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22 12 月, 2023

BTSE Weekly Digital Asset Industry Report – Dec 22nd

BTSE weekly report Nov10

(As of 10:30 AM Singapore Time, December 22, 2023)

In a week of notable developments within the digital asset market, regulatory advancements across major economies have been a focal point. South Korea and the United States are bolstering cooperation in digital asset regulation, particularly emphasizing consumer protection. Meanwhile, China is poised to release a Web3 strategy that could significantly influence the global digital asset landscape despite its digital asset ban. Additionally, the U.K. is innovating with a Digital Securities Sandbox to explore tokenization and Distributed Ledger Technology (DLT) under regulatory supervision. These moves reflect a growing trend towards integrating digital asset into mainstream financial systems and could have far-reaching impacts on market dynamics. Amidst these regulatory shifts, Bitcoin has seen a remarkable 20% increase in value, nearly reaching $44,000. This surge is partly fueled by the ongoing discussions and developments surrounding Bitcoin ETFs, a topic that has captivated the market’s attention.

  • Solana DEX Volume Surpasses Ethereum: In a landmark event for the Solana blockchain, its decentralized exchange (DEX) volume surpassed that of Ethereum’s for the first time, primarily driven by the frenzy around meme coins like BONK and Dogwifhat.
  • Argentina Embraces Digital Assets:Argentina, under its new digital asset-friendly government led by President Javier Milei, has taken a significant step in embracing digital currencies. The nation’s foreign minister, Diana Modino, confirmed that Bitcoin and other digital assets can now be used in official contracts.
  • Ethereum’s Dencun Upgrade: Ethereum developers have set January 17, 2024, as the target date for the first testnet deployment of the ‘Dencun’ upgrade on the Goerli testnet. This significant upgrade, introducing “proto-danksharding,” aims to reduce fees for layer 2 rollups and increase data storage capacity on Ethereum.
  • Elon Musk’s X App Payment Launch: Elon Musk‘s “everything app” X is set to launch in-app payment services by mid-2024. While digital asset integration is uncertain, Musk, in a discussion with Cathie WoodofARK Investment Management LLC, indicated that the integration of popular digital assets like Dogecoin or Bitcoin is not confirmed.
  • Tether Freezes $435M for US, the world’s largest stablecoin issuer, has frozen over $435 million in USDT across 326 wallets at the request of U.S. law enforcement agencies, including the DOJ, FBI, and Secret Service. This action is part of Tether’s efforts to combat illicit activities and support law enforcement.
  • Coinbase Registered in France: Coinbase, the third-largest digital asset exchange, recently received registration as a Virtual Asset Services Provider in France from the Financial Markets Authority (AMF). This allows them to offer a comprehensive range of products and services in the country.
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