Chain Reactions: Bitcoin trades flat but a China sparked bull market narrative is spreading
Coinhead
Coinhead
Bitcoin is trading sideways for the moment, which is obviously neither here nor there. Meanwhile, the cryptoverse is looking for a spark and some think it’s going to come from China pretty soon.
That’s partly/largely because of Hong Kong planning to open its doors to crypto retail trading from June 1, as we’ve noted here within Coinhead articles several times recently.
There is intense speculation around Hong Kong’s embrace of its local crypto industry, centring around the idea the region could be a testing ground for a broader Chinese toe-dip further back into crypto/web3. As is well known, it’s an industry China has officially largely shunned/banned (with respect to crypto mining and trading at least) over the past couple of years.
But something else has just occurred. And that’s the fact, a few days ago, the Beijing Municipal Science & Technology Commission reportedly released a “web3 whitepaper” that is supposedly largely about promoting development and innovation in the “Internet 3.0” industry. In other words, web3.
The document, which is 100 pages long (and no we didn’t hit Google translate to read it all) states that web3 tech is an “inevitable trend for future Internet industry development,” according to a report from local news outlet The Paper, which we did Google translate.
Beijing reportedly has plans to become a global innovation hub for the digital economy. And you know what, it seems that it could well be realising blockchain, crypto, NFTs, web3 and yep, the metaverse, might just have a part to play in some of that.
Here’s someone, who goes by the Elon Musk, blue-ticked Twitter handle “j”, who has apparently read the Chinese whitepaper, and he has a detailed thread about it all if you want to dig into his bullish thesis on it all. This is just one of many similar threads we’re seeing pop up in our Crypto Twitter feed…
Will China overtake US to become the next Web 3 powerhouse & kickstart the next bull run?
10 KEY TAKEWAYS from China's latest 100-page report on Internet 3.0
1/23 pic.twitter.com/omxb3mC0iv
— j (@JavierAng_) May 29, 2023
One particularly interesting takeaway from it, is the fact Beijing/China has apparently acknowledged it has been slow to adopt NFTs and NFT tech…
3. Overall positive sentiment for NFTs
– Acknowledges that China was slow to adopt NFTs, but there is strong interest from companies to explore NFTs
– Shanghai has proposed support for leading companies in exploring NFT trading platforms to promote digitization of assets
8/23 pic.twitter.com/eOlrfnws5h
— j (@JavierAng_) May 29, 2023
With the overall crypto market cap at US$1.21 trillion, down about 0.5% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
Chinese Central Television station has just broadcast news regarding Hong Kong letting people buy Bitcoin, Ethereum, and other coins.
This is huge news! China is waking up to crypto again.
What is happening in Hong Kong is only possible with approval from Beijing. Get ready! pic.twitter.com/Zxdi7UZNHK
— Lark Davis (@TheCryptoLark) May 24, 2023
US Government announces $4 TRILLION increase in the debt ceiling.
When will it end?
The world continues to go into MASSIVE debt, further decreasing the purchasing power of cash.
This is huge for Bitcoin and Gold.
It’s just literally a waiting game now.
What a crazy time to… pic.twitter.com/VsK270gn6G
— Ben Simpson (@bensimpsonau) May 30, 2023
https://twitter.com/naiivememe/status/1663384461592117248