Web3🌕Monday Update: Google Ads, Bitcoin Drop, Tether Freezes, Conio-Coinbase Banking Collab

In today's dynamic Web3 environment, a series of significant developments have emerged, shaping the cryptocurrency and blockchain landscape. Google's recent approval to advertise US crypto trusts marks a pivotal shift in its advertising policies. Concurrently, Bitcoin experienced an abrupt 8% decline, negating its gains for the week. Meanwhile, Tether, the world's largest stablecoin issuer, announced the freezing of 161 wallets, with only 11 holding USDT tokens. Adding to this, a noteworthy collaboration unfolded between Conio and Coinbase, fostering crypto integration within banking institutions. This concise overview highlights critical events that deserve a closer examination for deeper insights into the rapidly evolving Web3 realm.

1. Google allows US crypto trust ads

Google permits US crypto trust ads from January, aligning with potential approval of spot Bitcoin ETFs. The policy change indicates growing market optimism. Advertisers must meet local legal requirements to gain certification. Bloomberg reports a 90% chance of Bitcoin ETF approval by Jan 10, 2024, potentially for multiple applications. This move correlates with recent meetings between major fund managers and the SEC regarding ETF bids. The crypto sphere anticipates new highs, with Bitcoin rising 74% in the past 90 days. Excitement brews for potential milestones in 2024.

Google policy update allows ads for US crypto trusts

Google’s ad policy will allow crypto trust products targeting the U.S. from January 2024.

CointelegraphJesse Coghlan

2. Bitcoin dips 8%, erasing weekly gains

Bitcoin faced a robust downside correction after nearing $45,000, declining over 8% but stabilizing above $40,000. Bearish signs emerged near the $44,699 peak, causing a rapid reversal. The price dropped below crucial support levels: $43,500 and the 100-hourly Simple Moving Average. A significant bullish trend line at $43,500 broke on the BTC/USD hourly chart. However, the $40,000 zone presents strong buying potential, guarded by the 76.4% Fib retracement level. If unable to surpass $43,200, Bitcoin might retrace further, finding support near $40,500 and risking a deeper dive below $40,000 towards the $38,500 mark. Bulls anticipate a rebound above $44,000 for a renewed uptrend.

Bitcoin Price Crashes 8% and Wipes Weekly Gains, Dips Supported?

Bitcoin price started a sharp decline after trading close to $45,000. BTC is down over 8% but the bulls seem to be active above $40,000.

NewsBTCAayush Jindal

3. Tether freezes 161 wallets; only 11 hold USDT

Tether, the issuer of USDT, froze 161 Ethereum wallets, 11 holding 3.5M USDT, with one address owning 3.4M, linked to the Stake hack. 150 wallets held no USDT during the freeze. ZachXBT traced the active address to Stake's breach. Other wallets contained varying USDT amounts, one just 16 cents. Before the freeze, a wallet received 400,000 USDT from THORChain but split through other wallets. Some wallets may hold USDT on different chains, including Ethereum's Layer 2 networks and Polygon. No USDT balances linked to sanctioned wallets found on Arbitrum or Optimism. Tether aims to prevent misuse, enhancing security.

Tether Freezes 161 Ethereum Wallets Linked to US Sanctions; Here’s Why

For almost a decade, Tether cruised along with little attention to rules. However, things took a turn three weeks after the FBI and Secret Service came

Coinpedia Fintech NewsQadir AK

4. Conio, Coinbase unite for bank crypto

Conio collaborates with Coinbase to introduce multiple digital assets in Italian banks. It aims to support up to 50 tokens and expand custody capabilities. Additionally, Conio's involvement in the Euro Token project, supervised by the Bank of Italy's innovation center, indicates Italy's growing interest in digital assets and tokenization. With an eye on covering 60% of the digital assets market by 2023, Conio is advancing EVM Ethereum Virtual Machine chains and contributing to the transformation of e-money. This partnership signifies Italy's embrace of crypto innovation, supported by the Bank of Italy's focus on exploring market opportunities.

Bitcoin Wallet Conio, Coinbase Team Up to Bring Crypto to Italian Banks

Conio is also looking at tokenization, and is involved in the Euro Token project overseen by the innovation center of the Bank of Italy.

CoinDeskIan Allison

As we conclude our journey through today's Web3 landscape, the highlights spotlight pivotal shifts in the crypto sphere. These developments, together, signify the ongoing evolution and complexities of the Web3 ecosystem, beckoning for continued observation and analysis.

WEB3 AI ML