Good morning, Asia! The crypto markets are holding steady with Bitcoin at $30,324, up 1.5% in the last 24 hours. Ether, on the eve of Ethereum’s Shapella upgrade, is fairly flat, down 1.2% to $1,892. Bruno Ramos de Sousa, Head of US Markets at Hashdex, said in an interview on CoinDesk TV that $30,000 isn’t that much of an important milestone for bitcoin. Investors are becoming more informed in their approach to Bitcoin as they acknowledge its potential for long-term growth, and are less obsessed with the number going up or down. CoinDesk Crypto Market Analyst Glenn Williams points out in a recent report that there are both bullish and bearish narratives at play within bitcoin. It might sustain $30K for some time, then go down again, before its next pricing surge. All eyes will be on the next interest rate announcement from the Federal Open Market Committee (FOMC).
Crypto exchange Bitget has started a $100 million fund targeting Web3 startups as Asian countries build a framework for developing Web3. East Asian countries have been making strides to promote crypto in the last few months, with Hong Kong seemingly easing its crypto regulations and Japan approving a white paper for Web3 development last week. Bitget is supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of the Bitget Web3 Fund is a continuation of its ongoing efforts to drive the adoption of crypto and Web3, reflecting its ‘Go beyond derivative’ strategy in 2023, according to Gracy Chen, managing director of Bitget. The fund is self-funded, and Bitget will use the BitKeep wallet within its exchange to improve stability and security of handling multiple assets across various blockchains.
In addition to Bitget, other major players in the industry are also investing in the Web3 ecosystem. For example, Coinbase Ventures recently invested in the decentralized finance (DeFi) protocol, Aave, to help it expand its reach. This is a sign that the industry is moving towards a more decentralized and democratized future, where individuals have greater control over their financial lives.
The launch of this fund comes after Bitget invested $30 million into decentralized multi-chain wallet BitKeep. Bitget will use the BitKeep wallet within its exchange to improve stability and security of handling multiple assets across various blockchains.
Looking ahead, there are several important events taking place in the crypto industry. NFT NYC 2023 and Web3 Festival 2023 (Hong Kong) are two events that are expected to draw significant interest from investors and industry professionals alike. In addition, the United States Consumer Price Index ex Food & Energy (MoM/March) will be announced later today.
In conclusion, the crypto markets in Asia are holding steady, and Bitget is investing in the Web3 ecosystem. The launch of the Bitget Web3 Fund is a continuation of its ongoing efforts to drive the adoption of crypto and Web3, reflecting its ‘Go beyond derivative’ strategy in 2023. With other major players in the industry also investing in the Web3 ecosystem, it is clear that the industry is moving towards a more decentralized and democratized future.