Tuesday, 1 August 2023

Market Summary

Market Summary 1 August 2023

Bitcoin Price: US$ 29,232.25 (-0.17%)
Ethereum Price: US$ 1,856.14  (-0.30%)  


Crypto trading firms MEV Capital and Marex have collaborated to settle the first fully on-chain autocallable trade tied to ether (ETH) through Ribbon Finance’s smart contract, now rebranded as Aevo. This move comes amid increased U.S. regulatory scrutiny on the crypto industry. The autocallable is a structured note enabling investors to earn contingent interest if the underlying asset closes at or above a specific level on observation dates, offering downside protection when held to maturity. MEV Capital purchased a two-week ether autocallable in the dollar-pegged stablecoin USDC, hedged by Marex. In a separate development, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against internet marketer Richard Heart and his projects Hex, PulseChain, and PulseX, accusing him of conducting over $1 billion in unregistered securities offerings since 2019 and misusing investor funds. On a positive note, Tether reported $3.3 billion in excess reserves to back its stablecoins in Q2, and its operational profits surpassed $1 billion for the quarter.

In a bid to save costs and slow down token issuance, dYdX, a major decentralised exchange (DEX) for trading perpetual contracts, is voting on reducing rewards to liquidity providers. The proposed 50% decrease in DYDX token issuance for liquidity providers would save the company approximately $1 million per month. Based on current votes, the proposal is likely to pass, leading to an overall 25% reduction in DYDX token emissions. The move could have a positive impact on the token’s price by limiting its supply. In another development, Digital Currency Group (DCG) is close to reaching an agreement to resolve the claims in the Genesis Capital Chapter 11 bankruptcy cases. Meanwhile, a recent exploit of the decentralised exchange Curve Finance triggered a surge in transactions and transaction fees on the Ethereum blockchain, resulting in a record high of $11 million in profits for Ethereum validators through Maximal Extractible Value (MEV) rewards. MEV, a key component of trading revenue on Ethereum, is earned by validators through MEV-Boost, a middleware component introduced after Ethereum’s transition to proof-of-stake.

A federal judge rejected Terraform Labs’ motion to dismiss the SEC’s lawsuit, asserting the SEC has jurisdiction and plausible claims of securities law violations regarding TerraUSD (UST), Anchor Protocol, and LUNA. Importantly, the judge also denied the use of a Ripple Labs ruling as precedent. FTX, a defunct crypto exchange, proposed a restructuring plan for its creditors, offering former customers the option to create a new “offshore exchange company” or “rebooted” platform. The plan does not include an allowance for FTT token holders. In addition, the IRS ruled that crypto staking rewards are taxable as gross income when received, applying to cash-method taxpayers who validate transactions on proof-of-stake blockchains. The fair market value of the rewards is included in annual income when investors gain control over them.





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