A touch of red swept over the crypto markets this past week with several major tokens like Bitcoin and Ethereum seeing minor price declines as traders locked in some profits. Of course, occasional cooldown periods are to be expected. Though a few outliers like BNB managed to notch gains amidst the dip.
Overall sentiment remains cautiously optimistic, but uncertainty does loom given the turbulent macro environment.
Still - we aren’t here to play market soothsayer. Rather, our goal is to filter through the noise and dive into the daily top game-changing news within the evolving crypto and blockchain sphere.
Today we’re covering:
FIFA launching the NFT collection around the 2023 Club World Cup
Senator Warren pushes bill to extend anti-money laundering rules to crypto
El Salvador passes legislation for Bitcoin-backed bonds to fund Bitcoin City ₿
Saudi Aramco partners with SBI Holdings on digital asset ventures
Silicon Valley fund looks to buy crypto companies at steep discounts
UK pension fund invests $20 million into regulated Bitcoin derivatives exchange
And with that quick overview out of the way, let’s dive deeper into each item ...
By now you've probably heard about a certain Central American country's big Bitcoin bond plans. We're talking government bonds...backed by BTC.
After making history by legalizing the volcano bond earlier this year, they just got the official go-ahead to launch them in 2024.
El Salvador made history by passing legislation for Bitcoin-backed bonds in January. The bonds aim to fund Bitcoin City development and address sovereign debt.
The Bitcoin-friendly country has actively pursued crypto initiatives. It recently launched a $1 billion Bitcoin mining project with Tether to build "Volcano Energy."
With global recession fears mounting, the bonds provide El Salvador with an alternative means to raise capital beyond traditional markets.
How can you buy these bonds residing outside El Salvador? Are other South American countries ready to follow El Salvador’s example? Read the full story!
Japanese financial giant SBI Holdings signed an agreement with Saudi oil titan Saudi Aramco to Major moves in the Middle East - a Japanese financial giant just signed a deal with Saudi's state-owned oil company to maybe partner up on some new crypto and semiconductor ventures.
Nothing concrete yet, but the agreement opens the door for the titans to co-invest in digital assets, back Japanese crypto startups expanding to Saudi Arabia, and even fire up joint semiconductor manufacturing projects.
As the world's second-largest company by revenue, Aramco aims to enhance supply chains through strategic investments.
While crypto has no official legal status yet in Saudi Arabia, the government has shown interest in Web3 technology. Momentum is building in the Gulf region around Web3 adoption, even with big oil players.
So the Saudi government is gonna get involved in crypto now? An Asian Bitcoin City on the horizon maybe? Read the full story!
A Silicon Valley crypto fund is angling for deals. The $500 million C1 Fund aims to scoop up discounted shares in prominent Australian crypto companies.
Per reports, it is engaging local venture firms to purchase their private holdings at 50-80% markdowns compared to the last valuations.
Blockchain gaming leader Animoca Brands is on C1's radar. They hope to snag shares around 75% off the $2.95 last raise price.
The strategy is textbook secondary market hunting amid the crypto downturn. But closing deals may prove difficult.
What other popular crypto firms are in the fund’s target list? Read the full story!
Tuesday, 12 Dec on 3PM UTC
CMC-Community Live:
Which NFTs are gonna make it?
Explore the resurgence of the NFT market with NFT experts AshleyDCan and Borovik, as they delve into flourishing collections and emerging trends in the upcoming crypto cycle.
Some big moves happening in the UK crypto scene. A UK pension fund investment arm just dropped $20 million into the country's first regulated Bitcoin derivatives exchange.
This coincides with the UK making a big regulatory push to become THE global crypto hub.
Between pension funds splashing cash and regulators rolling out welcome mats, momentum is clearly building. The UK is angling to be the Wall Street of Web3.
Some skeptics think pensions shouldn't gamble retirement money on such a new asset class. But others say taking calculated risks in emerging sectors is a fiduciary duty.
And with the right guardrails in place, the UK sees huge potential to lead in regulated crypto markets. First-mover advantage and all that jazz.
What else UK has been doing to become the global crypto hub? And which platform did it invest these funds in? Read the full story!
Derivatives are complex financial instruments whose value is derived from an underlying asset like Bitcoin or Ethereum.
They allow traders to speculate, hedge and amplify profits by trading contracts linked to crypto without owning the asset itself. Three main types are:
Futures - Contract to buy or sell crypto at a future date for an agreed price. Useful for speculating without buying crypto outright or hedging risk.
Options - Grants buyer the right (not obligation) to transact at a future date/price. Allows asymmetric risk-taking. Also enables strategies like covered calls.
While derivatives unlock opportunities, they also massively amplify risk compared to just buying crypto directly, especially with leverage. But for careful traders, these instruments provide adequate exposure.
Not sure which crypto derivatives exchange to go for? Read this article!
Football’s global governing body FIFA is getting into NFTs. They've partnered with Modex to launch an NFT collection around the 2023 Club World Cup.
The drop coincides with the tournament kick-off in Saudi Arabia this month. FIFA's inaugural NFT lineup will feature 100 pieces, debuting Dec 15th.
Highlights include NFTs that can secure tickets to the 2026 World Cup final. An additional 900 NFTs on Polygon and OpenSea will capture memorable tournament moments.
FIFA's Chief Business Officer said the launches will provide fans "a unique and innovative way" to connect with the sport and contribute to the NFT market's growth.
But how can you buy these one-of-a-kind NFTs? And when will they exactly launch? Read the full story!
The Solana ecosystem heats up as liquid staking protocol Jito airdrops $200 million worth of tokens — but other exciting developments are also happening across DeFi. Read on to find out more!
Senator Elizabeth Warren is on a mission to rein in crypto with some tough new laws. She just convinced 5 more senators to back her bill targeting crypto money laundering.
Warren wants to extend existing anti-money laundering rules to crypto and close loopholes she says criminals are exploiting.
The bill would force stricter identity verification, reporting on transactions from self-hosted wallets, and other measures to make crypto play by the banking rules.
Warren hyped up the new support, saying regulators need to "crack down" on crypto's role in funding bad stuff like terrorism, drug cartels, ransomware and fraud.
The senators who jumped aboard echoed concerns about crypto enabling crime due to lack of oversight. They want to protect people from shady activity that crypto supposedly allows.
Crypto advocates argue the vast majority of activity is legal. But Warren has been vocal about wanting to rein in digital assets, even calling for outright bans.
What happens If her bill is passed? Considering how even minor political changes have impacted crypto prices significantly, how is it going to affect the crypto market as a whole? Read the
