Tuesday, 11 April 2023

Market Summary

Market Summary 11 April 2023

Bitcoin Price: US$ 29,637.34 (+4.64%)
Ethereum Price: US$ 1,910.20 (+2.76%)  

 

Bitcoin’s price reached a 10-month high weekly close as bullish sentiment continued. Traders are excited by the prospect of a repeat attack on $30,000 resistance, but there are hurdles to overcome. This week, the release of the Consumer Price Index (CPI) print for March and fresh insights into Federal Reserve policy are expected to bring significant macroeconomic data. The Ethereum Shanghai upgrade is also a factor that could contribute to volatility. However, sentiment data suggests little appetite for sudden selling among hodlers. On the other hand, Bitget, the derivatives exchange operator, announced a $100 million venture capital fund focused on web3, aiming to support financial innovation in Asia.

Crypto stocks are seeing a boost in value, with rising bitcoin and ether prices contributing to the strength in the crypto sector. Despite US stocks overall declining, Coinbase, Galaxy Digital, Riot Blockchain, and Marathon Digital have all seen gains. MicroStrategy, the largest publicly traded corporate holder of bitcoin, also spiked in value. This comes as the broader market weakens and the job market slows. Additionally, the Ethereum Shanghai Upgrade is expected to spark a battle for liquid staking token supremacy, with the winning protocol capturing the most total value locked and volume for their LST, leading to a lasting impact on the DeFi ecosystem.

Bank of America and Fidelity are revealed to have held significant numbers of MicroStrategy shares on their balance sheets through the first quarter of 2023, indicating continued institutional interest in indirect bitcoin exposures. Both Bank of America and Fidelity purchased shares of MicroStrategy, which has closely tracked the price of Bitcoin since the company began holding the digital currency as a reserve on its balance sheet. Meanwhile, a survey by Pew Research Center has found that 88% of US adults have heard of cryptocurrencies, but 75% of them are not confident in the safety and reliability of such assets. Though the percentage of US adults involved in the crypto space has slightly increased, with 17% having invested in or traded cryptocurrency, 45% reported that their crypto investments have performed worse than they expected.

Over the weekend, exploiters drained the smart contract of SushiSwap’s Route Processor 2 of $3.3 million in funds after finding an approval bug. The majority of stolen funds belonged to a pseudonymous user known as sifuvision.eth or 0xSifu who reportedly lost 1,800 ETH. Blockchain security firm PeckShield recommended any users who had approved the relevant smart contract to immediately revoke its approval. In other news, Hong Kong’s Financial Secretary Paul Chan Mo-po has outlined steps the economy will take to foster an innovative environment for Web3 adoption, including the introduction of virtual asset service providers to a licensing system in June and the upcoming “2023 Digital Economy Summit” featuring leaders from tech giants like Alibaba, Baidu, Tencent, and Huawei.

 

Source:
https://cointelegraph.com
https://theblock.co
https://blockworks.co 

 

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