September 13, 2023 2:57 PM
-
newsletter@mail.coinbase.com
What the G20 summit said about crypto
The email discusses the recent crypto market trends, including the dip in crypto prices and the discussion of crypto policy at the G20 summit. It also provides updates on various cryptocurrencies and their prices.
Plus, three reasons crypto markets were down to start the week. View in browser 9/13/23 Many of the world’s largest economies discussed crypto policy at this year’s G20 summit in New Delhi, India. [Bet_Noire via Getty Images] What’s up? It’s Coi
September 13, 2023 2:57 PM
-
newsletter@mail.coinbase.com
What the G20 summit said about crypto
The email discusses the recent crypto market trends, including the dip in crypto prices and the discussion of crypto policy at the G20 summit. It also provides updates on various cryptocurrencies and their prices.
Plus, three reasons crypto markets were down to start the week. View in browser 9/13/23 Many of the world’s largest economies discussed crypto policy at this year’s G20 summit in New Delhi, India. [Bet_Noire via Getty Images] What’s up? It’s Coi
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</style></head><body style="margin:0; padding:0; background-color:#FFFFFF; font-family:Helvetica Neue,Helvetica,Arial,sans-serif; font-size:16px; color:#0A0B0D"><span style="color:transparent; visibility:hidden; display:none; opacity:0; height:0; width:0; font-size:0">Plus, three reasons crypto markets were down to start the week.</span><img src="https://links.coinbase.com/e/eo?_t=3aca56371967418192255878e9689713&_m=e91ea38222dc4fd5957fd90d170d6f26&_e=e1SV7EM3qwuhrAMTUzjhgAQ7ggdIav-NeUSuG79116T7matfM_fpOM-xA1EnQRIdLEg5zy_-ZInaBj6jXgy7NncvN8GB0AbTU-cSWto3f4pl3vrT8kWcMVUiageTVpCE26vQUNl4b7YqrlILr9eP8oo3Tm3oBEeK50RNedpf__Y%3D" width="1" height="1" style="border:0; width:1px; height:1px; border-width:0px!important; display:none!important; line-height:0!important"><div id="root" style="min-width:320px; background-color:#FFFFFF; width:100%"><div class="block-grid" style="min-width:320px; max-width:570px; word-break:break-word; margin:0px auto"><div style="padding:0px 10px 10px"><div style="text-align:right; margin-bottom:24px"><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(91,97,110); text-decoration:none; line-height:1.5; font-size:12px">View in browser</a></div><div style="margin-bottom:20px"><table style="width:100%"><tbody><tr><td style="text-align:left; vertical-align:middle"><a href="#" title="Coinbase Bytes" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/cbytes-4x.png" height="36" style="display:block; height:36px"></a></td><td style="text-align:right"><p style="font-size:20px; color:rgb(10,11,1); margin:10px 0px 0px">9/13/23</p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer"><img src="https://images.ctfassets.net/q5ulk4bp65r7/4HzWdoYRMXb4kW590ijJld/ba82f51a4e8d0524c182dde20af19b82/image1.jpg" width="100%" style="display:block; width:100%"></a><p style="margin:16px 0px 0px; line-height:1.5; word-break:break-word; font-size:12px; color:rgb(91,97,110)">Many of the world’s largest economies discussed crypto policy at this year’s G20 summit in New Delhi, India. [Bet_Noire via Getty Images]</p><p style="margin:48px 0px 16px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What’s up? It’s Coinbase Bytes </strong></p><p style="margin:0px; line-height:1.6; word-break:break-word">There’s never a dull moment on the blockchain. Here’s what you need to know this week:</p><ul style="margin:10px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px"><strong>BTC sank to a three-month low before bouncing back. </strong>How inflation and other economic forces are impacting crypto markets.</li><li style="margin:0px; padding:6px 0px"><strong>Crypto was a hot topic at this year’s G20 summit. </strong>Leaders of the world’s largest economies talked crypto at their annual meeting.</li><li style="margin:0px; padding:6px 0px"><strong>This week in numbers. </strong>The year’s buzziest crypto app sees new signs of life, France quizzes its crypto influencers, and more.</li></ul><p style="margin:0px; padding:0px"></p><div class="desktop_hide" style="display:none; max-height:0; overflow:hidden"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$26,238.62 </p><p style="margin:0; font-size:12px">+2.04% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$1,605.44 </p><p style="margin:0; font-size:12px">-1.59% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.48 </p><p style="margin:0; font-size:12px">-3.70% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.25 </p><p style="margin:0; font-size:12px">-3.34% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$0.06 </p><p style="margin:0; font-size:12px">-3.70% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$18.36 </p><p style="margin:0; font-size:12px">-6.28% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><div class="mobile_hide"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$26,238.62 </p><p style="margin:0; font-size:12px">+2.04% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$1,605.44 </p><p style="margin:0; font-size:12px">-1.59% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.48 </p><p style="margin:0; font-size:12px">-3.70% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.25 </p><p style="margin:0; font-size:12px">-3.34% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$0.06 </p><p style="margin:0; font-size:12px">-3.70% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$18.36 </p><p style="margin:0; font-size:12px">-6.28% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><p style="margin:20px 0px 0px; line-height:1.5; word-break:break-word; color:rgb(91,97,110); font-size:12px">Price changes are for the past week, ending on Sep 13, 2023 at 09:50 PM UTC</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>See the latest prices</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>MARKET UPDATE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>Crypto prices dip again as traders wait for inflation numbers</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">All ten of the biggest non-stablecoin cryptocurrencies <a href="#" target="_blank" rel="noopener noreferrer">were down again earlier this week</a>, with BTC briefly hitting a three-month low below $25,000 on Monday before climbing back above $26,500 on Tuesday. Market watchers are paying attention to several key events that could have further impact on prices.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Here’s what you need to know. </p><ul style="margin:10px 0px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px"><strong>Two key economic indicators will be announced on Wednesday and Thursday of this week</strong>: the Consumer Price Index (CPI), which measures the prices Americans pay for a wide range of goods and services, and the Producer Price Index (PPI), which measures the change in the prices paid to producers of goods and services. </li><li style="margin:0px; padding:6px 0px"><strong>The CPI and PPI are considered good proxies for inflation</strong>, which the Federal Reserve has been fighting by raising interest rates to their highest level in decades. According to <a href="#" target="_blank" rel="noopener noreferrer">a new Morningstar report</a>, the data will likely show that inflation is slowing fast enough for the Fed to leave rates where they are. But if the data shows inflation rising or falling more slowly than anticipated, rates could continue to tick up, which could pressure crypto markets. </li><li style="margin:0px; padding:6px 0px"><strong>A wide range of altcoins, including Arbitrum, Polygon, and Aptos have seen steep drops this week. </strong>XRP — which spiked earlier this summer after issuer Ripple’s <a href="#" target="_blank" rel="noopener noreferrer">legal victory</a> over the Securities and Exchange Commission — fell nearly 5% overnight on Sunday as the SEC <a href="#" target="_blank" rel="noopener noreferrer">prepares to appeal the decision</a>. </li><li style="margin:0px; padding:6px 0px"><strong>At least some of the </strong><a href="#" target="_blank" rel="noopener noreferrer"><strong>bearish</strong></a><strong> altcoin sentiment came in response to FTX’s </strong><a href="#" target="_blank" rel="noopener noreferrer"><strong>plans to liquidate</strong></a><strong> around $3.3 billion in crypto assets.</strong> According to a court filing, the firm holds nearly $1.2 billion in Solana (SOL). Many analysts pointed out that FTX’s bankruptcy process <a href="#" target="_blank" rel="noopener noreferrer">isn’t likely to cause market shocks</a>. As <a href="#" target="_blank" rel="noopener noreferrer">Messari noted</a>, the firm’s SOL holdings are “largely comprised of vesting tokens that are not immediately liquid in open markets.”</li><li style="margin:0px; padding:6px 0px"><strong>BTC’s Tuesday rebound may have been the result of a “short squeeze”</strong> <a href="#" target="_blank" rel="noopener noreferrer">according to CoinDesk</a>: “a rally powered by an unwinding of bearish derivative bets.” </li></ul><p style="margin:0px; padding:0px"></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line…</strong> Despite the flurry of news this week, there might not be that much to see here. Market sentiment seems to reflect that dynamic: After crypto’s broader market cap slid about 3% on Monday, <a href="#" target="_blank" rel="noopener noreferrer">it rebounded by almost the same amount</a> on Tuesday. </p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Get more market insights</strong></a></div><a href="#" target="_blank" rel="noopener noreferrer"><div class="desktop_hide" style="display:none; max-height:0px; overflow:hidden"><img src="https://images.ctfassets.net/q5ulk4bp65r7/un44lH3qGsbojvsztyt8D/3ceaf02eeac79d79cbcaebe3729b1693/bytes-mobile.png" width="100%" style="display:block; width:100%; margin:64px 0px"></div><div class="mobile_hide"><img src="https://images.ctfassets.net/q5ulk4bp65r7/3eJQd3ik4SkkpwJAYkKs0U/8d1146eeb8cef313d2aae36edeb090b4/bytes-desktop.png" width="100%" style="display:block; width:100%; margin:64px 0px"></div></a><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>DIGITAL DIPLOMACY </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>Global leaders talk crypto policy at the G20 summit</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Crypto was a major topic at the G20 summit, which gathered the leaders of many of the world’s biggest economies in New Delhi, India last weekend. The summit, which was hosted by Indian Prime Minister Narendra Modi (and attended by leaders including President Biden), issued a joint declaration that included a section on crypto policy — an indicator that governments around the world see the growing need for clarity in crypto regulation. Here’s what you need to know.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>What is the G20?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The Group of 20 is a <a href="#" target="_blank" rel="noopener noreferrer">consortium of many of the world’s largest economies</a>, consisting of 19 countries and the European Union. Members — including the U.S., China, Russia, India, and South Africa — meet annually in an attempt to coordinate policy around issues that impact the global economy. Key issues up for discussion this year included the war in Ukraine, global climate policy, and crypto regulation. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Why was crypto on this year’s agenda?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">There’s growing international consensus on the need for regulatory clarity in crypto. According to a <a href="#" target="_blank" rel="noopener noreferrer">recent Coinbase report</a>, “83% of G20 members and major financial hubs have made progress toward regulatory clarity for crypto.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The host country sets the agenda, and since last year, major Indian political figures have been signaling their intention to <a href="#" target="_blank" rel="noopener noreferrer">make crypto a key topic</a>, with the country’s finance minister <a href="#" target="_blank" rel="noopener noreferrer">saying</a> that "no one single country can succeed in individually, being in a silo, trying to regulate the crypto assets.” In the runup to this year’s meeting, India also requested that the International Monetary Fund and Financial Stability Board detail a roadmap toward a global crypto regulatory framework and policy recommendations. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Which crypto topics were discussed at the G20?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Participating countries agreed to work toward implementing the IMF-FSB policy roadmap — although the plan is short on specifics. Instead, it provides <a href="#" target="_blank" rel="noopener noreferrer">broad recommendations</a>: that countries shouldn’t implement outright bans of crypto, that they should institute sound monetary policies to ensure that citizens don’t begin to prefer crypto over fiat currencies in the long run, and that central banks shouldn’t hold crypto. Because G20 resolutions are non-binding, actual regulations will come from each member’s domestic legislative process.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>What happens next? </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As India’s <a href="#" target="_blank" rel="noopener noreferrer">G20 presidency</a> winds down, all eyes are turning toward Brazil, which will assume the presidency in December, and which is expected to have a more progressive<a href="#" target="_blank" rel="noopener noreferrer"> approach to crypto</a> as a global leader in crypto regulation. Latin America’s largest economy already boasts a domestic <a href="#" target="_blank" rel="noopener noreferrer">crypto framework</a>, has multiple <a href="#" target="_blank" rel="noopener noreferrer">spot crypto ETFs</a> trading on markets, and allows for <a href="#" target="_blank" rel="noopener noreferrer">tax payments</a> in cryptocurrency. </p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Read our international report</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NUMBERS TO KNOW </strong></p></td></tr></tbody></table></div><h1><strong>$31.7 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Value of energy credits <a href="#" target="_blank" rel="noopener noreferrer">earned</a> by crypto mining firm Riot Platforms for lowering the power consumption of its BTC mines in Texas during a record heat wave this month. </p><h1><strong>$22.8 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><a href="#" target="_blank" rel="noopener noreferrer">Total value locked into</a> the buzzy decentralized social protocol Friend.tech, weeks after many observers <a href="#" target="_blank" rel="noopener noreferrer">described it as “dead”</a> following a sharp drop in user activity. As of Monday Friend.tech ranked third across all DeFi apps in earned fees and revenue. </p><h1><strong>25</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Number of questions <a href="#" target="_blank" rel="noopener noreferrer">on a new exam</a> that French crypto and finance “influencers” have to take as part of a certification process aimed at protecting investors. Influencers must score 75% to pass. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"></p><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>AROUND COINBASE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>A competition for web3 ideas, ETH staking gets easier, and what’s next for crypto?</strong></p></div><ul style="margin:10px 0px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px"><strong>Coinbase CEO Brain Armstrong spoke to Yahoo Finance</strong> at Goldman Sachs’ Communacopia + Technology conference in San Francisco last week in a wide-ranging discussion about regulatory developments, bitcoin ETF applications, and why he is confident that crypto “could become a hot topic in the presidential race in 2024.” (<a href="#" target="_blank" rel="noopener noreferrer">Watch the interview</a>.)</li><li style="margin:0px; padding:6px 0px"><strong>Think you have an idea for the next great decentralized application or crypto protocol?</strong> <a href="#" target="_blank" rel="noopener noreferrer">Complete our new product challenge</a> and submit your web3 idea for a chance to win up to $2,000 in ETH, a Finisher NFT, and more. </li><li style="margin:0px; padding:6px 0px"><strong>Partial ETH staking is here. </strong><a href="#" target="_blank" rel="noopener noreferrer">Together with Kiln, Coinbase is launching a partial ETH staking solution</a>, allowing users to stake any amount of ETH natively and participate directly on the blockchain. The new offering will be accessible on Coinbase Wallet in coming weeks.</li></ul><p style="margin:0px; padding:0px"></p><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>TOKEN TRIVIA </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What is proof of work?</strong></p></div><div style="margin-top:16px"><table style="line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>A</strong></td><td>The way miners secure and scale Bitcoin’s blockchain</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>B</strong></td><td style="padding-top:12px">A way to verify transactions on a blockchain </td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>C</strong></td><td style="padding-top:12px">The predecessor to proof of stake</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>D</strong></td><td style="padding-top:12px">All of the above</td></tr></tbody></table></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Find the answer at the end of the email.</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Learn about proof of work</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NOW TRADING ON COINBASE </strong></p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>PYUSD</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://dynamic-assets.coinbase.com/6dd585417140accba59bb9a4ccc4563e6058729a8394766840d463cdbfcc0fd9fb0f71ecda041323570a212c488f9d5fbd1c80177e076a1037338e8d9f32123b/asset_icons/893977dc71d9dc0fdb621b4081cc48db530cf365770894ddf4b241fcc0c003be.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">PayPal USD (PYUSD) is a stablecoin pegged to the U.S. </p></a><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><p style="margin:0px; line-height:1.6; word-break:break-word"><strong>Trivia answer</strong></p><table style="margin:12px 0px 0px; line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>D</strong></td><td>All of the above</td></tr></tbody></table><table style="margin:48px 0px 0px"><tbody><tr><td style="text-align:left"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Rebrand%20Assets/coinbase_footer_wordmark.png" alt="Coinbase" height="26" style="display:block; height:26px; margin-bottom:24px"></td></tr><tr><td><a href="#" title="coinbase ios app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_apple.png" alt="Download on iOS App store" height="46" style="display:block; height:46px; margin-right:8px"></a></td><td><a href="#" title="coinbase android app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_google.png" alt="Download on Google Play" height="46" style="display:block; height:46px"></a></td></tr></tbody></table><div style="margin-top:24px"><p style="font-size:12px; line-height:1.8; word-break:break-word; color:rgb(91,97,110)">Disclaimer: This material is the property of Coinbase, Inc., its parent and affiliates ("Coinbase"). The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Coinbase or its employees and summarizes information and articles with respect to cryptocurrencies or related topics that the author believes may be of interest. This material is for informational purposes only, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations or (iii) an official statement of Coinbase. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument or other market or economic measure. The information is believed to be current as of the date indicated on the materials. Recipients should consult their advisors before making any investment decision. Coinbase may have financial interests in, or relationships with, some of the entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Coinbase's endorsement, or approval of any third-party websites or their content. Coinbase, Inc. is not registered or licensed in any capacity with the U.S. Securities and Exchange Commission or the U.S. Commodity Futures Trading Commission.<br><br>© Coinbase 2023 | Coinbase Inc. <br>248 3rd St #434 <br>Oakland | CA 94607 | US <br><a href="#">www.company.com</a> <br><a href="#">Get in touch</a> <br><br><br><a href="#" style="text-decoration:none">Unsubscribe</a> from future editions of Coinbase Bytes.</p></div></div></div></div><img alt="" src="http://comm.coinbase.com/CI0/0100018a908cf0f7-0deadfd1-3264-4d0a-8087-6ca2b6522a3a-000000/TcLsCyzfrlnhpEZBK83jzgsvYGEfzJKws60JGJimoTQ=318" style="display:none; width:1px; height:1px"> </body></html>
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