Bitcoin Price Breaks $30,000, Shiba Inu Unveils Metaverse Release Date, Digital Asset Funds Reach $57M and much more


SHIB: The Metaverse Coming in December 2023, Developers Announce

Shiba Inu developers have unveiled their plans to launch SHIB: The Metaverse, a project aimed at increasing the utility of the Shiba Inu (SHIB) system.

> The metaverse is expected to open by December of this year and will feature 100,595 plots of land minted by users.

> Owners can generate passive income from their plots, collect in-game resources and earn rewards.

> Developers also plan to introduce a way for players to make money and to ensure they have a personal space where they can create and manage their projects.

> The metaverse will be developed in Shibarium, a layer 2 network that uses Shiba ecosystem tokens such as bone (BONE) and leash (LEASH), with the testnet already live. Read more.

Digital Asset Investment Products See Net Inflow of $57M Last Week

Data shows that digital asset investment products experienced net inflows of $57 million last week, bringing flows back to a positive position year-to-date.

> The United States saw the most inflows at $27 million, while Germany, Switzerland, and Canada also experienced inflows of $17 million, $13 million, and $2.2 million, respectively.

> Despite the positive sentiment, volumes were low at $970 million for the week, and global bitcoin exchange market volumes were only 25% of the year-to-date average at $18 billion for the week.

> The primary focus of the inflows was Bitcoin, with $56 million in inflows making up 98% of all inflows. Seven altcoins saw minor inflows, with Uniswap, Polkadot, and Polygon leading the pack. See here.

MicroStrategy’s Bitcoin Holdings Finally in the Black as Crypto Market Rally

Business intelligence company MicroStrategy, which has been investing heavily in Bitcoin, is now seeing its Bitcoin holdings in the green after the recent surge in the crypto market.

> At present, Bitcoin is trading at $30,103, up by 1.6% over the past 10 hours, and has registered an 82% increase year-to-date.

> The increase in prices has pushed the price of Bitcoin above MicroStrategy’s average purchase price of $29,803, which means that the firm is technically up, but only by a small margin.

> MicroStrategy owns a substantial amount of Bitcoin, which could push the price down significantly if it were sold off in a short period of time. Full report here.

Winklevoss Twins Loan $100 Million to Struggling Crypto Exchange Gemini Trust Co.

Gemini Trust Co., a crypto exchange founded by Tyler and Cameron Winklevoss, has received a $100 million loan from the twins, according to two people familiar with the matter who wished to remain anonymous.

> The move comes after the company had problems securing funding from external investors during the downturn in the digital asset market.

> Gemini and the Winklevoss twins have not commented on the loan.

> The cryptocurrency industry has been facing significant challenges, with venture funding for crypto startups down by 80% to $2.4 billion in the first quarter of 2022 compared to the same period last year, according to PitchBook data.

> Gemini has not been immune to these challenges, having experienced setbacks during the crypto bear market. Learn more.

Montenegro’s Central Bank to Test Ripple Blockchain for CBDC Pilot

The Central Bank of Montenegro (CBCG) has partnered with blockchain provider Ripple to develop a pilot program for a central bank digital currency (CBDC).

> The pilot will explore the practical applications of a national stablecoin and create a design to simulate its circulation.

> The project aims to analyze the advantages and risks associated with CBDCs in terms of payment availability, security, efficiency, compliance with regulations, and protection of end-users rights and privacy, according to CBCG Governor Radoje Zugic.

> Over 100 countries have expressed interest in CBDCs, with some already entering a practical phase. Montenegro is part of the European Union and the eurozone, meaning it could adopt a digital euro if introduced by the European Central Bank (ECB). Read more.

Douyin, China’s TikTok, Now Displays Bitcoin Prices in Search Results

The popular Chinese social media platform, Douyin, is displaying the price of bitcoin in its search results, possibly indicating a shift in China’s stance on crypto.

> Despite tight control over social media in China, Douyin has over 700 million daily active users, making it a significant platform for reaching a wide audience.

> This development comes as Hong Kong is reportedly opening its doors to crypto and state-owned banks in China are inviting business from crypto firms.

> However, opening an account with a crypto firm in China still remains a challenge.

> The Hong Kong Securities and Futures Commission (SFC) has expressed support for the development of the whole Internet ecosystem, including cryptocurrency platforms. More info.

French Central Bank Proposes DeFi Rules for Governance and Security Norms

According to a report by the French central bank, projects in decentralized finance (DeFi) may have to meet governance and security norms or incorporate, as regulators look to extend proposed crypto laws to cover more diffuse structures.

> As regulators increasingly focus on financial services without a central intermediary, the ACPR, the arm of the

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