🇨🇳 BIG leaks out of China

Good morning.

After briefly testing the support at $30,000 on Monday, Bitcoin has managed to maintain it’s level and has traded sideways since. It looks like there are more catalysts in the market which could cause further upside including leaks from China that HSBC is giving customers the green light to trade Crypto and Wall Street firms are seeing the recent scrutiny of crypto exchanges as an opportunity to pounce.

Also, Azuki, the popular NFT collection, released a new collection and raised $38 million in just 15 minutes. The impressive sell out was quickly met with criticism, as holders noticed a strong resemblance between the original and new collections.

Out of curiosity we want to know..

Markets

Leak Reveals ‘Enormous’ China Earthquake Could Be About To Hit The Price Of Bitcoin (3 minute read)
Bitcoin, ethereum, and a bunch of other major cryptocurrencies like BNB, XRP, cardano, dogecoin, polygon, and solana are making good gains this month, stealing the spotlight once again. Despite worries of a potential crypto crackdown by the U.S., the bitcoin price has managed to almost double this year. Jeremy Allaire, the CEO of Circle, a stablecoin issuer handling a hefty $28 billion in USDC, is super excited about the "enormous demand" for digital assets in emerging markets, with China and Asia taking center stage. And guess what? And furthermore, Rumor has it that HSBC, Hong Kong's largest bank, is now giving its customers the green light to trade bitcoin and ethereum exchange-traded funds (ETFs) listed on the city's stock exchange.

Wall Street Is Coming for Crypto—Whether Early Believers Like It or Not (3 minute read)
David Schwed, the COO of Halborn, shared a cheerful message with his team from the floor of a fintech conference in Amsterdam, expressing his satisfaction with the presence of "adults" at the event. After attending several crypto-focused conferences filled with fist bumps and late-night revelries in Texas, Miami, and Barcelona, seeing booths representing established financial institutions like JP Morgan, Citibank, and Goldman Sachs was a refreshing change. Having previously held a prominent role at BNY Mellon, one of the oldest and largest custodian banks in the world, Schwed believes there is a tremendous opportunity for major banks to venture into the crypto industry, and he's not alone in this view. While some traditional financial institutions have already dipped their toes in the crypto waters, the recent scrutiny faced by centralized exchanges like FTX has led many experts to predict that traditional finance, affectionately referred to as TradFi, is poised to make significant strides and potentially capture market share.

Azuki NFT Prices Slide 44% After Creator Releases 'Basically Identical' Elementals (2 minute read)
The floor prices of Chiru Labs' highly popular Azuki NFT collection took a 44% tumble within the last 24 hours, following a barrage of criticism from holders and market observers of the company's new NFT collection, Elementals. Despite the new collection's impressive $38 million revenue generated in just 15 minutes since its release on Tuesday, concerns have arisen within the community. Many are pointing out the striking resemblance between certain Elementals NFTs and the previously released Azuki collection from February 2022, even though Elementals initially boasted a distinct branding narrative.

Tech

EU’s Controversial Smart Contract Kill-Switch Rules Finalized by Negotiators (2 minute read)
Negotiators from the European Union have reached an agreement on the Data Act, a set of new rules aimed at governing data and internet-connected devices. However, concerns were raised by the Web3 community regarding the provisions related to smart contracts, fearing that they could harm the sector. The vague scope of the plans and their potential impact on decentralized transactions governed by unchangeable code caused consternation. Thierry Breton, from the European Commission, confirmed the deal in a tweet, highlighting that the legislation represents a significant milestone in reshaping the digital space and aims to foster an innovative and open data economy, while also acknowledging the need for certain conditions to be met. The EU is trying to navigate the complex landscape of technology regulation, striving to strike a balance between progress and safeguarding the interests of different stakeholders.

Sony Network Communications Invests $3.5M in Singapore Web3 Company Startale Labs (1 minute read)
Startale Labs, a Singapore-based company specializing in advanced Web3 technologies, has secured a $3.5 million investment from Sony Network Communications, the internet services division of the Japanese giant. The collaboration between the two companies has been growing, with joint efforts in hosting incubation programs aimed at fostering Web3 development. Jun Watanabe, President and Executive Officer of Sony Network Communications, expressed excitement about strengthening their partnership and acknowledged Startale Labs' expertise in the field. In February, Sony and Startale had announced their collaboration on a Web3 incubator, with the goal of exploring blockchain technology's potential to address industry challenges.

Misc

Which Countries Have the Best Crypto Tax Laws? (3 minute read)
Europe has emerged as a shining global hub for cryptocurrencies, according to a comprehensive report released by Coincub that delves into international tax jurisdictions. The report provides extensive insights into the tax regulations for digital assets in various countries, ranking nations and regions while identifying notable trends. Coincub's analysis reveals a recurring pattern, highlighting Europe's significant presence in the crypto landscape. Hamza, a representative from Coincub, explained that Europe's success can be attributed to its rigorous regulatory approach, which has fostered the flourishing of the industry. Interestingly, 11 out of the top 20 ranked countries in the report hail from Europe, with Monaco, Switzerland, Malta, Hungary, and others shining brightly.

FTX Pauses Sale of $500M Stake in AI Firm Anthropic (2 minute read)
FTX, the bankrupt crypto exchange, has put a temporary hold on the sale of its highly sought-after $500 million stake in the AI startup Anthropic, as reported by Bloomberg. Perella Weinberg, the investment bank overseeing FTX's bankruptcy proceedings, informed potential buyers of the pause this month, indicating a brief pause in the process. According to insiders familiar with the matter, bidders had been diligently conducting due diligence on Anthropic, the company behind the popular chatbot Claude that competes with ChatGPT. Prior to FTX's bankruptcy filing last November, both FTX and its sister hedge fund Alameda had invested $500 million in Anthropic, as revealed in an internal document seen by Bloomberg. Early reports in June had indicated FTX's intention to sell its shares for a significant sum in the hundreds of millions of dollars.

🐥 Best of Twitter

Mondays Poll:

Will Bitcoins price hold $30,000 until Wednesday?

🟩🟩🟩🟩🟩🟩 Yes 📈 (70%)

🟨⬜️⬜️⬜️⬜️⬜️ No 📉 (30%)

Looks like 70% of you were right! Bitcoin did manage to hold $30,000.

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