Friday, 1 September 2023

Market Summary

Market Summary 1 September 2023

Bitcoin Price: US$ 25,940.78 (-4.98%)
Ethereum Price: US$ 1,645.76 (-3.49%)  


The U.S. Securities and Exchange Commission (SEC) has postponed its decision on spot Bitcoin exchange-traded fund (ETF) applications, including those from BlackRock, Fidelity, and others, until October. Bitcoin’s price dropped 4.1% to $26,100 in response. The SEC is extending comment periods and seeking public feedback on these applications, with new deadlines set for October. A recent court ruling questioned the SEC’s handling of ETF applications, leading to a review. Meanwhile, Ethereum staking providers have implemented a self-limit rule to ensure decentralisation, with at least five providers agreeing not to control more than 22% of the Ethereum staking market, while Lido Finance, the largest provider, has declined to self-limit.

Bitwise has unexpectedly withdrawn its application for a Bitcoin and Ether Market Cap Weight Strategy ETF filed with the SEC, citing uncertainty about achieving its investment objective. The move comes as the SEC delays decisions on Bitcoin ETF applications from various firms, including WisdomTree, Invesco Galaxy, VanEck, BlackRock, and Fidelity, with new deadlines set for mid-October. In China, a People’s Court has published a report affirming the legal status of virtual assets as protected property under current law, despite the country’s blanket ban on foreign digital assets. Meanwhile, Bitcoin’s price continues to decline, with analysts suggesting further downside potential as the monthly close losses persist, and the RSI trendline is tested. Potential targets for a drop include $23,000, with a relief rally possibly reaching $27,200.

HashKey Capital’s Hong Kong-regulated fund plans to allocate a significant portion of its assets to altcoins, diversifying away from Bitcoin and Ethereum. The fund, which opened recently, targets high-net-worth individuals and investment firms serving wealthy Asian families, with the aim of raising $100 million for investments in digital assets. In other news, government agencies in the U.S. and the U.K. have issued a joint advisory warning about a new malware called “Infamous Chisel,” linked to Russia’s Sandworm cyberwarfare unit. The malware targets crypto wallets and exchanges, including Binance and Coinbase. Meanwhile, Herodotus has introduced a zero-knowledge proof technology that allows users to access and verify historical data from the Ethereum blockchain without third-party involvement, improving transparency and accessibility for Ethereum users.




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