Tencent Cloud Enters Web3

• Tencent Cloud, a global cloud service provider of China’s leading internet company Tencent Holdings, announced its interest in Web3 on Feb. 22.
• The firm has also reinforced its Web3 speculations through foundations of future partnerships with leading Web3 brands during the global Web3 summit.
• Tencent will target the strategic and most crucial pillars of Web3 including storage, security, identity, data, and analytics.

Tencent Cloud Partnerships

Tencent Cloud has formed several partnerships with leading web 3 companies to develop blockchain API services and other virtual experiences for customers. This includes an MoU signed with Ankr, a leading web 3 platform, as well as alliances with Avalanche, Skroll and Sui. An agreement with Avalanche will see the blockchain’s nodes deployed on Tencent Cloud which allows developers to set up nodes quickly.

New Products Launched

To improve the experience of virtual users and online developers, Tencent Cloud is releasing new products such as the Tencent Cloud Metaverse-in-a-Box offering that features a full suite of blockchain API services.

Increased Demand for Virtual Experiences

The decision to enter web 3 is due to increased demand for virtual experiences by brands, organizations, companies and governments around the globe. Poshu Yeung from Tencent Cloud acknowledged this potential at the first Global Web3 Summit saying there was significant potential where physical and digital worlds meet.

Conclusion

Overall, Tencent Cloud’s entry into web 3 is a move that could have far reaching implications for both businesses and consumers who are looking for more immersive virtual experiences powered by blockchain technology. With numerous collaborations already in place with some of the industry’s top players it looks like this could be an exciting journey ahead for all involved!

• In an interview with Anthony Pompliano, Peter Schiff said that Bitcoin has no value.
• He used the idea that there is no difference in utility between one bitcoin and many bitcoins as it has no physical presence.
• According to Schiff, fiat currency and gold are better alternatives to cryptos.

Peter Schiff’s View on Bitcoin

Investment manager Peter Schiff recently gave his opinion on the value of Bitcoin in an interview with Anthony Pompliano. He discussed how Bitcoin has no physical presence, meaning there is no difference in utility between one bitcoin and many bitcoins – thus having no value according to his definition of value.

The Modern Monetary System

In 1971, U.S Nixon president took the U.S off the post-WW2 de-facto gold standard, otherwise known as Bretton Woods system. This removed the link between money and its physical representation (gold). Since then, modern money has been digital and controlled by central banks – unlike decentralized digital systems such as Bitcoin.

Dark Economic Times Ahead

Peter Schiff predicts dark economic times ahead due to a loss of jobs which could result in inflation problems, especially concerning consumer staples like food; this will leave many Bitcoin holders needing to sell their coins for sustenance rather than investment or trading purposes.

Gold: An Alternative Investment?

Schiff believes that Gold is a good alternative asset to Fiat currency or Cryptocurrency due to its extensive use in electronics and jewelry; also, its long history of being used as a form of payment makes it attractive during times of financial difficulty. The price of Gold began increasing from 2000 onwards after Gordon Brown sold a large amount from Britain’s national gold reserves at the peak bear market in 1980 which started after 1971 when the link between money and gold was broken.

Conclusion

Overall Peter Schiff does not have a positive outlook for cryptocurrency such as Bitcoin; he views them as having no real value compared to traditional fiat currency or assets such as Gold which have more tangible qualities making them worth investing in during darker economic times ahead

• Bitvavo, a Dutch crypto trading network, recently announced that they expect to receive at least 80% of the debt owed to them by Digital Currency Group.
• The duo reached an agreement on February 6th with a recovery rate of between 80-100%.
• The repayment will be made in cash, digital currency and convertible preferred equity notes in DCG.

Bitvavo Expected to Receive 80% of Debt from DCG

Bitvavo just released a statement announcing that they expect to receive at least 80% of the debt owed to them by Digital Currency Group (DCG). According to reports, DCG currently owes Bitvavo around $300 million (280 million euros).

Agreement Reached Between Duo for Repayment

The duo has been working out a deal since January 2021 when DCG proposed making a 70% payment only. However, Bitvavo rejected this proposal and now they have come up with an agreement which includes a recovery rate of between 80-100%. This amount should be paid in different forms including cash, digital currency, and convertible preferred equity notes in DCG.

Next Steps Involved After Agreement Reached

After reaching the agreement between the duo on Feb 6th, there are still more details that need to be worked out. They have agreed upon the Plan Support Agreement (PSA) from this deal which needs approval from the „UCC“ („Unsecured Creditor Committee“). Once approved by UCC it can be presented for ratification before execution process commences and repayment is made.

Genesis Making In-Principle Deal for Restructuring

This news comes after Genesis (a subsidiary of DCG) made an in-principle deal on restructuring with Gemini exchange and other creditors where Genesis could either be sold or its equity turned over to creditors. Many crypto networks suffered last year due to death of Celsius, Terra, and other exchanges resulting in huge losses but now things will hopefully look better with this new agreement.

Conclusion

Bitvavo’s announcement is great news as their optimistic belief that they will receive their settlement is finally becoming true. With many crypto networks suffering losses due to closures last year, this new agreement gives hope that things might get better soon.

• Ethereum (ETH) has been on a bullish track in the start of 2023, trading at $1,572 as of Jan. 30.
• Analysts are anticipating a 25-basis points interest rate hike by the Federal Reserve, which could have an impact on Ethereum’s price.
• The upcoming Shanghai upgrade is set to make waves in the crypto market, allowing users to withdraw their staked ETH without locking it up indefinitely.

Ethereum Price Analysis

Ethereum price analysis indicates potential gains in 2023, with the digital asset firmly on track to record impressive gains at the start of the year.

Factors Affecting Ethereum Price

Various factors will heavily influence Ethereum’s path, from scalability issues and user adoption to The Merge upgrade transitioning from proof-of-work consensus mechanism to proof-of-stake.

Impact Of Federal Reserve Decision

The crypto community is looking ahead to the Federal Reserve’s decision on interest rate hikes expecting a 25-basis points increase, which could have an effect on digital assets such as Ethereum.

Shanghai Upgrade

The upcoming Shanghai upgrade (EIP-4895) is set to revolutionize the crypto market by allowing users to withdraw their staked ETH without locking it up indefinitely.

ConclusionWith various influential themes and questions affecting its future, Ethereum appears poised for significant gains in 2023.

• Argo Blockchain has regained compliance with Nasdaq Listing Rules, after fulfilling the minimum bid price required by Nasdaq.
• Argo received notice of compliance after its ARBK shares maintained the required minimum bid price of $1.00 for ten consecutive trading days.
• Nasdaq has confirmed that the matter is now closed.

Argo Blockchain, a major cryptocurrency mining company, has regained compliance with the Nasdaq Listing Rules after successfully meeting the minimum bid price requirement set by Nasdaq. On January 23, 2023, Argo Blockchain announced in a press release that they had received a notification from Nasdaq’s Listing Qualifications Department confirming that the firm had regained compliance with the listing rule set by the American stock exchange giant.

The company regained compliance after its ARBK shares maintained the required minimum bid price of $1.00 for ten consecutive trading days. This requirement was fulfilled on January 13, 2023. Prior to this, the firm had received a notice from Nasdaq on December 16, 2022, stating that their stock had closed below the minimum $1.00 for 30 consecutive trading days. Argo was expected to rectify the situation by June 12, 2023, and they have now successfully met this requirement.

Having fulfilled the required criteria, Nasdaq has now confirmed that the matter is now closed. This is a major success for Argo Blockchain, who were facing liquidity issues and were making efforts to avoid filing for bankruptcy. The firm had asked the UK Financial Conduct Authority (FCA) to restore trading of its ordinary shares on the London Stock Exchange in May, 2021.

This successful bid price compliance is a major milestone for Argo Blockchain, allowing the firm to continue its operations, and potentially allowing them to be listed on the Nasdaq exchange. The firm has been making significant progress in the cryptocurrency industry, and this latest achievement will be a testament to their success.

• Infrastructure investments are essential for economic growth and reducing climate change.
• The Global Infrastructure Hub estimates that $94t in infrastructure investments will be needed during the next 20 years, but there is a $15t infrastructure financing gap.
• Public funds have historically been the major sources of infrastructure finance, but private-sector participation is needed to bridge the gap.

Infrastructure is essential for economic growth and reducing climate change. From power plants to transport facilities, healthcare centers, and telecommunication networks, infrastructure supports society to function and the economy to thrive. Quality infrastructure investments promote economic growth and reduce climate change, but there needs to be a greater balance between the demand for infrastructure investment and the supply of available financing in developed and developing countries.

The G20-backed Global Infrastructure Hub estimates that $94 trillion in infrastructure investments will be needed during the next 20 years in order to meet ambitious goals such as the Sustainable Development Goals (SDGs) by 2030 and net zero emissions by 2050. However, the World Economic Forum forecasts that the world will face a $15 trillion infrastructure financing gap by 2040.

Public funds have historically been the major sources of infrastructure finance, but the ongoing COVID-19 pandemic, high inflation, and tighter financial regulations (e.g., Basel III) have significantly restrained government spending. Scaling up private finance through public-private partnerships (PPPs) is crucial for bridging the gap. However, the high financing costs and inappropriate risk-return profiles caused by existing infrastructure financing mechanisms hinder broader private-sector participation.

The use of innovative financing solutions, such as blockchain, can help to facilitate infrastructure financing. Blockchain technology provides a secure, transparent, and cost-effective platform to facilitate infrastructure financing. It can help to reduce transaction costs, provide real-time insights, and enable efficient and secure financing processes. Blockchain can also help to improve risk analysis and investor confidence by providing access to reliable and comprehensive data. Additionally, blockchain can enable private-sector participation by creating new investment opportunities and allowing the efficient transfer of assets.

Overall, blockchain technology is a promising solution to bridge the infrastructure financing gap. It can help to reduce costs, facilitate financing processes, and enable private-sector participation. By leveraging blockchain technology, governments, businesses, and investors can collaborate to ensure that the world can continue to invest in quality infrastructure for a sustainable future.

• Major electronics producer HTC announced the VIVE XR Elite headset providing a new mixed reality (MR) and virtual reality (VR) interface for the metaverse.
• HTC is partnering with Japanese creator platform pixiv to Integrate VRoid’s Anime-Style Avatars while using open standards that make it accessible through a web browser.
• VIVERSE will host fashion magazine ELLE Taiwan’s „ELLEverse“ showroom with dedicated avatar outfits and events, Warner Music Taiwan on a new music experience world’s music videos and fantasy virtual environments, and Lamina1’s development of a open metaverse ecosystem.

HTC, a major electronics producer, recently announced their newest addition to the metaverse: the VIVE XR Elite headset. The device provides a new mixed reality (MR) and virtual reality (VR) interface, with the potential to be used for a wide variety of applications such as gaming, fitness, productivity, and more. The headset is lightweight and compact, providing the perfect physical gateway to the universe of experiences offered by VIVERSE, HTC’s version of the metaverse.

To bring their version of the metaverse to life, HTC has sought out a number of partnerships. Pixiv, a Japanese creator platform, has been partnered with to Integrate VRoid’s Anime-Style Avatars in VIVERSE. The open standards used in the platform will make it easily accessible through a web browser. In 2023, VIVERSE will also be hosting a number of events, such as an immersive retelling of the iconic story “The Little Prince” and ELLE Taiwan’s „ELLEverse“ showroom. Warner Music Taiwan will be creating a new music experience world with music videos and fantasy virtual environments, and Lamina1 will be developing an open metaverse ecosystem. These endeavours will be sure to provide a unique and exciting experience in the metaverse.

Not only will VIVERSE be a great place for entertainment, but it will also provide a great opportunity for education and learning. With the accuracy of the pass-through video, users will be able to gain a more realistic understanding of the world.

HTC is sure to make a splash in the metaverse with their VIVE XR Elite headset. With all of their upcoming partnerships and events, it is sure to provide a unique and exciting experience for users.

• Australia has become the fourth-largest crypto ATM hub, overtaking El Salvador.
• Australia achieved this milestone after installing 99 crypto ATMs across the country in the last quarter of 2022.
• As of this publication, Australia has 216 active crypto ATMs while El Salvador has 200.

Cryptocurrency ATMs are on the rise, with Australia recently overtaking El Salvador as the fourth-largest crypto ATM hub in the world. This milestone was achieved after Australia installed 99 crypto ATMs across the country in the last quarter of 2022, bringing their total number of active crypto ATMs to 216. El Salvador, which previously held the fourth-place spot, now has 200 crypto ATMs and is now behind Australia once again.

The shift comes after El Salvador’s push for the mass adoption of crypto. In June 2021, the country became the first in the world to accept Bitcoin as a legal tender. This announcement was followed by a significant increase in the number of crypto ATMs in the country, with more than 200 being installed by September 2021.

Despite the setback, El Salvador has made considerable advancements in promoting crypto-centric payment methods. The Nayib Bukele-led administration has been working to make the transition to digital assets easier and more accessible for its citizens.

Meanwhile, Australia is on track to reach its goal of having 3,000 ATMs in operation by 2027. The current number of ATMs installed in the country accounts for 0.6% of the total ATMs installed worldwide.

As the use of cryptocurrency continues to grow, more countries are likely to follow in El Salvador’s and Australia’s footsteps. This could potentially lead to even more crypto ATMs being installed around the world, providing more opportunities for people to access digital assets.

• Bitcoin (BTC) long-term holders continue to accumulate despite the current market volatility.
• Blockchain analytics service Glassnode reveals that the amount of bitcoin supply last active ten years ago or more reached a new all-time high of 2,594,574.300 BTC on Dec. 30.
• The number of bitcoin addresses holding at least 100 BTC and 1 BTC also reached all-time highs of 16,133 and 978,000 respectively.

The recent market downturn has not deterred Bitcoin (BTC) long-term holders from accumulating the asset, on-chain data shows. Blockchain analytics service Glassnode reveals that the amount of bitcoin supply last active ten years ago or more reached a new all-time high of 2,594,574.300 BTC on Dec. 30, indicating that the accumulation is ongoing among big holders. This is further supported by the fact that the number of bitcoin addresses holding at least 100 BTC — worth 1.66 million as of press time — also reached a one-time high of 16,133 on the same day. Similarly, the number of bitcoin addresses holding at least 1 BTC — worth about $16,600 as of press time — also reached an all-time high of 978,000.

The data suggests that despite the recent market downturn, interest in bitcoin has not been critically damaged. This cannot be said about public trust in centralized exchanges (CEX). Trust in those service providers collapsed with the fall of the major crypto exchange FTX, as proved by the ongoing exodus of bitcoin off the CEXes. Glassnode charts show that over the 24 hours to press time on Dec. 30, $29.1 million worth of bitcoin left cryptocurrency exchanges alongside $56.4 million worth of Ethereum (ETH).

This news follows recent reports that major crypto assets continue to move reliably off of centralized cryptocurrency exchanges despite the service providers‘ best efforts to regain user trust after the fall of FTX. This is indicative of the fact that investors remain confident in the long-term potential of bitcoin and other major cryptocurrencies, and are not afraid to hold on to their assets despite the current market volatility.

• The Italian parliament has approved a 26% capital gains tax on cryptocurrency gains in its 2023 budget.
• The tax will apply to all crypto capital gains made by individuals and businesses in Italy and take effect on Jan.1, 2023.
• Losses from bitcoin investments can be carried forward to subsequent tax years and offset against earnings.

The Italian government recently announced that they would be implementing a 26% capital gains tax on all cryptocurrency transactions as part of their 2023 budget. This tax will apply to all crypto capital gains made by individuals and businesses in Italy and will take effect on January 1, 2023.

The tax is intended to bring cryptocurrency gains in line with other investments such as stocks and real estate, and is expected to generate significant revenue for the government. The new legislation also imposes a 14% ’substitute income tax‘ on the worth of assets kept on Jan.1, 2023, as opposed to the cost at the time of acquisition.

In addition, the new regulations allow losses from bitcoin investments to be carried forward to subsequent tax years and offset against earnings. This means that if capital gains from cryptocurrency reach 2,000 Euros within the tax period, a 26% tax rate will be imposed on the profits.

The Italian government believes that this new tax system will help to increase transparency, as it provides incentives for individuals and businesses to document their cryptocurrency gains. This will help to ensure that the government is able to collect the revenues that it is entitled to, as well as helping to level the playing field between different types of investments.

It is hoped that the new tax system will not only help to bring in additional revenue for the government, but will also help to encourage the growth of the cryptocurrency market in Italy. This could lead to more investment in the sector and the potential for more innovative new projects to take off.

Overall, this is a positive move for the cryptocurrency sector in Italy and could be a sign of things to come for other countries in the region. As more governments look to gain a better understanding of the cryptocurrency market, it is likely that similar tax systems will start to be implemented in other countries as well.