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Bitcoin's Resurgence as Banks Fail

Coinbase goes international, Crypto.com launches AI assistant, CMCC boosts investments and 3AC's Kyle Davies tweets about oysters.

May 3, 2023

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Welcome to Blockhead's Daily Digest, your go-to source for the latest and most exciting news in the world of cryptocurrency. Our mission is to provide our subscribers with accurate, insightful, and timely coverage of the rapidly evolving crypto space.

The recent surge in Bitcoin's price, up about 2% in the past 24 hours, is a reminder of the resilience of cryptocurrencies in the face of economic uncertainty. While the ongoing banking crisis in the US may not be directly linked to the crypto industry, it highlights the need for alternative financial systems that are not dependent on traditional institutions.

As Bitcoin climbs above $28,000, investors are once again turning to the digital asset as a safe haven asset in times of economic turmoil. This reinforces the growing recognition of cryptocurrencies as a legitimate asset class, and suggests that Bitcoin's potential as a store of value and a hedge against inflation may become increasingly important in the years to come.

Here's your daily roundup for May 3, 2023.

  1. Coinbase has announced the launch of Coinbase International Exchange, which will allow institutional users in eligible jurisdictions outside of the US to trade perpetual futures, accounting for nearly 75% of global crypto trading volume in 2022. The exchange-listed BTC and ETH perpetual futures contracts earlier today. All trading is settled in USDC; no fiat on-ramps are required. The contracts initially offer up to 5x leverage.
  2. 3AC founders Kyle Davies and Su Zhu have been reprimanded by Dubai's Virtual Assets Regulatory Authority (Vara) for operating and promoting their new digital-asset exchange OPNX without a local license. Two other OPNX co-founders and its chief executive have also been reprimanded. Meanwhile, Davies has been writing Twitter threads about the benefit of oysters from what
    appears to be Thailand (where there's no extradition treaty with Singapore).
  3. Crypto.com has launched its very own AI assistant, "Amy", in an effort to help users learn more about the crypto industry. Amy is armed with near real-time information about specific tokens and projects, as well as details on price listings and historical events, and serves as a crypto expert resource for the average user.
  4. Winklevoss-backed and Hong Kong-based VC firm CMCC Global has launched a new US$100 million fund focusing solely on blockchain opportunities with three main areas of interest: infrastructure, fintech, and consumer. CMCC Global regards itself as one of Asia's first VC funds to focus purely on blockchain and cryptocurrency.
  5. Bitdeer Technologies is developing carbon-free digital asset mining operations in the Bhutan, aiming to accelerate Bhutan’s economic and digital transformation and expand Bitdeer's global footprint. The Himalayan kingdom's sovereign investment arm, Druk Holding & Investments, which has invested millions of dollars in bitcoin, ether, and other digital assets, will partner with the mining company led by Wu Jihan. Bitdeer and DHI expect to launch the partnership through establishing a closed-end fund with an estimated size of up to US$500 million.

And that's all for today's Blockhead crypto news roundup. Don't forget to check out our website for more in-depth coverage and analysis of the latest developments in the world of crypto.


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