Bitcoin breaks above $44K

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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Bitcoin breaks above $44K. 

• Tires Finance raised $11 million in Series A.

• Ripple secures registration in Ireland.

• China vows to clarify Web3.

• Cryptocurrency Market Order

Global Biscuits

Bitcoin breaks above $44K.
Bitcoin rallied above $44,000, reaching its highest point since April 2022, with a 6% increase in the past week. The surge is fueled by expectations of a U.S. SEC approval for a Bitcoin ETF, long-awaited by the industry. Trading at around $44,095, Bitcoin's recent 4% gain in 24 hours is indicative of positive momentum. Notably, BlackRock, the world's largest fund manager, met with the SEC to discuss its proposed spot Bitcoin ETF. Ethereum rose by nearly 3% to $2,252, and altcoins Solana and Avalanche gained over 9%, reaching $80.61. The entire crypto market now sits at $1.73 trillion, reflecting a nearly 4% increase in 24 hours.

Tires Finance raised $11 million in Series A.
Web3 tax services firm Tres Finance has raised $11 million in Series A funding led by Faction Ventures, with participation from New Form, Boldstart Ventures, Cyber Fund, and Ambush Capital. This brings Tres's total funding to $18.6 million. The startup, providing accounting and financial services for web3 firms, plans to use the funds to drive growth, expanding its customer base in the US, EU, and APAC with a goal of a 300% increase within the year. Tres supports over 100 blockchains, including Bitcoin and Ethereum, and aims to add more. The funding reflects Tres's commitment to serving companies adopting crypto on their balance sheets during the current bullish cycle. Previously, Tres raised $7.6 million in seed funding in September 2022.

Tastes of the regions

 Ripple secures registration in Ireland.
Ahead of the impending Markets in Crypto-Asset (MiCA) regulation in the EU, Ripple has chosen Ireland as its European base, registering with the Central Bank of Ireland as a virtual asset service provider. This move aligns with Ripple's proactive strategy for regulatory compliance, similar to Coinbase's decision two months ago. Both companies are drawn to Ireland's favorable tech policies and low corporate tax rates. Ripple's move to Europe comes amid ongoing legal challenges in the US, with a lawsuit from the SEC since 2020. Despite a partial win in October, the outcome will significantly impact the industry's legitimacy, prompting companies to seek clearer regulations and opportunities in Europe.

China vows to clarify Web3.
China is set to unveil a Web3 strategy, aiming to provide clarity and guidance for the industry's development, particularly in areas like NFTs. The Ministry of Science and Technology, in collaboration with the Chinese Academy of Sciences and the China Association for Science and Technology, will address key issues such as inheritance, innovation, security, and government obligations. Despite China's crypto ban, there has been a notable interest in NFTs, prompting the ministry to emphasize the significance of Web3 industry development. Previous initiatives, including policy documents and blockchain pilot actions, have laid the groundwork. The upcoming strategy will prioritize government affairs, industry, and the promotion of new business models like NFTs and distributed applications (dApps), aiming to accelerate Web3 innovation and build a robust digital ecosystem.

Dictionomics: Cryptocurrency Market Order 

A market order is a type of order that allows a trader to buy or sell a cryptocurrency at the best available price in the current market. It is a fast and easy way to execute a trade without specifying a price limit. However, market orders also have some disadvantages, such as slippage, volatility and liquidity issues. Slippage occurs when the market price changes between the time the order is placed and the time it is executed, resulting in a different price than expected. Volatility refers to the rapid and unpredictable fluctuations in the market price, which can affect the execution of market orders. Liquidity issues arise when there is not enough supply or demand in the market to fill the order at the desired price, resulting in partial or delayed execution.

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