Crypto Says Hello To China 👋

May 29

Author

CryptoBrew
May 29, 2023

GM Brew Crew, Happy Memorial Day! Remember those that sacrificed everything for you to be sipping on your coffee and reading the newsletter this morning. Let’s dive in.

On the menu today:

  • CHINA RELEASES WEB3 WHITE PAPER 👀

  • A SLEEPING GIANT WOKE UP 💰💤

  • CHINA NARRATIVE MAKES DOG COIN CLIMB 📈

Today’s Charts:

Snapshot taken 11:10am EDT

Snapshot taken 11:10am EDT

CHINA RELEASES WEB3 WHITE PAPER 👀

In an effort to promote innovation and growth in the Web3 industry, the Beijing Municipal Science and Technology Commission has published a white paper.

  • The white paper was presented at the Zhongguancun Forum (China’s Silicon Valley) by the Administrative Commission of Zhongguancun Science Park, which is the Beijing Municipal Science and Technology Commission.

  • The commission has committed to allocate a minimum of $14 million each year until 2025. This funding will be utilized to bolster policy support and accelerate technological progress, aiming to cultivate the development of the Web3 industry.

  • In 2021, China implemented a ban on all cryptocurrencies. The recently published white paper suggests a potential shift towards embracing the industry, particularly following the broadcast of a cryptocurrency segment on China Central Television on May 23rd.

“The ‘White Paper’ believes that Internet 3.0 is a master of modern science and technology, an inevitable trend in the future development of the internet industry, and a three-dimensional space with highly immersive interactive experiences involving the fusion of virtual and the real. Its scope includes highly immersive sensory experiences and the experiences of economic activities that cover the connotation of the Metaverse and Web3. The ‘White Paper’ divides the Internet 3.0 architecture into four layers: infrastructure layer, interactive terminal layer, platform tool layer, and application layer. The ‘White Paper’ makes a detailed analysis of the key core technologies and industrial application directions involved in Internet 3.0.”

Google Translated Section of CZ’s Summary of White Paper

A SLEEPING GIANT WOKE UP 💰💤

The reawakening of a dormant Ethereum wallet from the ICO era has captured attention as millions of dollars' worth of ETH suddenly move after years of inactivity.

  • An Ethereum wallet that had been inactive since the Ethereum ICO (Initial Coin Offering) in 2015 suddenly became active, moving 8,000 ETH (worth approximately $14.7 million) in just two minutes.

  • The wallet's owner acquired the tokens during the ICO when each ETH token was worth only 31 cents, resulting in a remarkable 590,000% gain at today's prices.

  • The Ethereum ICO took place in two stages, raising $18 million in total, and some investors had to wait over a year to redeem and use their ETH.

CHINA NARRATIVE MAKES DOG COIN CLIMB 📈

After targeting the Chinese market with its metaverse game, Floki (FLOKI) witnessed a notable surge of over 10% on Sunday. 

  • This surge coincided with the inclusion of advertisements for the Floki game during various Chinese sporting tournaments.

  • During the game's development, the developers emphasized that the game's content and technical documents would be accessible in both traditional Chinese and simplified Chinese, catering specifically to the Chinese gaming market.

  • From June 1 onwards, Hong Kong will permit traders to invest in select tokens like bitcoin, ether, and solana on regulated exchanges within the country.

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.