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Blockchain & Web3 Weekly Bytes Edition #31
WisdomTree's Tokenized Push, Future of Digital Wallets & Bitcoin's Institutional Shift
September 21, 2024
Hello Fellow Enthusiast,
Welcome to Edition #31 of Blockchain & Web3 Weekly Bytes! Here’s what’s lined up for this week:
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Tech Spotlight: The Future of Digital Wallets — How digital wallets are evolving from simple crypto storage to managing tokenized assets, NFTs, and DeFi.
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Weekly Highlights: WisdomTree’s move into tokenized real-world assets and Bitcoin’s positive shift in institutional sentiment.
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Affiliate Spotlight: Get insights on how a Blockchain Council Membership can boost your blockchain journey.
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Chart of the Week: Institutions are pulling back from shorting Bitcoin — what could this mean for the market?
🧐 Weekly Trivia
What was the first-ever product to be tokenized on a blockchain?
A) Real estate
B) Fine art
C) Gold
D) A bottle of fine wine
*Find the answer at the end of this newsletter.
🌟 Tech Spotlight – The Future of Digital Wallets
Digital wallets have come a long way from being simple storage for cryptocurrencies. Today, they’re transforming into multi-functional tools that go beyond just holding tokens. These wallets are now hubs for managing tokenized assets, NFTs, digital identities, and seamless DeFi integration.
Real-World Evolution
Take MetaMask, which started as a basic Ethereum wallet. Now, it allows users to swap tokens, stake assets, and even manage multiple blockchain networks within one interface. Similarly, Samsung Pay has integrated blockchain technology to offer secure, fast, and seamless digital transactions, bridging the gap between crypto and fiat.
Where It’s Headed
The future of digital wallets looks more like a control center for all digital assets. From tokenized real estate and fine art to decentralized identity management, these wallets will play a central role in managing various facets of our digital lives. Expect wallets to be more user-friendly and integrate with physical and digital assets, offering a smooth experience for everyday users and businesses.
Interesting Fact
Some countries are already exploring the idea of central bank digital currencies (CBDCs) being integrated into digital wallets, making them even more central to the financial system.
📰 This Week’s Blockchain and Web3 Highlights
WisdomTree Introduces Platform for Tokenized Real-World Assets: WisdomTree has unveiled its new platform, WisdomTree Connect, aimed at providing broader access to tokenized real-world assets (RWAs). The platform leverages proprietary technology to simplify tokenization for a wider range of users.
VanEck Analysts: Kamala Harris Could Boost Bitcoin: VanEck analysts suggest that a Kamala Harris presidency could provide a favorable environment for Bitcoin, even though Donald Trump has been more vocal in his support of the industry this year.
Worldcoin Testing Facial Recognition in World App: Worldcoin has announced the pilot of facial recognition technology in its World App. The feature will be tested in select locations with the aim of enhancing the app's security and user experience.
Stablecoins Now a Key Player in Global Finance, Says Bernstein: A report from Bernstein reveals that stablecoins have become systemically important, with a total supply of $170 billion. They are now among the top holders of U.S. government debt, highlighting their growing role in the financial ecosystem.
Bitcoin Rally Expected After Federal Reserve Rate Cut: Standard Chartered's Geoff Kendrick predicts that Bitcoin and other digital assets will benefit from the recent Federal Reserve rate cut, with a rally driven by improving macroeconomic conditions.
MicroStrategy Adds 7,420 Bitcoin to Its Holdings: MicroStrategy continues its Bitcoin acquisition strategy, purchasing 7,420 BTC for $458 million. This brings the company's total holdings to 252,220 BTC, further solidifying its position as one of the largest corporate Bitcoin holders.
Core Plans to Launch Bitcoin Yield ETF in the U.S.: Core has announced plans to roll out a Bitcoin yield ETF in the U.S. within five years, pending regulatory approval. This move signals growing interest in Bitcoin-related financial products.
🔗 Affiliate Spotlight: Blockchain Council Membership
Looking to advance your blockchain knowledge and gain recognized certifications? A Blockchain Council Membership might be just what you need. Whether you're just starting or deep into the space, this membership provides access to specialized courses, certifications, and a community of professionals.
Why Blockchain Council?
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In-Depth Courses: Learn about blockchain, DeFi, NFTs, and more with industry-recognized training programs.
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Certifications: Get certified in key blockchain topics and boost your credibility in the field.
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Global Community: Connect with other blockchain professionals and gain insights from experts.
I've found Blockchain Council to be an excellent resource for staying updated with the latest trends and skills in blockchain. It's a practical way to level up your expertise and stay ahead in the industry.
Check out more details and join here: Blockchain Council Membership.
😂 A Little Blockchain Humor Break 🤣
Source: CoinMarketCap
📊 Chart of the Week: Institutions Are Reducing Short Positions on Bitcoin
Institutions are stepping back from shorting Bitcoin, with CME futures net positions showing a significant 75% decline over the last five months. This chart highlights a shift in market sentiment, suggesting growing optimism around Bitcoin’s potential as macroeconomic conditions improve.
Key Insights:
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Institutional Sentiment Shift: The steep decline in short positions could indicate renewed confidence in Bitcoin’s long-term outlook.
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Macro Impact: Favorable economic policies, such as the recent Federal Reserve rate cut, are creating a more positive environment for digital assets.
The sharp drop in short positions coincides with Bitcoin’s steady price increase, hinting at a possible bullish momentum ahead. As institutions reduce their bets against Bitcoin, the market may be preparing for a new wave of positive movement.
Source: CrytpQuant
Thanks for joining me in Edition #31 of Blockchain & Web3 Weekly Bytes! This week, we covered how digital wallets are evolving beyond crypto storage, WisdomTree’s push into tokenized real-world assets, and Bitcoin’s shifting institutional sentiment.
Trivia Answer: D) A bottle of fine wine!
I hope you found this edition insightful and packed with value. Stay tuned for next week’s updates, and don’t hesitate to reach out if you have any questions or thoughts to share!
Warmly,
Ajay Tomar
Disclaimer:
Content in this newsletter is for educational and informational purposes only and is not intended as financial, tax, or legal advice. Always do your research and consult with a professional before making financial decisions. As a solopreneur, I may earn commissions from affiliate links in this newsletter at no extra cost to you. This support helps me bring you valuable content. I only endorse products I trust and believe could benefit you.
