Daily Bullets 💊: MiCA - EU’s Comprehensive Crypto Regulation Coming
💊 M6 Daily Bullets 💊Wednesday, October 5th
The recent pumperoo is stalling a bit today with Bitcoin struggling to hold the psychological 20k level. The battle rages on. General sentiment out there has slowly shifted bullish in the past day, lots of eyes on that GMX pump we saw. Recall that we have another CPI print next week on the 13th. Regulation, the SEC and CBDCs have also been popping up a lot recently - not much else to focus on, however still plenty of developments happening that will become relevant in the months to come for those paying attention.
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⛓ Crypto News:
- The European Council has passed MiCA, the EU’s comprehensive crypto regulation and if approved, laws will be in place at the start of 2024
- Celsius’ co-founder Daniel Leon resigns following Mashinsky’s leaving. Leon is at least the eighth crypto sector executive who has resigned in recent months
- US stock exchange, Nasdaq, has no immediate plans of launching a crypto exchange until there’s better regulatory clarity from policymakers
- SWIFT, the interbank messaging system facilitating cross-border payments, has presented a framework for a global central bank digital currency system, claiming to have solved the challenge of interoperability between different networks
- Citadel and Fidelity-backed exchange EDX Markets will work with Paxos as its custodian. Paxos is regulated by the New York Department of Financial Services and will hold all EDXM customer assets in a bankruptcy-remote trust, in fully segregated U.S. accounts
- South Korean prosecutors have frozen $39.6M of crypto assets, including BTC, owned by Do Kwon through two exchanges. Do Kwon refuted that the addresses belonged to him
- Fidelity’s new Ethereum Index Fund will offer clients access to ETH with a minimum investment of $50,000. The fund has raised about $5M since Sept. 26
- Coinbase Assets has added Lido Staked SOL (STSOL), Wrapped Axelar (WAXL) to its list of roadmap assets and removed Audius (AUDIO), Raydium (RAY). GMX to be listed on Binance in the Innovation Zone
- Coinbase incorporates in Australia and expands offerings for retail customers
- Coinbase documentary
- Etherscan to deprecate Ethereum’s Ropsten and Rinkeby testnets - developers should migrate to Goerli and Sepolia networks ahead of the shutdown
- Russia’s state media regulator has blocked crypto exchange OKX’s website and it is unclear what triggered the move
- Two Sigma Securities, a quantitative liquidity provider and market-making firm, is now a Chainlink data provider
- Avalanche C-Chain integration completed - native AVAX is now on THORChain Mainnet
- Polygon works with Shopping.io to integrate MATIC as a form of payment
- NEAR Protocol has partnered with Google Cloud to accelerate Web3 startups
- Acala has fully reopened its services to users three weeks after a major security incident minted 3 billion aUSD
- TON Network launches Telegram wallet bot for P2P crypto trading built by independent developers within the TON community
- Institutional crypto platform Anchorage Digital has partnered with five new Asia-based institutions as it makes a push into the region - Bitkub, Dream Trade, FBG Capital, IOSG Ventures and Antalpha
- Value Adding VC - What are projects looking for? Survey - source
- Investing and banking app Stash will enable purchasing of 8 cryptocurrencies through a separate crypto account powered by infrastructure provider Apex Crypto
- NFT firm, Data Vault Holdings, seeks US election commission’s approval to market campaign souvenirs such as digital tokens to political committees
- The U.S. SEC ordered the emergency shutdown of an ongoing fraudulent crypto offering targeting the country’s Latino community that has raised $12M
- Fantom proposal to lower validator/staking rewards has passed the quorum
- DefiLlama soft launching new dashboard: funding rounds in crypto
- Scallop, a regulated on-chain banking app, partners with Binance Custody for the institutional-grade security of its users’ digital asset
- Pool Data, a platform to help people monetize their data using tokens and cryptocurrency payment systems, has added former U.S. presidential candidate Andrew Yang as an adviser
- Token distribution platform, Magna, live on Arbitrum
- Introducing Capital - founders can now raise, hold, spend, and send funds - all in one place
- Rise wallet is live on beta
- Chicken Bonds is now live - dynamic NFTs built by Liquity Protocol
What’s your take on today’s news? Anything interesting that you have to say about these stories? Did we miss anything that should’ve been included?
📊 Data:
TL;DR: Daily flows today into WETH, USDT and WBTC but very low amounts and out of USDC. Weekly continues showing a net inflow into Aave WETH and WBTC with a more substantial movement out of USDC followed by USDT. NFT people today are aping into these LUSD Chicken Bonds. Lumens floor up 1000% in the past day.
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D): WETH ($7.4M), USDT ($1.9M), WBTC ($1.9M), DAI ($408k), CPOOL ($262k)
- Outflow (1D): USDC ($11M), LDO ($1.4M), MATIC ($292k), YFI ($132k), BADGER ($131k)
Weekly:
- Inflow (7D): aWETH ($21.6M), aWBTC ($14.4M), MATIC ($12.5M), APE ($5.9M), WETH ($4.3M)
- Outflow (7D): USDC ($117.6M), USDT ($34.8M), RPL ($6.8M), WBTC ($4.6M), BUSD ($3.2M)
- Nansen NFT Hot Contracts:
- LUSDBondNFT: 794 ETH
- CloneX: 553 ETH
- RENGA: 379 ETH
- BAYC: 347 ETH
- Gangsta Mice City: 341 ETH
What is the Data telling you? See anything that sticks out to you?
🎓 Research:
- Chainalysis - Middle East & North Africa’s Crypto Markets Grow More Than Any Other Region in 2022 - source
- UNCTAD warns of policy-induced global recession; inadequate financial support leaves developing countries exposed to cascading crises of debt, health and climate - source
- Application-Specific Blockchains: The Past, Present, and Future - source
- Current state of the creator economy: capital, talent, and user retainment - source
- GMX report - source
- a16z- Funding When Capital Isn’t Cheap - source
- Nansen NFT Price Estimates Machine Learning Model - source
- dAMM Investment Memo - source
- "Biggest Problem": Can the ETH L1 Enable Privacy Transfers? - source
Have you seen our institutional-quality research?
🖼 NFTs/Metaverse News:
- Three Arrows Capital's liquidators have taken control of Starry Night Capital's NFTs collection and moved to a Gnosis Safe wallet
- Mythical Games creates Mythos Foundation to decentralize web3 gaming, expanding its ecosystem with the Mythos DAO and the $MYTH governance token
- The number of NFT-related trademark applications in the U.S. has tripled since 2021. NFT trademark filings peaked in march and have fallen in every month since
- Next version of Art Blocks is here - new product collections, new smart contract (save ~65% on gas), new website
🌍 Crypto Twitterverse:
📈 Fundraises:
- Crypto-focused investment firm, M31 Capital, launches $100M Web3 investment fund with $50M in commitments so far
- Union Avatars raises €1.2M to link the real world with the new digital worlds
- Yofi, a digital identity platform that helps brands and retailers understand their customers through data synthesis and recommendations closes pre-seed funding round
Did we miss anything or is there anything you want to discuss? We’d Love to hear your feedback and engage with the community! Feel free to leave a comment and let us know your thoughts on the Crypto market!
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