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…

One particularly interesting takeaway from it, is the fact Beijing/China has apparently acknowledged it has been slow to adopt NFTs and NFT tech…

 

Top 10 overview

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.

 

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.