Good morning. Here’s what’s happening:

Prices Bitcoin is continuing to show upside potential, as issuers refile their bitcoin exchange-traded fund applications.

Insights – Does Japan race towards the future of cryptography? Or are we stuck in the past a few decades?

SEC Says Applications for ETFs Aren’t Good-Enough, but Bitcoin Hasn’t Given Up Hope

Markets are quiet as North America celebrates its long weekend. However, bitcoin (BTC), and ether(ETH) maintain their price stability.

According to CoinDesk, Bitcoin opened the trading week at $30,654 in Asia, while Ether is at $1 938. CoinDesk Indicators The Bitcoin Trend indicator shows that the world’s largest digital currency is in a “significant” uptrend.

Crypto experienced a tough end to the week as the U.S. Securities and Exchange Commission said that bitcoin ETF applications were “inadequate”, causing prices to drop. A few issuers have re-filed with Coinbase as the market surveillance partner.

BitBull Capital CEO Joe DiPasquale believes bitcoin could test a support area between $27K and $29K. He says such a price movement is likely to lead to deeper declines in alternative coins.

Last week, we discussed how Bitcoin’s staying above $30K was positive for the market. We saw this sentiment shifting to altcoins as ETH began showing signs that it wanted to test $2K and other altcoins rallied,” he said in a CoinDesk note. Market participants would do well to be cautious about sustained upward momentum.

Despite the holiday that began the week, there will be some major economic events this week. The June FOMC minutes will be published on Wednesday, which will provide more insight on how the Fed plans to move forward with interest rates. JOLTs job openings will also take place on Thursday and the new unemployment figures will appear on Friday.

The SEC’s next move on bitcoin ETFs will be of interest to traders.

The Biggest Gainers

Biggest Losers

Is Japan a part of the crypto future? Or is it a few years in the past?

You’ll notice that the Japanese web is a little dated after a few minutes of browsing.

There are many more online activities in Japan than in the West. However, there are some notable exceptions and the Web2 area in Japan feels like it is a decade old. Imagine how the Web was when the iPhone 4 first came out.

“The government felt we missed Web2…So they now see Web3 as a thing Japan could potentially embrace, and create a new generation of Japanese technology companies and tech innovators in this space,” Akio Tanaka said, Founder Partner of IVC. IVC recently held its IVS Crypto & Web Conference in Kyoto.

He continued, “There are no Web2 titans in Japan.”

Much was written on Japan’s regulatory success in the early days of Web3. Japan, unlike the U.S. which has openly opposed the crypto-industry, has worked to regulate the industry. These regulations were born out of blood after the collapse Mt. Gox in 2013 Gox in 2013.

What does Web3 celebration look like in Japan

It’s a lot like what it was at the peak of the bull markets in the West.

NFTs, GameFi, and enterprise blockchain are all the rage. is the Web3 strategy of some of Japan’s biggest companies. Lots of money has been thrown at. However, these strategies remain ambiguous and are only on paper.

Tanaka emphasizes the fact that everything will be different in Japan.

He said that Japanese GameFi developers “want gamers to be served, not crypto-speculators.”

He continued, “They won’t try to create the kind of speculative moves that you might have seen outside Japan because they know that this can backfire and negatively affect their core fans.”

Sega knew this when it announced its entry into the NFT market. received a backlash from fans and changed its position. It said that if Web3 was perceived as a “simple money-making venture…it would decide not to proceed.”

Square Enix is no different. While Square Enix’s stock market loved its decision to embrace the NFTs and start with characters from Final Fantasy 7, considered the best iteration in its long-running series, supporters hated the idea.

Square Enix NFTs are not really a good investment, since the assets on the chain are “frozen” in the wallet that purchased them.

Once you peel back the layers, one can’t help but think that the embrace of Web 3 is a little more conservative than what the bulls claim.

Square, Japan’s most famous IP, is the only one to have experimented with NFTs and GameFi at the show. In March, Nintendo was seeking to hire a metaverse and NFT expert, but this has not happened (Tanaka states that Nintendo would be the very last company to take action).

The Japanese Prime Minister, who opened this conference with a speech, did not mention Web3 at all. He only used generic platitudes to describe the importance of startups for economic growth, and the government’s plans to turn Japan into a market that is friendly to startups.

There is still something, even if the evangelists are wrong.

The interview with Tanaka was coming to an end, and the next group arrived, a Sega corporate delegation.

Sega, an IVC investor, recently appeared in the news to dismiss rumors about its plans for acquisition. IVC’s spokesperson declined to comment on the topic of the meeting, but it was probably about crypto.

Important events.

8:30 a.m. HKT/SGT(12:30 a.m. UTC): Jibun Bank Manufacturing PMI (June)

CoinDesk TV

If you haven’t seen it yet, here’s the latest episode of First Mover on CoinDesk TV.

Fidelity, the asset management giant, has re-filed documents for its Wise Origin Bitcoin Trust. This is a spot Bitcoin ETF. Hashnote CEO Leo Mizuhara provided his analysis of the crypto markets. Thomas Braziel, Managing Partner at 507 Capital, commented on the recent FTX bankruptcy. Boyd Cohen, CEO of Iomob, discussed CoinDesk’s Crypto Hubs for 2023.

A court orders Kraken to turn over account and transaction history information to IRS. This is the first time that IRS filed a petition with a court.

Harry Styles’ Concert App Leads Fans In More Than One Direction: At a concert held recently, 5,000 fans of the pop singer opened digital wallets via the EVNTZ application, paving way for future blockchain rewards.

Celsius could sell more than $170M worth of ADA, MATIC and SOL for BTC or ETH. Court records from November last year give a rough idea of the altcoin holdings.

The Top 15 Global Crypto Hubs: Where to Work and Live Smartly: As regulatory regimes change around the world, crypto is looking for the best places to settle down, to get licensed, to register, or to just be. Crypto Hubs 2023 is our ranking of top 15 global crypto hubs.

James Rubin is the editor.