The current administration in Japan, under the leadership of Prime Minister Fumio Kishida, has recently been striving to create and regulate Web3 technologies that may include peer-to-peer online platforms, digital currencies, and so on.
Nevertheless, the situation of Kishida has got complicated as his party which is LDP is now facing problems in the form of a major corruption scandal and public support which are in decline. The upcoming party leadership elections in September are anticipated to alter the direction of the Japanese Web3 policy in September.
With or without the government’s will to regulate the crypto sector and Web3 via its initiatives of stablecoins in 2023, Kishida is not invulnerable to criticisms. According to a few political experts, Kishida’s governorship may be taken away from both the party presidency and the position of the prime minister of Japan.
The Kishida’s cabinet set up its Web3 team that outlined NFTs and DAO strategies in a white paper last year. On the contrary, the unpredictable domestic environment might hinder the implementation of such policies.
Furthermore, the LDP’s proposal of implementing corporate tax reductions and making cryptocurrency venture capital investments seem not capable of succeeding because of its unstable future.
Even during political unrest, Japan’s Web3 projects have experienced a boom with more than 160 operating projects in the nation. These projects are in the business of preserving cultural heritage and strengthening local communities.
Regarding the intra-party corruption, Mr. Kishida vowed to take tough disciplinary measures against those involved. Nevertheless, it is impossible to define the result of the crisis that Japan is facing as the political landscape is about to change in the next few months.
Is Google Cloud the next crypto giant? Web3 portal hints at a major move into blockchain
Google Cloud has recently presented a completely new platform for Web3 that gives blockchain developers easy access to tools, data sets, and learning materials. The announcement, indeed, has enticed opinions from across the crypto space, but it has drawn mixed reviews.
Some voices inside the industry proved their discontent, concerning which Bitcoin itself was not supported and the lightning networks were not present. Phil Geiger, the product marketing vice president at Unchained, addresses his worries about Bitcoin support neglecting it as a hefty oversight.
Moreover, another well-known trader MartyParty who goes for social media insights blamed that Google seems to react slowly as compared to its competitors in the Web3 area.
Yet, not all the criticism was negative. Ivaibi Festo, a founder of Mitroplus labs, noted that the web3-related portal was a great help to them which was due to its extensive features.
The portal ensures developers have several items including various products that they use to deploy and test decentralized applications on the Holesky and Sepolia testnets. Furthermore, it has training that includes courses on NFT creation, integrating Web3 loyalty programs, and securing digital assets using MPC (multi-party computation).
There has been a series of these recent Google steps since they were designed to develop the company’s role in Web 3.0. Google’s move to include the search for wallet balances across numerous blockchain platforms, including Bitcoin, Arbitrum, Avalanche, and others, is a clear indication of its desire to grow in the blockchain niche.
Cryptocurrency came into the mainstream in early 2024 with Google updating its advertising policies to permit the marketing of select crypto products through major search engines, such as the Bitcoin exchange-traded fund.
Besides, it has been forming partnerships to cover the various aspects of its Web3 chapters. Concerning MultiversX, Google’s BigQuery data warehouse has provided invaluable analytics to Web3 projects and user people, starting from October 2023. A further prominent feature of the news is Google Cloud Platform’s BigQuery which in September 2023 introduced a total of 11 new blockchain networks in its data warehouse. The fact that the giant respectively pays attention to the development of the Web3 space is demonstrated here.
In Google‘s case, the Web3 entanglement is a clear indication that blockchain is gaining more and more attention and the company has understood the importance of providing tools packs for development to make it easier for creators to cope with the new field of technology.
Bitcoin to the moon? Analyst eyes $300k as bull cycle heats up
A technical analyst has made a brave prediction by stating that in the part of its bull market traditionally regarded as the most unforgiving, bitcoin might crash to $300,000.
The source of the study is Tradingshot, a novice long known on Tradingview who had the lead in terms of the fan base. In a recent post titled “Bitcoin: This shows how “Trading Shot” used a technical indicator, the Mayer Multipliers Mean(MMM), which is the comparison of bitcoin’s current price against its 200-day moving average, to analyze the direction it was heading.
By examining Fibonacci extensions from the Mayer Multiple Mean’s low to the previous high, Tradingshot observed a pattern: every price of bitcoin uptrend has usually doubled the Fibonacci level of the last uptrend. For instance, Cycle 1 has gone through the 2.0 Fibonacci level, Cycle 2 has got cut off at 4.0, and Cycle 3 has managed to hit 6.0. The ascending pattern drew Tradingshot’s inference that the fourth cycle could end up with an 8.0 Fibonacci level.
Despite its involvement with a risk-calling aspect, Tradingshot envisages that this pattern will give rise to a $300,000 price target. The projection is founded on the slant of the Mayer Multiple, which was used as a reference when Bitcoin touched its Mayer Multiple Mean.
In general, the analysis hinted that a bitcoin price jump is very likely to happen, as it is about to enter its most active phase of the bull run, which may push the price to $300,000 and above. Yet, we should proceed cautiously because they are based solely on past experience with a certain degree of uncertainty.
