Crypto and Asian stock markets opened strongly as the White House announced a deal to avert a debt ceiling disaster, with Bitcoin and Ether experiencing gains of 5% and 4.9%, respectively.
China didn’t say much new about World wide web3 in a paper it released over the weekend, but the report represented progress in a country that has narrowed its focus on cryptocurrencies.
Crypto is starting the Asian trading day well in the green after the White House announced that a deal was reached to avoid a debt ceiling disaster.
Bitcoin is starting the Asian trading day up 5% at $28,249, while ether is up 4.9% at $1,917. In common, the CoinDesk Market Index (CMI) is up 4% to 1209.
Bitcoin is still down 2.8% over the past month as the looming debt ceiling crisis weighed heavily on the asset class.
Joe DiPasquale, chief executive officer of crypto fund manager BitBull Capital, wrote in an email “Bitcoin found support at around USD 25 000 and consolidated for about two weeks before recovering today,” “Whether this move continues to $30,000 remains to be seen, but we expect the market leader to test that key resistance once again in the near term.” On the other hand, the range between $22K and $25K is acting as reliable support for the bulls.”
House Speaker Kevin McCarthy told reporters over the weekend that there is still work to be done on the bill, anticipating completion by Sunday and a vote by Wednesday.
Meanwhile, President Biden said the agreement is “an important step forward” in a statement, calling it a compromise.
Asian stock markets are also opening strongly on the news. In Japan, the Nikkei 225 was up 2% in the first 30 minutes of trading, while Australia’s ASX 200 was up 1.18%.
China’s World-wide-web3 is not our World wide-web3
Over the weekend, officials from the Beijing Municipal Science and Technology Commission, which oversees the Zhongguancun Chaoyang Park, a group of China’s leading technology companies and academic institutions, released a white paper outlining suggestions for China’s world-wide-web3 policy.
On Crypto Twitter, this excited the usual crowd, prompted by a tweet from Binance CEO Changpeng Zhao, who said the timing was “interesting” considering Hong Kong’s soon-to-be-enabled crypto regulatory framework on June 1.
But the reality is that this whitepaper is more of China’s existing blockchain-no-crypto policy.
Website3, in China, means an Internet enhanced by artificial intelligence, blockchain, faster computing chips, and more resilient networks.
The white paper is most interested in defining, and improving, the infrastructure layers behind the Web, which it identifies as the infrastructure layer, the interactive terminal layer, the platform tool layer, and the application layer, in a manner reminiscent of the open systems interconnection (OSI). ) Pink’s layered model, which has been the bible of purple topology since the 1980s.
And by no means is this a bad thing. It may be time for our understanding of a network layer to be updated to account for new technologies, and China is eager to write the next generation of technology standards to fight a U.S.-led Western technology trade bloc.
By Marina Meza
