# The Coinweb Weekly Spin

By [Coinweb.io](https://paragraph.com/@rukawin) · 2023-05-29

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\*\*The Weekly Spin. _Fourth Edition._ \*\*What a weekend for the markets. US Core PCE inflation data comes in high, the bi-partisan government reached an unprecedented “deal” on raising the debt ceiling (no dollar cap, but time cap instead?!) which is expected to be voted for on Wednesday, and the price of Bitcoin rallies off the weekly 200-MA into higher dominance levels than previously thought possible. Many of the altcoins are in the green and the technicals look attractive… however, the fundamentals tell a completely disjointed story: with the debt ceiling increased indefinitely until 2025, the US government are likely to start selling Treasury Bills into the market – soaking up a heavy amount of liquidity away from the risk-assets, which already have low liquidity and will be prone to extreme volatility. TNFA, these are just the facts and you are welcome to arrive at your own conclusions – but word to the wise, please trade responsibly!

On the other side of the world, we have a ballooning narrative in the Asian markets as Hong Kong is expected to open up for retail investors from June 1st – and surprisingly, the Chinese Municipality released a Whitepaper on everything Web3. Exchanges are opening in full compliance in Hong Kong, Japan, and waves of liquidity are flowing in from the Middle-east nations (Saudi Arabia, UAE). So goes the ebb and flow of the money… where does it go? Nobody knows.

Highlights of the past week include Stably’s introduction of #USD, the first implementation of a stablecoin on the Bitcoin Network; Circle’s CEO says that AI bots are transacting in USDC, creating wallets on their own — challenging a long held issue I’ve had personally: are we really going to use the same currencies as AI? The Multichain Team was allegedly arrested in China, putting some uncertainty over its major integrations such as Fantom Network. Coinbase released Base L2’s roadmap, Worldcoin raised 9-figures, Polygon launches Nailwal, and a bunch of stuff happening with Tornado Cash. Binance enters the NFT lending market, OKex launches spot in HK, Binance in Japan, and a bunch of stuff happening with Tornado Cash. Also, two of our industry’s top thought leaders featured in the TL section, Vitalik and Jameson… here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…

**Ongoings at Coinweb**

\*\*Coinweb’s Monthly Event set for June 1st, at the Soho House Bangkok \*\*[https://coinweb.io/events/interoperability-vs-security/](https://coinweb.io/events/interoperability-vs-security/)

\*\*Coinweb is now Live on Zealy! \*\*Join our community of Questooors on the Zealy (formerly Crew3) platform to earn XP and special privileges – including an opportunity to participate in our Alpha Wallet Tester Program! [https://zealy.io/c/coinweb/questboard](https://zealy.io/c/coinweb/questboard)

\*\*Implementing Gas Fee Abstraction on Coinweb \*\*[https://medium.com/@Coinweb.io/implementing-gas-fee-abstraction-on-coinweb-c6843ec6613b](https://medium.com/@Coinweb.io/implementing-gas-fee-abstraction-on-coinweb-c6843ec6613b)

\*\*Coinweb’s Monthly Event Marks 1 Year Anniversary of Organising “The Best Events in the Crypto Space” feat. KuCoin Labs, Elevate Ventures, and Gangster All-stars  \*\*[https://coinweb.io/events/an-evening-with-the-bangkok-community/?utm\_source=coinweb.beehiiv.com&utm\_medium=newsletter&utm\_campaign=the-coinweb-monthly-spin-seventh-edition](https://coinweb.io/events/an-evening-with-the-bangkok-community/?utm_source=coinweb.beehiiv.com&utm_medium=newsletter&utm_campaign=the-coinweb-monthly-spin-seventh-edition)

\*\*Coinweb Completes Integration of 4 New Blockchains Delivering Along its Roadmap for Cross-Chain Interoperability \*\*[https://finance.yahoo.com/news/coinweb-completes-integration-4-blockchains-154031366.html?guccounter=1](https://finance.yahoo.com/news/coinweb-completes-integration-4-blockchains-154031366.html?guccounter=1)

\*\*Coinweb Prioritises Community Trust with Transparent Reserve Allocation \*\*[https://medium.com/@Coinweb.io/coinweb-prioritises-community-trust-with-transparent-reserve-allocation-ce14063b6fa9](https://medium.com/@Coinweb.io/coinweb-prioritises-community-trust-with-transparent-reserve-allocation-ce14063b6fa9)

\*\*CWEB Token Usage and Utility \*\*[https://medium.com/@Coinweb.io/cweb-token-usage-913307f8f441](https://medium.com/@Coinweb.io/cweb-token-usage-913307f8f441)

\*\*Coinweb has Closed $2 Million Fundraising Round from SAVA Investment Management \*\*[https://www.benzinga.com/pressreleases/23/04/a31637718/coinweb-has-closed-2-million-fundraising-round-from-sava-investment-management](https://www.benzinga.com/pressreleases/23/04/a31637718/coinweb-has-closed-2-million-fundraising-round-from-sava-investment-management)

\*\*Coinweb Labs is proud to unveil LinkMint 📷📷, our groundbreaking Cross-Chain Tokenisation Platform and DeconX, our integrated native DEX! Live Walkthrough Demonstration for the Community by Toby, Knut, and Alexander. \*\*[https://www.youtube.com/watch?v=CSKA3cAB15U](https://www.youtube.com/watch?v=CSKA3cAB15U)

\*\*Toby’s full presentation at Token2049-London \*\*[https://youtu.be/pdtKx3vAs9c](https://youtu.be/pdtKx3vAs9c)

**On the Radar**

Israel Crypto Conference, May 29-30 (Tel Aviv)

\*\*Interoperability vs. Security Coinweb Event, Jun 1 (Bangkok) **US Jobless Claims Report, Jun 1 (Washington DC)** US Debt Ceiling Vote, Jun 1 (Washington DC) Apple Worldwide Devcon, Jun 5 (Cupertino) \*\*Non Fungible Conference, Jun 7-9 (Lisbon) AIBC Asia, Jul 19-22 (Manila)

**TOKEN2049, Sep 13-14 (Singapore)**

\*\*Blockchain Events curated by CryptoNomad \*\*[https://docs.google.com/spreadsheets/d/1KtyFTb\_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit](https://docs.google.com/spreadsheets/d/1KtyFTb_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit)

**On the Block(chain)**

Stably introduces #USD, the first Bitcoin network stablecoin [https://cryptoslate.com/stably-introduces-usd-the-first-bitcoin-based-stablecoin/](https://cryptoslate.com/stably-introduces-usd-the-first-bitcoin-based-stablecoin/)

Morgan DF Fintoch goes radio silent after rugging $31.6M [https://cryptoslate.com/morgan-df-fintoch-goes-radio-silent-after-rugging-31-6m/](https://cryptoslate.com/morgan-df-fintoch-goes-radio-silent-after-rugging-31-6m/)

Circle CEO says that AI bots are transacting USDC, creating wallets [https://cryptoslate.com/circle-ceo-says-that-ai-bots-are-transacting-usdc-creating-wallets/](https://cryptoslate.com/circle-ceo-says-that-ai-bots-are-transacting-usdc-creating-wallets/)

Multichain team allegedly arrested in China [https://crypto.news/multichain-team-allegedly-arrested-in-china/](https://crypto.news/multichain-team-allegedly-arrested-in-china/)

Deposit suspensions hit bridged tokens pending multichain team’s clarification [https://crypto.news/deposit-suspensions-hit-bridged-tokens-pending-multichain-teams-clarification/](https://crypto.news/deposit-suspensions-hit-bridged-tokens-pending-multichain-teams-clarification/)

Whales make sudden multi-million dollar moves on Lido DAO, Illuvium and Holo [https://crypto.news/whales-make-sudden-multi-million-dollar-moves-on-lido-dao-illuvium-and-holo/](https://crypto.news/whales-make-sudden-multi-million-dollar-moves-on-lido-dao-illuvium-and-holo/)

\*\* Competitive Landscape\*\*

Coinbase reveals base layer-2 network roadmap [https://crypto.news/coinbase-reveals-base-layer-2-network-roadmap/](https://crypto.news/coinbase-reveals-base-layer-2-network-roadmap/)

Forward and Boba Network partners to create framework for scalability, usability, and flexibility in DeFi [https://crypto.news/forward-and-boba-network-partners-to-create-framework-for-scalability-usability-and-flexibility-in-defi/](https://crypto.news/forward-and-boba-network-partners-to-create-framework-for-scalability-usability-and-flexibility-in-defi/)

Polygon’s Nailwal awaits gaming crypto revolution [https://crypto.news/polygons-nailwal-awaits-gaming-crypto-revolution/](https://crypto.news/polygons-nailwal-awaits-gaming-crypto-revolution/)

Trezor sales soar 900% amid Ledger’s seed recovery controversy [https://cryptoslate.com/trezor-sales-soar-900-amid-ledgers-seed-recovery-controversy/](https://cryptoslate.com/trezor-sales-soar-900-amid-ledgers-seed-recovery-controversy/)

Sam Altman’s Worldcoin raises $115M in Series C round [https://cryptoslate.com/sam-altmans-worldcoin-raises-115m-in-series-c-round/](https://cryptoslate.com/sam-altmans-worldcoin-raises-115m-in-series-c-round/)

DCG shutters TradeBlock institutional trading platform [https://cryptoslate.com/dcg-shutters-tradeblock-institutional-trading-platform/](https://cryptoslate.com/dcg-shutters-tradeblock-institutional-trading-platform/)

Binance enters the NFT lending market with loan service [https://crypto.news/binance-enters-the-nft-lending-market-with-loan-service/](https://crypto.news/binance-enters-the-nft-lending-market-with-loan-service/)

OKX expands services to Hong Kong, enabling spot trading [https://crypto.news/okx-expands-services-to-hong-kong-enabling-spot-trading/](https://crypto.news/okx-expands-services-to-hong-kong-enabling-spot-trading/)

**US. Coordinated Regulation Failures**

US debt ceiling: Democrats and Republicans agree deal in principle, Joe Biden says [https://www.bbc.com/news/world-us-canada-65736734](https://www.bbc.com/news/world-us-canada-65736734)

Ron Desantis promises to protect Bitcoin and oppose a CBDC as president [https://cryptoslate.com/ron-desantis-promises-to-protect-bitcoin-and-oppose-a-cbdc-as-president/](https://cryptoslate.com/ron-desantis-promises-to-protect-bitcoin-and-oppose-a-cbdc-as-president/)

Unbanked shuts down crypto services, says US regulations prevented fundraising [https://cryptoslate.com/unbanked-shuts-down-crypto-services-says-us-regulations-blocked-funding/](https://cryptoslate.com/unbanked-shuts-down-crypto-services-says-us-regulations-blocked-funding/)

US Treasury challenged over Tornado Cash sanctions [https://crypto.news/us-treasury-challenged-over-tornado-cash-sanctions/](https://crypto.news/us-treasury-challenged-over-tornado-cash-sanctions/)

Coinbase-supported motion counters Tornado Cash sanctions [https://crypto.news/coinbase-supported-motion-counters-tornado-cash-sanctions/](https://crypto.news/coinbase-supported-motion-counters-tornado-cash-sanctions/)

World

Hong Kong's Crypto Licensing Regime Expected to Launch Next Month [https://decrypt.co/138158/hong-kongs-crypto-licensing-regime-expected-launch-next-month](https://decrypt.co/138158/hong-kongs-crypto-licensing-regime-expected-launch-next-month)

New Crypto Rules Suggest Hong Kong Is ‘Testing Ground’ for China, Say Experts [https://decrypt.co/142032/new-crypto-rules-suggest-hong-kong-is-testing-ground-china-say-experts](https://decrypt.co/142032/new-crypto-rules-suggest-hong-kong-is-testing-ground-china-say-experts)

Municipal government in China releases blockchain white paper [https://crypto.news/municipal-government-in-china-releases-blockchain-white-paper/](https://crypto.news/municipal-government-in-china-releases-blockchain-white-paper/)

EU watchdog does not deem crypto link to TradFi ‘significant’ to pose systemic risk yet [https://cryptoslate.com/eu-risk-watchdog-does-not-deem-crypto-link-to-tradfi-significant-to-pose-systemic-risk-yet/](https://cryptoslate.com/eu-risk-watchdog-does-not-deem-crypto-link-to-tradfi-significant-to-pose-systemic-risk-yet/)

South Korea implements crypto disclosure mandate for officials for 2024 [https://crypto.news/south-korea-implements-crypto-disclosure-mandate-for-officials-for-2024/](https://crypto.news/south-korea-implements-crypto-disclosure-mandate-for-officials-for-2024/)

Norges Bank urges nation to forge ahead with national crypto regulation [https://crypto.news/norges-bank-urges-nation-to-forge-ahead-with-national-crypto-regulation/](https://crypto.news/norges-bank-urges-nation-to-forge-ahead-with-national-crypto-regulation/)

Binance assists US in freezing $4.4m tied to North Korea [https://crypto.news/binance-assists-us-in-freezing-4-4m-tied-to-north-korea/](https://crypto.news/binance-assists-us-in-freezing-4-4m-tied-to-north-korea/)

Credit Suisse Loses Singapore Court Case With Georgian Tycoon [https://www.bloomberg.com/news/articles/2023-05-26/credit-suisse-loses-singapore-court-case-with-georgian-tycoon](https://www.bloomberg.com/news/articles/2023-05-26/credit-suisse-loses-singapore-court-case-with-georgian-tycoon)

UK sees over 40% surge in crypto-related fraud cases [https://crypto.news/uk-sees-over-40-surge-in-crypto-related-fraud-cases/](https://crypto.news/uk-sees-over-40-surge-in-crypto-related-fraud-cases/)

South Korea’s Coinone rocked by crypto listing bribery scandal [https://crypto.news/south-koreas-coinone-rocked-by-crypto-listing-bribery-scandal/](https://crypto.news/south-koreas-coinone-rocked-by-crypto-listing-bribery-scandal/)

**Thought Leadership**

Don't overload Ethereum's consensus – Vitalik Buterin [https://vitalik.ca/general/2023/05/21/dont\_overload.html](https://vitalik.ca/general/2023/05/21/dont_overload.html)

A Critique of Softwar Concepts – Jameson Lopp [https://blog.lopp.net/critique-softwar-concepts/?ref=cypherpunk-cogitations-newsletter](https://blog.lopp.net/critique-softwar-concepts/?ref=cypherpunk-cogitations-newsletter)

![](https://storage.googleapis.com/papyrus_images/1b393ff9a5d37f22f566a124f478add2916dc9648d3e72791445a1c3e455423f.png)

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*Originally published on [Coinweb.io](https://paragraph.com/@rukawin/the-coinweb-weekly-spin-7)*