Thursday, 11 April 2024

Market Summary

Market Summary 11 April 2024

Bitcoin Price: US$ 70,307.46 (+1.57%) 
Ethereum Price: US$ 3,545.64 (+1.12%)

The Australian Securities and Investments Commission (ASIC) is appealing its court loss against Finder Wallet over its “Earn” product, which a federal court ruled compliant with Australia’s financial laws. The appeal argues that the product operated without appropriate authorisation and failed to establish itself as a “debenture” under the Corporations Act. Meanwhile, StepN, a Solana blockchain-based move-to-earn app, announced a $30 million airdrop for users, redeemable for its GMT token, as part of a gratitude gesture to its community. Additionally, the Crime and Corruption Commission (CCC) in Queensland, Australia, is calling for more powers to seize cryptocurrencies, identifying legal gaps in the state’s asset confiscation regime, particularly concerning digital assets tied to organised crime. The CCC’s proposed reforms aim to address these gaps and enhance Queensland’s ability to combat digital asset-related crimes. 

PancakeSwap emphasises the need for greater capital efficiency in DeFi to enhance the market share of decentralised exchanges (DEXs), introducing concentrated liquidity automated market maker (CLAMM) options trading to bolster liquidity. Meanwhile, LunarCrush CEO Joe Vezzani notes that despite the rising prices of digital assets, retail interest remains relatively low compared to previous bull runs, with social media activity showing sporadic bursts rather than sustained engagement. Additionally, New Zealand considers revamping its approach to cryptocurrency innovations, with Minister Andrew Bayly urging a more proactive stance to avoid missing out on the benefits of digital asset development, including recommendations for policies to encourage industry growth and collaboration, addressing skills shortages, and exploring central bank digital currency (CBDC) options despite Reserve Bank Governor Adrian Orr’s scepticism towards cryptocurrencies. 

VanEck CEO Jan van Eck expresses scepticism regarding the approval of spot Ether exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) in May, anticipating that his firm’s spot Ethereum ETF application will likely be rejected, a sentiment echoed by CoinShares CEO Jean-Marie Mognetti. Meanwhile, Solana-based Coinbase Ethereum layer-2 network Base reports high transaction per second (TPS) throughput, with some claiming it rivals Solana’s TPS, amid escalating tensions between Ethereum layer-2 scaling solutions and Solana advocates. Solana validators pass a proposal for a “Timely Vote Credits” mechanism aimed at decreasing consensus vote latency, potentially speeding up transactions on the blockchain, amidst ongoing efforts to address failed transactions attributed to implementation bugs. 


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