7-Day Market Moves

After a gory week, BTC is back in the green, recording a 3.44% gain over the past week. The leading cryptocurrency tested resistance at $27,000, signalling a potential upward trend. ETH saw a modest gain of 0.86% to reach $1,734, while Solana emerged as the top performer in the top 10, boasting an impressive 4.95% gain for the week. Binance's native token, BNB, experienced a slight dip of 0.25% but managed to hold onto a weekly gain of 5.38%.

In other news, digital asset investment products witnessed a $5.1 million outflow, marking the ninth consecutive week of outflows. This data comes after BlackRock, the world's largest asset manager, filed for a Bitcoin ETF, potentially signalling a significant shift in crypto trader behaviour.

Meanwhile, U.S. interest rates have reached their highest levels since 2006, currently ranging between 5% and 5.25%. The Federal Reserve's upcoming meeting on rates, scheduled for July 26, has a 25.6% chance of rates remaining unchanged, while a 74.4% chance exists for a 25-basis-point rate hike, reflecting increased expectations compared to earlier this week

Better Days Ahead

Bitcoin (BTC) shows promising signs of a bullish trend as it forms a "Three White Soldiers" pattern on the price chart. This pattern, characterized by three consecutive bullish candlesticks, suggests a potential reversal from a downtrend to an uptrend. BTC has also successfully crossed above a significant downward trendline at $26,400, strengthening its bullish case.

Technical indicators such as the relative strength index (RSI) and moving average convergence divergence (MACD) support a positive outlook for Bitcoin's price. Traders and investors eagerly anticipate BTC's next target as it continues its upward trajectory.

Listings

Delistings

Poloniex delisted 16 tokens last week. Read more.

Ongoing IDO/IEO

Upcoming IDO/ICO

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Crypto Is Cool Again and Mastercard Makes a Comeback

TL: DR

• Mastercard renews crypto focus, files trademark for crypto software.
• Wants to facilitate seamless transactions and connect virtual asset service providers.
• Previous partnerships with crypto exchanges and expansion of crypto payment card program.

Mastercard, the renowned payment processor, has reignited its interest in the crypto space. This comes after a brief pause earlier this year due to market conditions and regulatory concerns. In a recent move, the company filed a trademark application for software related to cryptocurrency and blockchain transactions. The move also aims to establish connections between virtual asset service providers involved in crypto transactions.

If there were any doubt, this further confirms Mastercard's renewed focus on the crypto sector. In March, Mastercard collaborated with Bybit, one of the world's leading crypto exchanges, to release a debit card that allowed transitions between cryptocurrencies and traditional fiat currencies. Users could make purchases or withdraw cash from ATMs with ease.

Furthermore, in late April, Mastercard announced an expansion of its crypto payment card program, partnering with major crypto trading networks like Binance, Gemini, and Nexo. This collaboration enabled these companies to offer crypto payment cards across various countries. Last year, Mastercard also made significant trademark applications, indicating its interest in non-fungible tokens (NFTs), payment processing and e-commerce in the metaverse, and more. With its latest trademark filing and previous strategic moves, Mastercard is clearly making a determined pushback into the crypto space, signalling its intent to leverage the growing opportunities and potential in the cryptocurrency and blockchain industries.

In other news,

• Crypto payments firm Wyre shuts down due to ‘market conditions’. Read more.
• Crypto community raises $1M for ZachXBT in defamation lawsuit. Read more.
• Do Kwon receives 4-month jail sentence in Montenegro document forgery case. Read more.

Etherscan Launches AI Tool to Demystify Smart Contracts

TL: DR

• Etherscan introduces an AI tool to interpret smart contract source code.
• Users can request explanations for specific sections or the entire code.
• The tool helps understand "read" and "write" functions for informed decision-making.

The crypto space is totally cozying up to AI. Etherscan has unveiled an AI-powered tool designed to assist users in interpreting smart contract source code. The tool, developed using artificial intelligence technology from OpenAI, allows users to seek explanations for specific sections or the entire source code of a smart contract.

The integration of AI technology in the blockchain and crypto industry has gained momentum, driven by the success of OpenAI's ChatGPT chatbot. In response, companies within the sector are swiftly adopting AI tools to support traders and developers. For instance, Bybit, a prominent crypto exchange, recently integrated ChatGPT into its trading platform.

However, Etherscan emphasizes that their Code Reader tool is meant for informational purposes only. Users are encouraged to independently verify the tool's responses and not rely solely on them as evidence or for bug bounty submissions. To use the Code Reader, users need to connect to OpenAI's API and ensure they have sufficient usage limits. It's worth noting that the current version of the tool doesn't support threaded conversations with the chatbot and only allows one-off prompts for queries.

In other news,

• Twitter suspends AI bot linked to memecoin after Elon’s "Scam Crypto" allegation. Read more.

Binance’s UK Arm Bows Out

TL: DR

• Binance's UK subsidiary, Binance Markets Limited (BML), cancels registration with the FCA.
• BML is no longer allowed to engage in regulated activities in the UK.
• Deregistration does not affect Binance's operations and future plans.
• Binance intends to register with the FCA again in the future.

Binance Markets Limited (BML), the UK-based subsidiary of cryptocurrency exchange Binance, has voluntarily withdrawn its registration with the Financial Conduct Authority (FCA). The FCA confirmed that BML is now prohibited from conducting regulated activities in the UK. BML's cancellation request was completed on May 30, 2023, and the FCA's register reflects the change.

Binance's sub-regional manager for growth in the UK and Europe, Ilir Laro, stated that BML's deregistration does not impact the exchange's operations, as BML had never engaged in regulated business in the UK. BML was acquired by Binance Group in 2020 with plans to launch a regulated business, but those plans did not materialize. Binance expressed its intention to register with the FCA in the future to ensure regulatory compliance.

The move follows Binance's recent withdrawal from the Netherlands due to regulatory approval challenges and its application to deregister its local entity in Cyprus. The exchange is also reportedly facing an investigation in France regarding alleged money laundering. Additionally, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance for alleged violations of US securities laws. Despite these challenges, Binance remains determined to become regulated in the UK and reaffirms its commitment to regulatory adherence.

In other news,

• Binance.US avoids broad asset freeze. Read more.
• Crypto.com insists it's fine to trade on its own exchange. Read more.

Ethereum CryptoPunks NFT Burned and Reborn on Bitcoin Network

TL: DR

• Ethereum-based CryptoPunks NFT migrates to Bitcoin.
• CryptoPunk #8611 sold for 55 ETH ($95,000) and was reborn as a Bitcoin Ordinals inscription.

An Ethereum-based CryptoPunks NFT has been transitioned to the Bitcoin network. The CryptoPunk #8611 was sold for approximately 55 ETH ($95,000) before being burned and recreated as Ordinals inscription 12,456,749 on Bitcoin. This shift was made possible by the BRC-721E token standard and the collaborative efforts of the Bitcoin Bandits NFT collection community.

This move is a symbolic transition of valuable assets, showcasing the potential of the Ordinals inscription system. By "teleburning" the NFT, it permanently moved to the Bitcoin network, while losing the privileges associated with the original Ethereum collection. This intentional migration follows a similar accidental incident involving CryptoPunk #685, which was mistakenly sent to a burn address, resulting in a significant loss for the trader.

The growing interest in Bitcoin as a platform for NFTs is evident, with enthusiasts exploring the possibilities of true scarcity and security provided by the Ordinals inscription system. This shift represents a broader trend of the NFT community moving towards Bitcoin, highlighting the potential for unique fractional ownership and the preservation of valuable digital assets.

In other news,

• Nike and Fortnight Might Be Bringing You Some Virtual Kicks. Read more.

RBL Labs at Collision 2023

Next week, the highly anticipated Collision Conference 2023 kicks off in Toronto, bringing together the crème de la crème of the tech world. Among the attendees is RBL Labs, a pioneering Web 3 gaming studio known for their innovative Play2Earn NFT card game, LegendsofCrypto (LOCGame). Led by Founder and CEO Mik Mironov, the RBL Labs team is ready to network, forge strategic partnerships, and showcase the captivating LOCGame.

Described as the 'Olympics of tech,' Collision Conference is a massive gathering of tech enthusiasts. Taking place at the Enecare Centre in Toronto from June 26 to June 29, the event is expected to draw around 40,000 attendees and over 2,000 startups. As part of the Dutch Trade Delegation, RBL Labs aims to seize this golden opportunity to connect with influential industry players, investors, and visionaries.

Animoca Brands and Mitsui & Co In a Strategic Partnership

TL: DR

• Animoca Brands partners with Japanese conglomerate Mitsui & Co in a strategic web3 collaboration.
• Mitsui & Co invests an undisclosed sum in Animoca Brands to drive web3 adoption in Japan.
• The collaboration focuses on blockchain applications in wellness and decarbonization.

Hong Kong-based web3 startup Animoca Brands has announced a significant strategic partnership with Mitsui & Co, a Japanese conglomerate, which includes an undisclosed investment from Mitsui. The collaboration aligns with the Japanese government's push for web3 adoption as a national strategy.

The aim of the partnership is to create innovative business ventures that contribute to the advancement of web3 technology in the Japanese market. Animoca Brands intends to leverage Mitsui's extensive assets, spanning various industries and a vast network of partners and customers, to drive innovation and adoption. The collaboration will focus on exploring blockchain applications in wellness and decarbonization.

Mitsui & Co has already made investments in decarbonization and blockchain tokenization initiatives, such as a plastic recycling consortium in partnership with Mitsui Chemicals, IBM, and Nomura Research. Its subsidiary, Mitsui & Co Digital Assets, has also launched Alterna, a retail-focused platform enabling the sale of tokenized and fractionalized real estate to consumers.

This partnership follows a previous investment of $22.5 million in Animoca's Japanese subsidiary by MUFG, Japan's largest bank. The combined support from Mitsui & Co and MUFG highlights the growing recognition of Animoca Brands' potential and the significance of web3 technologies in Japan's business landscape.

In other news,

• Improbable shares the tech behind the Bored Ape metaverse. Read more.