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By 2035, the metaverse, according to Deloitte, could increase Asia's GDP by $1.4 trillion annually. The multinational financial services company stated that the metaverse market could be as large as $13 trillion by 2030. Hong Kong, India, Indonesia, Japan, mainland China, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam are among the 12 Asian economies that's poised to be part of this move.
Binance plans to contribute $1 billion to a suggested industry recovery fund, and its CEO announced plans for a fresh offer for the assets of the defunct Voyager crypto lending firm. The most important of these was Binance's proposed industry recovery fund, which aims to give money to potential enterprises in financial trouble. The concept was proposed by the exchange's founder after FTX's now-famous collapse.
One of the top cryptocurrency asset managers, Bitwise, has resubmitted its application to start an exchange-traded fund for Bitcoin futures. Its proposed fund would only make investments in Bitcoin futures contracts through a fully-owned subsidiary that is set up in accordance with Cayman Islands legislation. Due to how expensive and complicated the proposed device is, Bitwise withdrew the application in November of last year.
The creation of a national crypto exchange is being worked on by Russian legislators. According to reports, the Ministry of Finance and the Central Bank of Russia, which have a long history of conflict over the country's regulation of crypto, both support this initiative. The Duma, the lower house of the Russian government, has been in talks with market participants about changes to the country's current crypto legislation on digital financial assets.
The Bank of Japan is still testing a prospective Digital Yen despite Japan's uncertainties on whether to issue a central bank digital currency. According to an article by the regional news, the Japanese central bank has started working with three megabanks to execute a CBDC issuance trial. The pilot program aims to offer demonstration tests for the issuing of the Digital Yen, Japan's national digital currency, beginning in the spring of 2023.
To test validator staking withdrawals, which are presently not available on the network, Ethereum developers have made a developer network available. With a planned upgrade named Shanghai, Ethereum engineer claimed the devnet will assist Ethereum in becoming ready to open up validator staking withdrawals the next year. After Ethereum switched to proof-of-stake consensus, the lack of the feature sparked some concerns about centralization issues.
Although there was a bubble in crypto assets, Mike Novogratz, creator of Galaxy Digital, tells CNBC in an interview that it's a long-term investment opportunity because Bitcoin is not going away. He claims that while what occurred at FTX is an indictment of the company and other similarly handled businesses, it is not an indictment of crypto itself. Novogratz added that this is due to the 150M people who have chosen to store some of their net worth in crypto.
The creator of the cryptocurrency Cardano (ADA) has notified the public about the new resource section for Plutus DApp developers in response to Input Output Global's (IOG) announcement of the release of the first blockchain decentralization index in the history of the globe. According to IOG, the Cardano Docs website has gained a webpage where novice developers may learn everything there is to know about decentralized apps (DApps)
Subject of a Harvard University study reveals how central banks can utilize Bitcoin to protect against financial penalties from companies that issue fiat reserves. The potential of BTC as a substitute hedging asset for central banks to fend off potential sanctions was examined in a working paper published by Matthew Ferranti insisting that central banks should retain more BTC in addition to gold reserves when there is a chance of penalties.
DBS announced that it has joined global powerhouses Goldman Sachs (GS) and BNP Paribas as the first Asian bank to adopt JPMorgan's (JPM) blockchain-based fixed income trading network Onyx. Investors can lend assets for a few hours without leaving their balance sheets thanks to the Onyx Digital Assets network, which also helps banks to settle these transactions faster than in the past—within a matter of hours as compared to one or two business days.
Bitcoin's Open Interest has surged by $1.8 billion as its price broke the $27,000 mark, indicating a strong influx of investor interest. Open Interest tracks the total value of Bitcoin futures contracts open on derivative exchanges, with rising figures signifying increased market activity and potential volatility. The recent jump from $11.04 billion to $12.81 billion suggests heightened trading and leveraged positions. The future direction of Bitcoin's price remains uncertain, with the surge potentially fueled by shorts covering positions or longs hoping for further gains. The funding rate suggests a balanced mix of long and short positions.
Morgan Creek Capital founder Mark Yusko predicts a bright future for Bitcoin (BTC) as institutional capital worth hundreds of billions is expected to enter the market. Yusko points to Bitcoin's historical trend of adding a zero to its price following each halving event, with the next one slated for April 2024. He anticipates a 1.5x increase from the current all-time high, potentially reaching $100,000. Additionally, Yusko believes Bitcoin exchange-traded funds (ETFs) will be approved by late 2023 or early 2024, leading to a substantial influx of capital into the cryptocurrency.
Citigroup has unveiled Citi Token Services, a permissioned blockchain platform designed for institutional clients, offering access to tokenized deposits, cross-border payments, and automated trade finance around the clock. This move aligns with Citigroup's goal of creating a 24-7, on-chain, programmable financial system. The partnership with Maersk enables instant payments through smart contracts, benefiting companies with numerous vendors. Citi Token Services also aids corporate treasurers in managing global liquidity more efficiently. Meanwhile, JPMorgan is reportedly still in the early stages of exploring a similar private blockchain service, lagging behind Citigroup's innovation.
Bitcoin is making a strong comeback, currently priced at $26,684 and holding over 50% of the total cryptocurrency market, boasting a market cap of approximately $520 billion. This milestone is significant as it contrasts with the stagnation or decline of many alternative cryptocurrencies (altcoins). Ethereum, the closest rival, sits at $1,632.09, with other altcoins showing modest gains or losses. Bitcoin's resurgence aligns with historical trends, often thriving during bear markets, cementing its status as a digital "safe haven." Despite gains, it remains below its peak dominance levels, but its return to prominence is noteworthy.
Animoca Brands subsidiary Darewise Entertainment is set to introduce the first-ever metaverse token on the Bitcoin blockchain. The token is aimed at powering a comprehensive ecosystem for gaming, brands, and real-world experiences. This move represents a significant expansion of Bitcoin's capabilities beyond a store of value. The metaverse token will facilitate in-game assets and virtual lands for the Life Beyond metaverse project, marking a new era for Bitcoin. Darewise Entertainment is partnering with Horizen Labs to develop and expand the Ordinals ecosystem on Bitcoin, with more innovations expected in the coming months.