Hong Kong is positioning itself as an attractive destination for businesses in the blockchain, cryptocurrency, and Web3 sectors, potentially drawing them away from the United States, according to industry experts.
The city has taken several steps in the past year to foster the development of Web3 and enable retail investment in cryptocurrencies, including the establishment of the Task Force on Promoting Web3 Development.
Yat Siu, co-founder of Web3 investment firm Animoca Brands, has been invited to be an advisor to the task force, which will engage directly with government officials and financial regulators.
Siu emphasized Hong Kong’s evolving attitude towards crypto and Web3, stating that the city is well-positioned to attract startups and established firms.
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In contrast, he noted that many US firms operate under a cloud of regulatory uncertainty, citing recent charges filed by the US Securities and Exchange Commission against Binance.US and Coinbase for alleged unregistered securities offerings.
Hong Kong has seized the opportunity to take a leadership role in driving Web3 development, while the US has seemingly hindered its potential to be a top destination for companies in the sector.
Previously, Hong Kong had maintained a distance from the cryptocurrency space, with restrictive policies only recently overturned after consultations with industry proponents.
Siu commended the government’s agility in adapting its stance towards the industry and its willingness to include numerous Web3 proponents in the task force.
The Web3 task force in Hong Kong is expected to be dynamic, with regular meetings involving various crypto, blockchain, and Web3 working groups.
Task force members have entered into a two-year agreement with the Hong Kong government to provide advice on fostering industry growth.
Siu envisions the task force playing a vital role in driving sector development by nurturing talent and promoting blockchain solutions in educational institutions.
Hong Kong’s efforts to cultivate the Web3 sector have yielded positive results.
Cyberport, a technology-focused hub, has attracted over 150 Web3 firms this year, and companies are reportedly investing substantial amounts, ranging from $2 million to $25 million, to acquire virtual asset service provider licenses in the city.
With its proactive approach, regulatory clarity, and support for innovation, Hong Kong is carving out a distinct advantage in the global landscape of blockchain, cryptocurrencies, and Web3, potentially luring businesses away from the US and positioning itself as a leading hub for these emerging technologies.
In a remarkable turn of events, a cryptocurrency trader has transformed a modest $900 investment into an astonishing $176,000 windfall through an intriguing meme-inspired digital currency called Pepe 2.0 ($PEPE2).
This cryptocurrency appears to be a spin-off of the well-known meme-inspired coin, $PEPE.
$PEPE itself draws inspiration from the infamous meme and cartoon character, Pepe the Frog, and was introduced to the market on April 17, 2023.
Despite concerns regarding the contract owner’s potential ability to manipulate transaction taxes and blacklist functions, $PEPE has experienced an extraordinary surge in its market value.
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It has even secured a place among the top 100 digital assets following listings on various centralized exchanges.
Previously, another fortunate cryptocurrency investor managed to convert a mere 0.125 ETH investment in $PEPE into an astounding $1.14 million in just a matter of days, capitalizing on the right timing.
Now, history appears to be repeating itself with $PEPE2, as an investor on the Ethereum ($ETH) network has swiftly turned $900 into $176,000 within a mere 24 hours.
This remarkable feat was accomplished through over 40 trades, with each trade involving 2 $ETH worth of the newly launched meme-inspired cryptocurrency.
The investor initially acquired 8.3 trillion $PEPE2 tokens on June 28 and sold them later when their value skyrocketed exponentially.
However, caution is advised as Bubblemaps, a data visualization platform, recently revealed that an early adopter, who holds a significant amount of Pepe 2.0, is beginning to offload their assets.
This development could potentially trigger a chain reaction, as this individual wields substantial influence over the asset’s price and possesses a wallet that is directly linked to the deployer.
It is worth noting that this is not the first instance of a trader achieving astounding returns by trading memecoins.
For instance, a trader known as a “meme lord” turned $30,000 worth of digital assets into approximately $450,000 over three years by being an early investor in several memecoins, including popular ones like Shiba Inu ($SHIB) and Pepe Coin ($PEPE).
While trading memecoins can be potentially lucrative, it also carries significant risks that should not be underestimated.
These tokens tend to exhibit high volatility, with their values capable of surging or crashing dramatically within short periods.
Additionally, they often lack the underlying technology or utility that supports more established cryptocurrencies.
Therefore, investors should exercise caution and conduct thorough research before venturing into the world of memecoins, considering both the potential rewards and risks associated with these speculative assets.
The meme-inspired cryptocurrency Shiba Inu ($SHIB) has experienced remarkable growth in recent months, with a surge in daily new addresses during the second quarter of this year.
Data from IntoTheBlock, a prominent cryptocurrency analytics firm, reveals that on June 27, the daily new addresses for Shiba Inu exceeded 4,000, marking an astounding 357% increase compared to the 877 new addresses recorded on May 21.
Additionally, Shiba Inu has witnessed a flurry of activity on its layer-2 scaling solution testnet, Shibarium.
The testnet, called Puppynet, recently achieved a significant milestone of 25 million transactions.
PuppyScan, a dedicated block explorer for Shiba Inu’s network, reports that Puppynet processes approximately 270,000 transactions per day, contributing to the overall growth of the ecosystem.
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Earlier this month, CryptoGlobe reported that Puppynet had surpassed 20 million transactions, with around 16 million wallet addresses involved in fund movement on the network.
Since then, the number of wallets on Puppynet has surpassed 17 million, indicating increasing interest and engagement within the Shiba Inu community.
Part of the surge in activity and interest can be attributed to a cryptic message shared by Shytoshi Kusama, the enigmatic lead developer of SHIB.
Kusama, who has played a pivotal role in advancing the development of Shiba Inu, posted a 19-second video clip on Twitter hinting at upcoming developments within the ecosystem.
Crypto analyst Austin Hilton delved into the developments surrounding the Shiba Inu ecosystem, including its associated tokens $BONE and $LEASH, in a recent YouTube video.
Hilton revealed his accumulation of the former token, shedding light on the growing interest among enthusiasts and investors.
Shibarium represents a significant milestone for the Shiba Inu ecosystem, as its native token currently operates on the Ethereum network.
While Ethereum is renowned for its high level of security and decentralization, it faces limitations in terms of scalability and transaction throughput.
The implementation of Shibarium addresses these concerns and paves the way for a more efficient and scalable infrastructure for the Shiba Inu ecosystem.
Overall, Shiba Inu’s explosive growth in daily new addresses and the milestone achieved by the Shibarium testnet highlight the increasing popularity and potential of this meme-inspired cryptocurrency.
McDermott Will & Emery, the legal firm responsible for representing Voyager’s committee of unsecured creditors, has issued a bill of $5.1 million for their services rendered between March and May.
This latest invoice contributes to a total compensation charge of $16.4 million, surpassing the initial budget of $11.2 million allocated for the restructuring process.
To date, the creditors have disbursed $8.9 million toward the billed compensation.
Among the notable billings from McDermott attorneys during this period, $1 million was charged for 970.9 hours of work on plan and disclosure settlement.
This particular task involved engaging in discussions about potential sale options with the Debtors, meeting potential buyers, and reviewing objections presented by other stakeholders.
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It is worth noting that in previous billing periods, considerable efforts were dedicated to a potential asset sale to FTX, a deal that ultimately fell through with the exchange’s bankruptcy.
Furthermore, in addition to the fees incurred by McDermott Will & Emery, Voyager, the debtor, has also paid $1.1 million to the law firm Kirkland & Ellis for their representation throughout this case.
The market downturn experienced in 2022 led to a surge in bankruptcy filings, which proved to be lucrative for law firms.
Notably, firms such as FTX and Celsius have spent over $200 million and $50 million, respectively, on legal fees.
Critics of this situation argue that these exorbitant costs and lengthy legal processes have a detrimental effect on the funds available to creditors.
As more money is allocated to legal fees, the amount recoverable by creditors diminishes.
In summary, McDermott Will & Emery has presented a bill of $5.1 million to Voyager’s committee of unsecured creditors for their services rendered between March and May.
This brings the total compensation charged to $16.4 million, exceeding the initial budget. Additional expenses incurred by Voyager include a $1.1 million payment to Kirkland & Ellis.
While the legal industry has profited from the surge in bankruptcies, critics contend that the substantial costs and protracted legal proceedings adversely impact creditors’ potential recoveries.
The TON Foundation, developer of the Open Network (TON), recently announced the release of an on-chain encrypted messaging feature.
This development allows users of TON to send private messages to one another, ensuring enhanced privacy and security.
TON originated as a blockchain network that was forked from code initially developed by the team behind the popular Telegram instant messaging app.
Despite Telegram discontinuing its involvement with the project in July 2020 without launching a mainnet, they open-sourced TON’s code, enabling others to continue building upon it.
The TON Foundation took up the reins and built the current network, known as “TON,” emphasizing its scalability, transaction throughput, and decentralized nature compared to other options within the Web3 ecosystem.
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Previously, TON users could include messages within their transactions, but these messages were fully public.
With the introduction of the new encrypted messaging feature, users can now encrypt these messages end to end, ensuring that only the intended recipient can read them.
According to Anatoly Makosov, a core developer of TON, this feature was created to personalize transactions.
Users have long been able to include text for the recipient, such as “for coffee” or “happy birthday,” thereby enhancing the interaction.
Now, this popular feature is available with full encryption.
Additionally, Makosov highlighted the utility of encrypted messaging in scenarios where traditional messenger servers fail, referring to it as a reliable and safeguarded method of private communication.
Several retail wallet apps, including MyTonWallet, OpenMask, and TON Wallet, currently support encrypted messages.
The TON Foundation also announced that the feature will be incorporated into the mobile wallet app Tonkeeper in upcoming updates.
In efforts to foster the growth of the network, the TON Foundation launched a $25 million accelerator program in May to incentivize app developers to build on TON.
Furthermore, an independent development team introduced a Telegram trading bot in November, facilitating user onboarding to the TON network.
With the introduction of on-chain encrypted messaging, TON continues to solidify its position as a blockchain network that prioritizes privacy and security while offering a scalable and decentralized ecosystem for its users.
Floor prices of prominent ‘blue chip’ nonfungible token (NFT) collections have plummeted to their lowest levels in almost two years.
Yuga Labs’ Bored Ape Yacht Club (BAYC) collection, the second-largest by market capitalization, reached a floor price of 27.7 Ether (ETH), equivalent to $54,200, on July 3.
This drop marks a significant decline not seen since September 2021. Other notable collections, including Mutant Ape Yacht Club (MAYC), Azuki, CryptoPunks, and DeGods, also experienced a decline in floor prices over the past week.
However, there has been a slight recovery in floor prices across most of the top collections in the last 24 hours, bringing some relief to NFT holders. Azuki Elementals emerged as the biggest gainer with a nearly 32% increase in floor price.
In an unexpected move, Credit Suisse, the Swiss-based bank, has entered the NFT space by partnering with the Swiss Football Association.
They announced the launch of 756 Ethereum NFTs, with all proceeds dedicated to supporting women’s soccer in Switzerland.
Through their CSX app, Credit Suisse will make these NFTs available, without requiring any crypto or crypto wallet.
Swiss francs will be used for purchasing the NFTs, providing a simple and client-friendly approach to accessing digital assets.
Each NFT portrays a player from the Swiss Women’s National Team and offers different levels of perks and benefits based on rarity.
Meanwhile, Melania Trump’s Solana NFT collection, released ahead of Independence Day celebrations in the United States, has seen slow sales. Of the 3,000 NFTs released on June 29, only 586 have been sold so far.
The collection, known as the “1776 Collection,” features six designs adorned with patriotic symbols, priced at $50 each.
French luxury brand Dior recently unveiled a new line of shoes, one of which comes with a digital twin in the form of an Ethereum-based NFT.
Interestingly, Dior’s launch announcement avoided explicitly mentioning the term “NFT,” referring to the digital twin as a “unique and secure digital creation on the Ethereum blockchain.”
The B33 sneaker, priced at $2,150, includes the NFT twin, while the other styles come with a near-field communication chip providing access to a “Digital Certificate of Authenticity.”
In other news, blockchain security firm PeckShield discovered that half of all stolen NFTs are sold within three hours on platforms like OpenSea and Blur.
Hermès, another luxury brand, obtained a significant legal victory against NFT artist Mason Rothschild, as a U.S. judge ordered a permanent injunction on all sales of the “MetaBirkin” NFT collection in an infringement case.
The NFT market continues to evolve rapidly, experiencing both price declines and new entrants from diverse sectors, showcasing the dynamic nature of the digital asset space.
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Bitcoin (BTC) has been trading within a narrow range in recent days, but its remarkable 84% rally in 2023 remains a significant achievement.
This impressive recovery in Bitcoin’s price has also contributed to the rise of several altcoins, which have experienced substantial gains from their yearly lows.
As the second half of the year commences, the burning question on every investor’s mind is whether the rally will continue.
Data from CoinGlass reveals that since 2013, July has only seen three negative monthly closes, with the largest decline being 9.69% in 2014.
This indicates that the bulls currently have a slight advantage.
The recent surge in Bitcoin and altcoins can be attributed in large part to the hopes surrounding the approval of a spot Bitcoin exchange-traded fund by the United States Securities and Exchange Commission.
However, any negative news on this front could quickly shift the sentiment to bearish, resulting in a significant sell-off.
At present, Bitcoin and select altcoins are displaying strength. Let’s examine the charts of the top five cryptocurrencies that may sustain their upward movement in the coming days.
Bitcoin’s price analysis indicates that it continues to trade near the strong overhead resistance at $31,000.
This suggests that the bulls are not in a hurry to take profits as they anticipate another upward surge.
Typically, a consolidation near a crucial overhead resistance leads to an upward breakout.
The rising 20-day exponential moving average ($29,278) and the positive relative strength index (RSI) indicate that the path of least resistance is upwards.
If the bulls manage to propel and maintain the price above $31,000, the BTC/USDT pair is likely to initiate the next leg of the uptrend.
This bullish momentum may push the price above the immediate resistance at $32,400, potentially propelling the pair further towards $40,000.
On the other hand, if the bears regain control, they would need to sink the price below the 20-day EMA, potentially leading to a decline towards the 50-day simple moving average ($27,622).
Litecoin’s price analysis reveals that it recently surged above the descending channel and broke the overhead resistance at $106 on June 30, signaling the resumption of the uptrend.
Although the bears briefly pulled the price back below the breakout level on July 1, the bulls quickly bought the dip.
If buyers successfully sustain the price above $106, it increases the likelihood of a continued rally. In that case, the LTC/USDT pair could soar towards the overhead resistance zone between $134 and $144.
However, a slip and sustained price drop below $106 would indicate that bears are selling at higher levels, potentially leading to a decline towards the psychological level of $100 and the breakout level from the channel.
Monero’s price analysis suggests that it rose above the downtrend line on June 23, invalidating the developing descending triangle pattern.
This failure of the bearish pattern often results in a short squeeze, as seen in the XMR/USDT pair’s surge from $150 on June 23 to $171 on June 27.
After the sharp rally, the price has been consolidating between $171 and $160.
This consolidation indicates that the bulls are holding their positions, anticipating another upward move.
If buyers manage to push the price above $171, the pair may initiate the next leg of the up-move, potentially skyrocketing to $187.
However, a drop back below the 50-day SMA ($149) would suggest bearish control.
Aave’s price analysis indicates that the pair has been trading within a descending channel pattern for several weeks.
However, recent price action suggests a change in sentiment, as the bulls are now buying on dips instead of selling during rallies.
The repeated retests of the resistance line weaken it over time. The rising 20-day EMA and the positive RSI indicate an upside bias.
If buyers successfully propel and maintain the price above the channel, the AAVE/USDT pair may embark on a new upward move towards $84.
On the downside, the 20-day EMA serves as crucial support, and a break below it may prolong the pair’s time inside the channel.
Maker’s price analysis reveals that the pair is attempting to start an upward move.
The recent dip to the moving averages between June 24 and 28 indicated demand at lower levels. The rising 20-day EMA and the overbought RSI favor the bulls.
However, the strong selling pressure observed at higher levels suggests caution.
If buyers manage to break above the downtrend line, the MKR/USDT pair may rally towards $979.
On the other hand, a drop below $772 would indicate weakness and potentially lead to a deeper correction towards the 20-day EMA.
In conclusion, Bitcoin and select altcoins are currently displaying strength in their price movements. While Bitcoin is trading near a crucial resistance level, the charts suggest an upward bias.
Litecoin, Monero, Aave, and Maker also show positive signs, but caution is advised as there may be some resistance at higher levels.
Traders and investors should closely monitor these cryptocurrencies to assess their potential for continued upward movement or a shift in market sentiment.
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Pepepcoin, the frog-themed cryptocurrency, experienced a notable surge in prices during the latter half of June, reaching a monthly high of $0.00000179.
This price rally was fueled by increased volume, indicating strong buying momentum from market participants.
However, the current Pepecoin price is undergoing a post-rally correction, which has the potential to reignite the bullish momentum for another rally.
Analyzing the daily chart, we can observe the formation of a flag pattern within the 4-hour time frame.
A breakout above the upper trendline of this pattern would signal a continuation of the uptrend.
The trading volume for Pepecoin over the past 24 hours is $85.1 million, showing a 71% decrease compared to previous levels.
In the daily chart, the Pepecoin price has displayed alternating green and red candles for over a week, reflecting uncertainty among traders.
However, this pullback is contained within two downward sloping trendlines, suggesting the formation of a flag pattern.
The presence of this bullish continuation pattern implies that the ongoing correction is temporary, and buyers may resume the upward trend once the resistance trendline is broken.
As of now, Pepecoin is trading at $0.00000153, experiencing a 1.92% intraday loss and continuing to decline during the retracement phase.
Potential buyers may consider waiting for a breakout above the resistance trendline, which would provide a strong foundation for prices to reach the highs of $0.00000193 and $0.0000021.
The question remains whether Pepecoin can sustain its position above the $0.0000014 mark.
Flag patterns support the continuation of an established uptrend by offering intermittent pullbacks to recover bullish momentum and present better entry opportunities.
However, if the trendlines of the pattern are breached, Pepecoin’s price may experience an extended correction and potentially drop below the $0.00000140 mark.
Therefore, the support level aligned with the 38.2% Fibonacci retracement level becomes crucial in assisting buyers to break the overhead trendline.
Examining the Vortex Indicator, a VI+ slope above the VI- line indicates a bullish alignment and positive sentiment for further rally.
Additionally, the correction phase sustaining above the 50% Fibonacci retracement level indicates that the overall market trend remains bullish.
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Sales of Ethereum (ETH) and Polygon (MATIC)-based non-fungible tokens (NFTs) on the popular marketplace OpenSea hit their lowest point of the year in the second quarter (Q2), according to data from Dune Analytics.
The decline in sales was primarily attributed to a decrease in interest in profile-picture NFTs, leading to a significant drop in monthly sales volume.
In February, sales of Ethereum-based NFTs on OpenSea reached a nine-month high of $643.61 million.
However, as the market interest in profile-picture NFTs waned, sales on the platform plummeted, resulting in a 75% decline in monthly sales by the end of June.
During the three-month period, OpenSea saw the highest sales volume in April, with monthly sales totaling $285.98 million.
However, this figure dropped by 36% in May and further declined by 43% in June, closing the quarter with total sales of $161.79 million.
Although June had the lowest sales volume for Ethereum-based NFTs on OpenSea this year, data from Dune Analytics revealed an 82% increase in the number of NFTs sold during the month.
In May, only 246,857 Ethereum-based NFTs were sold, while in June, this number surpassed 450,000. Nevertheless, there was still a 23% decrease in the total count of NFTs sold during the quarter.
OpenSea’s Polygon-based NFTs also experienced a significant decline in sales volume during Q2, with a drop of 59%.
After a record-breaking sales volume of $83.49 million in February, Polygon-based NFT sales on OpenSea have since declined by 89%.
June saw the lowest sales count of Polygon NFTs during the quarter, with a total of 228,859 sold, representing a 34% decline over the 90-day period.
The Blue Chip NFT Index, which measures the performance of top-tier NFT collections by market capitalization, also suffered in Q2. According to data from NFTgo, the index fell by 28% during the period, reaching 5990 ETH on June 30.
Leading NFT projects like the Bored Ape Yacht Club (BAYC) and CryptoPunks have experienced a downward trend in floor prices over the past six months.
The average price of a BAYC NFT currently stands at 31.5 ETH, marking a 54% decrease since the beginning of the year.
Similarly, the value of CryptoPunks has dropped by 34% in the same period.
Overall, the second quarter witnessed a decline in sales volume for both Ethereum and Polygon-based NFTs on OpenSea, as well as a decrease in the performance of Blue Chip NFT collections.
The market has been impacted by changing trends and a waning interest in certain types of NFTs.
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The Shiba Inu ($SHIB) cryptocurrency, inspired by memes, has experienced a surge in activity and transactions as its layer-2 scaling solution, Shibarium’s testnet called Puppynet, achieved a significant milestone of 25 million transactions.
Notably, SHIB’s burn rate surged by 1,800% in the preceding 24-hour period.
PuppyScan, a dedicated block explorer for the Shiba Inu network, provided data indicating that the Shibarium testnet has processed a total of 25.5 million transactions, with an average of approximately 270,000 transactions per day.
Earlier this month, CryptoGlobe reported that Puppynet had surpassed the 20 million transaction mark, with around 16 million wallet addresses actively moving funds on the network.
Since then, the number of wallets on Puppynet has surpassed 17 million.
Another significant metric for the testnet is the processing of 1.49 million blocks.
The average block time, a crucial parameter in blockchain technology that measures the speed of adding new blocks to the blockchain, stands at 5 seconds.
The increased activity and interest can be attributed in part to a cryptic message shared by Shytoshi Kusama, the enigmatic lead developer of SHIB.
Kusama, who played a vital role in the development of Shiba Inu, posted a 19-second video clip on Twitter, hinting at upcoming developments within the Shiba Inu ecosystem.
Shibarium represents a milestone for the Shiba Inu ecosystem, which currently operates on the Ethereum network.
While Ethereum is known for its safety and decentralization, it faces scalability and transaction throughput challenges.
CryptoGlobe previously reported that the largest Ethereum whales hold more SHIB than any other cryptocurrency, excluding stablecoins and Ethereum’s native token.
According to WhaleStats, a whale monitoring service, the top 100 Ethereum whales collectively possess a staggering 49.62 trillion SHIB tokens, valued at approximately $600 million.
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