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Chainlink Labs enters into a strategic collaboration with Cointelegraph Accelerator to support Web3 startups

Cointelegraph Accelerator is excited to announce a strategic collaboration with Chainlink Labs, the primary contributing developer of the industry-standard decentralized computing platform Chainlink.

Armenian cultural heritage sites tokenized on Solana blockchain

The initiative “Realm of Historia” is on a mission to tokenize historical sites in Armenia and around the world using the blockchain to preserve cultural heritage for future generations.

Developers of Bitcoin sidechain MVC prepare for BRC-20 DEX launch

The MVC governance token has surged in 2023 to a fully diluted market cap of over $400 million.

Can cryptocurrencies be frozen on a blockchain?

Cryptocurrencies can be frozen on a blockchain under certain legal, regulatory and technical conditions.

ERC-2771 integration introduces address spoofing vulnerability — OpenZeppelin

The smart contract vulnerability arises after the integration of ERC-2771 and multicall standards. OpenZepplin identified 13 sets of vulnerable smart contracts.

HK game firm to buy $100M crypto for treasury, China/UAE CBDC deal: Asia Express

Hong Kong game firm to add $100M of BTC and ETH to treasury, UAE and China strike CBDC deal, Victory Securities starts new HK Bitcoin fund.

HK game firm to buy $100M crypto for treasury, China/UAE CBDC deal: Asia Express

Our weekly roundup of news from East Asia curates the industry’s most important developments.

Boyaa Interactive International, a publicly traded Hong Kong holding company specializing in online card and board games, wants to secure the approval of its shareholders to invest $100 million in crypto.

According to this week’s announcement, Boyaa Interactive directors want to allocate $45 million of corporate funds to Bitcoin (BTC), $45 million to Ether (ETH), and $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC). As for rationales for the investment, the directors wrote:

“The Internet gaming business mainly operated by the Group has a high degree of logical fit with Web3 technology. It attaches great importance to communities and users, covers virtual asset attributes and other characteristics, making Web3 technology easier and more widely used in the Internet gaming industry.”

The company’s brand of 75 online games, such as its Texas Hold’em casino, has around 1.18 million daily active players. In Q3 2023, Boyaa Interactive generated $14 million in revenue and $4.2 million in earnings, respectively. 

A Boyaa Interactive online casino.
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Bitcoin options data shows whales betting big — Will $50K BTC come in January?

Bitcoin (BTC) options open interest reached an unprecedented milestone, surging to a staggering $20.5 billion on Dec. 7. This remarkable achievement signifies the active involvement of institutional investors in the cryptocurrency space. Unlike futures contracts, BTC options come with predetermined expiration prices, offering valuable insights into traders’ expectations and the markets’ sentiment.

At the forefront of the Bitcoin options market stands Deribit, boasting an impressive 90% market share. The exchange currently holds a substantial $2.05 billion open interest for options expiring on Jan. 26. However, it's worth noting that a significant portion of these bets may lose their value as the deadline approaches.

Deribit BTC options open interest for Jan. 26, BTC terms. Source: Deribit

Nonetheless, with the prospect of a spot exchange-traded fund (ETF) gaining regulatory approval, previously sidelined bullish bets are reentering the playing field.

How costly is a Bitcoin call (buy) option?

Presently, the $54,000 call option set to expire on Jan. 26 is trading at 0.02 BTC, equivalent to $880 at current market prices. This option necessitates a 25% increase in Bitcoin's value over the next 49 days for the buyer to turn a profit. It's noteworthy that sellers can hedge their positions using BTC futures while pocketing the options premium, mitigating some of the perceived risk associated with this trade.

Analysts have emphasized the significance of the $250 million open interest stemming from the $50,000 call options on Deribit. At the current price of $44,000, these options are collectively valued at $8.8 million. This valuation could experience considerable growth if regulatory authorities greenlight the spot ETF plans. However, it remains uncertain whether the buyers of these $50,000 call options intend to employ them for bullish strategies.

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Bitcoin price continues to drop, but how are pro BTC traders positioned?

Bitcoin (BTC) has experienced a remarkable 15.7% price surge in the first six days of December. This surge has been heavily influenced by the anticipation of an imminent approval of a spot exchange-traded fund (ETF) in the United States. Senior Bloomberg ETF analysts have expressed a 90% probability for approval by the U.S. Securities and Exchange Commission, which is expected before Jan. 10.

However, Bitcoin’s recent price surge may not be as straightforward as it seems. Analysts have failed to consider the multiple rejections at $37,500 and $38,500 during the second half of November. These rejections have left professional traders, including market makers, questioning the market’s strength, particularly from the perspective of derivatives metrics.

Bitcoin’s inherent volatility explains pro traders’ reduced appetite

Bitcoin’s 7.6% rally to $37,965 on Nov. 15 resulted in disappointment as the movement fully retracted the following day. Similarly, between Nov. 20 and Nov. 21, Bitcoin's price declined by 5.3% after the $37,500 resistance proved more formidable than anticipated.

While corrections are natural even during bullish markets, they explain why whales and market makers are avoiding leveraged long positions in these volatile conditions. Surprisingly, despite positive daily candles throughout this period, buyers using long leverage were forcefully liquidated, with losses totaling a staggering $390 million in the past five days.

Although the Bitcoin futures premium on the Chicago Mercantile Exchange (CME) reached its highest level in two years, indicating excessive demand for long positions, this trend doesn't necessarily apply to all exchanges and client profiles. In some cases, top traders have reduced their long-to-short leverage ratio to the lowest levels seen in 30 days. This indicates a profit-taking movement and reduced demand for bullish bets above $40,000.

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Babylon Chain closes $18M funding round for Bitcoin staking

Polychain Capital and Hack VC led the Series A funding round of Babylon Chain, a protocol working on Bitcoin staking for proof-of-stake networks.

Jack Dorsey’s Block Inc. launches self-custody Bitcoin wallet

Users who lose their Bitkey wallet don’t need to input a seed phrase to recover funds, the company said.

‘Early bull market’ — Bitcoin price preps 1st ever weekly golden cross

Bitcoin (BTC) is lining up an “early bull market” as a unique chart feature plays out for the first time in history.

In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne drew attention to Bitcoin’s first ever weekly golden cross.

Bitcoin goes from death cross to golden cross in 10 months

Recent BTC price upside has delivered considerable profits to various Bitcoin investor cohorts, but 165% year-to-date gains are now significant for another reason.

Should current performance continue, Bitcoin will witness a crossover of two weekly moving averages (MAs), which have never delivered such a bull signal before.

The 50-week and 200-week MAs are key trendlines for Bitcoin traders and analysts alike. The latter is the ultimate bear market support level, and it has so far never decreased in value.

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Games need bots? Illivium CEO admits ‘it’s tough,’ Web3 games 42X upside: Web3 Gamer

Some think that bots in games is a sign of the apocalypse, or perhaps just the makers trying to fill up an empty venue to make it look popular.

But Pixels founder and CEO Luke Barwikowski says that conversely, if people aren’t trying to fill your game with bots, then it’s probably because the game isn’t exactly the talk of the town.

“If people aren’t trying to bot your game — it’s not because they can’t — it’s because they don’t care enough to do it.”

According to Barwikowski, if you’re making a game that doesn’t have any bots and flaunting it, that’s not something to boast about.

“It’s not always the flex you think to say you don’t have any bots in an ecosystem,” he declares.

Crypto game Illuvium. Looks a little like Axie Infinity Mark II?
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Games need bots? Illivium CEO admits ‘it’s tough,’ Web3 games 42X upside: Web3 Gamer

Games overrun with bots just show bot owners care, claims Pixels founder. Plus we review Galaxy Fight Club, chat to Illuvium’s CEO and more.

Changpeng Zhao’s next move could involve decentralized science

Decentralized science, or DeSci, aims to apply decentralized business models to medical research.

Web3 can benefit from adopting Web2 optimization: NBX Berlin

User experience remains a barrier to entry for the world of Web3 and industry builders believe the solution lies in onboarding Web2 functionality.

COP28: Blockchain projects make push to decentralize climate markets

Blockchain and crypto projects joined the UN Climate Change Conference in Dubai and unveiled initiatives focusing on contributing to the fight against climate change.

FTX to submit revised reorganization plan in mid-December

Bankrupt crypto exchange FTX is preparing to present an updated reorganization plan to the court in mid-December.

Web3 firms to support ecosystem development through grants amid market uptick

The Worldcoin Foundation rolled out a $5 million grant to support its community through WLD tokens or stablecoins.

Polygon 2.0: 2024 to see unified ZK-powered L2 chains

Polygon’s evolution will continue into 2024 as various protocols that make up its ecosystem become increasingly interconnected through the use of zero-knowledge proofs.