Divine Fish: Three Most Worthwhile Events to Watch in the Second Half of 2023

Author | Godfish Cobo recent internal event speech

A lot has happened in the first half of the year. But looking back on it today, there weren’t actually many big events.

Macro events

Firstly, in March the collapse of a US digital bank had a very significant impact, as a core channel that had been established over the past few years for exchanging Crypto to fiat and fiat to Crypto disappeared, accounting for more than 70% of the entire market’s traffic.

In April, Ethereum completed the Shanghai upgrade. This was a major market upgrade, bringing a core change that made the entire cryptocurrency market a very secure underlying yield asset. After the upgrade, a large number of Ethereum began to be locked up, and now nearly 20% of Ethereum is locked up in nodes. At the same time, a large number of traditional companies have begun to build strategies based on this.

For a long time, traditional funds entering the cryptocurrency world could only do one thing, physically mine by buying mining machines. Now, some traditional institutions are starting to do funds, buying Ethereum and enhancing returns through Staking. This will become a very important native source of funds for cryptocurrency for a long time to come. For the past decade, there have been roughly two things in the cryptocurrency circle: issuing assets and trading assets. This is a very important way to change the issuance of assets.

In April, changes in cryptocurrency policies in Hong Kong brought a wave of activity and a lot of traffic. However, we are still observing whether Hong Kong can replace the US as a major channel between the Crypto and fiat worlds. On June 1, the new cryptocurrency policy in Hong Kong took effect, and we saw some movement, but it was still very small.

In June, compliance in the US tightened, and the SEC sued exchanges such as Binance and Coinbase, causing a very extreme market sentiment and a big drop. However, the market sentiment quickly reversed because a large number of traditional financial companies began to apply for cryptocurrency ETFs.

ETF is also a very important narrative logic for cryptocurrency. In 2013, during Bitcoin’s rise from 1000 RMB to 8000 RMB, there was a big driving force behind it: the US held an ETF hearing. Therefore, the ETF story has been hyped for 10 years.

This is what I think are the top three things that will drive the industry in the next six months to a year.

Like what you're reading? Subscribe to our top stories.

We will continue to update Gambling Chain; if you have any questions or suggestions, please contact us!

Follow us on Twitter, Facebook, YouTube, and TikTok.


Was this article helpful?

93 out of 132 found this helpful

Gambling Chain Logo
Digital Asset Investment
Real world, Metaverse and Network.
Build Daos that bring Decentralized finance to more and more persons Who love Web3.
Website and other Media Daos

Products used

GC Wallet

Send targeted currencies to the right people at the right time.