Wednesday, 11 October 2023

Market Summary

Market Summary 11 October 2023

Bitcoin Price: US$ 27,390.12 (-0.72%)
Ethereum Price: US$ 1,567.63 (-0.79%)  

 

Untangled Finance, a tokenised real-world asset marketplace, has made its debut on the Celo network after securing $13.5 million in venture capital funding. The platform’s objective is to usher in tokenised private credit to the blockchain while also announcing plans for expansion onto the Ethereum and Polygon networks via Chainlink’s Cross Chain Interoperability Protocol. On a different front, the U.S. bankruptcy judge overseeing BlockFi’s case has initiated mediation between the crypto lender and Three Arrows Capital (3AC) regarding a $284 million claim, largely centred on preferential payments and insolvency timing. Meanwhile, in Israel, amidst the Israel-Hamas conflict, the nation’s crypto industry professionals are experiencing the repercussions of the crisis and adapting to a changed daily routine. To respond to the ongoing war, crypto industry workers have mobilised aid campaigns for crypto donations, exemplified by Crypto Aid Israel, which has raised around $85,000 within its first 24 hours of operation. 

Billionaire hedge fund manager Paul Tudor Jones expressed concerns about the current geopolitical environment, citing extensive risks and the precarious state of U.S. government debt as reasons to avoid stocks while favouring Bitcoin and gold as attractive assets. This follows his previous endorsements of Bitcoin, although he had previously expressed some reservations regarding regulatory issues and the Federal Reserve’s stance on inflation. Meanwhile, the ether-bitcoin (ETH/BTC) ratio has reached a 15-month low, primarily due to the lukewarm response to recently launched futures-based ether exchange-traded funds (ETFs) in contrast to Bitcoin’s successful ETFs. Ether’s underperformance relative to Bitcoin has been attributed to the bear market, which tends to drive traders towards Bitcoin. Bitcoin’s dominance in the crypto market has increased, likely due to its status as a digital gold and its resilience in the face of global economic uncertainties and geopolitical risks. Additionally, Israeli authorities have frozen cryptocurrency accounts linked to the Palestinian militant group Hamas, with assistance from Binance. This action reflects ongoing efforts to combat terror financing in the cryptocurrency space.

Bitcoin’s layer 2 Lightning Network has experienced remarkable growth, with a 1,212% increase in routed transactions over two years, reaching approximately 6.6 million transactions in August, marking a substantial rise from August 2021. River research attributes this growth to Lightning’s growing popularity and success, with Lightning now processing at least 47% of Bitcoin’s on-chain transactions, indicating its role as a medium of exchange. The firm also noted the success rate for Lightning payments was 99.7%, with 27% of transaction growth attributed to the gaming, social media tipping, and streaming sectors. Additionally, Galxe, a self-sovereign identity infrastructure, is compensating users by 110% for the funds they lost in a recent hack, and OK Group is rebranding its crypto ventures, including Okcoin, under the name “OKX” as part of a global transition.

 

Source:

https://cointelegraph.com
https://decrypt.co 

 

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