Welcome to the final edition of the week with Datawallet Daily! Like always, we’re focusing on the main stories that have shaped the crypto market in the last day.
CME Overtakes Binance in Bitcoin Volume
Dan Tapiero of 10T Holdings foresees a massive inflow of institutional funds into Bitcoin, driven by the potential approval of a Bitcoin spot ETF in the U.S. This sentiment is mirrored in Bitcoin’s current market dynamics and CME’s futures market outperforming Binance. On another note, QCP Capital points to the possibility of an Ether spot ETF as another positive factor.
While the market’s current trajectory looks promising, there is a hint of caution due to Bitcoin’s key resistance levels and its Relative Strength Index signaling a possible momentum shift. Currently, Bitcoin hovers around $36,500, with Ethereum crossing the $2,000 mark.
Polygon Launches $90M Ecosystem Fund
Polygon Labs is rebooting its Polygon Village initiative with a hefty $90 million (110 million MATIC) fund, aimed at spurring growth in its ecosystem. Polygon Village 2.0 offers a well-rounded package for projects at different stages, featuring grants, mentorship, and strategic support across sectors like DeFi and gaming.
The initiative includes Village Grants for funding, Village Build Ideas for project concepts, and Village Startup Support for a range of services. There is also a unique touch with Village Builder Houses in New York and Lisbon, creating physical spaces for networking and collaboration. It is a comprehensive effort to nurture and accelerate development within the Polygon ecosystem.
EU’s Data Act May Push DeFi Out of Europe
The European Parliament’s recent approval of the Data Act is causing a stir in the blockchain community. The Act requires that developers have the capability to halt or interrupt smart contracts. This requirement contradicts the typically immutable nature of these contracts.
Originally targeting the Internet of Things, there is a lingering concern about its unintentional extension to blockchain. The blockchain industry’s extensive lobbying seemed to have limited impact, with legislators not explicitly addressing blockchain in their discussions.
How this all plays out depends on how the new rules get interpreted down the line. In the worst-case scenario, DeFi developers might be driven out of the continent.
Court Approves Celsius Bankruptcy Plan
The Celsius bankruptcy saga concluded with a court-approved plan, resulting in the distribution of approximately $2 billion in cryptocurrency to creditors and equity in a newly formed company, NewCo. The approval by Judge Martin Glenn, following a favorable creditor vote, sets the stage for creditor reimbursement and the company’s pivot to expand mining operations. Managed by the Fahrenheit consortium, NewCo will also seek to monetize Celsius’s illiquid assets.
Other breaking news
- FTX’s FTT Token Surges 90% After Gensler Comments
- Flashbots Co-Founder Reveals “Alfred” Telegram Trading Bot
- Crypto Wallet Bot Debuts on Telegram in Colombia, SA, Kenya
- Turkish lira Becomes Top Crypto Trading Pair on Binance in Sept. 2023
- Poloniex, Justin Sun’s Exchange, Could be Hit by $60M Hack
And that is a wrap for today! CME volumes are on the rise, signaling increasing interest from institutional investors. Polygon has launched an impressive $90 million fund to expand its ecosystem. Meanwhile, the EU has passed an act that could potentially push DeFi developers out of the region. Also, the court has approved Celsius’ bankruptcy plan. Stay tuned for more updates next week!