Wednesday, 1 March 2023

Market Summary

Market Summary 1 March 2023

Bitcoin Price: US$ 23,141.57 (-1.49%)
Ethereum Price: US$ 1,605.23 (-1.73%)  


Visa has restated its commitment to investing in and supporting the crypto industry, dismissing recent reports that the company was slowing down partnerships with crypto-related firms. According to Cuy Sheffield, Visa’s head of crypto, these reports were inaccurate, and the company remains committed to supporting the sector. This announcement comes at a time when the crypto industry is rapidly expanding, with many companies exploring new ways to integrate blockchain technology into their operations. Meanwhile, Unity, a leading game developer platform, is releasing a “decentralisation” category in its online storefront, adding support for 13 different blockchain-based SDKs, including Immutable X, MetaMask, and Solana, to connect with Web3 gaming. Grayscale, on the other hand, is set to argue in court that the SEC treated its bitcoin ETF bid differently than it had treated earlier decisions approving bitcoin futures-based ETFs. Grayscale’s application was denied in June.

UBS strategists have suggested that the repayment of the Mt. Gox bankruptcy may not be a cause of concern for Bitcoin’s price. The creditors are expected to recoup some of their funds soon, and they have until March 10 to decide on repayment options. Meanwhile, Bernstein analysts have predicted that Ethereum will gain market leadership and explode, benefiting from several upcoming catalysts, including the Shanghai upgrade, which will see Ether undergo its first supply test, and the EIP-4844 upgrade, which will reduce transaction costs for Layer 2 networks. However, Solana’s spam problems persist despite technical improvements, with the majority of the network’s compute being wasted on failed trades, according to an analysis by Jito Labs. This is due to the way Solana’s infrastructure handles submitted transactions, which creates an incentive for arbitrage bots to submit multiple duplicate transactions.

MyAlgo, a native wallet for the Algorand blockchain network, has advised its users to withdraw funds after a recent exploit which saw $9.6 million worth of ALGO and USDC stolen. The Algorand Foundation’s CTO has confirmed that 25 wallets have been affected but emphasised that the exploit is not due to any underlying issues with the Algorand protocol or SDK. In other news, Ethereum has moved one step closer to its next major upgrade, Shanghai, which will allow users to withdraw staked Ethereum from the network. The upgrade was activated and finalised on February 28th, and is scheduled for deployment on the mainnet in March.




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