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(as of 4:30 AM UTC, July 3, 2023)
Despite regulatory uncertainties and the subsequent rejections of Bitcoin ETF applications by the SEC, Bitcoin (BTC) has managed to maintain its position above $30,000. A noticeable shift in sentiment has been observed towards altcoins, notably with Ethereum (ETH) appearing to edge towards the $2,000 mark.
In the NFT space, the market has witnessed a significant downturn in the last 24 hours, mainly impacted by the recent Azuki incident. Bored Ape Yacht Club (BAYC) values dipped 16%, falling below 30 ETH, while Mutant Ape Yacht Club (MAYC) prices dropped 20%, plunging below 5 ETH. Azuki also experienced an 11% decrease, landing below 6 ETH. Over the past year, the cumulative market value of the NFT market has experienced a drastic 53% decrease, leaving its current value at 3.33 million ETH.
Turning our attention to the East, at IVS Crypto 2023 in Kyoto, BTSE witnessed Japan’s enthusiastic entry into Web3, promising a new era of tech innovation. While the strategies of major Japanese companies towards Web3 adoption remain ambiguous, the shift towards this new digital sphere is evident. Looking back to the backlash experienced by video game giant SEGA from its fans after announcing NFT initiatives, this shift not only suggests a distinct, conservative cultural approach to these emerging technologies, but also emphasizes the need for companies to align their crypto strategies with their consumer base.
Japan’s cautious yet active engagement with the crypto and Web3 space indicates the country’s intent to play a significant role in shaping the future of these technologies. The country’s approach, prioritizing consumer and gamer experience over pure speculation, might serve as a model for other markets. Given the involvement of established companies like SEGA, the mainstream acceptance of blockchain technology and cryptocurrencies seems to be on the horizon.
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