Tuesday, 10 October 2023

Market Summary

Market Summary 10 October 2023

Bitcoin Price: US$ 27,590.12 (-1.17%)
Ethereum Price: US$ 1,580.13 (-3.23%)  


A tokenised loan worth $20 million on the decentralised lending platform Goldfinch soured after borrower Stratos’ investments in a real-estate tech company and digital assets underperformed, putting $7 million of the funds at risk, with Warbler Labs, the pool manager, committing to backstop the losses. This event raises concerns about tokenised real-world assets (RWA) lending, as it follows a previous default on a Goldfinch pool earlier this year and highlights the need for better due diligence in blockchain-based RWA lending. Additionally, cryptocurrency traders experienced over $100 million in liquidation losses during Monday’s market rout, attributed to the Middle East conflict’s impact on investor sentiment, leading to the largest amount of long liquidations in a day since September 11. Meanwhile, crypto and web3 communities in Israel have formed Crypto Aid Israel to raise funds for those affected by the war with Hamas, establishing a multi-signature wallet for cryptocurrency donations, with support from firms like Fireblocks for asset management.

Hackers made nearly 160,000 attempts to infiltrate South Korea’s largest exchange, Upbit, in the first half of the year, averaging around 879 daily, according to parent firm Dunamu. While the specific methods used by hackers were not mentioned, common tactics include email phishing and Distributed Denial-of-Service (DDoS) attacks. These findings represent a significant increase from the previous year, with infringement attempts rising 2.17 times. In another development, Ether’s price dropped by approximately 1.5% after the Ethereum Foundation, an influential entity in the crypto world, sold over 1,700 ETH for $2.7 million in USDC on Uniswap. The foundation’s actions had an impact on token prices and Ethereum’s perception among investors and developers, even though it doesn’t control the network. Lastly, Deribit, the world’s leading crypto options exchange, plans to offer options tied to prominent alternative cryptocurrencies XRP, SOL, and MATIC, potentially increasing liquidity in the altcoin market and providing altcoin traders with more risk management flexibility. Deribit is also seeking a brokerage license in the European Union (EU).

Komainu, a crypto custody venture backed by Nomura, Ledger, and CoinShares, has successfully registered with the UK’s Financial Conduct Authority (FCA), allowing it to approve its own advertisements and adhere to risk warning regulations. This registration comes just before the implementation of new FCA advertising rules, requiring UK registration for firms to approve their own ads, with non-compliance risking imprisonment. Meanwhile, crypto trading bot provider 3Commas is on “heightened alert” after some user accounts were compromised for unauthorised trades, with investigations ongoing. A Bitcoin developer has proposed BitVM, a way to enable Turing-complete Bitcoin contracts without altering the blockchain’s consensus rules, similar to Ethereum’s optimistic rollups. Crypto investment products have seen significant inflows, reaching their highest levels since July 2023, with Solana showing strength and the majority of inflows coming from Europe.





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