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- The Next 100x Crypto Opportunity Is Coming: Are You Ready? 💯💰
The Next 100x Crypto Opportunity Is Coming: Are You Ready? 💯💰
SBF granted a day in court for legal consultation. Sweden takes a leading role in BTC mining with renewable energy.
Manan Vora
August 22, 2023
Snapshot Web3
August 22, 2023
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Regulatory and Legal Updates
Genesis Digital Assets Limited (GDA) has established a Bitcoin mining data center in Sweden, capitalizing on the country's surplus of renewable energy, particularly hydroelectric power. The data center, located near a hydroelectric plant, aims to rely entirely on renewable energy for its operations. With a capacity of about 8 MW, it's expected to achieve a hash rate of around 155 PH/s. Sweden's abundant clean energy sources make it an attractive destination for sustainable Bitcoin mining. This aligns with the growing trend of using renewable energy for cryptocurrency mining.
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Innovation and Launches
Hong Kong's HashKey Exchange, the first licensed retail virtual asset exchange, is set to launch its trading platform and products on August 28, 2023. With upgraded licenses, it's extending services to retail users, aligning with securities laws. The event will unveil partnerships with top-tier banks for seamless fiat services and introduce an insurance scheme for retail investors. The Grand Launch will feature HashKey Exchange's management team and industry experts discussing the future of Web3 technology in Hong Kong.
Coinbase and Circle have announced a strategic partnership to expand the reach and adoption of USDC, the second-largest stablecoin. As part of the agreement, Circle will take full control of USDC issuance and governance, and USDC will be launched on 6 new blockchains from September to October. Coinbase and Circle will continue to generate revenue from USDC reserve interest income and will share this revenue based on the amount of USDC held on each platform. The CEO of Circle believes that the partnership will help USDC to grow stronger in the future.
The Central African Republic has passed a law to allow the tokenization of its land and natural resources. This is part of the country's Sango project, which aims to make the CAR a hub for cryptocurrency adoption. The law also makes it possible to obtain business visas online and allows citizens and foreigners to set up businesses in the CAR. The CAR's efforts to position itself as a crypto leader have faced significant obstacles, but the passage of this law is a major step forward.
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NFT and Metaverse
The Metascapes NFT is a collection of 2,555 unique AI-generated landscape images that bridge the gap between photography and the metaverse. The collection was launched in January 2023 and holds a current floor price of 0.0599 ETH. The collection offers a hyper-realistic landscape experience and is quickly gaining popularity among photographers and other NFT collectors.
China is taking a leading role in the development of the metaverse, with state-owned companies and authorities proposing a number of initiatives to shape the technology. These efforts suggest that China is determined to shape the metaverse in its own image, and that the technology could be used to reinforce the country's authoritarian control.
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Scams and Hacks
The FBI seized approximately $1.7 million worth of cryptocurrency. The funds were linked to a darknet drug trafficking operation. The FBI also recently helped Colonial Pipeline recover millions of dollars in Bitcoin that had been paid to hackers who had attacked the company’s cyber infrastructure earlier this year.
Thailand’s digital minister has issued a warning to Facebook, threatening to seek a court order to shut down its operations in the country unless the company takes action against fraudulent ads, particularly those promoting crypto scams. The minister stated that Facebook has not done enough to address the issue.
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Interesting Reads
Venture capitalist Arthur Cheong, founder of DeFiance Capital, predicts that the next 100x growth opportunities in the crypto world will come from projects that lack significant venture capital backing and are not listed on centralized exchanges (CEX). He believes most VC-backed cryptocurrencies will experience a decline, emphasizing that future high-growth potentials lie in chains without VC investments and CEX listings.
Ethereum's Layer 2 networks are booming, surpassing Ethereum mainnet's throughput by 400%. zkSync Era's activity exceeded Ethereum's, and Coinbase's new L2, Base, is rapidly growing, especially with the help of app friend.tech. However, Arbitrum and Optimism still hold the majority of funds in Layer 2, with over $8.2B combined.
Altcoins typically accumulate for about 700 days before a bull run. With the next surge expected in 2024, there's around 250 days left to wait. Current disinterest from non-crypto enthusiasts suggests a typical pre-bull phase. The strategy is to accumulate altcoins patiently, stay liquid, and avoid market hype. Potential market dips offer buying opportunities, while surges may be optimal for selling. Given the market's unpredictability, prioritize flexibility, focus on strong but non-hyped coins, and invest systematically. Rewards could be substantial in the upcoming years.
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Quick Links
Former FTX CEO Sam "SBF" Bankman-Fried will have a seven-hour release from jail on August 22 to meet with his legal team. The meeting, held at the courthouse, will grant him access to a laptop and WiFi. SBF's bail was revoked on August 11, and he will likely remain in detention until his trials conclude.
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Resource of the Day
Google Sheets doesn’t natively support JSON data, which means it may be slightly tricky to fetch real-time crypto price data into your spreadsheet. Thankfully, no-code API connectors by Mixed Analytics and Apipheny make it extremely easy to help you pull crypto data. In this guide, learn how to connect Google Sheets to CoinGecko API with an API Connector, import a list of coin ids and symbols, get live crypto price data for specific cryptocurrencies, retrieve historical crypto prices for specific coins, fetch total crypto market cap data, pull live coin price data for trending categories. It also covers how you can refresh the data in your spreadsheet, and address potential rate limitations.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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