 levels as per previous Cryptoy's releases) and for those that complete the set, a very special Grail or Ultra Grail Sorcerer’s Apprentice Mickey will be the reward. <img src="https://lh3.googleusercontent.com/DyAEE7l6TJYWgsyC62f4EqUsgjTZeUMz6Wr4tTg3EFV2cVGqYgwr_m04lv4ErqcGBKGUscqlzo9oZLPFA3TidmCH7W8qFIg7bEB0eEX4TiWkOzUmF_VjPX2QwET9SVZ8w6WMXaeTDA3cXs7LA3z7v-c">Source: <a href="https://insidethemagic.net/2023/08/disney-mickey-mouse-nft-nk1/#:~:text=Disney's%20Mickey%20Mouse%20NFT,%E2%80%9CMickey%20and%20Friends%E2%80%9D%20collection" rel="noopener noreferrer" target="_blank">https://insidethemagic.net/2023/08/disney-mickey-mouse-nft-nk1/#:~:text=Disney's%20Mickey%20Mouse%20NFT,%E2%80%9CMickey%20and%20Friends%E2%80%9D%20collection</a><h3>What does this mean for you?</h3>What is promising to see is that once again large brands are continuing to push the boundaries on their branding and engagement exercises, looking to add modern concepts and technology to their customer experiences.&nbsp; Given some well-established brands like Disney have been struggling of late to really excite markets with their offerings, we'd like to see more exploration into new creative ways to bring revenue creation and brand equity. While we have still yet to see a massive market share increase within the NFT digital toy and collectible space, it appears that brands like Cryptoys are laying the groundwork for a lucrative industry (once consumers realise). Pairing with large brands of highly engaged customers that are advocates for both brand and offerings, is certainly the way forward.

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Weekly Market Update - WE 04/09/23

The cryptocurrency market, renowned for its volatility and innovation, has been undergoing a series of notable shifts that are reverberating across the investment landscape. From sudden token value declines to groundbreaking partnerships and regulatory challenges, the world of digital assets continues to evolve, presenting both opportunities and uncertainties for investors worldwide. In this article, we delve into three distinct scenarios from the last week that shed light on the multifaceted nature of the crypto realm and how these events resonate with those seeking to navigate the ever-changing landscape.<h2>Market Highlights&nbsp;</h2><ul><li>Pepe coin loses 20% in one week amid rug-pull concerns</li><li>A slice of paradise? - Ledn and Parallel join forces to help you own a piece of the real-estate pie within the Cayman Islands.</li><li>A sweeping change for bad - U.S. Treasury's proposed crypto tax laws met with swift backlash.</li></ul> <h2>PEPE loses 20% in one week amid rug-pull concerns</h2>Pepe Coin (PEPE) experienced a sharp decline in its value as it tumbled in the market, losing over <a href="https://decrypt.co/153744/pepe-plummets-team-transfers-million-dollars-exchanges" rel="noopener noreferrer" target="_blank">17% of its value overnight</a>. The drop was triggered by the movement of millions of dollars worth of PEPE tokens from the team's wallet to various exchanges. This significant transfer resulted in a $100 million decrease in the token's market capitalization, dropping from $444.4 million to a low of $344.7 million.&nbsp; The PEPE team's Ethereum wallet, which requires multiple signatures for transactions, transferred a substantial amount of PEPE tokens to five major exchanges. Additionally, the security parameters for the team's wallet were altered, reducing the number of required signatures for transactions from five out of eight to only two out of eight.<h3>What does this mean for you?</h3>For investors, the sudden and substantial movement of PEPE tokens from the team's wallet to exchanges raises significant concerns and triggers uncertainty in the market. Such large transfers can be interpreted in various ways, potentially indicating a lack of confidence from the team in the token's future prospects or even a potential exit strategy. The absence of clear communication from the official Pepe Coin Twitter account further exacerbates the situation, leaving investors in the dark about the motives behind the transfers and the token's future direction. The alteration of security parameters for the multi-sig wallet adds another layer of unease for investors. A reduction in the required number of signatures for transactions could potentially lead to more rapid and unchecked movement of funds, which might not align with investors' interests. This change in security protocol might indicate internal conflicts within the Pepe Coin team or a shift in the team's control over the token's financial operations. In the absence of official responses from the team to address these concerns, investors might interpret these actions as warning signs of instability and may choose to react by selling their holdings, contributing to the token's decline in market capitalization.<h2>A slice of paradise? - Ledn and Parallel join forces to help you own a piece of the real-estate pie within the Cayman Islands.</h2> <img src="https://lh5.googleusercontent.com/dntMWE7NctY0fz0G8YGotSQ3keVbHUXLe5m6FtDjja_Mb9jNQl3q0jHJxQrf_oDJPYOFJyq5Csp6b05x21ZHim_UaYneTCsjrzaO2Hx2m9owQtOTsnryeWhbfHwzINM2ghbpLj-UAZp05bgMP49AxPs">Source: <a href="https://cryptonews.com/news/crypto-lender-ledn-partners-with-parallel-to-offer-fiat-free-real-estate-purchases-in-cayman-islands.htm" rel="noopener noreferrer" target="_blank">https://cryptonews.com/news/crypto-lender-ledn-partners-with-parallel-to-offer-fiat-free-real-estate-purchases-in-cayman-islands.htm</a> Did you know there are over 100,000 businesses registered within the Cayman Islands and you can buy a 3-bedroom villa on the East End of Grand Cayman for about $ 5 million? Well if that sounds good and you are in the market for some Cayman Islands property, Cryptocurrency lender <a href="https://www.theblock.co/post/247251/ledn-parallel-crypto-native-cayman-islands-golden-visa" rel="noopener noreferrer" target="_blank">Ledn and crypto real estate broker Parallel </a>want to enable crypto investors to purchase Cayman Islands real estate using digital assets. That means you'd be able to invest in real estate without the need for conversion to fiat currency, all completely through cryptocurrency and blockchain technology! Before you do go and rush out to buy though, the partnership suggests currently that it will "allow substantial crypto holders" access to the real estate market while complying with regulations. So you may need to find out more about what the requirements are for meeting the needs of the program. That aside, however, Ledn's loans, utilising Bitcoin would act as collateral and allow investors to acquire real estate through Parallel's system.<h3>What does this mean for you?</h3>According to statistics, the Cayman Islands real estate has been hot property, with availability dropping 15% annually! So in a real estate market marked by increasing demand and decreasing availability, this partnership provides an attractive opportunity for crypto investors with substantial holdings to tap into a market with growth potential. While it's probably not something for everyone, this collaboration provides a novel way for crypto investors to invest in real estate and does show that the interest is very strong for the sector. Ledn has been around since 2018 and provides savings accounts and loans to clients in over 130 countries, so it's clearly doing something right! Moreover, Parallel Limited became the first-ever crypto real estate escrow provider in the Cayman Islands on September 1, 2022 and so is still fairly new. It has however already facilitated several cryptocurrency property purchases since, with property values ranging from $1 million to $12 million again highlighting the strength within the sector!<h2>A sweeping change for bad - U.S. Treasury's proposed crypto tax laws met with swift backlash.</h2> <img src="https://lh5.googleusercontent.com/In2aaDzCIuZhwGgtPXtRA104DVDnrPzTxASUqIlWVUkR_J18GUbjSwq0FIsREDceJIu3bgCthY_A8PgpdTqZ6iIwdbcTsVAKyjcQimACq_6b4b3XQrUAwKH8xYepwrX5-gzoW6ltH3_1IK21b3HVukQ">Source: https://cryptoslate.com/elizabeth-warren-pressures-treasury-irs-for-swift-action-on-50b-crypto-tax-loophole/They just don't get it...<a href="https://www.coindesk.com/policy/2023/08/25/sweeping-us-tax-proposal-met-with-boos-from-crypto-world/" rel="noopener noreferrer" target="_blank">The U.S. Treasury Department's new proposal </a>for taxing crypto gains faced swift backlash from the decentralised crypto community following its release this week. Concerns began to centre around the proposal's broad scope, potentially encompassing decentralised operations that are challenging to bring into compliance. Given the massive amount of difference across blockchain and crypto technology, a broad, sweeping approach makes little to no sense for those familiar with the industry. Multiple Decentralized finance (DeFi) advocates argued that the proposal's provisions could affect self-hosted wallets(where you the owner have complete control over the wallet), decentralized exchanges like Uniswap, and smart contracts with multi-signature security setups. Congressman Patrick McHenry expressed dissatisfaction with the proposal, emphasising the need for clarity and alignment with congressional intent. The crypto industry has until October 30 to voice objections, with public hearings scheduled for November 7 and 8.<h3>What does this mean for you?</h3>While it is still early days for the vast majority of crypto reform, regulation and tax laws, it is somewhat alarming that much of the conversation still revolves around this massive coverage, broad classifications that simply don't make sense for the majority of the industry. Despite most of the criticism, the proposal was praised for excluding crypto-mining. They operated from its scope, which shows at least some ability to separate various sectors. That does however raise the original argument of clarity around compliance and the need to advocate for a stronger voice from those within the industry. As with all reform, regulation and legal frameworks so far, this is an opportunity to provide insights that can lead to more effective and fair rules for future technology and so the groundwork must remain clear and focused! Have a great start to the week!

Weekly Market Update - WE 29/08/23

In the latest market developments, Bitcoin witnessed an unexpected plunge to $26,000 on August 19 marking its lowest point in two months. This sudden drop puzzled the cryptocurrency community, with analysts offering various theories to explain the phenomenon. Despite the tumultuous event, Bitcoin showed resilience, recovering slightly and gaining 1.2% within hours of the crash.&nbsp; Meanwhile, Shiba Inu tokens experienced a setback following issues with the Shibarium Network launch, emphasising the challenges in addressing uncertainties during project launches.&nbsp; On a different front, China's Sichuan Province shifted its focus from crypto mining to the metaverse industry, revealing a comprehensive plan to foster metaverse growth, indicative of China's evolving digital aspirations.<h2>Market Highlights&nbsp;</h2><ul><li>What caused Bitcoin to suddenly dump to USD 26,000 for the first time in two months</li><li>Someone throw me a BONE - Shiba Inu tokens sink after Shibarium Network Launch hiccup</li><li>Metaverse Shift - Sichuan Province moves focus from Crypto Mining to Metaverse Industry</li></ul> <img src="https://lh4.googleusercontent.com/1rZHEY_LsNB9EPvmwplktRYXkh0QJPHcZxFbZTj_sHX_KdOTuMejLVm_wP6aeVKVLQkH9Bj76qXOZilCsbmL6QFev84GJCH2R2wf4TX66K9C0RqHuVPBa5F41AUHE4B4m2SDYvf_RydkMmNULIXl6Hc">Source: <a href="https://www.scmp.com/news/china/science/article/3161611/elon-musk-denies-spacex-satellites-are-blocking-space-wake" rel="noopener noreferrer" target="_blank">https://www.scmp.com/news/china/science/article/3161611/elon-musk-denies-spacex-satellites-are-blocking-space-wake</a>&nbsp; On August 19th the price of Bitcoin experienced a sudden drop of over 8% within minutes, causing a similar decline in the broader cryptocurrency market. The crypto community was left puzzled by this abrupt move. Several theories have emerged regarding the cause of the drop, as <a href="https://cointelegraph.com/news/why-did-bitcoin-price-suddenly-drop-analysts-explain" rel="noopener noreferrer" target="_blank">discussed by crypto market analysts</a>:<ul><li>SpaceX's Bitcoin Sale: One theory suggests that the price drop might be linked to a report indicating that SpaceX had potentially sold a portion or all of its $373 million Bitcoin holdings.</li><li>Rise in Government Bond Yields: Another analyst pointed out that the rise in government bond yields could have led to decreased liquidity in the broader market, potentially affecting cryptocurrencies like Bitcoin.&nbsp;</li><li>Market Manipulation for Ethereum ETF Approval: It's proposed that a large fund may have intentionally sold Bitcoin to trigger a cascade of buying Ethereum, potentially influenced by news of the SEC's potential approval of an Ethereum Futures ETF.&nbsp;</li></ul> In the aftermath of the crash, more than $427 million worth of Bitcoin long positions were liquidated within four hours. Despite the decline, Bitcoin recovered slightly, gaining 1.2% within two hours of the crash. At the time of writing, Bitcoin was trading at $26,619. News that the SEC might approve an Ethereum Futures ETF could have provided some support to Bitcoin's price.<h3>What does this mean for you?</h3>Elon has historically been one of the most influential individuals when it comes to causing price volatility around Bitcoin and this time was no different. One of his companies potentially offloading Bitcoin is sure to put Bitcoin's price under pressure. A rise in attractiveness towards government bond yields is an indication of a risk-off market as large investors become content with 6-7% returns through bonds over a risky asset class like crypto. Not a reason for a sudden price drop but certainly places sell pressure mid-term on cryptocurrencies. Market manipulation is a likely contributing factor in generating the sudden price drop. It all seems too coincidental that there would be an Ethereum ETF Approval that would be released momentarily after Bitcoin’s sudden plummeting. Perfect timing to scoop up Ethereum at a discounted price off the back of the news.<h2>Someone throw me a BONE - Shiba Inu tokens sink after Shibarium Network Launch hiccup</h2><img src="https://lh4.googleusercontent.com/LrCaUarC7nWTeWxaYSwQDioOeb8N4inXgpbEJsbX7HsysONjukod7EnqZeTJ8Ni7Xu5EhaDthXNE3Ql5Itb_CvycduyZfNPZNhIjkPOKcwaJm4prgCS1WZu13QeaAbDGAyovHVHzauO-Mtpuj_gZnpE">Source: <a href="https://insidebitcoins.com/news/shib-tokens-value-sinks-75-shiba-inu-slides-down-to-19th-spot" rel="noopener noreferrer" target="_blank">https://insidebitcoins.com/news/shib-tokens-value-sinks-75-shiba-inu-slides-down-to-19th-spot</a>&nbsp; It was a stop-start for much of Shiba Inu's block production on its layer-2 Shibarium network this week, following reports of bridging issues causing blockchain data to show transaction stalls for over five hours. This highly anticipated move by the ShibArmy saw users <a href="https://cryptonews.com/news/shiba-inu-price-prediction-as-shib-drops-75-after-shibarium-launch-whats-going-on.htm" rel="noopener noreferrer" target="_blank">transferring 954 ether (ETH) and $750,000 worth</a> of Shiba Inu's governance token, bone (BONE) to the contract, with the network forced to pause for almost two days. Following a day-and-a-half-day pause, the Shibarium network was restarted and network capabilities were returned, without too large of a restriction on users.&nbsp; <img src="https://lh6.googleusercontent.com/xOICa5j5LnZ4d7_KxyUjZU4948UPDThv5qP3ztQxTFJB4TEzdnPvnpQff7BLFr7xNTOrn6CKTz7N3-9AQbF1AW4Gbc4Qi7ZaiLJzFpOlvzDFkoHmoTfSDXDITVkUW_k5Iwnf7Y5YSZXyCLqCGSj_L6Y">Source: Trading View&nbsp; Reports stated that there was a problem with the bridge (a critical component of token transfers when moving across various networks) which left some investors cautious of potential security issues across the ecosystem. Shibarium developers, however, attributed the problem to a surge in transactions and reiterated that there were no security issues while awaiting the restart. As an extra measure of caution, the Shiba Inu project also triggered an insurance coverage contract worth approximately USD $ 2 million to address potential fund retrieval challenges that may have occurred during the pause.<h3>What does this mean for you?</h3>An unsuccessful launch is never a good thing for projects or their users, however, the bigger concern when this occurs is the response from projects that follows any uncertainty or issues. Of course, the Shibarium project would have preferred for the launch to go on without a hitch, the reality is however, these things happen and being able to address the concerns of users and fix any potential problems early is what matters most. Shiba Inu has successfully resumed block production on its layer-2 Shibarium network after a temporary halt, its developers communicated and even triggered necessary security and process measures to ensure minimum disruption. Regardless of the FUD that followed the initial pause, prices are rebounding following the Shibarium restart, even amidst a broader crypto market downturn. The token's overall value is down and they are not out of the woods yet, but there is much to be said about the work being done.<h2>Metaverse Shift - Sichuan Province moves focus from Crypto Mining to Metaverse Industry</h2>​​<img src="https://lh5.googleusercontent.com/eCndDA2cA_e-o4aMarWWXip3e0KwnSL8StbmTzCnDdA8Si5ktl7kx8skHnbWLZ5iftDTpcbXDQhwlHvlMxCeiX4G4rosN1jUHv_vdO1HBO7s60TsfZ3UICTEEuCzJBzWbo4Cpw7BBD_eRYAjbGfbjNA">Source: <a href="https://cryptonews.com/news/sichuan-province-of-china-targets-metaverse-industry-expansion-reach-344-billion-by-2025.htm" rel="noopener noreferrer" target="_blank">https://cryptonews.com/news/sichuan-province-of-china-targets-metaverse-industry-expansion-reach-344-billion-by-2025.htm</a>&nbsp; Move over miners, there's a new sheriff in town, the Metaverse! China's Sichuan province is now targeting the burgeoning metaverse industry after once being the second-largest crypto-mining province in all of China. As the Metaverse continues its path towards explosive growth, Sichuan's provincial government aims to push this growth to north of<a href="https://cryptonews.com/news/sichuan-province-of-china-targets-metaverse-industry-expansion-reach-344-billion-by-2025.htm" rel="noopener noreferrer" target="_blank"> 250 billion yuan (USD $34.4 billion) by 2025</a>. With an end date in sight, the provincial government has put forth a comprehensive draft action plan that would see the province fully integrate ventures dedicated to fostering Metaverse growth. The plan encompasses the creation of specialised industrial parks dedicated to metaverse investment and fostering at least 15 leading metaverse firms. Sichuan also prioritises enhancing privacy protection, internet security, and data integrity within the metaverse landscape. Interestingly enough, if you remember back to earlier in the year, we saw the Chinese government release a white paper that outlined its push to innovate and grow the Web 3.0 and digital sector.<h3>What does this mean for you?</h3>It seems that despite the ongoing cryptocurrency transaction ban, China's broader digital aspirations continue to expand. At the forefront of digital innovation and growth are the key pillars of Web 3.0 and the Metaverse, with provincial governments recognising the importance of setting early infrastructure and funding. This shift could certainly open doors for new investment avenues in the metaverse sector, as Sichuan's ambitious plan aims to nurture and expand this emerging industry. It comes as no surprise that with wider government support and plans in place, China will continue to evolve the digital sector and push blockchain and Web 3.0 innovation to new heights. As with all government intervention, the key will be a balance between freedom and compliance, ensuring those involved in the growth of the industry are both allowed the ability to innovate, but also kept in check, to protect those that will benefit from the digital economy.

Weekly Market Update - WE 21/08/23

In the ever-evolving world of cryptocurrencies, this week's developments are sending ripples through the digital landscape, capturing the attention of investors and enthusiasts alike. From delayed ETF applications to sports-centric Web3 ventures and innovative blockchain solutions, the crypto realm continues to undergo transformations on multiple fronts. We saw another relatively flat week after BTC/USD showed a muted reaction to the week’s United States macroeconomic data prints, holding firm near $29,400 — a key battleground between bulls and bears. <h2>Market Highlights&nbsp;</h2><ul><li>Cathy Wood and Ark ETF Application pushed back!</li><li>Move over Messi vision, it's time for Barca Vision - FC Barcelona's Web3 is back.</li><li>Ethereum payments are too difficult Vis-à-Vis regular digital payments - Visa to work on making gas fees easier for the masses</li></ul><h2>Cathy Wood and Ark ETF Application pushed back!</h2>The Securities and Exchange Commission is taking its time to review the application for the Ark 21Shares bitcoin exchange-traded fund (ETF). <a href="https://www.cnbc.com/2023/08/11/sec-delays-decision-on-bitcoin-etf-from-cathie-woods-ark-invest.html" rel="noopener noreferrer" target="_blank">This review process</a> isn't just for Ark; the SEC is also looking at applications from big players like BlackRock and Fidelity Investments. The SEC has put out a call for public input on the Ark 21Shares Bitcoin ETF application, which is a standard step that adds a few more weeks to the decision-making process.&nbsp; They've got a total of 240 days to finalise a decision once they start reviewing an application. They're giving the public three weeks to share their thoughts on the proposal, followed by an extra five weeks to respond to those initial comments. The filing from Ark Investment Management and 21Shares explains that they believe their proposal lines up with the regulatory requirements and that concerns about market manipulation are balanced out by the benefits of investor protection. Now, Ark and 21Shares have been aiming for ETF approval since 2021. They gave it another shot earlier this year after a previous attempt didn't quite hit the mark with the SEC. The SEC has been cautious about approving bitcoin ETFs due to worries about market manipulation and making sure investors are well-protected. If an ETF does get the green light, it could open the door for more people to trade and hold bitcoin's value without actually owning the digital asset itself.<img src="https://lh3.googleusercontent.com/VIM1-S0h8Vnxj-LSSqr-qXJFj5qJQCy5udyO9Paz_nszBJRxULESooOfWCHJ50xo7lDgU2nR7ftZSBaL55IiIkKwKIr4geDgeHlXZyQ1wsS9GuRwAB7Fs7HffepuNeiTR0bwTsFlt-AX-aT0-CNV9Ek">Source: <a href="https://www.bloomberg.com/news/videos/2023-08-07/cathie-wood-on-bitcoin-etf-tesla-and-china-market-video" rel="noopener noreferrer" target="_blank">https://www.bloomberg.com/news/videos/2023-08-07/cathie-wood-on-bitcoin-etf-tesla-and-china-market-video</a>&nbsp;<h3>What does this mean for you?</h3>If these ETFs do get the thumbs up from the SEC, it could be a big deal for us retail investors. Why? Because it means we might have a simpler way to invest in Bitcoin's value without having to actually buy and store the digital asset. It's like having a slice of the investment pie without needing the whole pie! Cathie Wood, the head of Ark Invest, is optimistic about these approvals eventually happening. She thinks that it'll come down to how well these ETFs are marketed and explained to us regular folks. She believes that there will be a bunch of similar ETFs, so the difference might be in how they're presented to us.<h2>Move over Messi vision, it's time for Barca Vision - FC Barcelona's Web3 back project secures USD $132 million in funding.</h2><a href="https://cryptomode.com/fc-barcelonas-web3-expansion-an-in-depth-analysis-of-the-latest-investments/" rel="noopener noreferrer" target="_blank">The world game is a powerful force.&nbsp;</a> The Premier League was back in action this weekend, Messi continued to single-handedly push football in the USA and somewhere Fabrizio Romano is announcing the next biggest signing. Not to be left out of the loop, Spanish football giant FC Barcelona announced a substantial investment from Libero Football Finance AG and Nipa Capital B.V. of approximately USD $132 million to advance their Web3 project, Barça Vision. Now I know you're wondering what exactly is Barça Vision. Well, FC Barcelona has been hard at work designing and advancing an initiative to integrate digital content through Web3 and blockchain, including NFTs and the metaverse, or, Barça Vision! As part of its broader strategy to establish the digital Espai Barca.&nbsp; The aim is to bring together as many high-quality engagement tools as possible to create a modern innovation hub that connects both the physical revival of the sporting area and the digital world beyond.<h3>What does this mean for you?</h3>FC Barcelona has not been slow on the digitisation front and has advanced many blockchain and NFT initiatives over the last few years, proving that even some of the largest and most influential sporting clubs can adapt and grow in turn with supporting technology. FC Barcelona has been collaborating for some time now with the Chiliz blockchain with the creation of Ethereum-based FC Barcelona Fan Tokens (BAR) for its sports franchise and has even launched numerous NFT's to great success. The most powerful engagement tools are those that bring together culture, passion and sentimentality and sport is the shining example of this. Football brings together global cultures, historical rivalries and never-ending memories of glory days past and throws them all together for the over 3.5 billion fans worldwide. Imagine then the power of connecting the latest and greatest sports precincts, state-of-the-art stadiums and Web3-based blockchain experiences that power the football faithful!&nbsp;<h2><img src="https://lh3.googleusercontent.com/fRuyTieFOm-q4xuQtY02hjOx9P37KXe52C9BK6D3zsLwN39rohdI8YKpJUupKaZJZznUYueoqqMDdcsXSAmk8usHxlrGcLi6HUqTXr_IeVDXUvlFwZgMiK_RODfZaLRG3yMkKUDVZlJTDyaPQIg4rCw"></h2>Source: <a href="https://cryptomode.com/fc-barcelonas-web3-expansion-an-in-depth-analysis-of-the-latest-investments/" rel="noopener noreferrer" target="_blank">https://cryptomode.com/fc-barcelonas-web3-expansion-an-in-depth-analysis-of-the-latest-investments/</a>&nbsp;<h2>Ethereum payments are too difficult Vis-à-Vis regular digital payments - Visa to work on making gas fees easier for the masses</h2>There's nothing I love more than paying gas fees for <a href="https://www.coindesk.com/business/2023/08/11/visa-eyes-mass-adoption-of-crypto-by-testing-method-of-paying-on-chain-gas-fees-through-fiat/" rel="noopener noreferrer" target="_blank">Ethereum transactions</a>, said no one ever. Gas fees have always been a contentious point among crypto transactions, let alone trying to explain to someone who is new to crypto what they are and how they work. Visa is looking to help change this, well, at least the latter, by testing methods to allow users to pay gas fees through a Visa credit card! The often complex process for those just diving into the crypto world usually means deterrence and is a sticking point for many as they adapt to blockchain transactions. Visa envisions a smoother process however, suggesting that it shouldn't be that hard and that there is still plenty that can be done to help bring user-friendliness to a blockchain platform like Ethereum for the masses! By leveraging Ethereum’s ERC-4337, users are able to pay gas fees with any ERC-20 tokens (not just Ethereum), meaning developers like Visa can build wallets that make paying gas fees in any tokens and even fiat possible. Leveraging that technology, Visa looks to enable Visa card payments directly for gas fees, using the ERC-4337!<h3>What does this mean for you?</h3>As with any transformative technology, there will always be a learning curve and we've talked about this before, however, what we are seeing as blockchain and crypto technology advances, is a willingness to shake off the old "too-hard" comment and instead adopt a "we can change this for the better" attitude. It is these types of moves that will enhance the accessibility and user-friendliness of blockchain-based transactions. It makes sense that big brands like Visa are shifting their perspective as they see the benefit it brings not only their customers but themselves and we know businesses don't like to miss out on revolutionary change to the bottom line! Bridging the gap between the complexities of blockchain and the simplicity of fiat-based payments that Visa networks offer only solidifies their position within the payments space.&nbsp;

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