The price of oil has been more volatile than that of Bitcoin and Ethereum over the past 3 months, market research firm Kaiko said. This and more news is in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Volatility: Cryptocurrencies vs Oil
📍According to Kaiko, cryptocurrencies have become less volatile than oil. Crypto-focused market research and intelligence firm Kaiko compared the price volatility of cryptocurrencies to that of oil over the past 3 months.
Specifically, the firm referred in its analysis to Bitcoin and Ethereum, the two most capitalized cryptocurrencies on the market.
Kaiko noted that over the past 90 days, Bitcoin and Ethereum's price volatility has declined, falling to multi-year lows of 35% and 37% respectively, while that of oil, one of the most valuable natural resources on the planet, stood at around 41%.
More developers are working on Web3
📍Alchemy said development activity on Web3 has increased significantly since April. In his report "Web3 Development ReportIn a Q3 report, decentralized web development platform Alchemy reported that developer activity on Web302 had increased by XNUMX% in QXNUMX. This was driven by the development of smart contracts on the Ethereum network and deployments on Ethereum Virtual Machine (EVM)-compatible networks such as Arbitrum, Optimism, and Polygon Network, as well as the rapid adoption of account abstraction and zero-knowledge (ZK) rollups.
According to Alchemy, the data collected in its report is quite encouraging for the long-term growth of the Web3 ecosystem.
Alchemy also highlighted that the verticals of greatest interest to Web3 investors are data and analytics applications (40%), security (20%), DeFi (10%), layer 3 solutions (10%), zero knowledge technology (10%) and wallets (10%).
Interest rates will continue to rise
📍The Fed said interest rate hikes are still part of its strategy to recover the economy. The FOMC minutes indicate that the US Federal Reserve continues to hint at raising interest rates this year as a measure to try to control inflation.
According to the Fed, the risk that inflation will not fall as much as expected is quite significant, so interest rates may have to rise again this year.
The founder of the Healthy Pockets channel, Hugo Botto, said Fed officials consider the recession scenario to be quite unlikely for this year. Still, inflation is still far from being controlled, so Bitcoin is the only way out.
Other analysts also indicated that this scenario, along with the probable approval of a spot ETF by the SEC, will bring volatility to the price of Bitcoin, which is currently trading at around $28.500 per BTC.
Japan continues to drive Web3 innovation
📍Koichi Hagiuda, chairman of Japan's political affairs research committee, was present at WebX 2023. The international blockchain and Web3 conference WebX, hosted by CoinPost in Japan, was attended by top government officials from the country, including the chairman of the political affairs research committee, Koichi Hagiuda.
In his opening remarks, Hagiuda highlighted that Japan is leading the way in Web3 innovation. Japan is building a clear and developed regulatory environment for new technologies in order to take advantage of the opportunities offered by blockchain and Web3 to promote new business and technological development, he said.
Meanwhile, Japanese Prime Minister Fumio Kishida sent a video to conference attendees praising Web3.
According to CoinPost, the Japanese Prime Minister shared his expectations of how Web3 will boost the development of emerging industries and promote a wide variety of projects with the potential to lead to new social changes.
Continue reading: Europe's first Bitcoin spot ETF starts trading on Euronext stock exchange
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