Bitfinity Weekly: Beyond the Peak

Bitfinity Weekly: Beyond the Peak

Welcome to Issue #96 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.

What's in Today's Email?

  • Global Crypto News
  • This Week in our Blog
  • NFT Market Bytes
  • Tweet of the Week
  • Meme Time
  • A Matter of Opinion

Global Crypto News

🏔️ Twin Peaks: Bitcoin hit new all time high's (ATH) twice this week; first on Tuesday reaching a record $69,324 briefly before crashing more than 6%, leading to more than $31 million being wiped out from long positions. Investor optimism seemed robust as Bitcoin price recovered and continued to climb, finally reaching another ATH ($70,099) on Friday.

🌟 Astar Is Born: Astar Network launched 'Astar zkEVM' on Tuesday, a new zero-knowledge layer-2 chain on Polygon and the first L2 to be integrated into Polygon's AggLayer. AggLayer is Polygon's initiative to create a more seamless web3 user experience, by unifying ZK proofs from all connected chains int an aggregation layer.

🛹 On Ramping: Challenger bank Revolut announced a partnership with MetaMask this Wednesday to make DeFi seamless for existing users of the Revolut platform. The new service, called 'Revolut Ramp', allows users to buy crypto amd deposit them directly into MetaMask. Revolut, an alternative digital banking service, has roughly 40 million users.

👁️ Eyes Wide Open: Biometrics crypto project Worldcoin, founded by OpenAI's Sam Altman, is facing scrutiny from the Spanish government. The project and its native token $WLD are banned for three months as Spain's data protection agency AEPD investigates on issues such as data collection from minors. Worldcoin is currently under investigation from the Korean government on similar complaints from Worldcoin registrants who participated in an iris scanning biometric data collection event.

This Week in our Blog

Bitcoin ETFs have proven to be very popular since their debut, but what does that mean? In this article we cover the different types of Bitcoin ETFs and what this intersection of cryptocurrency and the traditional finance world indicates for the future.

From Wall Street to Crypto Street: Profiling the Major ETF Providers
A Tale of 11 Bitcoin ETFs analyzes the providers launching spot Bitcoin ETFs, including Grayscale, BlackRock, Invesco, WisdomTree, Franklin Templeton and more. It examines the offerings and history of each provider to provide context around this watershed moment for cryptocurrency.

With the Bitcoin halving almost upon us, you probably have some questions. Whether you're a seasoned pro who needs a refresher or just getting started with your Bitcoin education, we've got you covered:

Halve a Coin and Double the Fun: How the 2024 Halving Could Change Everything
Discover the transformative potential of the 2024 Bitcoin halving and its impact on the Bitcoin Ecosystem including Biofinit. Dive into our comprehensive guide and join the conversation around Bitcoin’s pivotal event.

NFT Market Bytes

👽 Punk'd: The second most expensive CryptoPunk sale was made on Monday, as an anonymous wallet bought Punk #3100 for 4,500 $ETH (worth over $14m at the time of sale). Punk #3100 is one of nine 'Alien' type Punks in the 10,000 piece CryptoPunks collection, making it one of the rarest Punks in existence.

🎶 Back in Style: Coachella, the star-studded music festival held annually in California, released VIP festival passes for this year's event as NFTs on the Avalanche network in collaboration with OpenSea marketplace. Coachella has experimented with NFT passes in the past; in 2022 auctioning off 10 lifetime passes on the Solana blockchain.

🐒 Not Monkeying Around: NodeMonkes, an Ordinals project, achieved a sale over $1m. NodeMonke #2769 with the "Alien Hoodie" trait sold for 17 $BTC on the Magic Eden marketplace. This makes NodeMonkes the first 10k Ordinals project to reach a $1m sale, and NodeMonke #2769 now holds the record for being the second most expensive Ordinal ever sold.

Tweet of the Week

Swung by our X page lately? We have more updates in the works, too!

Meme Time

A Matter of Opinion

The imminent arrival of the Markets in Crypto-Assets regulation (MiCA) in Europe heralds a seismic shift in the continent's crypto landscape. As the regulatory hammer comes down, countries previously lauded for their crypto-friendly environments, like the Czech Republic and Poland, are about to face a rude awakening.

For years, these nations have attracted droves of crypto businesses thanks to their low barriers to entry and streamlined registration processes. However, this honeymoon period is rapidly drawing to a close.

MiCA isn't just another set of regulations; it's a game-changer. With higher compliance standards, the cost of doing business in the crypto sphere is set to skyrocket. Neil Samtani, CEO of VASPnet, rightly points out that Estonia experienced a mass exodus of registered VASPs when new AML requirements kicked in. The same fate awaits those currently basking in the lax regulatory climates of the Czech Republic and Poland.

Moreover, MiCA will usher in a changing of the guard in regulatory oversight. National authorities that once held sway over the crypto industry will cede power to new supervisory bodies. In the Netherlands, for instance, the Authority for the Financial Markets will take the reins from the central bank. This transition, coupled with the stringent demands of MiCA, could further thin the ranks of registered crypto businesses.

As Europe braces for the arrival of MiCA, crypto businesses must adapt or face extinction. The days of cheap and easy registration are numbered, giving way to a new era of compliance. While the road ahead may be rocky, it's not all doom and gloom--MiCA presents an opportunity for the continent to assert itself as a global leader in responsible crypto regulation.

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*Important Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of Bitfinity itself. The information provided here is for general informational purposes only and should not be considered as financial advice.