Ainslie Crypto Weekly Wrap-Up 

The recent surge of activity and transformations in the cryptocurrency sphere signals that we might be witnessing a shift reminiscent of the summer of 2020, fondly remembered as the Summer of DeFi. As the aroma of summer 2023 lingers in the air, the crypto community is abuzz with talk that this might be the Summer of Traditional Finance (TradFi) Exchanges

TradFi Exchanges

In an unexpected turn of events, several mainstream traditional finance exchanges have carved a niche in the digital asset space, spearheaded by BlackRock’s move to apply for a spot in Bitcoin ETF in early June. This significant shift opened the floodgates for a barrage of similar applications, painting a promising landscape for the integration of digital assets into the conventional financial sector. A notable development was Nasdaq’s collaborative initiative with Hashdex to potentially trade both spot and futures contracts, further endorsing the growing influence of digital assets in the investment domain.

Nasdaq, a pivotal player in this transition, is leveraging its innovative technology to foster numerous opportunities in the crypto. Meanwhile, the CME Group emerges as a dominant entity, anticipating a surge in the need for hedging tools aligned with the growth of spot Bitcoin ETFs. 

G20 Summit: A Step Towards Unified Global Crypto Regulations

The recent G20 Summit held in New Delhi marked a significant milestone in the journey towards establishing collaborative global crypto policies. A priority was bestowed upon the implementation of the Crypto-Asset Reporting Framework (CARF), fostering transparency and curbing illicit activities surrounding unregulated crypto transactions. This development, coupled with India’s evolving stance on cryptocurrency regulations, underscores the urgent need for coherent policies that align with the dynamic nature of digital assets.

Web3: A Paradigm Shift with Potential Yet to Unveil

In a recent study spearheaded by blockchain firm Consensys and market research entity YouGov, the perception of Web3 and crypto among the global populace was analysed. The study revealed a significant disparity between the appreciation for the theoretical aspects of Web3 and the actual awareness surrounding it, showing that there’s a lot of untapped potential in this sector.

News Flash: A Quick Overview of the Recent Happenings

• Global Crypto Landscape: The cryptocurrency market experienced a slight dip, with a notable decline in alt-major coins compared to Bitcoin. Solana faced a significant downfall, affected by the anticipated liquidation of assets by FTX.
• Crypto Business Developments: PayPal introduced a USD offramp conversion service, and Franklin Templeton emerged as the latest entity to apply for a spot Bitcoin ETF.
• Security and Regulation Updates: France initiated a certification process for crypto influencers, while Taiwan tightened restrictions on unregistered overseas exchanges.
• Market Pulse: The global crypto market cap witnessed a marginal decrease, with Bitcoin maintaining a steady performance amidst fluctuating trends.

 

Remember to subscribe to this newsletter and follow us on social for regular updates on the dynamic world of blockchain and cryptocurrency. If you’re interested in an easy and personal way to buy/sell/swap cryptocurrency, don’t hesitate to contact us – call 1800 AINSLIE. Our team of friendly consultants are ready to guide you, your company, or SMSF through the process, making your cryptocurrency buying journey effortless. We also offer industry-leading crypto custody with minute-by-minute internal audits to guarantee the safety of your assets.