Project Weekly | JPMorgan The recent excellent performance of Bitcoin is driven by institutional demand

Weekly Project Report | JPMorgan Increasing Institutional Demand Drives Bitcoin's Impressive Performance

LianGuai Weekly is a column launched by LianGuai, summarizing the blockchain industry every week. The content covers key news, market and contract data, mining information, project updates, technical advancements, and other industry dynamics. This article is the weekly review of projects, giving you a glimpse of the progress of mainstream and star projects this week.

Bitcoin

JPMorgan: Bitcoin’s recent outstanding performance is driven by institutional demand

LianGuai reports that JPMorgan stated in a research report on Wednesday that Bitcoin’s recent outstanding performance is driven by institutional demand. The report suggests that a large amount of Bitcoin flowing into larger wallets indicates demand from institutional investors.

Mexico’s third richest man: Bitcoin is particularly suitable for economies with malignant inflation

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LianGuai reports that Ricardo Salinas, Mexico’s third richest man, stated that people’s savings are being stripped away without their permission or knowledge. People need to be able to identify when they are being deceived and robbed by the government, as the government will not easily give up its power to confiscate people’s wealth. Therefore, people must take it away from the government, and one of the tactics to prevent this behavior is to understand currency devaluation. Bitcoin is a method to guard against such situations because it cannot be devalued. Therefore, the importance of Bitcoin lies in its resistance to taxation and many other features, making it particularly suitable for economies with malignant inflation.

Bloomberg analyst: BTC’s trend suggests the confirmation of a bull market regime

LianGuai reports that Jamie Coutts CMT, a cryptocurrency analyst at Bloomberg Intelligence, stated on X platform that from a technical perspective, Bitcoin’s price trend this week is similar to breaking the resistance level of $10,500 in July 2020, clearing out a massive oversupply – the largest in its history. The analyst believes that although there may be pullbacks, as seen in the third quarter of 2020, the BTC price is confirming a bull market regime. Based on liquidity and market structural analysis, Jamie Coutts CMT defines the trend in December 2022 as a bull market regime.

SEC Chairman refuses to discuss any plans regarding a spot Bitcoin ETF by the agency

LianGuai reports that Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), declined to outline any plans by the agency regarding a spot Bitcoin exchange-traded fund (ETF) in an interview today. He stated that these are matters before the staff, and he will “let things develop naturally” before making any preemptive judgments until the staff presents recommendations to the five-member committee. When asked for any hints regarding the potential timeline or application progress, Gary Gensler declined to comment.

Search volume for the term “buy Bitcoin” on Google in the UK skyrocketed 826% in 7 days

LianGuai Reporting: With the sharp rise in cryptocurrency, the search volume for “buy bitcoin” on Google has surged globally. According to research by Cryptogambling.tv, the search volume for “buy bitcoin” in the UK has skyrocketed by 826% in the past 7 days. Data from Google Trends shows that searches by US users for “should I buy bitcoin now?” have increased by over 250%, while niche searches such as “can I buy bitcoin on Fidelity?” have risen by over 3,100% last week. Additionally, the search term “is now a good time to buy bitcoin?” has seen a global increase of 110% last week. In comparison, “Bitwise Bitcoin ETF” has grown by 250%, indicating a wider enthusiasm for information related to the Bitwise Bitcoin Exchange-Traded Fund (ETF) which is currently awaiting approval.

Bitwise Exec: Financial Advisors Considering Increasing Bitcoin Allocation in Portfolios

LianGuai Reporting: According to Bitwise research analyst Ryan Rasmussen, advisors interested in cryptocurrency typically consider allocating 1% to 5% of portfolios to bitcoin. Historically, the BTC allocation has remained at the lower end of this range due to attractive opportunities in stocks and bonds. However, more people are now considering increasing the bitcoin allocation in their portfolios as professional asset allocators seek to hedge against rising inflation, economic uncertainty, and geopolitical conflicts.

Ethereum

SushiXSwap v2 Allows Seamless Asset Swapping Between Avalanche and Ethereum

LianGuai Reporting: Avalanche has announced on social media that SushiXSwap v2 allows for seamless swapping of selected assets between Avalanche and Ethereum. This includes a more convenient way to transfer USDC across different chains through the integration of Circle’s CCTP.

Polygon Deploys POL Contract on Ethereum Mainnet

October 25 News: After deploying on the testnet earlier this month, Polygon Labs has deployed the contract for its next-generation cryptocurrency POL on the Ethereum mainnet. POL is derived from MATIC and aligns with the upcoming Polygon 2.0 upgrade architecture. The official statement mentioned that Polygon 2.0, released this summer, is the roadmap for extending Ethereum to build the internet of value layer, and POL is the key to this future. POL is the next-generation token that powers the vast ecosystem of ZK-based L2 chains. It achieves this through a native re-collateralization protocol that allows POL holders to validate multiple chains and perform multiple roles on each chain, making POL an efficient token.

Ethereum Core Developers Confirm Dencun Upgrade Won’t Be Implemented Before Year End

LianGuai Reporting: Ethereum client developers confirmed on Thursday that the anticipated Dencun upgrade will not be implemented in a network hard fork before the end of 2023. Last month, when the new Holešky testnet launched successfully but later than planned, it was widely believed that completing the upgrade before the December holidays was unlikely. Anonymous Prysm developer Potuz confirmed during today’s core developer phone call that there will not be a mainnet fork in 2023. He noted that over the past few months, all 10 developer networks (devnets) that have launched test upgrades encountered consistent consensus issues, stating that “none of them went smoothly.”

Deribit: Nominal open interest of Bitcoin and Ethereum options exceeds $20 billion

LianGuai reported that the nominal open interest of Bitcoin and Ethereum options on the Deribit platform has surpassed $20 billion, reaching $20.64 billion. The open interest on the platform is almost close to the peak reached on November 9, 2021, when the Bitcoin trading price exceeded $66,000, which was 90% higher than the current market price of $34,170. The current position of the contract terms is significantly higher than in November 2021. In addition, today there will be $4.5 billion worth of BTC and ETH options contracts expiring on Deribit.

Goldman Sachs: Ethereum Den Cun upgrade may take place in the first quarter of 2024

LianGuai reported that Goldman Sachs (GS) stated in a report on Thursday that the Den Cun upgrade of Ethereum may take place in the first quarter of 2024, marking the next step in blockchain becoming a scalable settlement layer. The main impact of the Den Cun upgrade will be to improve data availability through original risk segmentation, thereby reducing the cost of aggregated transactions and passing it on to end users. Earlier reports stated that Ethereum client developers have confirmed that the expected Den Cun upgrade will not be implemented in a network hard fork before the end of 2023.

Data: Linea mainnet has bridged a total of 99,157 ETH

LianGuai reported that according to Dune data, the Linea mainnet has bridged a total of 99,157 ETH, with a total of 577,216 transactions and 363,185 interacting addresses.

Other Projects

Binance announces adjustments to leverage, margin levels, and funding rates for multiple perpetual contracts

On October 25th, Binance Futures will update the leverage and margin tiers for the following USDⓈ-Margined perpetual contracts starting from 2023/10/30 16:30 (UTC+8). Please note that users’ current positions may be affected. Users are advised to adjust their margin based on the updated leverage and margin tiers to avoid liquidation. The adjusted assets include: GRTUSDT, SNXUSDT, THETAUSDT, CHZUSDT, ZECUSDT, IOTAUSDT, DASHUSDT, KNCUSDT, ZRXUSDT, ARUSDT, WOOUSDT, BATUSDT, LRCUSDT, RVNUSDT.

Microsoft to shut down industrial metaverse project Airsim

On October 25th, Microsoft confirmed that it will shut down the artificial intelligence-based drone simulation software Airsim on December 15th. Previously, Microsoft officially ended support for the artificial intelligence development platform Bonsai on October 19th. Both projects were considered part of Microsoft’s industrial metaverse. Gurdeep LianGuaill, who was formerly the head of product incubation and commercial artificial intelligence, was responsible for the Bonsai project and recently oversaw the Airsim project. He left the company last month after working there for 33 years.

German Postal Service to issue limited edition NFT stamps

LianGuai reported that Deutsche Post, the German Postal Service, will release its first limited edition collector’s stamp on November 2, 2023. The classic self-adhesive stamp will come with a digital image, an NFT representing ownership of the stamp. The first stamp will feature a pixelated image of Brandenburg generated by artificial intelligence (AI), and other stamps will also include iconic German landmarks.

OpenSea to Launch New NFT Series Monster LianGuairty by Grammy Award-winning Artist

LianGuai reports that OpenSea has announced the launch of a new NFT series called Monster LianGuairty by Grammy Award-winning album artist Dave Van LianGuaitten. The collection will be available for purchase starting at 6:00 AM on Saturday in Beijing time. It is reported that these 4,444 image sets are non-generative and feature over 100 unique characters and 60 hand-drawn backgrounds. They have been digitally colored and embellished by Dave Van LianGuaitten. Collectors of Monster LianGuairty will have the opportunity to redeem physical prints and also qualify for exclusive customized picture discs on vinyl.

Web3 Education Platform Rise In Acquires Blockchain Vocational Training Institution BlockBeam

LianGuai reports that Web3 education platform Rise In has acquired blockchain vocational training institution BlockBeam. The specific acquisition amount has not been disclosed. BlockBeam is one of the earliest and largest Web3 education technology companies in the United States. It has established partnerships with over 90 blockchain clubs at universities, including Princeton Blockchain Club, Blockchain at Berkeley at the University of California, Berkeley, and Harvard Blockchain. This acquisition will help Rise In and its partners connect with top institutions and universities worldwide, and foster the next generation of Web3 developers in the United States.

DeFi and Web3 Compliance Solution Provider MicaLianGuaiss Raises €240,000 in Funding

LianGuai reports that MicaLianGuaiss, a provider of DeFi and Web3 compliance solutions, has announced a funding round of €240,000. Blockchain development company “SUPER HOW?” and startup accelerator Firstpick participated in the investment. MicaLianGuaiss primarily offers anti-money laundering (AML) and know-your-customer (KYC) compliance services to DeFi protocols and Web3 users, aiming to prevent illegal activities related to cryptocurrencies. The new funds will be used to accelerate the development of AI-integrated AML compliance tools.

Arbitrum: Orbit Mainnet is Ready for Launch

LianGuai reports that Arbitrum announced on the X platform that after months of development, Arbitrum Orbit is ready for the mainnet release. According to the official introduction, Orbit smart contracts are written in Rust, C, and C++, while maintaining full EVM compatibility. Leveraging the efficiency of WebAssembly (WASM), Orbit significantly reduces gas costs in complex encryption scenarios, saving over 10 times. Customized Orbit chains can adopt any improvements made to the Arbitrum Nitro technology stack without requiring approval from DAO, including permissionless verification, MEV capture, and further cost reduction capabilities.

opBNB Testnet Fermat Hard Fork Scheduled to Activate on November 3rd

LianGuai reports that BNBChain has announced that the opBNB testnet Fermat hard fork is planned to activate at block height 12113000 and is expected to occur between 14:00 and 14:15 on November 3rd in Beijing time. Developers should upgrade to opNode v0.2.0 and opGeth v0.2.0 before the hard fork. The new precompiled contracts in this hard fork will enable interoperability between opBNB and Greenfield. Additionally, stable L1 gas prices will make it easier for developers to estimate their transaction costs.

CoinDCX: India’s 1% TDS tax on cryptocurrency trading leads to 95% of India’s trading volume flowing to overseas platforms

LianGuai reports that CoinDCX, an Indian cryptocurrency exchange, believes that the imposition of India’s digital asset trading tax has backfired and should be reduced. The exchange was valued at over 2 billion USD before the tax was implemented. India introduced a 1% TDS tax on cryptocurrency trading 16 months ago, claiming it was aimed at tracking buying and selling behavior rather than increasing revenue. However, CoinDCX CEO Sumit Gupta believes that the tax has led to 95% of India’s trading volume flowing to overseas platforms, making it difficult for local officials to monitor these platforms.

dYdX: dYdX token transfers related to the launch of dYdX Chain expected in the next few days, tokens remain locked and will not be sold

LianGuai reports that the dYdX Foundation announced that there will be significant internal changes involving the locked ethDYDX tokens held by investors and team members in the next few days. Locked tokens can be bridged from Ethereum to another blockchain, including the dYdX Chain, and this will be reflected as transfers on both Ethereum and the dYdX Chain. The Foundation states that these tokens remain locked and will not be sold, and any wethDYDX and/or dYdX-Chain DYDX tokens received in exchange for locked ethDYDX tokens will continue to be subject to the same transfer restrictions and release schedule. Similar to the currently locked ethDYDX tokens, locked wethDYDX tokens and locked dYdX-Chain DYDX tokens can also be bridged to another blockchain for voting or delegation purposes and/or staking with validators (if applicable).

Tether: Mainstream media reports on the use of crypto for illegal financing contain significant errors

LianGuai reports that Tether released an official statement reaffirming its stance against the use of cryptocurrencies by terrorist organizations. It states that recent reports by many media outlets, including one published by the Wall Street Journal, contain significant errors regarding the use of crypto for illegal financing. Inaccurate information not only raises unnecessary concerns but also portrays an unfair and distorted picture of Tether and the entire industry. Tether urges governments worldwide to fact-check the mainstream media’s misunderstandings of the data.

Linear Finance forms a strategic partnership with DWF Labs and receives financial support

LianGuai reports that Linear Finance, a previously attacked DeFi protocol, has announced on social media that it has formed a strategic partnership with DWF Labs, a global digital asset market maker and Web3 investment company. DWF Labs has provided financial support, but the exact amount has not been disclosed. Linear Finance will also leverage DWF Labs’ network and expertise in the crypto industry to enhance its technology and improve user experience.

Disclaimer: As a blockchain news platform, LianGuai’s published articles are for informational purposes only and should not be considered as investment advice. Please establish the correct investment mindset and always be aware of the risks involved.

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