{"id":8234,"date":"2023-08-18T02:47:01","date_gmt":"2023-08-18T02:47:01","guid":{"rendered":"https:\/\/www.btse.com\/blog\/?p=8234"},"modified":"2023-10-13T03:15:17","modified_gmt":"2023-10-13T03:15:17","slug":"market-roundup-crypto-slides-paypals-web3-endeavors-and-global-regulation-news","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/market-roundup-crypto-slides-paypals-web3-endeavors-and-global-regulation-news\/","title":{"rendered":"Market Roundup: Crypto Slides, PayPal\u2019s Web3 Endeavors, and Global Regulation News"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Welcome to the latest edition of our Market Roundup, where we cover the highlights of the past week in the rapidly evolving world of blockchain and decentralized technologies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Major cryptocurrencies all traded in the red this week, with a few dropping more than others. <\/span><a href=\"https:\/\/www.btse.com\/en\/trading\/XRP-USD\"><span style=\"font-weight: 400;\">XRP<\/span><\/a><span style=\"font-weight: 400;\"> slid by 20.74%, while <\/span><a href=\"https:\/\/www.btse.com\/en\/trading\/DOGE-USD\"><span style=\"font-weight: 400;\">DOGE<\/span><\/a><span style=\"font-weight: 400;\"> lost 19.58% of its value. Sophisticated investors appear to lean bearish at the moment, with roughly two-thirds of leverage funds taking short positions in BTC futures, the most since April 2022. This may be related to the US Federal Reserve\u2019s comment that it may continue raising interest rates.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8235\" src=\"https:\/\/i0.wp.com\/www.btse.com\/blog\/wp-content\/uploads\/2023\/08\/Group-1000002567.png?resize=565%2C305&#038;quality=75&#038;ssl=1\" alt=\"Token Prices\" width=\"565\" height=\"305\" srcset=\"https:\/\/www.btse.com\/blog\/wp-content\/uploads\/2023\/08\/Group-1000002567.png 565w, https:\/\/www.btse.com\/blog\/wp-content\/uploads\/2023\/08\/Group-1000002567-480x259.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 565px, 100vw\" \/><\/p>\n<p><em>\u00a0(<\/em><em>as of 9:30 AM Singapore Time, August 18, 2023)<\/em><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, major fintech companies and traditional financial institutions continue to incorporate blockchain technology into their offerings. After PayPal announced its own stablecoin last week, it is introducing a Cryptocurrencies Hub for some users to interact with on-chain assets in their PayPal account. Notably, users will not hold those crypto assets on their own. While this runs against the idea of decentralization, it will give mainstream users convenient exposure to cryptocurrency and encourages broad adoption.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PayPal expanded its Web3 presence even further this week by announcing its integration with Ledger, allowing users of the Ledger Live app to on-ramp using its payment system. Ledger users can buy <\/span><a href=\"https:\/\/www.btse.com\/en\/trading\/BTC-USD\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.btse.com\/en\/trading\/ETH-USD\"><span style=\"font-weight: 400;\">ETH<\/span><\/a><span style=\"font-weight: 400;\">, BCH, and <\/span><a href=\"https:\/\/www.btse.com\/en\/trading\/LTC-USD\"><span style=\"font-weight: 400;\">LTC<\/span><\/a><span style=\"font-weight: 400;\"> through PayPal once their accounts are linked, while Ledger will provide a layer of security as the hardware wallet keeps self-custodied assets safe.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Developments like these will likely attract new investors to cryptocurrency. This benefits the entire space as those newcomers may explore the many trading and wealth-building opportunities that are unique in crypto, leading to a more diverse and vibrant community.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more insights about market movements, be sure to check out the routine updates on <\/span><a href=\"https:\/\/www.btse.com\/blog\/\"><span style=\"font-weight: 400;\">BTSE&#8217;s blog<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Web3 News<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">While Bitcoin exchange-traded funds (ETFs) have been in the limelight, the US Securities and Exchange Commission (SEC) is said to be more <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-17\/sec-said-to-be-poised-to-allow-us-debut-of-ether-futures-etfs-eth?sref=KC9Jfg9i\"><span style=\"font-weight: 400;\">amicable to greenlighting the first ETF based on ETH futures<\/span><\/a><span style=\"font-weight: 400;\">, according to sources who spoke to <\/span><i><span style=\"font-weight: 400;\">Bloomberg<\/span><\/i><span style=\"font-weight: 400;\">. The news <\/span><a href=\"https:\/\/cointelegraph.com\/news\/sec-to-approve-ethererum-eth-futures-etf\"><span style=\"font-weight: 400;\">sent ETH surging by 11%<\/span><\/a><span style=\"font-weight: 400;\"> after a flash crash that took BTC down to roughly US$25,400. There are multiple matters that may have contributed to the initial crash. China&#8217;s Evergrande Group filed for Chapter 15 bankruptcy protection in New York to protect its US assets from creditors during restructuring, and the <\/span><i><span style=\"font-weight: 400;\">Wall Street Journal<\/span><\/i><span style=\"font-weight: 400;\"> reported that SpaceX sold an unspecified amount of its BTC holdings \u2014 worth $373 million in 2021 \u2014 after writing down its value. This culminated into <\/span><a href=\"https:\/\/decrypt.co\/152872\/bitcoin-ethereum-flash-crash-triggers-800-million-liquidations\"><span style=\"font-weight: 400;\">US$801 million in liquidations<\/span><\/a><span style=\"font-weight: 400;\"> for overleveraged positions, but news about the SEC&#8217;s attitude toward ETH ETFs sent prices upward.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MetaMask, has partnered with fintech company Banxa to introduce a <\/span><a href=\"https:\/\/decrypt.co\/152393\/metamask-banxa-roll-out-1-click-crypto-buys-apple-pay\"><span style=\"font-weight: 400;\">streamlined Apple Pay option for purchasing cryptocurrency<\/span><\/a><span style=\"font-weight: 400;\">. This collaboration, initially announced in February, has led to an update that enables MetaMask users to buy Ethereum and other cryptocurrencies using Apple Pay&#8217;s &#8220;1-click&#8221; service. Among MetaMask&#8217;s various on- and off-ramp options, Banxa stands out as the sole provider of this simplified service. While the technical enhancement might appear minor, it significantly reduces the friction experienced during crypto purchases. According to MetaMask&#8217;s product manager Lorenzo Santos, the integration is especially designed for returning users who have already completed the necessary account setup and KYC procedures with Banxa. The implementation of this service is expected to attract more users to complete transactions and enhance the overall user experience. At present, MetaMask boasts an impressive 30 million active users.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sui Foundation&#8217;s Mainnet has demonstrated impressive <\/span><a href=\"https:\/\/blog.sui.io\/mainnet-90-day-metrics-peaks\/\"><span style=\"font-weight: 400;\">resilience and scalability during its first 90 days of operation<\/span><\/a><span style=\"font-weight: 400;\">. Unlike most other blockchains, Sui&#8217;s design focuses on horizontal scalability and consistent gas fees. Throughout this period, the network achieved a peak of <\/span><a href=\"https:\/\/twitter.com\/Artemis__xyz\/status\/1686814178085163008\"><span style=\"font-weight: 400;\">5,414 transactions per second with 100% uptime<\/span><\/a><span style=\"font-weight: 400;\">, a notable accomplishment. Notable events like Ethos wallet&#8217;s Sui 8192 game (a version of the popular 2048 game) and the Bullshark Quests for SuiFrens NFT holders (who could participate by engaging with dApps on Sui) led to increased network activity, which Sui adeptly handled, showcasing its support for parallel and concurrent transactions. The data reveals a significant increase in transaction volume, with a peak of 65.8 million transaction blocks processed in 24 hours and a total of 965.87 million transactions. Notably, average gas fees remained stable despite the increased load, demonstrating Sui&#8217;s capacity for handling greater traffic. The network currently boasts 2.7 million active accounts and over 8 million NFTs. Sui&#8217;s success has been attributed to both its design and the collaborative efforts of its builder community.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/blockworks.co\/news\/us-europe-spot-bitcoin-etf\"><span style=\"font-weight: 400;\">Europe&#8217;s inaugural spot bitcoin exchange-traded fund (ETF)<\/span><\/a><span style=\"font-weight: 400;\">, the Jacobi FT Wilshire Bitcoin ETF, is set to launch on Euronext Amsterdam. Managed by Jacobi Asset Management, this green-focused digital asset fund adheres to the European Union&#8217;s sustainable finance guidelines, reflecting its commitment to positive environmental and social impacts. Overseen by the Guernsey Financial Services Commission, the ETF operates under the ticker BCOIN, with Fidelity Digital Assets as custodian and Flow Traders as market makers. The fund incorporates Renewable Energy Certificates (RECs) to offset Bitcoin&#8217;s energy usage and logs them on the blockchain for verification. Unlike US regulators, who favor futures-based bitcoin ETFs, Europe is leading in offering this direct bitcoin exposure avenue for institutional investors.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><a href=\"https:\/\/www.cnbc.com\/2023\/08\/15\/singapore-among-worlds-first-to-agree-stablecoin-crypto-regulation.html\"><span style=\"font-weight: 400;\">Singapore has emerged as a global pioneer<\/span><\/a><span style=\"font-weight: 400;\"> by finalizing regulatory guidelines for stablecoins, making it among the first jurisdictions to do so. Stablecoins are digital currencies designed to maintain a constant value against fiat currency, often backed by real-world assets. The stablecoin market, valued at around US$125 billion, is dominated by Tether&#8217;s USDT and Circle&#8217;s USDC. Singapore&#8217;s Monetary Authority has outlined key requirements, including holding reserves in low-risk, highly liquid assets that match or exceed the stablecoin&#8217;s value in circulation. Stablecoin issuers must also provide timely redemption and transparent disclosures. These rules apply to stablecoins linked to the Singapore dollar or G10 currencies. Singapore aims to bolster its position as a digital currency hub and provide regulatory clarity, distinguishing &#8220;MAS-regulated stablecoins&#8221; from unregulated tokens.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">The recently launched SEI token on the new layer-1 Sei Network achieved remarkable trading volumes, <\/span><a href=\"https:\/\/decrypt.co\/152651\/trading-volumes-newly-launched-sei-token-topped-1b-one-day\"><span style=\"font-weight: 400;\">surpassing US$1 billion on its first day<\/span><\/a><span style=\"font-weight: 400;\">, outpacing major players like Bitcoin, Ethereum, and XRP on leading exchanges. South Korean-based Upbit played a significant role, contributing over half of the total trading volume at US$560 million. The token&#8217;s value saw fluctuations across exchanges, with Upbit seeing a premium peak at $0.64 compared to $0.45 elsewhere. The Sei Network, designed for high-frequency trading, has gained substantial attention, with plans for over 30 applications to launch on the network.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Stories You Might Have Missed<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The US Securities and Exchange Commission (SEC) has deferred its decision on the <\/span><a href=\"https:\/\/blockworks.co\/news\/sec-delays-bitcoin-etf-decision\"><span style=\"font-weight: 400;\">proposed bitcoin exchange-traded fund (ETF)<\/span><\/a><span style=\"font-weight: 400;\"> from Ark Invest and 21Shares. While not providing an immediate approval or denial, the SEC has initiated a review process, seeking public comments before reaching a conclusion. This move extends the timeline for consideration of the bitcoin ETF, emphasizing the regulator&#8217;s thorough evaluation. Ark Invest CEO Cathie Wood and 21Shares CEO Hany Rashwan expressed confidence in their product&#8217;s eventual approval, highlighting their commitment to a secure and regulated way for US investors to access Bitcoin. The SEC has 240 days to assess the ETF, and the most recent delay sets the next decision date for November 11, with a final ruling due by January 10, 2024. Amid a surge of ETF applications, Ark Invest and 21Shares had initially disclosed plans for their bitcoin ETF in April, positioning them ahead of recent filings. The anticipated delay was not unexpected, with industry experts suggesting that multiple Bitcoin ETF approvals might be issued simultaneously.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visa has successfully tested a groundbreaking solution on the Ethereum blockchain that paves the way for users to <\/span><a href=\"https:\/\/decrypt.co\/152178\/visa-trials-ethereum-gas-fee-payments-using-cards\"><span style=\"font-weight: 400;\">pay Ethereum gas fees using their Visa credit or debit cards<\/span><\/a><span style=\"font-weight: 400;\">. This innovation aims to simplify interactions with decentralized applications (dApps) on Ethereum, making digital transactions more user-friendly. The experiment, carried out during an internal hackathon, involves an intermediary step where transaction details are sent to a Visa-operated paymaster web service before being relayed to the blockchain. This service calculates the fiat currency equal to the gas fee and processes the card payment via Visa&#8217;s payment management platform, Cybersource. If widely adopted, this method could make blockchain-based transactions more accessible, reducing complexity and friction for mainstream users.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Starting from January 1, 2024, a new regulation will require US businesses to gather personal information including the name, address, and government ID of individuals making <\/span><a href=\"https:\/\/www.dlnews.com\/articles\/regulation\/crypto-privacy-battle-started-by-words-inserted-in-2021-law\/\"><span style=\"font-weight: 400;\">cryptocurrency transactions exceeding US$10,000 in one go<\/span><\/a><span style=\"font-weight: 400;\">. While the US Treasury Department plans to implement this rule, advocacy group Coin Center previously challenged it, labeling it as &#8220;unconstitutional financial surveillance.&#8221; The lawsuit was dismissed in July on the grounds that the regulation had not yet taken effect. This development reflects an ongoing debate around privacy, financial transparency, and government oversight in the realm of cryptocurrency transactions.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><i>Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at\u00a0<\/i><a href=\"mailto:feedback@btse.com\"><i>feedback@btse.com<\/i><\/a><i> or on Twitter @BTSE_Official.<\/i><\/p>\n<p class=\"p1\"><i><span style=\"font-weight: 400;\">Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to the latest edition of our Market Roundup, where we cover the highlights of the past week in the rapidly evolving world of blockchain and decentralized technologies. Major cryptocurrencies all traded in the red this week, with a few dropping more than others. XRP slid by 20.74%, while DOGE lost 19.58% of its value. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-8234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btse-bytes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Market Roundup: Crypto Slides, PayPal\u2019s Web3 Endeavors, and Global Regulation News &#8212; BTSE Blog<\/title>\n<meta name=\"description\" content=\"Welcome to the latest edition of our Market Roundup, where we cover the highlights of the past week in the rapidly evolving world of blockchain and decentralized technologies.\" \/>\n<meta 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