Fortnightly Crypto Insights 6/12/2023
Crypto Sees Bull Run
The past week has seen a $176 million inflow into digital asset investment products, finalising the highest 10-week inflow the market has seen since 2021. At the same time, Bitcoin officially surpassed $41,000. This crypto bull run is speculated to have arisen from a variety of factors, amongst these being the potential approval of a Bitcoin spot ETF and anticipation for Bitcoin’s halving in April 2024.
Strides in Cryptocurrency Fraud Prevention
Blockchain analysis firm Chainalysis has partnered with accounting firm KPMG to help businesses in Canada facing crypto fraud. KPMG employees will complete Chainalysis’ “Solution Provider” Program, during which they will learn about cryptocurrency regulations and risk management, among other things. At the same time, the Australian government is considering implementing sector-specific codes in order to prevent crypto and other business scams.
Reddit Renounces Moons Contract
The contract for Reddit’s cryptocurrency Moons has officially been renounced by the social networking platform, allowing the token to be completely decentralised. Reddit administrators have confirmed that this move will prevent any further changes from being made to the contract, including the total amount of supply.
Friend.tech Ownership Transferred
In a statement posted on X late last week, Friend.tech announced that it has successfully transferred ownership of its contract and funds. The new owners will be a combination of multi-signature and professional custody options, with the decision designed to improve the security of the platform.
Bored Apes Roblox Metaverse Game
Fictional band Kingship has created a new Roblox game “Kingship Islands”, a metaverse experience based on the popular NFT collection Bored Ape Yacht Club. In the game, users must unite the members of the fictional band following a crash landing on an island. One of the band members is based on a Mutant Ape NFT, with the rest being Bored Apes.
Elon Musk Outburst Creates Viral Token
Elon Musk’s explicit outburst towards Disney CEO Bob Iger last week has given rise to a new memecoin ‘GFY’. While some are concerned for the future of X following this incident, the token itself has gained in popularity. At one point holders experienced returns of over 160,000% over just 24 hours. This is certainly not the first coin linked to the X CEO, with tokens such as Floki and Grok being amongst the group.