Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Major cryptocurrencies like Bitcoin , Ether and Dogecoin are trading at a monthly high on Wednesday.

Bitcoin, the world’s largest digital currency, broke $26,500 for the first time in over a month to make a high of $29,883, up about 11% over the past 24 hours. It subsequently broke $30,000 — the first time in more than a year.

Ether was trading at $1849, up 7.5%, while Doge was trading up about 6%, according to data from TradingView.

Recently, BlackRock BLK, submitted an application last week for a Bitcoin exchange-traded fund (ETF) in the U.S.

Additionally, EDX Markets, a cryptocurrency exchange backed by prominent financial entities such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets, has launched its trading services.

Industry experts have weighed in on the phenomenal rise, attributing it to several factors, including institutional interest and economic forecasts.

Bitcoin’s Future Performance

Greg Waisman, COO of payments platform Mercuryo, says Bitcoin’s renewed dominance, accounting for 50% of the market capitalization of the crypto ecosystem, has been spurred by the application for a spot Bitcoin ETF by BlackRock and followed by WisdomTree, Invesco, and Bitwise. “The renewed optimism about a BTC ETF from these financial giants is evidence that Bitcoin holds true potential that will boost its future performance,” Waisman states.

Waisman also emphasizes Bitcoin’s burgeoning momentum as a technology with innovative Layer-2 protocols such as the Lightning Network revolutionizing payments.

“The positive sentiment on its capabilities has contributed to the increasing inflow of funds into Bitcoin worth $3.6 billion over the past few months,” he said.

Macro-Economic Indicators

Raj Kapoor, the founder of the Blockchain Governance Council, highlights the role of the Federal Reserve’s decision to halt rate hikes and suggested that the weakening of the U.S. dollar could also be playing a significant role.

Kapoor opines, “The stronger the macroeconomic environment, the higher the Bitcoin price.”

He further mentions the impact of filings for a Bitcoin ETF by financial giants like BlackRock and Fidelity Investments.

Greg Magadini, Head of Derivatives at Amberdata, a crypto data analytics firm, shares insights into ETH call selling since the ETH Shanghai upgrade.

Magadini said, “This flow is some of the largest, persistent flow, ever seen in ETH options… suggesting this flow is institutional.”

Institutional Involvement As A Catalyst

“NFT: From Zero to Hero” author Anndy Lian attributes the surge in Bitcoin’s price to the growing interest among institutional investors, and specifically notes BlackRock’s launching of a Bitcoin ETF.

“This institutional involvement has sparked optimism among traders regarding Bitcoin’s price,” he said.

Lian also highlights the potential correlation between a declining US dollar index and a favorable macroeconomic climate as factors that may continue to positively impact Bitcoin’s price.

Serenity Shield CEO Venket Naga said increased mainstream adoption and acceptance of cryptocurrencies have attracted more investors and users and growing institutional interest, such as the entry of major financial institutions into the crypto market, has provided a sense of legitimacy and attracted more investors.

“The market’s long-term sustainability depends on continued adoption and addressing concerns like scalability and energy consumption. Continued innovation and practical application of blockchain technology, specifically tailored to address real-world requirements, will play pivotal roles in determining the market’s overall sustainability,” he added.

 

Source: https://www.benzinga.com/markets/cryptocurrency/23/06/32950439/bitcoin-ether-doge-skyrocket-should-you-be-buying-at-current-30k-levels

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Web4: Is the Crypto Space Moving on from Web3 Already?

Web4: Is the Crypto Space Moving on from Web3 Already?

Web4?! What on earth is Web4? Weren’t we just on the cusp of Web3 adoption? People are finally warming to the idea of Bitcoin (BTC), Ethereum (ETH), and blockchain technology. Yet, some theorists in the cryptocurrency industry have already fixed their gaze on the next shiny horizon.

The internet moves fast. Decentralized technologies and the crypto industry move even faster, so it makes sense that ‘the next generation of the internet’ is already being speculated about.

Web4 AI and Brain-Computer Interfaces promise to change how we use the internet forever, but what does that actually mean?

Table of Contents

The Evolution of the Internet

The internet has evolved dramatically since its inception, from a simple, static network of chunky, hyperlinked web pages to a dynamic, interactive, and increasingly decentralized platform.

Distinct phases have marked this evolution, each bringing its own set of innovations and challenges.

Web1: A Read-Only Internet

Web 1 Read-Only Diagram
Source: BidsCube

It seems strange to call it Web 1.0 now, but the original World Wide Web was exactly that. Also known as the “read-only web,” it was the first iteration of the Internet. Invented by Tim Berners-Lee, it was a static network of hyperlinked web pages where users could only consume information.

The lack of interactive elements and user control was due to the technological limitations of the time, including the absence of read/write functionalities and cloud systems.

Early detractors laughed at the idea of the World Wide Web. On an American talk show in 1995, David Letterman teased Bill Gates, ‘What about this Internet thing?’ and made jokes implying that existing inventions like radio and tape recorders made it redundant.

Web2: A Read/Write Internet

Circular dial of Web 2 app logos.
Source: DigitalBE

Web 2.0 marked a significant shift in the internet’s evolution, transforming it into a dynamic, interactive platform. It’s the most cherished and beloved internet we are familiar with today.

The advent of cloud computing characterized this era, improved read/write capabilities, content creation, and the explosion of social media platforms. Everyone, not just computer ‘nerds’, could now contribute to and expand the internet, creating content and sharing their ideas.

If Web 1.0 was like a book that people could read, Web 2.0 was more like a book with blank pages that people could fill. Web2 brought everything from blogs and community forums to online shopping, mobile apps, and remote startups.

Web2 gave birth to thousands of new use cases and business models, like online advertising. But the parabolic growth of Web 2.0 was something of a double-edged sword. It raised concerns about data privacy and ownership, as users’ personal data was often controlled by centralized entities, like Meta and Twitter.

Web3: A Read/Write/Own Internet

Web 3 app logos in a circle.
Source: Clubic

This brings us to where we are now, the Web3 revolution. Also called the semantic web, cryptocurrency enthusiasts consider Web3 an improved internet where new technologies like blockchain, cryptocurrency, and NFTs give users greater control over their assets, data, and identity online.

Decentralization is the key driving force of the Web3 movement. Instead of vast portions of the internet being controlled and owned by centralized entities and exploitative intermediaries, ownership is distributed among everyday users like you and me.

Through blockchain technology, cryptocurrency, and smart contracts, Web3 gave birth to decentralized finance (DeFi). DeFi is a central pillar of the Web3 world, giving everyone on the planet permissionless, trustless access to financial tools and services they were previously excluded from.

Internet users are no longer required to share their data with centralized entities or use them to transfer funds over the Internet. Instead, peer-to-peer networks, like Bitcoin and Ripple (XRP), give people full control and self-custody of their assets.

Where do we go from here?

Web4: The Symbiotic Web

Web 4.0 is the proposed next phase of the internet’s evolution. It’s envisioned as a more connected, intelligent, and personalized version of the Internet that draws on emerging technology like artificial intelligence.

Often referred to as ‘The Symbiotic Web’, Web4 promises to intertwine our lives and the internet more deeply than ever before.

What exactly does that mean?

What Is Web4?

Web4 -human finger connects with robotic finger.
Source: Medium

Before diving into what we can expect from Web4, I need to clarify: Web4 is a purely theoretical concept that is fuelled entirely by speculation. The roadmap for what Web4 looks like is unclear, with theorists sparking off radical ideas.

Web4’s proponents present the next evolutionary stage of the internet as a decentralized web that fully incorporates new technologies to deliver an unprecedented internet user experience.

Artificial Intelligence

Web4 AI is expected to play a significant role in the next generation of the internet, enabling more dynamic and adaptable machine learning ecosystems that can learn from data and improve over time.

Like a giant universal ChatGPT, Web4 AI could lead to more personalized and efficient online experiences.

Brain-Computer Interfaces

If you thought Apple’s new VR/AR headset was impressive, Brain-Computer Interfaces (BCI) is the next step up. BCIs allow humans to interact with computers using their thoughts by measuring brain activity and translating it into commands that computers can understand.

While undoubtedly a fascinating piece of technology, it all sounds rather dystopic. Just because we might be able to connect our brains to the Internet directly doesn’t mean we should. Even on top of all the ethical questions it raises, BCI connections seem like a massive security and health risk waiting to happen.

Metaverse

A virtual space portraying Metaverse.
Source: MuddyColours

As we know, the Metaverse is a virtual reality space where users can engage in immersive experiences and interact with a vast array of digital content. If you ever saw Spielberg’s 2018 film ‘Ready Player One,’ you probably have a pretty good idea of what the Metaverse looks like.

Web4 seeks to expand the Metaverse, offering new avenues for social interaction, entertainment, and economic opportunities through blockchain-powered virtual assets.

Sound familiar? That’s because it is. All these features are already possible in the Web 3 world. This brings me nicely to my next point.

Is Web4 Really Any Different from Web3?

Apart from Brain-Computer Interfaces, everything Web4 theorists speculate about already exists within the Web3 world. Web3 aims to create a decentralized internet of permissionless, trustless applications, giving users self-custody and complete control over their digital assets.

Based on the information circulating the internet, Web4 has the same goals. One of the leading proponents of Web4, Anndy Lian, argues that “Web4 is more decentralized than Web3.”

He supports this claim, asserting:

“Web4 also aims to create decentralized applications (dApps) that run on decentralized infrastructure, which eliminates the need for intermediaries and centralized organizations to control and manage the applications.”
ralized infrastructure, which eliminates the need for intermediaries and centralized organizations to control and manage the applications.”

Maybe I’ve missed something, but replace Web4 with Web3, and you have the same sentence and the same idea.

At the same time, maybe I’m behaving just like David Letterman in 1995. It’s absolutely possible that while Web3 laid the foundation for decentralized applications and user ownership of data, Web4 will take it a step further by integrating advanced technologies to enhance the user experience.

Perhaps Web4 envisions a future where the boundaries between physical and digital realities blur, offering unprecedented possibilities that we cannot yet fathom.

Web4 Pros and Cons

Like any technological advancement, Web4 has its own advantages and challenges. Let’s objectively recap Web4’s pros and cons.

Pros

  • Enhanced user experiences – Web4 promises immersive and personalized experiences, leveraging AI and the Metaverse to create dynamic and interactive digital environments.
  • Improved efficiency – AI-powered automation in Web 4.0 could boost productivity, speed up time to market, and lower costs, giving businesses a competitive edge and better customer service.
  • Expanded possibilities for cryptocurrencies – Web4’s advancements offer new opportunities for cryptocurrency integration, fostering innovation in areas like DeFi.

Cons

  • Scalability –  As the number of devices and people connected to the internet grows, it will become increasingly challenging to keep up with the demand.
  • Security – As Web4 incorporates advanced technologies, ensuring personal data privacy and cybersecurity becomes more challenging, demanding robust security measures.
  • Ethical implications – AI and BCIs raise important ethical questions regarding privacy, consent, and the potential misuse of personal information. Responsible development and regulation are vital.

On the Flipside

  • While discussions turn towards Web4 and whatever that might mean for the future of the internet, Twitter creator and Bitcoin Maxi Jack Dorsey is already one step ahead. Dorsey is crafting Web5, an even more decentralized internet built on the Bitcoin blockchain.

Why This Matters

People are always looking for the next big thing in the crypto market. Web3 is well-established. We know what it is, and have tangible applications and use cases that we can take advantage of daily.

On the other hand, Web4 still asks more questions than it answers. It’s still unclear what Web4 will actually look like and how it differs from Web3.

FAQs

What is Web4?

Web4 is the proposed next generation of the internet, which promises an improved user experience through emerging technologies like artificial intelligence.

Is there a Web4 now?

At this point Web4 is purely speculative, with no concrete examples of its applications or use cases.

Does Web3 have a future?

If you believe in cryptocurrency, decentralization, and the right self-custody of assets, then Web3 definitely has a future for you.

Is Web3 just crypto?

Parts of the Web3 world use crypto to transfer funds on peer-to-peer networks. However, the scope of Web3 is much larger than crypto alone and includes ownership and control of your data online.

 

 

Source: https://dailycoin.com/what-is-web-4/

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The battle for regulation: Can cryptocurrency be tamed?

The battle for regulation: Can cryptocurrency be tamed?

The recent enforcement actions targeting cryptocurrency exchanges in the United States have sparked a debate about the regulation of digital currencies. High-profile lawsuits filed against major platforms like Coinbase and Binance by the Securities and Exchange Commission (SEC) have demonstrated the SEC’s determination to establish its authority within the crypto industry.

In contrast, Hong Kong has chosen a more progressive path by legalising retail crypto trading. In this article, we will delve into the evolving regulatory landscape surrounding cryptocurrencies, analyse the potential consequences of the US crackdown on exchanges, and explore Hong Kong’s forward-thinking approach to crypto trading.

The Newsmakers is TRT World’s flagship current affairs programme, featuring in-depth reports and interviews with the drivers of the biggest stories of the week. The discussion is hosted by Andrea Sanke. The panel of experts includes Anndy Lian, Intergovernmental Blockchain Advisor, Vanessa Harris, Product Leader at Web3 Advisor and Andrew Leung, China Strategist.

The US crackdown on crypto exchanges

In an escalating series of actions, the SEC has filed lawsuits against two major trading platforms, Coinbase and Binance, accusing them of operating deceptively. The lawsuits allege that Coinbase traded 13 crypto assets that qualify as securities without proper registration.

The SEC’s lawsuits have the potential to transform the crypto market by establishing the commission’s authority over the industry. While the crypto industry has argued against regulation, the SEC argues that failure to regulate poses a risk to consumers. It seeks to bring these platforms into compliance with existing securities laws, emphasizing the need for proper controls to protect against fraud and manipulation.

Coinbase and Binance respond

Coinbase, which has suffered significant net customer outflows since the lawsuit was announced, claims that the SEC’s refusal to provide clarity demonstrates its misguided approach to regulating the digital asset industry.

Binance, the world’s largest cryptocurrency exchange, has called the SEC lawsuit unwarranted and accuses the authorities of failing to engage proactively. Both platforms emphasize the importance of regulatory clarity to foster industry growth and protect investors.

“I think they’re treating it as a political football, and essentially, they’re not allowing the innovation to flourish. They’re not providing the clarity that the industry needs,” — Vanessa Harris, Product Leader and Web3 Advisor.

Hong Kong’s approach to crypto regulation

In contrast to the US crackdown, Hong Kong has embraced a different regulatory regime for virtual assets. Starting on the first of this month, the city now allows retail investors to trade major digital tokens at licensed crypto exchanges.

This move comes after a consultation process with industry stakeholders and requires exchanges to obtain a license from the Securities and Futures Commission. Hong Kong, as an international financial centre, aims to align with the global consensus that virtual assets are here to stay. It recognises the potential benefits of cryptocurrencies in enhancing economic ecosystems, payment systems, and efficiency.

“Hong Kong is an International Financial Center, so what we are trying to do is in line with an emerging global consensus that, first of all, virtual assets are going to stay, and secondly, it carries with it fundamental value in terms of enhancing efficiency in the economic ecosystem.” Andrew Leung, China Strategist, commented.

The significance of Hong Kong’s approach

Hong Kong’s decision to legalise crypto trading reflects its desire to remain at the forefront of financial innovation. By offering a regulated environment for crypto activities, Hong Kong aims to attract talent and capital while ensuring investor protection.

The move also positions Hong Kong alongside other jurisdictions, such as Singapore, that are actively fostering the growth of the digital asset industry. While China maintains a ban on crypto trading, Hong Kong’s actions could serve as a testing ground for future regulatory developments in the mainland.

Anndy Lian, Intergovernmental Blockchain Advisor, said, “It seems like maybe China is treating Hong Kong as a form of the sandbox to trial and error and make sure that all possible teething issues are tested and resolved. I think what is happening right now is actually a very good thing because this shows that the industry is maturing. Big nations are more willing to try.

The future of crypto regulation

As the United States cracks down on crypto exchanges, there is a growing sense that regulatory clarity is lacking. Companies like Coinbase seek clear guidelines from the SEC to comply with existing laws.

The absence of such guidance may prompt crypto companies to explore jurisdictions that provide a more supportive regulatory environment, like Hong Kong and Singapore. These jurisdictions aim to balance innovation with the need for consumer protection, recognising the long-term potential of cryptocurrencies and blockchain technology.

Final thoughts

The regulation of cryptocurrencies remains a complex and evolving landscape. While the US crackdown on crypto exchanges raises concerns, Hong Kong’s decision to legalise retail crypto trading demonstrates a more progressive approach.

As the industry matures, regulatory clarity becomes increasingly important to foster innovation, attract investment, and protect consumers. Moving forward, finding the right balance between regulation and innovation will be crucial to ensure the long-term success of the crypto industry.

Source: https://e27.co/the-battle-for-regulation-can-cryptocurrency-be-tamed-20230612/

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