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Your Weekly Dose of Crypto - 31/05/2023



Market Overview Market Overview by Josh Burke, DeFi Trader

Crypto Round up

Bitcoin (BTC) has regained some poise since last Thursday, but the cryptocurrency still appears on track for its first monthly loss since December. At the time of writing, BTC price is still down about 5% for the month, the first monthly decline of the year . Bitcoin has put in a positive performance in January, March and April and ended February on a flat note. Bitcoin's dour monthly performance comes as bond traders have reinstated bets that the Federal Reserve will keep interest rates elevated for longer in response to sticky inflation and a resilient labor market.


Renowned author Michael Lewis, known for his book "The Big Short," has announced progress in writing his upcoming book focused on SBF, the CEO of FTX. Lewis is nearing completion of the book, which is expected to shed light on the fascinating story behind SBF and his contributions to the crypto industry.


US President Biden has expressed opposition to a debt deal that could potentially benefit crypto traders. Given the impending threat of a US default, the President's stance on the matter adds an additional layer of uncertainty to the market.


Sotheby's, the prestigious auction house, recently held an auction featuring a rare NFT collection from 3AC. The auction generated an impressive $2.4 million in sales, highlighting the continued interest and value of NFTs in the art world.


According to Coindesk, the demand for tokenized Treasury Bonds has been surging, as crypto investors seek to explore traditional finance avenues and capitalize on potential yields. We believe this growing demand indicates a desire to bridge the gap between the crypto and traditional financial sectors.

Unfortunately, the Tornado Cash DAO fell victim to an attacker who manipulated voting procedures, resulting in a significant 40% drop in the value of the TORN token. This incident serves as a reminder of the importance of robust security measures within the crypto ecosystem.


Graph of the Week:

Source: Glassnode

The typically hyper-volatile Bitcoin hasn’t been so choppy of late at all. The largest digital asset hasn’t posted a daily move of 6% for 70 sessions, the longest streak of calm since October 2020, data compiled by Bloomberg show.


NFT Markets NFT Markets by Matthew Linares, Senior Analyst

NFT Integration in the Food Industry: The Wow Bao Initiative


Customer loyalty programs in the food industry may look a lot different in the future due to the integration of NFTs. Asian street food chain, Wow Bao, has executed a unique move by transforming their traditional point-based rewards system into an NFT-backed platform built to be Web2 friendly.

According to NFT Evening this initiative, termed "CollectaBaos", allows patrons to purchase a year-long membership for $99, providing them access to a range of benefits including a 10% discount, complimentary meals, and exclusive merchandise.

The integration of NFTs in Wow Bao's business model extends beyond conventional loyalty incentives that you would normally expect. Unique NFT mints grant holders access to exclusive experiences such as special events, cooking classes, and personal interactions with the CEO. Additionally, previews of new culinary offerings will be exclusively available to NFT holders. This strategic move, if proven effective, could shift the way restaurants interact with customers, illustrating the potential of NFTs to augment customer engagement, collect valuable data, and foster loyalty.

In what we believe to be the most important aspect of this move, Wow Bao has made a conscious effort to refrain from using technical jargon in customer communications to try to make the shift more easily palatable to a mainstream audience . With this in mind Wow Bao makes it so that purchasing a CollectaBao does not necessitate a crypto wallet, thereby lowering the entry barrier for consumers. This approach showcases the potential of NFTs to transform traditional business operations without necessitating a learning curve for its customers, providing valuable insights and more accurate data around their customers, while causing less of an interference in normal business operations. Although the potential benefits from the change are exciting, it will be interesting to see if this strategy will work over the long term as many times NFT integrations can come with unforeseen circumstances.



Lastest News: Curated by Sam Eisner, Associate

  • LG Electronics has filed a patent application for its blockchain-based smart TV, which allows users to trade nonfungible tokens (NFTs).

  • Laos government reportedly prioritizes blockchain technology for digital transformation: Laos prioritizes blockchain for digital transformation. Prime Minister Sonexay Siphandone chaired the Ministerial Conference on Blockchain 4.0 in Vientiane. The conference aimed to expedite Laos' digital transformation and enhance its global competitiveness. MetaBank and the Laotian Ministry of Technology will establish a blockchain research center. Laos also signed a memorandum with Soramitsu for a central bank digital currency project.

  • Bitcoin Now Has Over 10 Million Ordinals Inscriptions: Bitcoin users have made over 10 million inscriptions on the Bitcoin blockchain using the Ordinals protocol, with the majority occurring in the past month. Initially used for NFTs, Ordinals has expanded to include fungible crypto tokens. Concerns about fees and blockchain congestion have been raised, but proponents see Ordinals as a foundation for future innovations, such as trading digital securities on Bitcoin.

  • Bybit gets pre-approval in Kazakhstan as crypto custody service provider: Bybit, a cryptocurrency exchange, has received "in-principle" approval from Kazakhstan's financial regulator to operate as a digital asset trading facility and custody services provider. The company sees growth potential in the CIS region and emphasizes compliance with local regulations. Kazakhstan is emerging as a hub for crypto, mining, and blockchain, with measures to prevent tax evasion and the development of a central bank digital currency.



Regulatory Roundup:

  • The SEC has finally responded to Coinbase's rulemaking petition, a petition that seeks answers to 50 specific questions concerning digital asset regulation (See Top Story #4 from a few weeks ago for extra context). The SEC's response has urged courts to deny Coinbase’s recent request for clearer rules, stating "Coinbase’s preference for faster or different regulatory action by the commission does not entitle it to extraordinary relief from this court." Coinbase expressed its disappointment in the SEC's apparent lack of urgency for implementing appropriate crypto rules and is expected to respond over the coming days.

  • The European Union’s landmark crypto regulation has passed its final legislative hurdle, with the unanimous approval of European finance ministers. Members of the EU’s Economic and Financial Affairs Council (EcoFin) adopted the Markets in Crypto Assets (MiCA) with no objections in a meeting on Tuesday.

  • Hong Kong's Securities and Futures Commission (SFC) will begin accepting applications for crypto trading platform licenses on June 1. The regulator has agreed to allow licensed virtual asset providers to serve retail investors, provided that operators assess understanding of the risks involved.

*PLEASE SEE IMPORTANT DISCLOSURES BELOW* Best, Criptonite's Team DISCLOSURE: The opinions expressed herein are those of the author alone and do not represent Wave Digital Assets LLC or any of its affiliates. The author may hold investment positions in some of the assets discussed. Nothing in this email or linked information should be interpreted as an offer or recommendation to buy, sell or hold any security or other financial product. Wave is federally regulated by the US Securities & Exchange Commission as an investment adviser. Registration with a federal or state authority does not imply a certain level of skill or training. Additional information including important disclosures about Wave Digital Assets LLC also is available on the SEC’s website at www.adviserinfo.sec.gov.

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