Web3 avec Anouk Apr. 3–7, 2023
Welcome to Web3 avec Anouk. I’m Anouk, a crypto enthusiast with a huge passion for the world of Web3 since 2019. Check back in every Friday for my take on the crypto news of the week.
U.S. Crypto Firms Consider Relocation as Regulatory Pressure Mounts
Are American cryptocurrency firms considering relocation abroad? As regulatory oversight intensifies in the region, numerous companies and entrepreneurs have already begun to depart from the States. Bittrex, a crypto exchange, ceased its operations in the U.S. last Friday, citing the lack of clarity amid recent regulatory pressure. Bittrex co-founder and CEO Richie Lai tweeted that it is “not financially feasible for us to continue operating in the existing US regulatory and economic climate.”
Other cities, such as Lisbon and Hong Kong, are also trying to take advantage of the regulatory uncertainty in the U.S. to establish themselves as the next crypto center. According to the Securities and Futures Commission of Hong Kong’s official data, more than 20 crypto firms from the U.S., Europe, Canada, and Singapore have informed the government that they plan to set up shop in Hong Kong.
Just in the past few weeks, regulators in the U.S. have increased their scrutiny; the CTFC sued Binance, and other regulators have blocked access to some crypto services and filed lawsuits against celebrities over crypto promotion.
OpenSea Launches New Product to Compete with Blur
This week, OpenSea announced the launch of OpenSea Pro, a marketplace designed for professional NFT traders. OpenSea Pro, which is a rebranded version of Gem v2, targets the growing number of professional NFT traders in the market.
Following OpenSea’s acquisition of Gem in April 2022, the company plans to provide its users with professional trading tools through OpenSea Pro, which will feature advanced trading capabilities such as gas fee optimization, instant sales, and “floor sweeping.”
This is the latest move from OpenSea to compete with Blur, its rival. Blur was introduced only four months ago and caters to professional NFT traders with its no-fee marketplace. As a result, it has quickly become a favorite among traders looking to secure the best NFT deals, causing OpenSea’s long reign as the biggest and most-widely used NFT marketplace to decrease.
Ether Surges to 9-Month High Ahead of Shanghai Upgrade
Ether has experienced a substantial rally this week, reaching a nine-month peak, which may be attributed to the imminent Shanghai upgrade. Over the last three days, Ether’s price exceeded $1,900, whereas Bitcoin’s value remained relatively stable during the same timeframe. After the Shanghai upgrade is introduced on April 12, users will be able to withdraw their staked assets. The upgrade is also poised to fully complete Ethereum’s transition to Proof-of-Stake
Thanks for reading! Check in next Friday for the next edition of this new weekly quick take on Web3, crypto and blockchain discussing the week ahead!
