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💡 Spotlight on Bitcoin, Web3 Tools & Regulatory Shakeups
This week's Techtoken serves up Bitcoin's comeback, Taiwan's crypto law, and a curation of Web3 tools.
Nitesh Padghan
October 30, 2023
Read time: 3 minutes
Happy Monday—or whatever day it is in your WFH blur.
IN TODAY’S EDITION
Bitcoin Institutional Investors: The Comeback You've Been Waiting For
Regulatory Roundup: Taiwan Gets Serious on Crypto
In the Limelight: Your Week in a Nutshell
Web3 Toolbox: Liquidity Pools & Yield Farming Tools
Event Calendar: Exciting Web3 events taking place in the first week of November.
Techtoken Recommendation: Handpicked Articles, and Videos Just for You.
THE SPECULATION GAME
Bitcoin Institutional Investors — The Comeback You've Been Waiting For
Source: Giphy
The Bitcoin world is buzzing, and here's why you should care:
Big Money is Back in Town
Bitcoin transactions over $100k have hit a yearly high. On October 24, we saw about 23,400 such transactions.
That's not pocket change; that's institutional money coming back to the table.
Why It Matters?
Remember June? When BlackRock got into the game? The big transactions were flying around then too.
These high-value transactions are the Wall Street equivalent of a "like" on your tweet - a very public nod of approval. And folks, they're liking it again.
Spot Bitcoin ETF
This is the blockbuster sequel everyone's waiting for. If the SEC greenlights it, you won't need to own Bitcoin directly to get exposure.
More ease = more institutional money = 📈.
But, Let’s Be Real
These numbers are a yearly high, sure. But they're not breaking any all-time records. Yet.
The Crystal Ball
Predictions are everywhere. Some say Bitcoin might go as high as $125,000 by December 2024.
Take it with a grain of salt, but also know that the bull market isn't a fluke. It’s the real deal, and big money seems to agree.
💡 Key Takeaway?
If you're in the crypto game, keep an eye out for the big players. When they move, the market moves.
This is not financial advice, but if you've been sideline-watching, this might be your cue.
That's it. Simple and to the point.
If you're not paying attention to the institutional moves in Bitcoin, you're missing the big picture.
And in crypto, missing the big picture could mean missing out on a lot.
REGULATORY ROUNDUP
Taiwan Gets Serious on Crypto
Source: Giphy
Taiwan's stepping up its crypto game with a game-changing bill.
Forget just anti-money laundering; we're talking comprehensive rules to protect investors and keep the financial ship steady.
Getting Ahead of the Curve
Taiwan's crypto sector is booming. The bill, known as the "Virtual Asset Management Regulations Draft," aims to do exactly what its mouthful of a name suggests: lay down the law for crypto in Taiwan.
Existing rules? Largely focused on anti-money laundering. But let's be real—crypto's bigger than that now, and Taiwan knows it.
Why Now?
With 200 blockchain firms in-house, Taiwan is a hive of crypto activity. The Financial Supervisory Commission’s (FSC) existing framework? Way behind the curve.
This bill is Taiwan saying, "Enough's enough. Let's protect our investors and ensure financial stability."
The Nitty-Gritty of the Bill 📜
Secure a Permit: Crypto platforms, you'll need official permission to operate.
Leadership Qualifications: No more Wild West; those in charge need to meet specific criteria.
Issuance Rules: Want to launch a new token or derivative? There are rules for that.
Customer Protection: Your data, your assets—they’re making sure it’s all safeguarded.
Transparency: Say goodbye to shady ads and hello to clear marketing practices.
Compliance & Penalties: Mess up, and you’re facing regulatory action. Could even be a game-over for your operations.
The Road Ahead 🛣️
This bill's timeline is still fuzzy. Experts say don't expect quick enactment; it could stretch beyond January 2024.
But make no mistake: Taiwan is committed to a well-oiled, well-regulated crypto machine. Yes, there will be bumps, but hey—that’s how progress happens.
IN THE LIMELIGHT
Here's Your Week in a Nutshell
Source: Giphy
If you've been MIA from the crypto space this week, you've missed a roller coaster. 🎢 Let's dive right in, shall we? 🤿
🔥 ETF Game-Changers: Grayscale & BlackRock
Grayscale and BlackRock are not playing around! Both are inching closer to launching their Bitcoin ETFs, heating up the crypto space like never before.
The US Court of Appeals is set to review Grayscale's proposal, adding an extra layer of excitement.
Could we finally see spot Bitcoin ETF approval? 🤔
📊 Bitcoin Breaks $35k
Guess what? Bitcoin broke the $35k mark this week!
SEC's Hester Pierce alluded to inefficiency in the crypto-decision sphere, but hey, the market seems to be ignoring the lag.
Instead, it's taking cues from bullish signs like the narrowing GBTC discount. Larry Fink, BlackRock’s CEO, is eyeing a spot Bitcoin ETF approval by Q1 2024.
Time to celebrate? 🍾
💡 MicroStrategy Back in the Game
Our man Michael Saylor and his company MicroStrategy are now back in profit territory with Bitcoin crossing $31k.
Their consistent and aggressive Bitcoin buying strategy is paying off. Is this the Bitcoin domino effect we've been waiting for?
🌍 El Salvador: From Pariah to Pioneer
Moving continents, El Salvador has become the crypto sandbox we've all been watching.
Bitcoin is not just a currency there; it's a beacon of hope. Initiatives like Bitcoin Beach are proving that digital currency can revitalize an entire economy.
🛠️ Lightning Network's Growing Pains
But let’s not get ahead of ourselves. Antoine Riard, a key developer for the Bitcoin Lightning Network, stepped down due to a security vulnerability.
This hiccup doesn't take away from the fact that the network’s adoption has soared.
But, it's a reminder that even in a bullish market, caution can't be thrown to the wind.
🔒 Wrapping Up
We're living in exciting times, people! From ETFs that could change the game to countries revolutionizing their economies with crypto, the space is buzzing. 🐝
But let's not forget, it’s still a wild west out there. Stay alert. 🤠
Until next week, keep your portfolios green and your spirits high! 🌱💚
WEB3 TOOLBOX
Liquidity Pools & Yield Farming
Tools for Tracking and Analytics 📈
DeBank
What it Does: Tracks Gross Value Locked (GVL), including ETH and other ERC-20s held in smart contracts.
Why Use It: Want real-time info on where assets are locked in the DeFi space? DeBank's your go-to. 📊
DefiLlama
What it Does: A comprehensive analytics and rankings dashboard for DeFi protocols.
Why Use It: For understanding the nuances of various DeFi protocols. It’s like the IMDb for DeFi! 🌟
DeFi Market Cap
What it Does: A website that tracks key metrics for several DeFi protocols.
Why Use It: Keeps you updated on the health and trends of the DeFi market. 💪
User and Safety Metrics 🛡️
DeFi Users Over Time
What it Does: Dune dashboard tracking both overall and specific protocol user numbers.
Why Use It: Gauge user adoption and protocol health, all in one place. 📊
REKT Database
What it Does: A database of over 2,500 DeFi scams, hacks, and exploits.
Why Use It: Safety first! A must-use tool to avoid stepping on DeFi landmines. 🚫💥
MARK YOUR CALENDARS
🌍 Decentralized 2023
🗓 Nov 1-3 📍 Athens
The Mecca of decentralization, folks. If blockchain is your jam, you can't afford to miss it.
📅 Add to Calendar
🌍 World Blockchain Summit
🗓 Nov 1-2 📍 Dubai
Why not hop over from Athens to Dubai? Another blockbuster for blockchain aficionados.
📅 Add to Calendar
🌍 Enter The Metaverse London
🗓 Nov 2-3 📍 London
Swap your crypto talk for metaverse realness. A must-attend.
📅 Add to Calendar
🌍 16th NextGen Payments & RegTech Forum
🗓 Nov 2-3 📍 Limassol
Payments getting smarter and regulation tech? Sign me up.
📅 Add to Calendar
🌍 SecretCon
🗓 Nov 2-3 📍 Saint Paul
Security in tech, shrouded in mystery. Intrigued?
📅 Add to Calendar
🌍 SCANDINAVIAN GAMING SHOW
🗓 Nov 2-3 📍 Stockholm
A paradise for gamers. Enough said.
📅 Add to Calendar
🌍 2nd World Intelligent Insurance Summit
🗓 Nov 2-3 📍 Berlin
If you’re into Insurtech, Berlin is your stage.
📅 Add to Calendar
🌍 Cardano Summit 2023
🗓 Nov 2-4 📍 Dubai
Cardano fans, you’ve got your own summit. No excuses.
📅 Add to Calendar
🌍 AHOY!
🗓 Nov 2-3 📍 Hong Kong
Ahoy, tech sailors! An event not to be missed.
📅 Add to Calendar
🌍 Synopsis
🗓 Nov 2-3 📍 Istanbul
A complete overview of tech trends. Get ready for a synopsis.
📅 Add to Calendar
🌍 Tech Jobs Fair
🗓 Nov 2 📍 Berlin
Job hunting? Your next career move starts here.
📅 Add to Calendar
🌍 The Financial Summit
🗓 Nov 5-10 📍 Ras Al Khaimah
Finance + tech? A match made in heaven.
📅 Add to Calendar
🌍 10th Sustainable Development Conference [SDC2023]
🗓 Nov 5-7 📍 Beijing
Sustainability in tech? It’s not a trend, it’s a necessity.
📅 Add to Calendar
🌍 NFT San Francisco
🗓 Nov 6-7 📍 San Francisco
NFTs, folks. Need I say more?
📅 Add to Calendar
TECHTOKEN RECOMMENDATION
Videos That Are Worth Your Time ⏰
12 Best Crypto Coins After BlackRock Bitcoin ETF Approval
By: Altcoin Daily
Why Watch: Wondering how BlackRock’s Bitcoin ETF approval might shake up the crypto market? This video lays down some altcoins that could potentially be winners. 📈
A Bitcoin Warning For ALL Investors
By: Kathy Wood
Why Watch: Kathy Wood speculates that Bitcoin could hit $1.5 million by 2030. But should you mortgage the house to buy Bitcoin? Get some balanced advice. 🏡💰
Articles You Can't-Miss 📰
Google’s $2B Investment in Anthropic Pushes FTX Bankruptcy ‘Pretty Close to Full Recovery’
By: BeinCrypto
Why Read: Travis Kling suggests that Google's $2B investment in Anthropic could turn FTX's bankruptcy frown upside down. Worth keeping an eye on how AI and crypto are intertwining. 🌐💡
TICKLE YOUR TOKENS
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Alright, that’s it for today!
Until Tomorrow.
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Just a quick heads up: while we love talking coins, tokens, and all things blockchain, keep in mind that we're just here to keep you in the loop. We're not financial advisors. So if you're thinking of taking a moonshot based on what you read here, make sure to do your own research or consult with someone who's a pro at this stuff. If you win, awesome—throw a party! 🎉 If not, sorry, we're not the ones to blame. Stay smart, stay safe! ✌️