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Crypto.com Research & Insights Team presents the Research
Research Roundup newsletter - a recap of our research
publications in September.

************************
Monthly Research Roundup
************************

-------------
November 2023
-------------

************************************
Welcome to the Crypto=E2=80=8C.com
Monthly Research Roundup Newsletter!
************************************

******************************
Your Feedback Means Everything
******************************

Help tailor our research to your interests by taking a short
survey. It's quick, and you could win one of three US$50 worth of
CRO prizes in our year-end draw.

Thank you!

Start the Survey =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKl83R-2B=
aDa7mXuW-2FtCqQHMHaN-2BZF4isK4LiDSf02jHYOggHcrPdGGbLGlZ3Ud-2FKeBuxQOnUmeRP7=
3fWQL-2F5EinnSiKuU1-2FnrcDItgi3-2BbcNgjXD21vSXKM-2BW9I3iY3phdhQ-3D-3DjPys_O=
BO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1=
dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah=
3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCY=
UU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0M=
LDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7=
tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUP=
MSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9=
KZvH1DKgjJBlKWARfWNPRo9zPX-2Fxht8hf9Sp2lHe75QUhhgWc7o8c5q-2BUOi4WAa-2Bm5T9t=
m-2BSVSYIvafG41r2t-2BR6aVY8gNzHiGnmWVM4lO2Nl2wziwpN89pKRzgFc1BKFKVQY7zu3-2F=
ki3Jmk2JGTSwYm21h3fqvl2Pa2iQrfXB9oYQ-3D-3D )
     logo  =20

Market Index
-------------

The monthly market cap and volume indices were positive at
+12.13% and +60.46%, respectively, while the volatility index was
negative at -27.99%.

logo

2023 Year Review & 2024 Year Ahead
---------------------------------------

logo
In this special year-end report, we selected the top events and
developments of 2023, followed by our outlook for the key trends
in 2024.

Looking back at 2023, the cryptocurrency industry witnessed both
impressive milestones and recovery from the tumultuous times of
2022. We applauded Ethereum=E2=80=99s successful Shapella upgrade and
celebrated the milestone of 575 million in crypto retail
adoption. Against the challenging global macroeconomic
conditions, we saw the hit from the banking crisis in the first
half of the year, and the rejuvenation in activities in the
second half.

Despite the uncertainty of the cryptocurrency market and global
economy, innovations and developments continued in the crypto
industry. In 2023, the builders have been hard at work as usual,
growing Layer-1 and Layer-2 ecosystems, introducing new use cases
to Bitcoin, brainstorming creative ways to build Web3 social, and
much more.

Looking ahead to 2024, we are optimistic that crypto adoption =E2=80=94
both in retail and institutional =E2=80=94 will continue growing at a
steady pace. We are excited about Bitcoin=E2=80=99s upcoming fourth
halving event and Ethereum=E2=80=99s next major upgrade, while also
watching out for more development on artificial intelligence (AI)
and the synergy by working together with Web3. We remain bullish
on Web3 and look forward to seeing more innovations around
various ecosystems. Finally, we also expect to see massive
institutional adoption if the US Securities and Exchange
Commission (SEC) approves the filing of BTC and ETH spot
exchange-traded funds (ETFs).

Last but not least: We are very grateful to our community for
reading our publications and sharing valuable feedback, and look
forward to bringing more quality research and insights in the
coming year.

Check out 2023 Year Review & 2024 Year Ahead=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjq=
ON4l7S6mTy4bqDW-2FXMGjTEYyfPqpw-2F554PyJ0uYH-2F82pZCgVwxHR0O0MAmXvsLhSp16n1=
yEsxOIVbS0-3DAGKu_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2=
BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqH=
u71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2Btjp=
hFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cf=
FKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bm=
qo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNh=
WoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySx=
W-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zUzCxJm9qkIpnrd-2BXOHXLbxNHZ-2Bug=
-2BGARN-2BZ0-2FNkiAC5rEtuvDwPZv7aUW7GKIOqGTRQ9PimUX5MyWpdc4ViSBdAWjKrLKIS-2=
B72Su-2FCyXO-2FbKSd6rfT4WuAxWxtzwNKp5vO8kJUlERyskQSehH58dLg-3D-3D )


Charts of the Month
--------------------

Bitcoin has broken past US$44K for the first time in 19
months. Meanwhile, after briefly testing US$2K back in April,
Ether has now managed to top US$2.3K. Spot ETF developments
continue to make headlines. Additionally, BTC=E2=80=99s move higher comes
as gold futures also surge to a record high of US$2,151=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKpzoIV69=
rIwjXAV8RJvRUquFRlandasAc1cYVpNJKa1ZiWzfRuOxWW-2FruCttjF-2B-2F7wia5ZnjY9ti7=
9dj-2F-2FM4Vsc-3D_DVE_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX=
9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNe=
dhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2=
BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ub=
m1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT=
-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZH=
cGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FD=
QySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zCHbIOXk-2B4hV-2FszMIyurNoS4Y=
ceiEv3amfpLI2PSeIwMpYyOqeKBPixub1AwCXFmxbe1UgrOuWwi0E3WWcrC5pyGSbvrxyC-2BMQ=
N8FUpag1-2FZEv30MfmNmMnnbJBkbehijVFnx2Kv5B3juOZLf5HDkxA-3D-3D ) on
4 December 2023, after US Federal Reserve Chairman Jerome Powell
said interest rates are now =E2=80=98well into restrictive territory=E2=80=
=99.

logo  The total value locked (TVL) in decentralised finance
(DeFi) has surged to US$50 billion=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKuZg4qgN=
HHcyXJPhtQLEWIz2E9-2F3U8hWVw-2BV6qIAkbiLSm0cT9wQpb3Fzn78eTjz9Q-3D-3DKRom_OB=
O3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1d=
d4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3=
i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYU=
U4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0ML=
DdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7t=
PnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPM=
SOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9K=
ZvH1DKgjJBlKWARfWNPRo9zcGk7RYQYIEQvzcxriuNheWJAGHkdc-2FPz63NY4mfZbP-2BcviyO=
-2F0cWDHxIBg5M8PXOd-2BTVa4gxsIAc2ACALKAOrL07i11A3jY1RJct3b4-2FT2Pj4XWVnRbRu=
d1CvwxVIMcXY06HUnfQsOLKsQu5Tv5NFA-3D-3D ), marking a
$15 billion increase in six weeks. Growth was fueled by a rise in
asset prices and the expansion of various ecosystems. Notably,
the newly announced Layer-2 platform Blast saw over $700 million
in deposits.

logo  The NFT market is on an upward trend, following the
overall bullish price action of the cryptocurrency. The daily
global sales volume of NFTs surpassed US$50 million=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrDlV1qX=
eNXj-2FzOft6PY0T7TIvdRKAZgDNC9PLB48thhIrh6sjc-2FrHyXtEoIQIS40T3k19zi-2BXnAn=
2-2BRay4A5AI-3DF0JS_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J=
-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedh=
qHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2Bt=
jphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1=
cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2=
Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcG=
NhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQy=
SxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9z8QF-2FU-2FmPpgy5Qd7DdYZxWVlt8O=
1pDmC2y4yRE0y6odZ5lwjvqtKtPySEtHt-2B2SDf8mXNKDB57Ujug5aHr-2FUpwWAnoMT98419N=
-2Be0K7zAPMHcIAzBkptTS0CHiXpuVpV9s9eVqHUT9s3OWHErPlJC0g-3D-3D )
 for the first time since June.

logo

Monthly Feature Articles
-------------------------

logo
Monthly Feature Article | Issuing Tokens on Bitcoin

Bitcoin=E2=80=99s aim is to be a simple, robust cryptocurrency system
focused on digital cash, with a design philosophy emphasising
security and decentralisation. Compared to Ethereum, Bitcoin has
several technical features that make it less suitable for issuing
new tokens. These features =E2=80=94 which include its scripting
language, lack of a native token standard, low transaction
throughput, and usage of the Unspent Transaction Output (UTXO)
model, amongst others =E2=80=94 are primarily rooted in the design
choices and priorities of the Bitcoin network. While Bitcoin was
originally developed as a digital currency for payment, ongoing
developments within the Bitcoin ecosystem seek to expand its
functionality.

In this report, we elaborate on the designs of projects that
have been enabling the issuance and transfer of new assets on the
Bitcoin network, including BRC-20, Atomicals Protocol, and
Taproot Assets.

Check out Issuing Tokens on Bitcoin=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjq=
ON4l7S6mTy4bqDXNeJ-2FqwBZOiDYZItS9z9d7tVpkNM-2FtldG5ZAkkFIb-2Bp2pmk4EpqNjN6=
PAlmp5zUXI-3DS8EF_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2=
BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqH=
u71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2Btjp=
hFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cf=
FKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bm=
qo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNh=
WoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySx=
W-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zpO9lxfl6Wno5ujRYhLmklBZKSfUt1XNb=
oCXxGvmyaTXXQfoButzER4QlJxy05k6alS84ZxHpo3H1lDK45Zt77-2BWQjrQViLPJ6OtPOcD4v=
Tqjo-2FeFsGo9xnaanRjs0ui4QZs8CWFY1uuZx23dZ6y21Q-3D-3D )


Key takeaways:

* Innovation in the Bitcoin ecosystem aims to build upon its
base layer by introducing increased programmability to expand
functionality and use cases.
* A key area of focus is the issuance and transfer of tokenised
assets on the Bitcoin network. Current notable protocols include
BRC-20, Atomicals Protocol (ARC-20), and Taproot Assets. * BRC-20
adopts a similar way to inscribe data based on the Ordinals
protocol. While Ordinals NFTs inscribe multimedia data (like
images) onto Satoshis, the BRC-20 token standard inscribes a JSON
text (a text structure) to Satoshis. The JSON contains pieces of
operation instructions that can be deployed on the Bitcoin
network.
* Atomicals protocol introduces the ARC-20 fungible token
standard, which uses each Satoshi to represent ownership units of
deployed tokens. This means that every unit of the token is
backed by 1 Satoshi forever. A key difference compared to BRC-20
is that Atomicals are minted and propagated based on Bitcoin=E2=80=99s
UTXO, therefore aligning more closely with Bitcoin=E2=80=99s model.
* Assets issued with the Taproot Assets protocol are held in
Bitcoin UTXOs and are transferred as part of regular Bitcoin
transactions. Assets issued through this protocol are
interoperable on both Bitcoin and Lightning Network.

* The latest developments like RGB and BitVM progress towards
introducing more robust smart contract functionality and Turing
completeness for Bitcoin through off-chain computations.
* Continued experimentation redefines the perceptions of
Bitcoin's capabilities. However, challenges also arise, given the
potential adverse effects of introducing more complexity to
Bitcoin=E2=80=99s original design philosophy of emphasising security and
decentralisation.
logo          Read the full report =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjq=
ON4l7S6mTy4bqDXNeJ-2FqwBZOiDYZItS9z9d7tVpkNM-2FtldG5ZAkkFIb-2BpzTzKEpqn7d5Y=
41NJvp9bm0-3DkIEY_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2=
BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqH=
u71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2Btjp=
hFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cf=
FKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bm=
qo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNh=
WoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySx=
W-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9z6vk1RabyZz74dlRfDphA-2BFCskXIxTL=
HA5gQs61f-2BAKSAJBet2FV-2BnRETdaueHgHoVYKTcvaclc-2FMwmd8ZCIZkGsofTFlZIpDskl=
V1URfuB1xMgHbND937M8gJ5WOqz1ymeo4oYbuTULUPhx-2FNbhg7Q-3D-3D )
          Monthly Feature Article | Bitcoin: Beyond Store of
Value

Intended as an electronic payment system, Bitcoin was designed
with features like the UTXO model and limited script programming
=E2=80=94 properties that make it distinct from Ethereum in terms of
flexibility and programmability required to be a
=E2=80=98Turing-complete=E2=80=99 smart contract platform. To extend Bitcoi=
n
beyond a digital cash system, discussions on solutions for
supporting complex smart contracts without changing Bitcoin=E2=80=99s
basic infrastructure are trending.

In this report, we discussed Turing completeness in blockchains
and examined Bitcoin=E2=80=99s design and limitations. We then explored
two emerging projects that represent the paradigm shift around
turning Bitcoin into a Turing-complete network =E2=80=94 specifically,
RGB and BitVM =E2=80=94 and how off-chain computations are enabling new
functionalities that make Bitcoin more than just a store of
value. Read our insights on new developments within the Bitcoin
ecosystem, exclusive to our Private members.

Check out Bitcoin: Beyond Store of Value=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKik9eMi7=
DBVxrirhNiFlOD9ZAiYY7eH5hobXNB5A1h6kJyyq412dFcwfNf4aJwS9PTkDLPn0pkO7an9tsCA=
KQkY-3Do3L5_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0=
NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6n=
X1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1Yy=
NabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd=
0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2P=
fTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEb=
XLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2=
J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zh7z3kUayHse47GdQletQqilf76OceCBvE8cyQN=
cKuxQwSb75bky211EiyegIj5lNuspucnZzvgy3IUEGSWzRQlFquOWTT4CmJSIBngXzgEdRqcCI6=
2msyLvEoU2bki-2BCIhgpbERdyWWPTWM3NOSqZg-3D-3D )

Key takeaways:

* Intended as an electronic payment system, Bitcoin was designed
with features like Unspent Transaction Output (UTXO) and limited
script programming. These properties make it distinct from
Ethereum in terms of flexibility and programmability required to
be a Turing-complete smart contract platform.
* Bitcoin is popular and has a unique position in the community.
Lately, there has been growing discussions to support complex
smart contracts without altering Bitcoin's fundamental
infrastructure, in order to expand its potential beyond being
just an electronic payment system.
* RGB is a smart contract platform explicitly crafted for Bitcoin
and its Layer-2 (L2) solution, the Lightning Network. In RGB,
there is no global network where all transactions are broadcast.*
RGB adopts a client-side validation paradigm, in which
transaction commitments are stored on-chain while detailed
transaction information stays off-chain, validated solely on the
client side.
* Unlike Ethereum, contract business logic in RGB is defined
through schemas, and a specific smart contract must instantiate
one schema. A smart contract is conceptualised as a directed
acyclic graph (DAG) representing the sequence of state changes.
* RGB security is guaranteed by single-use seals, which affirm
that every state of each contract is attached to a certain
Bitcoin UTXO.

* BitVM is a computational framework that introduces
Turing-complete off-chain smart contracts to Bitcoin without
requiring any soft forks or implementing changes to the consensus
rules:* A complex computation in BitVM can be represented by a
series of NAND logic gates with bit value commitments as the
basic inputs and outputs.
* BitVM is based on fraud-proof and the challenge-response
protocol for validation. The state verification is achieved by
fraud proofs and a challenge-response protocol between a prover
and a verifier.

* Turing completeness is relative in the blockchain space. To
facilitate arbitrary programme development on a blockchain,
Turing-complete programming language is often required and has
now become a desirable blockchain feature. However, there are
ongoing debates around the concept of Turing completeness in
blockchains because of limitations imposed by gas.
logo          Access the full report =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKik9eMi7=
DBVxrirhNiFlOD9ZAiYY7eH5hobXNB5A1h6kihttot28q3Qjqcmv6KA13RLoaxnPSAd-2Bj-2B-=
2Fj7Q8Fs-2FI-3DNmOa_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J=
-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedh=
qHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2Bt=
jphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1=
cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2=
Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcG=
NhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQy=
SxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zNuD80DxPQh5gwmf89rpEL19a5Eqw4H=
DD0NpmuB0hG4PM5LzVQ1v6-2B7nj2TZOPLjA9vvyvBhtEdws9e5mJ8hBgbcjAp6k5-2BMliOtSk=
L6CJll8HCv4c9FwnLGbmT36X4WlSee7FrwQhr-2F3BSclg5QBKg-3D-3D )
Interested to know more? Access exclusive reports by signing up
as a Private member=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrxEQwM5=
Mxnp3PSovPNJwFR0-2FgZPnKcyBIi7mhQLnmVRMrVc9o2pRg8VoXbqh7A96aFmsbXhgRjMH56bc=
6pObdqAWSoyrZ1nxJulvnJGyNGQFf6sTvc9ydoDQEGKz24eJA-3D-3DcZx5_OBO3IQuqUsPJ6kE=
UWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7=
vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-=
2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQ=
Z96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDln=
OM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSt=
hGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLY=
dMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKW=
ARfWNPRo9zh9EuO-2Bq2XTnHB9EHalbAnG2Kz5khyGF1PF149Y-2B-2FGcT1oTGwOhGF7VPxsZd=
kyBZSGbUoFg6mog9CvC-2BoYnTeR5dP7gd8rZdGgQxdexk8J3-2B-2FEhXUUIK-2BpRfQBQMhpV=
ylPRxnYoe-2BKWAPwbTAxwPP3w-3D-3D )
, joining our Crypto.com Exchange VIP Programme=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrxEQwM5=
Mxnp3PSovPNJwFQLt4mzX7I-2BkJd9OpAf7zzCB-2BnI0L-2BVgonsRC-2F1I2njepJWJQ0TRFf=
I7vu2ZtlnFojDD-2BtFbQIdH-2FfKGVgzcWAUDXCZCuB5RxRlSP9ItG4C7A-3D-3DTNaZ_OBO3I=
QuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L=
8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2=
FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4l=
whrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdK=
DPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnY=
xa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOS=
ANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH=
1DKgjJBlKWARfWNPRo9z-2F53GvQ-2BrIs616IVkhYVg7fxHavc-2FyOE4E8zFKNwWFu6FiJsOH=
1yVxsGcSnKLf2ux6UQC-2FRjdH1RTCBPrjOtY-2BjvtF-2BEk14mGWcssKY1RGCf9TddPBYX3-2=
FY5kAsJFrf6HCKdjsQaw6ianUdODM-2BBV6g-3D-3D )
, or collecting a Loaded Lions NFT=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKgUMBDL0=
b3qia3J5SMFYdZY4jifcZGIO80wgjCprXoiBTpZCnjmqndSo9T8I-2B1zVLTFzAzrFhZ1hiXiAd=
-2BvsAbY7xfHYy5u6xb1dNnBDO28rCf7vEyIWPGhaLOH-2BQ83GdA-3D-3DftKf_OBO3IQuqUsP=
J6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2Bu=
Oex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfY=
bqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqa=
h4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBA=
wDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3=
PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2F=
KZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJ=
BlKWARfWNPRo9z4lpC3St-2FroIb2awSdUUUXOKTfxO5zfirsgzkVbLvhWCs0LgbTQkrYXFwphO=
hYzWgRmFPw42int83cIiscUj0FWOzVMXCn79AmCk-2F1udJeDT7DX6AU-2FB0o31ej6O0lLRoUz=
j8nCsH0wwScJ9RHmln5Q-3D-3D )
.

Alpha Navigator
----------------

This institutional-focused report dives into macro trends,
market-neutral pairs, style-factor screens, and events. Read the
full Alpha Navigator report here=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjq=
ON4l7S6mTy4bqDUZDfKcSt4sGOXhEW4gVAh-2BzCGxVxUAXq6ElKPGYlJ3MLvgd4yjpqSbeYWoY=
fh6F68-3D5OmK_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOx=
x0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S=
6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1=
YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3=
kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J=
2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPN=
EbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2B=
m2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zKwWosGrEQb0Cy9ti4pVbDwsF0xX50veKP-2B=
tImI8vRI7TgjaUjlTQUro-2BI-2FQgPEJLs9kh3UJVkUfRhKtM2o4zyuacMR-2FIDyXZ8uhzq8a=
82rmonW8hvQ-2F3-2B-2FjhDftZga8uhJeWosoC6IMh0wIfYHnGFg-3D-3D ).

* Asset classes mostly rose in November, led by ETH.
logo* BTC=E2=80=99s 1-month correlations with other assets were mostly
positive.
logo

Crypto Conference & Economic Calendar from Market Pulse
-----------------------------------------------------------

Crypto Conferences Calendar         logo
Economic Calendar         logo          Check out the latest
Market Pulse =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKgCqEn9a=
tdaEmwyYW7xhxA-2Fn2kE7gClD-2FiIL5QAl9H888dPTrsPdA32cysWR7NwZzgPJke2950hYSXQ=
7f8o6k5E-3DaxHI_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2Bz=
Oxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu7=
1S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphF=
R1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFK=
K3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo=
4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWo=
PNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-=
2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zHkjDcpThD1GgAOLQr6XcrsmaO6v9KBWvOq=
oZbsFwNtvuZAaEU-2Fc4ULko-2Fce91gnhj5c59H6q79HLzrnfQMP0jodO39deRCpgKVQJ75Ui-=
2Bf9K2kLrUPHOBBTc0GWx9-2FP5rMrfEUK2yhGCXk-2FBFjPIcA-3D-3D )

------------------------------------
Thank you for supporting Crypto.=E2=80=8Ccom
------------------------------------

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O3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1d=
d4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3=
i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYU=
U4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0ML=
DdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7t=
PnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPM=
SOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9K=
ZvH1DKgjJBlKWARfWNPRo9zKuvy3xyV0l-2FO3-2B5UMSe77sNPt2-2B1QLdswqrbFf2Hjg94Qg=
PMEZYRCTqDh4gz4cxMrXdMj6wKPwHneVRANUgEEik3WM89j0teWGHOCwZgmVOTG4qDF8jZ9r6lm=
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WoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySx=
W-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9z0DjqqYxppjf9rTZU6DUdQL-2BP8U3QTw=
DU2rL-2Fk-2FXuJpVHEZCN6nMqq-2FTqT405zxJu-2BAfSFUY3tY0r8GfNZa52hbgDykSbnHbig=
FOewZJw-2FVH0StiURUuo469Eezs-2Fq1aXZC-2Fypy9J2h0C5KOscXG9Zw-3D-3D )

Best regards,
Research & Insights Team
Crypto.=E2=80=8Ccom

Crypto.=E2=80=8Ccom=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqfRSYHO=
K8svHZrCSEiaQcDhqhYjEO3v7-2BGWGiWK5teI0nd-2FPHijcrAbZprsjUBJzw-3D-3DrqmT_OB=
O3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1d=
d4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3=
i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYU=
U4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0ML=
DdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7t=
PnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPM=
SOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9K=
ZvH1DKgjJBlKWARfWNPRo9zOW8sqwUfJ-2FR3kvRxu9chllh0BGOVBuq3VW6vQ1dbElL66YJLE-=
2Bgp7-2F1IwIlfwrR279QE8XMmaBD-2BzbaRZ8poqqMVgqlHjPlWPNlgjdjFigiOc5edDy3Dk7a=
ET32CJwCvTbq6MT-2BDiv4-2BRFyf0Ow0JQ-3D-3D )   Blog=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKmodm4Q6=
tTpDVA3op05TzkKrQkgtf-2FJ79Vb4VSo9U-2BbeXiIQJkIkSYODbKuXn9-2BpvA-3D-3DInT9_=
OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B=
1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7A=
h3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdC=
YUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0=
MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX=
7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxU=
PMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t=
9KZvH1DKgjJBlKWARfWNPRo9ziJveoIDn-2B1ufaSOZ6jYNkeihcFDqyzSJRSndIEo7QRZ6JuI7=
ENV0jlB43wVfkjg1V9CvWBq3OGpJZnpak8vy-2FABfmF-2FOxk9tej0gAXKI2Waczea8ev-2BX3=
mjdosBNBy5PmtT0C2O4-2Bl5jNNePhANJcg-3D-3D )   App=20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKnuOPR25=
3EGlXpCU4pSzLNyz-2FYFvsY2pHxzgRFyyU8tS3ViCv-2BuAq4R-2FweQAy4kIxjWn3ghW09vu0=
DBY8Dl4DHQ-3DAZo8_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2=
BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqH=
u71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2Btjp=
hFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cf=
FKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bm=
qo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNh=
WoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySx=
W-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zJjkR62l9jEva4twJuOFwPNSp-2BiSmVI=
7yX8RBEaBaKBd0FiNtIJdTUirQx2MIRAICFiqSy2ZvQh7A8t6ohCxMzvm5ZfmWwzgs-2Fr4skVO=
jRbqqsbqKiiUbTX9ggvgCC2An9H8P08WTgo8xO7EbW3aRCg-3D-3D )
Exchange ( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvF=
gKhz-2FsdaeX95a6FAmqscALNq4pzhE859I54QuF5ToW9oIguf76640cOaTeWr2QGTSwg-3D-3D=
omRG_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0=
lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU=
2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzpp=
JMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPww=
eooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJ=
tCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2=
tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2B=
mQl6t9KZvH1DKgjJBlKWARfWNPRo9zOt1hHc0HDct-2FVCqlpT36jJWnmnlTmldwcRZZb-2FW6B=
SaBPEhFwNKSL95AdJjkDu9uW-2FPCM0QkGPg6ajEeBkALUp3DCSdLhyNZlQHUTmV9v4JCz3thfs=
5gXOLU02rilc7OEvkgqqVzrxGt62KH3ORMCQ-3D-3D )
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKvZUVjRl=
hP5-2BFAJgT0L-2BI-2BdpVS-2BqyixEdML0CE5Iym5lTdRHJVJ8tgRJ3GXzzlDJZA-3D-3DbLS=
b_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-=
2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO=
7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMV=
dCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweoo=
C0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCk=
HX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYp=
xUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl=
6t9KZvH1DKgjJBlKWARfWNPRo9zO57ymbooOJkq-2B-2FRDKlNTFbwIgI-2BRWB89jIyZhm5brm=
3106LGnBNA0eMOWCckJA4K4nxHv4AWaugXBYqFpL1j5W4DW8EFyk1oIXmU5nnDxvgb0-2BBK6AF=
Ue9VioDxIrDWnir0DzLbwg4imnVyhL3WkDQ-3D-3D )           =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKg54z-2B=
u-2B3NYpZxS3unVnTJ0urmN4DoIrJJea2PXfnlIJ-2FAL2vmsCzMzC4KO7wzD-2F2FVpTXW9mYS=
yrvUgBZ-2BAWk8-3Dox_M_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX=
9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNe=
dhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2=
BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ub=
m1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT=
-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZH=
cGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FD=
QySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9znXKbDtwuAq07aiJIXDAiyQXXz5Ii=
L-2F6-2FtEj-2FQ4FSnPNBocGbqjyhLEos1i2dSoK7yRmxTboO0MCJrkuwWP95iDnPXDN-2BYYU=
GDOtw1e584XfXfeI9PFRDTtD4BXR4xpudCdVatpTqX5wIFOVfYWgBYw-3D-3D )
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrm-2F1c=
KDJne6TzmeR-2Fr-2BEDc2QRxhVCKww1Rin-2FZGb6XGBCOrxgUk8qX9xilygOx-2BJkYoi4lLN=
tWvl80j1UrMay4-3D8ku6_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX=
9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNe=
dhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2=
BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ub=
m1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT=
-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZH=
cGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FD=
QySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zyjzgdcBm82yKTmkjQMdV-2BwLdaG=
lowepK5jpEGWhNuzzd80FoPgqg0hXbRVvQzOUN0xFwPFDZybXxZSMfy2s-2FNaLO-2FN6hDG4DJ=
OAfInLLAp-2BfHijA99naYjpUyOYaw6suorpY9BGjSiG4XZmmCl3WJA-3D-3D )
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKoalAdet=
d8HQ8x80Eas2uiN4BB-2BTg74rn9wT0k4L40YpoFoZ3l3wzkd96Th6UT02riQ5oCPGLPfZMBqdE=
0BeN6E-3DPXN7_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOx=
x0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S=
6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1=
YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3=
kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J=
2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPN=
EbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2B=
m2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zUDCC-2FM9y4bE3tkkTMKv3dk2UerwuXZQO9W=
wSdp6NlVJ5VUYwaiaKcznESpMoXCHzBkEXBrCGO8kfWId72cszQU91ez0zMNe2tfBJGKYgs8yyV=
L8W-2FhnObA4c9DewzDiIV-2Bun-2BeJvx-2BackCu8hn9oSw-3D-3D )

( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKkBQUQXY=
7CzuT5XCmlUAxG6g6TlrW3KJDkCTqUqktRn49ckNRyxvYgi3ccAs5IWvZ87U1W9OGBMxLjqp136=
WgHTa9c1VP1GFE9imY-2BAvcFXIrJC4_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3J=
e4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMA=
jbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90U=
gyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38I=
v6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfx=
Vk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A=
75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2=
BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9z500953AXUKki0vdvhq=
T-2FTPNN63iDDv46I1jXFTT94xGDx4zxfix6BTxvCfvBYID12-2BEbo6Kjt10yr6s-2FoISBFRP=
FjWsezS3xNOTjEqyHlH4jWxVJUyKo-2BJIhBG9-2FayMAvxAxJm8Kb8B5JBbp4NnBsw-3D-3D )
           =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKjwHpitI=
eN-2F5k9CSeVSobURtqCcXR4AltS9sbfaZa3P6067sl-2FJri32X4kvSSAZErA-3D-3DkGk3_OB=
O3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1d=
d4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3=
i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYU=
U4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0ML=
DdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7t=
PnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPM=
SOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9K=
ZvH1DKgjJBlKWARfWNPRo9zt5VrM-2BdJg7NX2OIfYBLSB2d0Vd78eT3rTXohltgQqHs6YbVId8=
PcAYRkCAhZOM3hK5KqmfMIlRlmOGu0bFqev6QA-2FnD3iebEM9HQ3MJ0LRj0Mie3j291Bo5d-2B=
tV-2BmmmfytysyBNU3r9mkqGHZyQUxg-3D-3D )
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKtGGmU9g=
F0my-2BQqOneM99nzO-2FdfyRfep16VXDH-2F-2FJ7m9rhZwVN-2BjOdxtXhmdeCq-2F-2Bw-3D=
-3DA5cL_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGE=
CL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1us=
pbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabW=
zppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNT=
PwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2=
IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKc=
cM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o=
-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zXslCb07sOkupgAnxiNxCYm53V-2FAAgzPRsBvBDL-2=
BbyMQNlsbVdmcXvmE-2F2H3hwGN2YaFHeSDR0a05i-2BT6Dealx1LAVBfXaXuINi9knZi-2Bz-2=
FbNZzY6FDDuu-2FSa-2FWUu-2F7M0JkW7YPgIBymimcpt4aFQWQ-3D-3D )           =20
( http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKs2Uy4b-=
2BmbPZ05FVqNlqQuycEt8bZV1qJbExRkDltLubrM1CBJPItFD0TuC0v8D4hQ-3D-3DDAAQ_OBO3=
IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4=
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0;overflow:hidden;">Crypto.com Research &amp; Insights Team presents the Re=
search Research Roundup newsletter - a recap of our research publications i=
n September.</div>
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=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=
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=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=
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=CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=
=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =
=C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=
=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =
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=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =
=EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=
=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =
=E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=
=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =
=E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=
=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=
=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=
=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=
=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =
=CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=
=87 =EF=BB=BF =CD=8F =E2=80=8C =C2=A0 =E2=80=87 =EF=BB=BF =CD=8F =E2=80=8C =
=C2=A0 =E2=80=87 =EF=BB=BF </div>
    <center>
        <table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"10=
0%" bgcolor=3D"#002D74" class=3D"wrapper">
            <tr bgcolor=3D"#002D74">
                <td align=3D"center" height=3D"100%" valign=3D"top" width=
=3D"100%">
                    <!--[if (gte mso 9)|(IE)]> <table align=3D"center" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"600"> <tr> <td align=
=3D"center" valign=3D"top" width=3D"600"><![endif]-->
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"max-width:600px;" width=3D"100%">
                        <tbody>
                                <tr>
                                <td align=3D"center" style=3D"font-size:14p=
x;" valign=3D"middle"><img alt=3D"" border=3D"0" class=3D"banner-logo" heig=
ht=3D"auto" src=3D"https://braze-images.com/appboy/communication/assets/ima=
ge_assets/images/62c288505036045e43066831/original.png?1656916048" style=3D=
"margin:0; padding:24px 0px 24px; border:none; display:block;" width=3D"300=
"></td>
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                    <!--[if (gte mso 9)|(IE)]> </td></tr></table><![endif]-=
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                    <tr class=3D"bgimg">
                <td style=3D"display:block;padding:0px 18px;" align=3D"cent=
er" height=3D"100%" valign=3D"top" width=3D"auto">
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" width=3D"100%" style=3D"padding:60px 10px 30px;max-width:=
600px;">
                        <tr>
                            <td class=3D"top-title" align=3D"center" valign=
=3D"top">
                                <h1 style=3D"color:white;">Monthly Research=
 Roundup</h1>
                                <h2 style=3D"color:white;">November 2023</h=
2>
                            </td>
                        </tr>
                       =20
                    </table>
                </td>
            </tr>
           =20
           =20
     =20
            <tr>
                <td align=3D"center" height=3D"100%" valign=3D"top" width=
=3D"100%">
                    <table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" width=3D"100%" style=3D"max-width:600px;" bgcolor=3D"#fff=
fff">
                         <tr>
                            <td class=3D"welcome" align=3D"left" valign=3D"=
top" style=3D"font-size:16px;padding:0">
                            =20
                                <h1 style=3D"display: block; background-col=
or: #E9F6FF; color: #002D74 !important; font-family: Helvetica; font-size: =
23px; font-style: normal; font-weight: 700; line-height: 150%; letter-spaci=
ng: normal; text-align: center; margin: 0; padding: 26px; color: #002D74">W=
elcome to the Crypto=E2=80=8C.com<br>Monthly Research
                                    Roundup Newsletter!</h1>
                            </td>
                        </tr>
                                <tr>
    <td class=3D"artic welcome-1" align=3D"left" valign=3D"top" style=3D"fo=
nt-size:16px;color:#818181;padding:0px 10px 0px">
 =20
        <h1 style=3D"display: block; color: #002D74 !important; font-family=
: Helvetica; font-size: 23px; font-style: normal; font-weight: 400; line-he=
ight: 150%; letter-spacing: normal; text-align: center; margin: 0; padding:=
 26px; color: #002D74">Your Feedback Means Everything</h1>=20
        <p align=3D"left" style=3D"padding-left:36px;padding-right:36px;">H=
elp tailor our research to your interests by taking a short survey. It's qu=
ick, and you could win one of three <b>US$50 worth of CRO</b> prizes in our=
 year-end draw.<br><br>
Thank you!



</p>
       =20
=20
    </td>
</tr>
=20

     <tr>
                            <td align=3D"center" valign=3D"top" style=3D"fo=
nt-size:16px;color:#818181;padding:0px 28px 36px">
                                <a href=3D"http://ablink.news.crypto.com/ls=
/click?upn=3Dh3xW1fHX5LrofpDruvFgKl83R-2BaDa7mXuW-2FtCqQHMHaN-2BZF4isK4LiDS=
f02jHYOggHcrPdGGbLGlZ3Ud-2FKeBuxQOnUmeRP73fWQL-2F5EinnSiKuU1-2FnrcDItgi3-2B=
bcNgjXD21vSXKM-2BW9I3iY3phdhQ-3D-3DO0Wv_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYaws=
t5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-=
2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQA=
hUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zE=
GO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728=
CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqs=
W2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA=
6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9z6IXL7q7BvR=
kGZrgIi3vi6NBrhC8SZtr1HwK5KHTV70-2BaXPyOtjSciEN-2Fx0YDQqQgFpcTWpHR1UolkTU4d=
YwRb2McSF66jJ7UHvq2PtQTOfJwbQsEhfoNw6-2BBRN9PXz573J0J-2FpWN0XuJIwav1kbUoQ-3=
D-3D" style=3D"margin-bottom:4px;width:fit-content;display:block;text-decor=
ation: none;">
                                    <div class=3D"app_btn" style=3D"color: =
white; background-color: #129DFF;margin-top:0px;margin-bottom:0px;border-ra=
dius: 5px; max-width: 300px;line-height:2; text-align:center">
                                        <span style=3D"padding:10px 20px;co=
lor:#fff;font-weight:bold">Start the Survey</span>
                                    </div>
                                </a>

                            </td>
                        </tr> =20
                         =20

                        <tr>
                            <td class=3D"welcome" align=3D"left" valign=3D"=
top" style=3D"font-size:16px;padding:0">
                                <img src=3D"https://braze-images.com/appboy=
/communication/assets/image_assets/images/65782b7a499921004bad1479/original=
.png?1702374265" width=3D"100%" height=3D"auto" style=3D"margin:0; padding:=
0; border:none; display:block;background-color:#002D74;" border=3D"0" alt=
=3D"logo">
                       =20
                            </td>
                        </tr>
                       =20
                       =20
                       =20
                =20

                        <tr>
                            <td class=3D"artic" align=3D"left" valign=3D"to=
p" style=3D"font-size:16px;color:#818181;padding: 26px 36px; ">
                                <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td class=3D"hex" width=3D"8%">
                                                <img src=3D"https://braze-i=
mages.com/appboy/communication/assets/image_assets/images/62bbf8505036047d7=
5ea5268/original.png?1656485968">
                                            </td>
                                            <td>
                                                <h3>&nbsp;Market Index</h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                               =20
                             =20
                     =20
                                <p align=3D"left" style=3D"margin-top:5px;"=
>
                               =20
                               =20
                             The monthly market cap and volume indices were=
 positive at <span style=3D"color:#36B39F;font-weight:bold;">+12.13%</span>=
 and <span style=3D"color:#36B39F;font-weight:bold;">+60.46%</span>, respec=
tively, while the volatility index was negative at <span style=3D"color:#e6=
4a60;font-weight:bold;">-27.99%</span>.
                               =20
                             =20
                             =20
                                </p>
                               =20
                                <img src=3D"https://braze-images.com/appboy=
/communication/assets/image_assets/images/657848c3f20cc7004cfc4536/original=
.png?1702381762" width=3D"100%" height=3D"auto" style=3D"margin:0; padding:=
0; border:none; display:block;" border=3D"0" alt=3D"logo">
                              =20
                            </td>
                        </tr>
                        =20
                           <tr bgcolor=3D"#E9F6FF">
                          <td class=3D"artic" align=3D"left" valign=3D"top"=
 style=3D"font-size:16px;color:#818181;padding:20px 36px 0px; ">
                                    <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td width=3D"8%">
                                                 <img src=3D"https://braze-=
images.com/appboy/communication/assets/image_assets/images/64547f0b97022865=
c084b8a4/original.png?1683259147">
                                            </td>
                                            <td>
                                                <h3>&nbsp;2023 Year Review =
&amp; 2024 Year Ahead</h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                                 <img src=3D"https://braze-images.com/appbo=
y/communication/assets/image_assets/images/65782b737a1b94004c62ec79/origina=
l.png?1702374256" width=3D"100%" height=3D"auto" style=3D"margin:0; padding=
:0; border:none; display:block;" border=3D"0" alt=3D"logo"><br>
                                <p align=3D"left" style=3D"margin-bottom:10=
px;margin-top:5px;">In this special year-end report, we selected the top ev=
ents and developments of 2023, followed by our outlook for the key trends i=
n 2024.<br><br>
Looking back at 2023, the cryptocurrency industry witnessed both impressive=
 milestones and recovery from the tumultuous times of 2022. We applauded Et=
hereum=E2=80=99s successful Shapella upgrade and celebrated the milestone o=
f 575 million in crypto retail adoption. Against the challenging global mac=
roeconomic conditions, we saw the hit from the banking crisis in the first =
half of the year, and the rejuvenation in activities in the second half. <b=
r><br>
Despite the uncertainty of the cryptocurrency market and global economy, in=
novations and developments continued in the crypto industry. In 2023, the b=
uilders have been hard at work as usual, growing Layer-1 and Layer-2 ecosys=
tems, introducing new use cases to Bitcoin, brainstorming creative ways to =
build Web3 social, and much more.<br><br>
Looking ahead to 2024, we are optimistic that crypto adoption =E2=80=94 bot=
h in retail and institutional =E2=80=94 will continue growing at a steady p=
ace. We are excited about Bitcoin=E2=80=99s upcoming fourth halving event a=
nd Ethereum=E2=80=99s next major upgrade, while also watching out for more =
development on artificial intelligence (AI) and the synergy by working toge=
ther with Web3. We remain bullish on Web3 and look forward to seeing more i=
nnovations around various ecosystems. Finally, we also expect to see massiv=
e institutional adoption if the US Securities and Exchange Commission (SEC)=
 approves the filing of BTC and ETH spot exchange-traded funds (ETFs).<br><=
br>
Last but not least: We are very grateful to our community for reading our p=
ublications and sharing valuable feedback, and look forward to bringing mor=
e quality research and insights in the coming year.<br><br>
Check out <a href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5=
LrofpDruvFgKqdaPYjqON4l7S6mTy4bqDW-2FXMGjTEYyfPqpw-2F554PyJ0uYH-2F82pZCgVwx=
HR0O0MAmXvsLhSp16n1yEsxOIVbS0-3DatWS_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5j=
koa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx=
3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp=
6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0=
Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA=
5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2L=
IrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY=
4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zSiOSRtcJF0fUr=
yU8h2lFjnZaLRcLL6gg5BcLkoa2VAvKsfY78qtyReqB-2FGn0oSu6Q-2FcF1WLakSsfsCn37Qq-=
2FK5yo013-2BvXoe9UCOZ8-2FW0b1ihUwHm8u2k1VYFMI3g4CArn1KAjtDVaHIRsMJv7zLpw-3D=
-3D" target=3D"_blank" style=3D"font-weight:bold">2023 Year Review &amp; 20=
24 Year Ahead</a>=20
</p>

<br>
                                 =20
                                   =20
                             =20

                            </td>
                        </tr>
                       =20
                        <tr>
                            <td class=3D"artic" align=3D"left" valign=3D"to=
p" style=3D"font-size:16px;color:#818181;padding: 26px 36px; ">
                                <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td class=3D"hex" width=3D"8%">
                                                <img src=3D"https://braze-i=
mages.com/appboy/communication/assets/image_assets/images/6578277fbea8a0004=
c63b4e6/original.png?1702373247">
                                            </td>
                                            <td>
                                                <h3>&nbsp;Charts of the Mon=
th</h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                               =20
                             =20
                     =20
                                <p align=3D"left" style=3D"margin-top:5px;"=
>
                               =20
                               =20
                             Bitcoin has broken past US$44K for the first t=
ime in 19 months. Meanwhile, after briefly testing US$2K back in April, Eth=
er has now managed to top US$2.3K. Spot ETF developments continue to make h=
eadlines. Additionally, BTC=E2=80=99s move higher comes as  gold futures al=
so surge to a record high of <a href=3D"http://ablink.news.crypto.com/ls/cl=
ick?upn=3Dh3xW1fHX5LrofpDruvFgKpzoIV69rIwjXAV8RJvRUquFRlandasAc1cYVpNJKa1Zi=
WzfRuOxWW-2FruCttjF-2B-2F7wia5ZnjY9ti79dj-2F-2FM4Vsc-3DDMQH_OBO3IQuqUsPJ6kE=
UWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7=
vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-=
2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQ=
Z96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDln=
OM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSt=
hGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLY=
dMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKW=
ARfWNPRo9zJni8LQHsZIux7nqWjs4-2FJjOdhojPBmc5xm6PXJ-2BaDqqTxcZGOU7SbQZ5g2yNc=
GOthjSrrXXBvjicCRlcqJEYiFFgqHqwHofB-2BTJtqHF0YFX15FOamJTCPqsLgyphswCKCeGY1o=
MBsAH62o34Adrgfw-3D-3D" target=3D"_blank">US$2,151</a> on 4 December 2023, =
after US Federal Reserve Chairman Jerome Powell said interest rates are now=
 =E2=80=98well into restrictive territory=E2=80=99.

                               =20
                             =20
                             =20
                                </p>
                               =20
                                <img src=3D"https://braze-images.com/appboy=
/communication/assets/image_assets/images/65782b7092a675004ccdf27a/original=
.png?1702374255" width=3D"100%" height=3D"auto" style=3D"margin:0; padding:=
0; border:none; display:block;" border=3D"0" alt=3D"logo">
                                    <p align=3D"left" style=3D"margin-top:5=
px;">
                   =20

The total value locked (TVL) in decentralised finance (DeFi) has <a href=3D=
"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKuZg4qgNH=
HcyXJPhtQLEWIz2E9-2F3U8hWVw-2BV6qIAkbiLSm0cT9wQpb3Fzn78eTjz9Q-3D-3DSyIC_OBO=
3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd=
4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i=
-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU=
4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLD=
dKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tP=
nYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMS=
OSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZ=
vH1DKgjJBlKWARfWNPRo9zyTEBGKEYsfhAgZa3wRy5GnVHlSjBgZHVgmzdUDLGUzxTxSaDR8G0z=
jXWUhQB4jqKTvH7vLYL40nSpn8KClw4Xa9AXbAgolMBKOkbPhFrHh-2F8A-2Fr9J7Ki-2BJ-2Fy=
Jd3yapqF3G71t3CA1bfKRPVF0np2dw-3D-3D" target=3D"_blank">surged to US$50 bil=
lion</a>, marking a $15 billion increase in six weeks. Growth was fueled by=
 a rise in asset prices and the expansion of various ecosystems. Notably, t=
he newly announced Layer-2 platform Blast saw over $700 million in deposits=
.



                               =20
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                             =20
                                </p>
                               =20
                                <img src=3D"https://braze-images.com/appboy=
/communication/assets/image_assets/images/657833e8499921004bad1554/original=
.png?1702376423" width=3D"100%" height=3D"auto" style=3D"margin:0; padding:=
0; border:none; display:block;" border=3D"0" alt=3D"logo">
                                    <p align=3D"left" style=3D"margin-top:5=
px;">
                  =20

The NFT market is on an upward trend, following the overall bullish price a=
ction of the cryptocurrency. The daily global sales volume of NFTs surpasse=
d <a href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDru=
vFgKrDlV1qXeNXj-2FzOft6PY0T7TIvdRKAZgDNC9PLB48thhIrh6sjc-2FrHyXtEoIQIS40T3k=
19zi-2BXnAn2-2BRay4A5AI-3DO8YK_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je=
4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAj=
bLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ug=
yj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv=
6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxV=
k8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A7=
5vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2B=
Z8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zYHMkvLDpqGp2unxk8L7=
90-2FtZNPgW-2FNHHD0nSIs9oWPlpksFxGKDHNmRRiYU92FVAXQeTSo1Cr0n2O3t14BAa4g9wEr=
IzCKXe1IngTMftwc51m8mqow5D2GxzPYETRDagPW9yJ5efLX5ZxcGidzb8XQ-3D-3D" target=
=3D"_blank">US$50 million</a> for the first time since June.

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                                </p>
                               =20
                                <img src=3D"https://braze-images.com/appboy=
/communication/assets/image_assets/images/657833e91a7ffd004c373f8d/original=
.png?1702376424" width=3D"100%" height=3D"auto" style=3D"margin:0; padding:=
0; border:none; display:block;" border=3D"0" alt=3D"logo">
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                        </tr>
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 <tr bgcolor=3D"#111C37">
                          <td class=3D"artic" align=3D"left" valign=3D"top"=
 style=3D"font-size:16px;color:white;padding:20px 36px 0px; ">
                                    <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td width=3D"8%">
                                                 <img src=3D"https://braze-=
images.com/appboy/communication/assets/image_assets/images/657828c3e1895c00=
4cf46a0d/original.png?1702373571">
                                            </td>
                                            <td>
                                           <h3 style=3D"color:white !import=
ant;">&nbsp;Monthly Feature Articles</h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                                <p align=3D"left" style=3D"margin-bottom:10=
px;margin-top:5px;">
<img src=3D"https://braze-images.com/appboy/communication/assets/image_asse=
ts/images/65782b70d4453a004c8a55bc/original.png?1702374255" width=3D"100%" =
height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;" =
border=3D"0" alt=3D"logo"><br>
                                    <b>Monthly Feature Article | Issuing To=
kens on Bitcoin</b><br><br>
                       Bitcoin=E2=80=99s aim is to be a simple, robust cryp=
tocurrency system focused on digital cash, with a design philosophy emphasi=
sing security and decentralisation. Compared to Ethereum, Bitcoin has sever=
al technical features that make it less suitable for issuing new tokens. Th=
ese features =E2=80=94 which include its scripting language, lack of a nati=
ve token standard, low transaction throughput, and usage of the Unspent Tra=
nsaction Output (UTXO) model, amongst others =E2=80=94 are primarily rooted=
 in the design choices and priorities of the Bitcoin network. While Bitcoin=
 was originally developed as a digital currency for payment, ongoing develo=
pments within the Bitcoin ecosystem seek to expand its functionality. <br><=
br>
In this report, we elaborate on the designs of projects that have been enab=
ling the issuance and transfer of new assets on the Bitcoin network, includ=
ing BRC-20, Atomicals Protocol, and Taproot Assets. <br><br>
Check out <a href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5=
LrofpDruvFgKqdaPYjqON4l7S6mTy4bqDXNeJ-2FqwBZOiDYZItS9z9d7tVpkNM-2FtldG5ZAkk=
FIb-2Bp2pmk4EpqNjN6PAlmp5zUXI-3DEFqQ_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5j=
koa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx=
3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp=
6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0=
Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA=
5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2L=
IrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY=
4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9z-2BbgEj-2FlxH=
LZlRYg4ICuc0IN0lVNsoIpsz-2BbAnZbcyV5ENxDerYNri6n8W7AXywbWxVUuT7CmccLl2gK7kY=
zCC8WjMGtXIHK6Z6gp9Odz-2Fiuq26ETY3xs5v7rJ3JkUGL-2BSKRbU3s-2BZkIB6fvqCfEoGA-=
3D-3D" target=3D"_blank" style=3D"font-weight:bold">Issuing Tokens on Bitco=
in</a>



<br><br>
<b>Key takeaways</b>:

</p>
<ul align=3D"left">
<li style=3D"padding-bottom:10px;">Innovation in the Bitcoin ecosystem aims=
 to build upon its base layer by introducing increased programmability to e=
xpand functionality and use cases.</li>

<li style=3D"padding-bottom:10px;">A key area of focus is the issuance and =
transfer of tokenised assets on the Bitcoin network. Current notable protoc=
ols include BRC-20, Atomicals Protocol (ARC-20), and Taproot Assets.
    <ul>
        <li style=3D"padding-bottom:10px;">BRC-20 adopts a similar way to i=
nscribe data based on the Ordinals protocol. While Ordinals NFTs inscribe m=
ultimedia data (like images) onto Satoshis, the BRC-20 token standard inscr=
ibes a JSON text (a text structure) to Satoshis. The JSON contains pieces o=
f operation instructions that can be deployed on the Bitcoin network.</li>
        <li style=3D"padding-bottom:10px;">Atomicals protocol introduces th=
e ARC-20 fungible token standard, which uses each Satoshi to represent owne=
rship units of deployed tokens. This means that every unit of the token is =
backed by 1 Satoshi forever. A key difference compared to BRC-20 is that At=
omicals are minted and propagated based on Bitcoin=E2=80=99s UTXO, therefor=
e aligning more closely with Bitcoin=E2=80=99s model.</li>
        <li style=3D"padding-bottom:10px;">Assets issued with the Taproot A=
ssets protocol are held in Bitcoin UTXOs and are transferred as part of reg=
ular Bitcoin transactions. Assets issued through this protocol are interope=
rable on both Bitcoin and Lightning Network.</li>
     =20
        </ul>
</li>

<li style=3D"padding-bottom:10px;">The latest developments like RGB and Bit=
VM progress towards introducing more robust smart contract functionality an=
d Turing completeness for Bitcoin through off-chain computations.</li>

<li style=3D"padding-bottom:10px;">Continued experimentation redefines the =
perceptions of Bitcoin's capabilities. However, challenges also arise, give=
n the potential adverse effects of introducing more complexity to Bitcoin=
=E2=80=99s original design philosophy of emphasising security and decentral=
isation. </li>




</ul>

<img src=3D"https://braze-images.com/appboy/communication/assets/image_asse=
ts/images/65782b70df5947004b56a944/original.png?1702374255" width=3D"100%" =
height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;" =
border=3D"0" alt=3D"logo">
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                            </td>
                        </tr>
                       =20
                        <tr bgcolor=3D"#111C37">
                            <td align=3D"center" style=3D"font-size:16px;co=
lor:white;padding-bottom:0px;" valign=3D"top">
                           =20
                                <table align=3D"center" border=3D"0" cellpa=
dding=3D"0" cellspacing=3D"0" margin=3D"0 auto" padding=3D"0" style=3D"padd=
ing:0px 24px;display:table-cell" width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td align=3D"center" class=3D"b=
tn" style=3D"font-size:16px;color:white;padding:0px;width: 374px;" valign=
=3D"top">
                                               =20
                                                <a href=3D"http://ablink.ne=
ws.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjqON4l7S6mTy4bqDXNeJ=
-2FqwBZOiDYZItS9z9d7tVpkNM-2FtldG5ZAkkFIb-2BpzTzKEpqn7d5Y41NJvp9bm0-3DYmyS_=
OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B=
1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7A=
h3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdC=
YUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0=
MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX=
7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxU=
PMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t=
9KZvH1DKgjJBlKWARfWNPRo9zhXOMzy02bVcNw8l1bOpuP7r3OZEhehPM-2BnTbLc7h-2FWiz-2=
FXUEYMkn0jWsa09UsKRVjPZL2CVatvaC5zOIa8WUbswUIOJ3LhP7eisWy31pKJP0-2BWncjlOg-=
2F-2B-2BdcUbdyeU3Q7qQkFq0SNpvovmylbCXJA-3D-3D" target=3D"_blank" style=3D"w=
idth:fit-content;display:block;text-decoration: none;">
                                                    <div class=3D"btn-gap" =
style=3D"background: #111C3; margin: 12px auto 12px;border-radius: 200px; o=
utline-style: solid; outline-width: 1.5px; outline-color: #129DFF; max-widt=
h: 400px;line-height:2; text-align:center; padding: 12px; vertical-align: m=
iddle; color: white; padding: 5px 15px">
                                                        <span style=3D"padd=
ing:10px 20px;color:white;font-weight:bold;margin: 0 auto;">Read the full r=
eport</span>
                                                    </div>
                                                </a>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                            </td>
                        </tr>
                       =20
                        <tr bgcolor=3D"#111C37">
                          <td class=3D"artic" align=3D"left" valign=3D"top"=
 style=3D"font-size:16px;color:white;padding:20px 36px 0px; ">
                              =20
                                <p align=3D"left" style=3D"margin-bottom:10=
px;margin-top:5px;">

                                    <b>Monthly Feature Article | Bitcoin: B=
eyond Store of Value </b><br><br>
                                   =20
                  Intended as an electronic payment system, Bitcoin was des=
igned with features like the UTXO model and limited script programming =E2=
=80=94 properties that make it distinct from Ethereum in terms of flexibili=
ty and programmability required to be a =E2=80=98Turing-complete=E2=80=99 s=
mart contract platform. To extend Bitcoin beyond a digital cash system, dis=
cussions on solutions for supporting complex smart contracts without changi=
ng Bitcoin=E2=80=99s basic infrastructure are trending.<br><br>
                 =20
In this report, we discussed Turing completeness in blockchains and examine=
d Bitcoin=E2=80=99s design and limitations. We then explored two emerging p=
rojects that represent the paradigm shift around turning Bitcoin into a Tur=
ing-complete network =E2=80=94 specifically, RGB and BitVM =E2=80=94 and ho=
w off-chain computations are enabling new functionalities that make Bitcoin=
 more than just a store of value. <b>Read our insights on new developments =
within the Bitcoin ecosystem, exclusive to our Private members</b>.<br><br>

Check out <a href=3D"http://ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5=
LrofpDruvFgKik9eMi7DBVxrirhNiFlOD9ZAiYY7eH5hobXNB5A1h6kJyyq412dFcwfNf4aJwS9=
PTkDLPn0pkO7an9tsCAKQkY-3D0uuT_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je=
4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAj=
bLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ug=
yj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv=
6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxV=
k8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A7=
5vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2B=
Z8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zKLmEkAdESHnh73VtKVC=
1AESGVq2bEkwdYPOzLB1vKghf8EwPrOTpYYC1dWcHnIl1Hv0GTCBb2lj8bzkVxXKMX-2Fh6Xpo4=
DIyffGCRxTEdCUFrsR-2BcfP47OiPKpDjLJyZgpiHIwfrrcXjP9Pprpc9-2FAQ-3D-3D" targe=
t=3D"_blank"><b>Bitcoin: Beyond Store of Value</b></a>

<br><br>
<b>Key takeaways</b>:

</p>
<ul align=3D"left">
<li>Intended as an electronic payment system, Bitcoin was designed with fea=
tures like Unspent Transaction Output (UTXO) and limited script programming=
. These properties make it distinct from Ethereum in terms of flexibility a=
nd programmability required to be a Turing-complete smart contract platform=
.</li>

<li>Bitcoin is popular and has a unique position in the community. Lately, =
there has been growing discussions to support complex smart contracts witho=
ut altering Bitcoin's fundamental infrastructure, in order to expand its po=
tential beyond being just an electronic payment system.</li>



<li>RGB is a smart contract platform explicitly crafted for Bitcoin and its=
 Layer-2 (L2) solution, the Lightning Network. In RGB, there is no global n=
etwork where all transactions are broadcast.<ul>
<li>RGB adopts a client-side validation paradigm, in which transaction comm=
itments are stored on-chain while detailed transaction information stays of=
f-chain, validated solely on the client side.</li>
<li>Unlike Ethereum, contract business logic in RGB is defined through sche=
mas, and a specific smart contract must instantiate one schema. A smart con=
tract is conceptualised as a directed acyclic graph (DAG) representing the =
sequence of state changes.</li>
<li>RGB security is guaranteed by single-use seals, which affirm that every=
 state of each contract is attached to a certain Bitcoin UTXO.
</li>
</ul>
</li>

<li>BitVM is a computational framework that introduces Turing-complete off-=
chain smart contracts to Bitcoin without requiring any soft forks or implem=
enting changes to the consensus rules:<ul>
<li>A complex computation in BitVM can be represented by a series of NAND l=
ogic gates with bit value commitments as the basic inputs and outputs.</li>
<li>BitVM is based on fraud-proof and the challenge-response protocol for v=
alidation. The state verification is achieved by fraud proofs and a challen=
ge-response protocol between a prover and a verifier.
</li>
</ul>
</li>
<li>Turing completeness is relative in the blockchain space. To facilitate =
arbitrary programme development on a blockchain, Turing-complete programmin=
g language is often required and has now become a desirable blockchain feat=
ure. However, there are ongoing debates around the concept of Turing comple=
teness in blockchains because of limitations imposed by gas.</li>



</ul>

<img src=3D"https://braze-images.com/appboy/communication/assets/image_asse=
ts/images/65782b72d6106a004ced60b8/original.png?1702374256" width=3D"100%" =
height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;" =
border=3D"0" alt=3D"logo">
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                            </td>
                        </tr>
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                             <tr bgcolor=3D"#111C37">
                            <td align=3D"center" style=3D"font-size:16px;co=
lor:white;padding-bottom:0px;" valign=3D"top">
                           =20
                                <table align=3D"center" border=3D"0" cellpa=
dding=3D"0" cellspacing=3D"0" margin=3D"0 auto" padding=3D"0" style=3D"padd=
ing:0px 24px;display:table-cell" width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td align=3D"center" class=3D"b=
tn" style=3D"font-size:16px;color:white;padding:0px;width: 374px;" valign=
=3D"top">
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                                                <a href=3D"http://ablink.ne=
ws.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKik9eMi7DBVxrirhNiFlOD9ZAi=
YY7eH5hobXNB5A1h6kihttot28q3Qjqcmv6KA13RLoaxnPSAd-2Bj-2B-2Fj7Q8Fs-2FI-3DvUF=
i_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-=
2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO=
7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMV=
dCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweoo=
C0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCk=
HX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYp=
xUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl=
6t9KZvH1DKgjJBlKWARfWNPRo9zSwDdEEz592Zm2136w8R9Sv-2BSw23PiVy2rwsVbaJcRWVTGv=
Lo-2BXs3sf80W6wov91qnAgMu3SnZGUYZkeL2aTivrD0p-2F9MdJyVLYYP45p8nWZ2YOMJSJ4Ea=
LwiM9PdUfhSzZjWVXFa60QA7v4p8vJMXw-3D-3D" target=3D"_blank" style=3D"width:f=
it-content;display:block;text-decoration: none;">
                                                    <div class=3D"btn-gap" =
style=3D"background: #111C3; margin: 12px auto 12px;border-radius: 200px; o=
utline-style: solid; outline-width: 1.5px; outline-color: #129DFF; max-widt=
h: 400px;line-height:2; text-align:center; padding: 12px; vertical-align: m=
iddle; color: white; padding: 5px 15px">
                                                        <span style=3D"padd=
ing:10px 20px;color:white;font-weight:bold;margin: 0 auto;">Access the full=
 report</span>
                                                    </div>
                                                </a>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                            </td>
                        </tr>
                       =20
                                          <tr bgcolor=3D"#111C37">
                          <td class=3D"artic" align=3D"left" valign=3D"top"=
 style=3D"font-size:16px;color:white;padding:20px 36px 0px; ">
                      <p align=3D"left" style=3D"margin-bottom:15px;margin-=
top:5px;">                                  =20
<b>

Interested to know more? Access exclusive reports by signing up as a <a sty=
le=3D"text-decoration: underline;color:#129DFF" href=3D"http://ablink.news.=
crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKrxEQwM5Mxnp3PSovPNJwFR0-2FgZ=
PnKcyBIi7mhQLnmVRMrVc9o2pRg8VoXbqh7A96aFmsbXhgRjMH56bc6pObdqAWSoyrZ1nxJulvn=
JGyNGQFf6sTvc9ydoDQEGKz24eJA-3D-3DO7mS_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst=
5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2=
Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAh=
Up6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEG=
O0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728C=
UA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW=
2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6=
jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zg8cnzXu21ai=
JJ9-2BqYmdZPMzqTV90JeQlpzgckb9vePzXs-2BWuLIJCOp5jzg60NE-2FDBmckL7lGChpKmCTu=
iZL-2F-2BHaX65mGRAHJmWY8ZzlMOrRcrJDnRaFpCOxM5JeBn4r6GulWoJSQPpty1yMbFzIT7w-=
3D-3D" target=3D"_blank">Private member</a>, joining our <a style=3D"text-d=
ecoration: underline;color:#129DFF" href=3D"http://ablink.news.crypto.com/l=
s/click?upn=3Dh3xW1fHX5LrofpDruvFgKrxEQwM5Mxnp3PSovPNJwFQLt4mzX7I-2BkJd9OpA=
f7zzCB-2BnI0L-2BVgonsRC-2F1I2njepJWJQ0TRFfI7vu2ZtlnFojDD-2BtFbQIdH-2FfKGVgz=
cWAUDXCZCuB5RxRlSP9ItG4C7A-3D-3DacOX_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5j=
koa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx=
3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp=
6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0=
Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA=
5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2L=
IrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY=
4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zoL2-2Bhg1dvBH=
vdajA4Kq9RVPwm4u53LcisNxlNss3nbpPDe8gIAaHCw-2FvxJaI5uX2jfdefan40y-2BN87YVv-=
2Bn-2Br8K4F3qCyaEgDV8A7Qu0-2FdY6zY2NeIEC9eWDAN0FH1RAHdWlP1A4JZMAEh6CxiZ3EA-=
3D-3D" target=3D"_blank">Crypto.com Exchange VIP Programme</a>, or collecti=
ng a <a style=3D"text-decoration: underline;color:#129DFF" href=3D"http://a=
blink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKgUMBDL0b3qia3J5SM=
FYdZY4jifcZGIO80wgjCprXoiBTpZCnjmqndSo9T8I-2B1zVLTFzAzrFhZ1hiXiAd-2BvsAbY7x=
fHYy5u6xb1dNnBDO28rCf7vEyIWPGhaLOH-2BQ83GdA-3D-3DoxaW_OBO3IQuqUsPJ6kEUWjpje=
Aqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FR=
osOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowT=
TS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYUU4lwhrxqah4IQZ96f6T=
6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT=
79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjo=
xyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2=
BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNP=
Ro9zZ66Q2KiFMhSYqqSdz-2B6EW93vD6lIGmvhJBP49TQX7RiHddvEeUYFAeOuxG2yGtn-2F9FV=
tm9J-2FDoEgCun3KRGUYBNJlBpFKPtOKU5cP-2BqeyxIoyYiFEQ1H19PBw9fH90Rn1r-2Bn3nox=
QZxZZtFqML77zg-3D-3D" target=3D"_blank">Loaded Lions NFT</a>.


</b></p>
</td>
</tr>
                    =20



<tr>
                            <td class=3D"artic" align=3D"left" valign=3D"to=
p" style=3D"font-size:16px;color:#818181;padding:20px 36px 0px; ">
                                <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td width=3D"8%">
                                                <img src=3D"https://braze-i=
mages.com/appboy/communication/assets/image_assets/images/62bbf850f70ea6503=
57ee94d/original.png?1656485968">
                                            </td>
                                            <td>
                                                <h3>&nbsp;Alpha Navigator</=
h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                                <p style=3D"margin-bottom:20px;margin-top:5=
px;">This institutional-focused report dives into macro trends, market-neut=
ral pairs, style-factor screens, and events. Read the full Alpha Navigator =
report <a style=3D"text-decoration: underline;color:#129DFF" href=3D"http:/=
/ablink.news.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKqdaPYjqON4l7S6m=
Ty4bqDUZDfKcSt4sGOXhEW4gVAh-2BzCGxVxUAXq6ElKPGYlJ3MLvgd4yjpqSbeYWoYfh6F68-3=
DYGDD_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL=
0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspb=
U2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzp=
pJMVdCYUU4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPw=
weooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJ=
JtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM=
2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2=
BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zP-2FQltqcvmRjkngdpebOw6PQWCp5wbWjHtrrhI1gojR=
PS8qddHeuFpZxO-2FJSI5rDaLr0cyKjBITU7-2Bfg9q5NJswhE4jWsWk-2B1Z99tp53f1YkaXJM=
zjVv12-2FgSum1exfzwnYEOh5Yn-2ByT2wLkZ8NxDOw-3D-3D" target=3D"_blank"><b>her=
e</b></a>.
                               =20
                              =20
                                </p>
<ul align=3D"left">
<li>Asset classes mostly rose in November, led by ETH.</li>

</ul>
<img src=3D"https://braze-images.com/appboy/communication/assets/image_asse=
ts/images/65782b72411cf4004b8498ca/original.png?1702374257" width=3D"100%" =
height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;" =
border=3D"0" alt=3D"logo"><ul align=3D"left"><li>
<b>BTC</b>=E2=80=99s 1-month correlations with other assets were mostly pos=
itive.</li></ul>
                                   =20
                                    <img src=3D"https://braze-images.com/ap=
pboy/communication/assets/image_assets/images/65782b76ebeb49004ba6d7ce/orig=
inal.png?1702374261" width=3D"100%" height=3D"auto" style=3D"margin:0; padd=
ing:0; border:none; display:block;" border=3D"0" alt=3D"logo"><br>
                                   =20
                                   =20
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                            </td>
                        </tr>
                       =20
                        <tr bgcolor=3D"#E9F6FF">
                            <td class=3D"artic" align=3D"left" valign=3D"to=
p" style=3D"font-size:16px;color:#818181;padding:20px 36px; ">
                                <table width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td width=3D"8%">
                                                <img src=3D"https://braze-i=
mages.com/appboy/communication/assets/image_assets/images/65782ac2226a46004=
be6ebd8/original.png?1702374082">
                                            </td>
                                            <td>
                                                <h3>Crypto Conference &amp;=
 Economic Calendar from Market Pulse</h3>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                               =20
                                <table class=3D"blockframe1">
                                    <tbody>
                                        <tr>
                                            <td style=3D"padding:14px 0px 1=
4px;">
                                                <div class=3D"table" width=
=3D"100%">
                                                    <table>

                                                        <tr>
                                                            <td class=3D"bl=
ock" style=3D"font-weight: bold; background-color: #E9F6FF; color: #021E3F;=
 padding: 12px; text-align: left; width: 20%; font-size: 16px; border-radiu=
s: 10px; outline:solid; outline-color: #129DFF; outline-width: 1px;white-sp=
ace: nowrap;">
                                                                Crypto Conf=
erences Calendar

                                                            </td>
                                                        </tr>

                                                    </table>
                                                </div>
                                            </td>

                                        </tr>
                                    </tbody>
                                </table>
<img src=3D"https://braze-images.com/appboy/communication/assets/image_asse=
ts/images/65782b74f2908e004ba0d0d7/original.png?1702374259" width=3D"100%" =
height=3D"auto" style=3D"margin:0; padding:0; border:none; display:block;" =
border=3D"0" alt=3D"logo">
                                                =20
                                                  <table class=3D"blockfram=
e1">
                                    <tbody>
                                        <tr>
                                            <td style=3D"padding:14px 0px 1=
4px;">
                                                <div class=3D"table" width=
=3D"100%">
                                                    <table>

                                                        <tr>
                                                            <td class=3D"bl=
ock" style=3D"font-weight: bold; background-color: #E9F6FF; color: #021E3F;=
 padding: 12px; text-align: center; width: 20%; font-size: 16px; border-rad=
ius: 10px; outline:solid; outline-color: #129DFF; outline-width: 1px ">
                                                                Economic Ca=
lendar

                                                            </td>
                                                        </tr>

                                                    </table>
                                                </div>
                                            </td>

                                        </tr>
                                    </tbody>
                                </table>
                                   =20
                                    <img src=3D"https://braze-images.com/ap=
pboy/communication/assets/image_assets/images/65782b791d5150004d3a134f/orig=
inal.png?1702374264" width=3D"100%" height=3D"auto" style=3D"margin:0; padd=
ing:0; border:none; display:block;" border=3D"0" alt=3D"logo">
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                            </td>
                        </tr>
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                      <tr bgcolor=3D"#E9F6FF">
                            <td align=3D"center" style=3D"font-size:16px;co=
lor:#818181;padding-bottom:15px;" valign=3D"top">
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                                <table align=3D"center" border=3D"0" cellpa=
dding=3D"0" cellspacing=3D"0" margin=3D"0 auto" padding=3D"0" style=3D"padd=
ing:0px 24px;display:table-cell" width=3D"100%">
                                    <tbody>
                                        <tr>
                                            <td align=3D"center" class=3D"b=
tn" style=3D"font-size:16px;color:#818181;padding:0px;width: 374px;" valign=
=3D"top">
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                                                <a href=3D"http://ablink.ne=
ws.crypto.com/ls/click?upn=3Dh3xW1fHX5LrofpDruvFgKgCqEn9atdaEmwyYW7xhxA-2Fn=
2kE7gClD-2FiIL5QAl9H888dPTrsPdA32cysWR7NwZzgPJke2950hYSXQ7f8o6k5E-3DV2Tj_OB=
O3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4au3148fX9J-2BzOxx0NgGECL0lK-2B1d=
d4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbLOVJgvNedhqHu71S6nX1uspbU2yO7Ah3=
i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj9rMlz-2BtjphFR1YyNabWzppJMVdCYU=
U4lwhrxqah4IQZ96f6T6jr-2BYjNV31zEGO0Ti38Iv6Gou7A2ubm1cfFKK3kd0cNTPwweooC0ML=
DdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7t=
PnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75vWuFP0ZHcGNhWoPNEbXLKccM2tYpxUPM=
SOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8hPCC8FDQySxW-2Bm2J05o-2BmQl6t9K=
ZvH1DKgjJBlKWARfWNPRo9zbAg2xDRun9zko5PhIzrhm3HysUOOdRsadsPHoH23hQ-2FejzI2gk=
K2zWcE7nbnzOerzKq8FJACl5zd3nB8ntK2ACU1ubFbhK5-2FizPxaZkh5-2BB-2F4pF5xJKVsCz=
pZz9T3Kkf9Gbl4-2F4Nc9o1sib5jdnRMw-3D-3D" target=3D"_blank" style=3D"width:f=
it-content;display:block;text-decoration: none;">
                                                    <div class=3D"btn-gap" =
style=3D"background: #E9F6FF; margin: 12px auto 12px;border-radius: 200px; =
outline-style: solid; outline-width: 1.5px; outline-color: #129DFF; max-wid=
th: 400px;line-height:2; text-align:center; padding: 12px; vertical-align: =
middle; color: #111C37; padding: 5px 15px">
                                                        <span style=3D"padd=
ing:10px 20px;color: #111C37;font-weight:bold;margin: 0 auto;">Check out th=
e latest Market Pulse</span>
                                                    </div>
                                                </a>
                                            </td>
                                        </tr>
                                    </tbody>
                                </table>
                            </td>
                        </tr>
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                        <tr style=3D"background-color: #021E3F;">
                            <td class=3D"artic" align=3D"left" valign=3D"to=
p" style=3D"color:#818181;padding:20px 36px; ">

                                <h2><b>Thank you for supporting Crypto.=E2=
=80=8Ccom</b></h2>
                                <p align=3D"left" style=3D"color: #FFF; fon=
t-size:16px;">
                                    Looking for more? Check out our most re=
cent reports and trending market updates:<br> <a style=3D"text-decoration: =
underline;color:#129DFF" href=3D"http://ablink.news.crypto.com/ls/click?upn=
=3Dh3xW1fHX5LrofpDruvFgKqdaPYjqON4l7S6mTy4bqDWqeiUz0N5c48WG7gSo3jhtr2fkNL75=
IBKr22L-2BY9-2BLOQ-3D-3DfJz8_OBO3IQuqUsPJ6kEUWjpjeAqs616A-2BYawst5jkoa3Je4a=
u3148fX9J-2BzOxx0NgGECL0lK-2B1dd4L8S-2BuOex7vHB6FRosOEN7f8S36K6-2Bx3iIMAjbL=
OVJgvNedhqHu71S6nX1uspbU2yO7Ah3i-2FarKfYbqF-2FkowTTS1M5OdPjGjuQAhUp6w90Ugyj=
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ou7A2ubm1cfFKK3kd0cNTPwweooC0MLDdKDPMzBAwDlnOM-2FT79-2Bh-2Ba6728CUA5fLfxVk8=
vrmeiZT-2Bmqo4J2PfTA2IJJtCkHX7tPnYxa-2F3PeSthGQWjoxyTNxyAiDBmpqsW2LIrL8A75v=
WuFP0ZHcGNhWoPNEbXLKccM2tYpxUPMSOSANk-2FKZLYdMdG-2BS1tMXrdcqH2fA6jY4Me-2BZ8=
hPCC8FDQySxW-2Bm2J05o-2BmQl6t9KZvH1DKgjJBlKWARfWNPRo9zn-2BY12Csf17F4NBaPE6j=
rYRqUCLhL21uvTHSWqKeiJjCw9GUo-2FAWTAt35kC-2FUbHLySNniV30XpiBoTg-2BGkLP2kUL6=
GxrGL-2FMFCVnh0kDRFmShYGTxhEg-2FmRHQx0qXL7EYkqp6JBw1NNVHic8sUiG72g-3D-3D" t=
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ation: underline;color:#129DFF" href=3D"http://ablink.news.crypto.com/ls/cl=
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