Spotlight on Bitcoin, Web3 Tools & Regulatory Shakeups

This week’s Techtoken serves up Bitcoin’s comeback, Taiwan’s crypto law, and a curation of Web3 tools.

Happy Monday — or whatever day it is in your WFH blur.

I’m glad you’re here, and I can’t wait to get started. Feel free to jump right in, and if you’ve got something to say, I’m all ears on Linkedin and Twitter.

IN TODAY’S EDITION

• Bitcoin Institutional Investors: The Comeback You’ve Been Waiting For
• Regulatory Roundup: Taiwan Gets Serious on Crypto
• In the Limelight: Your Week in a Nutshell
• Web3 Toolbox: Liquidity Pools & Yield Farming Tools
• Event Calendar: Exciting Web3 events taking place in the first week of November.
• Techtoken Recommendation: Handpicked Articles, and Videos Just for You.

THE SPECULATION GAME

Bitcoin Institutional Investors — The Comeback You’ve Been Waiting For

Source: Giphy

The Bitcoin world is buzzing, and here’s why you should care:

Big Money is Back in Town

Bitcoin transactions over $100k have hit a yearly high. On October 24, we saw about 23,400 such transactions.

That’s not pocket change; that’s institutional money coming back to the table.

Why It Matters?

Remember June? When BlackRock got into the game? The big transactions were flying around then too.

These high-value transactions are the Wall Street equivalent of a “like” on your tweet — a very public nod of approval. And folks, they’re liking it again.

Spot Bitcoin ETF

This is the blockbuster sequel everyone’s waiting for. If the SEC greenlights it, you won’t need to own Bitcoin directly to get exposure.

More ease = more institutional money =

But, Let’s Be Real

These numbers are a yearly high, sure. But they’re not breaking any all-time records. Yet.

The Crystal Ball

Predictions are everywhere. Some say Bitcoin might go as high as $125,000 by December 2024.

Take it with a grain of salt, but also know that the bull market isn’t a fluke. It’s the real deal, and big money seems to agree.

Key Takeaway?

If you’re in the crypto game, keep an eye out for the big players. When they move, the market moves.

This is not financial advice, but if you’ve been sideline-watching, this might be your cue.

That’s it. Simple and to the point.

If you’re not paying attention to the institutional moves in Bitcoin, you’re missing the big picture.

And in crypto, missing the big picture could mean missing out on a lot.

REGULATORY ROUNDUP

Taiwan Gets Serious on Crypto

Source: Giphy

Taiwan’s stepping up its crypto game with a game-changing bill.

Forget just anti-money laundering; we’re talking comprehensive rules to protect investors and keep the financial ship steady.

Getting Ahead of the Curve

Taiwan’s crypto sector is booming. The bill, known as the “Virtual Asset Management Regulations Draft,” aims to do exactly what its mouthful of a name suggests: lay down the law for crypto in Taiwan.

Existing rules? Largely focused on anti-money laundering. But let’s be real — crypto’s bigger than that now, and Taiwan knows it.

Why Now?

With 200 blockchain firms in-house, Taiwan is a hive of crypto activity. The Financial Supervisory Commission’s (FSC) existing framework? Way behind the curve.

This bill is Taiwan saying, “Enough’s enough. Let’s protect our investors and ensure financial stability.”

The Nitty-Gritty of the Bill

• Secure a Permit: Crypto platforms, you’ll need official permission to operate.
• Leadership Qualifications: No more Wild West; those in charge need to meet specific criteria.
• Issuance Rules: Want to launch a new token or derivative? There are rules for that.
• Customer Protection: Your data, your assets — they’re making sure it’s all safeguarded.
• Transparency: Say goodbye to shady ads and hello to clear marketing practices.
• Compliance & Penalties: Mess up, and you’re facing regulatory action. Could even be a game-over for your operations.

The Road Ahead

This bill’s timeline is still fuzzy. Experts say don’t expect quick enactment; it could stretch beyond January 2024.

But make no mistake: Taiwan is committed to a well-oiled, well-regulated crypto machine. Yes, there will be bumps, but hey — that’s how progress happens.

IN THE LIMELIGHT

Here’s Your Week in a Nutshell

Source: Giphy

If you’ve been MIA from the crypto space this week, you’ve missed a roller coaster.

Let’s dive right in, shall we?

1 — ETF Game-Changers: Grayscale & BlackRock

Grayscale and BlackRock are not playing around! Both are inching closer to launching their Bitcoin ETFs, heating up the crypto space like never before.

The US Court of Appeals is set to review Grayscale’s proposal, adding an extra layer of excitement.

Could we finally see spot Bitcoin ETF approval?

2 — Bitcoin Breaks $35k

Guess what? Bitcoin broke the $35k mark this week!

SEC’s Hester Pierce alluded to inefficiency in the crypto-decision sphere, but hey, the market seems to be ignoring the lag.

Instead, it’s taking cues from bullish signs like the narrowing GBTC discount. Larry Fink, BlackRock’s CEO, is eyeing a spot Bitcoin ETF approval by Q1 2024.

Time to celebrate

3 — MicroStrategy Back in the Game

Our man Michael Saylor and his company MicroStrategy are now back in profit territory with Bitcoin crossing $31k.

Their consistent and aggressive Bitcoin buying strategy is paying off. Is this the Bitcoin domino effect we’ve been waiting for?

4 — El Salvador: From Pariah to Pioneer

Moving continents, El Salvador has become the crypto sandbox we’ve all been watching.

Bitcoin is not just a currency there; it’s a beacon of hope. Initiatives like Bitcoin Beach are proving that digital currency can revitalize an entire economy.

5 — Lightning Network’s Growing Pains

But let’s not get ahead of ourselves. Antoine Riard, a key developer for the Bitcoin Lightning Network, stepped down due to a security vulnerability.

This hiccup doesn’t take away from the fact that the network’s adoption has soared.

But, it’s a reminder that even in a bullish market, caution can’t be thrown to the wind.

Wrapping Up

We’re living in exciting times, people! From ETFs that could change the game to countries revolutionizing their economies with crypto, the space is buzzing.

But let’s not forget, it’s still a wild west out there. Stay alert.

Until next week, keep your portfolios green and your spirits high!

WEB3 TOOLBOX

Liquidity Pools & Yield Farming

Tools for Tracking and Analytics

1. DeBank

• What it Does: Tracks Gross Value Locked (GVL), including ETH and other ERC-20s held in smart contracts.
• Why Use It: Want real-time info on where assets are locked in the DeFi space? DeBank’s your go-to.
• Check it out

2. DefiLlama

• What it Does: A comprehensive analytics and rankings dashboard for DeFi protocols.
• Why Use It: For understanding the nuances of various DeFi protocols. It’s like the IMDb for DeFi!
• Check it out

3. DeFi Market Cap

• What it Does: A website that tracks key metrics for several DeFi protocols.
• Why Use It: Keeps you updated on the health and trends of the DeFi market.
• Check it out

User and Safety Metrics

1. DeFi Users Over Time

• What it Does: Dune dashboard tracking both overall and specific protocol user numbers.
• Why Use It: Gauge user adoption and protocol health, all in one place.
• Check it out

2. REKT Database

• What it Does: A database of over 2,500 DeFi scams, hacks, and exploits.
• Why Use It: Safety first! A must-use tool to avoid stepping on DeFi landmines.
• Check it out

MARK YOUR CALENDARS

1 — World Blockchain Summit
Dates: Nov 1–2
Location: Dubai
Why not hop over from Athens to Dubai? Another blockbuster for blockchain aficionados.
Add to Calendar

2 — Enter The Metaverse London
Dates: Nov 2–3
Location: London
Swap your crypto talk for metaverse realness. A must-attend.
Add to Calendar

3 — 16th NextGen Payments & RegTech Forum
Dates: Nov 2–3
Location: Limassol
Payments getting smarter and regulation tech? Sign me up.
Add to Calendar

4 — SecretCon
Dates: Nov 2–3
Location: Saint Paul
Security in tech, shrouded in mystery. Intrigued?
Add to Calendar

5 — SCANDINAVIAN GAMING SHOW
Dates: Nov 2–3
Location: Stockholm
A paradise for gamers. Enough said.
Add to Calendar

6 — 2nd World Intelligent Insurance Summit
Dates: Nov 2–3
Location: Berlin
If you’re into Insurtech, Berlin is your stage.
Add to Calendar

7 — Cardano Summit 2023
Dates: Nov 2–4
Location: Dubai
Cardano fans, you’ve got your own summit. No excuses.
Add to Calendar

8 — AHOY!
Dates: Nov 2–3
Location: Hong Kong
Ahoy, tech sailors! An event not to be missed.
Add to Calendar

9 — Synopsis
Dates: Nov 2–3
Location: Istanbul
A complete overview of tech trends. Get ready for a synopsis.
Add to Calendar

10 — Tech Jobs Fair
Dates: Nov 2
Location: Berlin
Job hunting? Your next career move starts here.
Add to Calendar

11 — The Financial Summit
Dates: Nov 5–10
Location: Ras Al Khaimah
Finance + tech? A match made in heaven.
Add to Calendar

12 — 10th Sustainable Development Conference [SDC2023]
Dates: Nov 5–7
Location: Beijing
Sustainability in tech? It’s not a trend, it’s a necessity.
Add to Calendar

13 — NFT San Francisco
Dates: Nov 6–7
Location: San Francisco
NFTs, folks. Need I say more?
Add to Calendar

TECHTOKEN RECOMMENDATION

Videos That Are Worth Your Time

1. 12 Best Crypto Coins After BlackRock Bitcoin ETF Approval

• By: Altcoin Daily
• Why Watch: Wondering how BlackRock’s Bitcoin ETF approval might shake up the crypto market? This video lays down some altcoins that could potentially be winners.
• Watch it here

2. A Bitcoin Warning For ALL Investors

• By: Kathy Wood
• Why Watch: Kathy Wood speculates that Bitcoin could hit $1.5 million by 2030. But should you mortgage the house to buy Bitcoin? Get some balanced advice.
• Watch it here

Articles You Can’t-Miss

1. Google’s $2B Investment in Anthropic Pushes FTX Bankruptcy ‘Pretty Close to Full Recovery’

• By: BeinCrypto
• Why Read: Travis Kling suggests that Google’s $2B investment in Anthropic could turn FTX’s bankruptcy frown upside down. Worth keeping an eye on how AI and crypto are intertwining.
• Read it here

Alright, that’s it for today!

Until Tomorrow.

Nitesh

P.S. Did this newsletter find its way to you through a forward? No worries — sign up right here to get Techtoken directly in your inbox. Oh, and don’t forget to share the wealth with your friends!

Just a quick heads up: while we love talking coins, tokens, and all things blockchain, keep in mind that we’re just here to keep you in the loop. We’re not financial advisors. So if you’re thinking of taking a moonshot based on what you read here, make sure to do your own research or consult with someone who’s a pro at this stuff. If you win, awesome — throw a party!

If not, sorry, we’re not the ones to blame. Stay smart, stay safe!