Wednesday, 12 June 2024

Market Summary

Market Summary 12 June 2024

Bitcoin Price: US$ 67,316.53 (-3.14%) 
Ethereum Price: US$ 3,497.33 (-4.65%) 

Elon Musk, having recently withdrawn his lawsuit against OpenAI and its CEO Sam Altman, which accused the AI firm of deviating from its mission to develop AI for humanity’s benefit rather than profit, has now raised concerns over OpenAI’s partnership with Apple. This collaboration aims to integrate ChatGPT into Apple’s operating systems, a move Musk claims is an “unacceptable security violation” against Apple users. Meanwhile, a Bitcoin whale has made waves by transferring 8,000 Bitcoin worth $536.5 million from a Coinbase cold storage wallet after over five years of dormancy. This transfer, marking a nearly 1,700% increase from its acquisition price of $3,750 on Dec. 5, 2018, suggests potential selling as it went into an exchange deposit address. In parallel, DeFi Technologies is set to launch a validator node on Core Chain and stake almost $100 million in Bitcoin on it, a move that aligns with its recent pivot toward greater dependence on BTC. The company, which will receive rewards for validating transactions and staking rewards through its subsidiary Valour, announced on June 10 that it had adopted BTC as its primary treasury reserve asset and purchased 110 BTC as part of that strategy. 

SushiSwap has ushered in a new era with the introduction of Sushi Labs, a business model that integrates the decentralised autonomous organisation (DAO) with a council structure to manage the Sushi ecosystem and respond to market demands. Despite facing criticism for its centralised nature and financial challenges, Sushi Labs is poised to take over the DAO’s multimillion-dollar budget with the aim of enhancing liquidity on the Sushi DEX. In parallel, Tether, a stablecoin giant, has outlined plans to invest at least $1 billion in emerging markets, artificial intelligence (AI), and biotech over the next 12 months through its venture capital arm. Unconstrained by the need for companies to reach certain profitability targets following investment, Tether, one of the largest companies in the cryptocurrency industry, is focusing on projects they find extremely interesting. Meanwhile, Polygon has launched a $720 million Community Treasury dedicated to supporting blockchain projects over the next decade. This initiative, promising to support developers within the Polygon and Ethereum ecosystems, plans to distribute approximately 100 million Polygon ecosystem tokens annually, amounting to one billion POL tokens over a decade., one of the major players in the crypto industry, has secured approval from the Central Bank of Ireland to operate as a virtual asset service provider (VASP), joining the ranks of several other regulated crypto firms and underscoring Ireland’s burgeoning interest in the crypto sector. This milestone coincides with the EU Innovation Hub’s inaugural report on encryption, which highlights the “dual-use” nature of cryptographic technologies and criticises privacy coins and crypto mixers for their role in obscuring blockchain visibility and enabling money laundering. Meanwhile, in a bid to safeguard its citizens from financial imprudence, the Australian government has imposed a ban on the use of crypto and credit cards for online gambling, threatening non-compliant companies with hefty fines of up to approximately 234,750 Australian dollars ($155,000). Despite this, crypto users continue to engage in a broad spectrum of gambling activities, ranging from betting on the latest memecoins to speculating on landmark regulatory decisions such as the approval of spot Bitcoin exchange-traded funds (ETFs). 

Ethereum layer-2 scaler zkSync has launched its token, zkSync (ZK), with plans to airdrop nearly 3.68 billion of them to 695,232 eligible wallets next week, indicating a market capitalisation of around $14.91 billion as the token trades up to $0.71 on pre-market exchanges. This airdrop, which is more than symbolic, allows holders to immediately participate in the protocols’ governance and will run until Jan. 3, 2025. Meanwhile, the price of Bitcoin has fallen to a weekly low ahead of U.S. inflation data and a Fed meeting, coinciding with U.S. spot Bitcoin ETFs recording their first net outflow in over 19 trading days, led by the Grayscale Bitcoin Trust (GBTC) with $39.5 million net outflows. This comes as analysts forecast a rise of 0.1% in inflation after a 0.3% bump in April, with the U.S. Bureau of Labor Statistics set to release May figures for its inflation-measuring Consumer Price Index (CPI) on June 11. In the midst of these developments, Australian politician Andrew Charlton has emphasised the potential of blockchain technology to add $60 billion to the economy and reverse three decades of slow productivity growth, advocating for increased blockchain adoption in the country. However, he expressed dissatisfaction with the Australian government’s slow progress in developing digital asset regulation, hoping for a regulatory framework that would allow Australian businesses to hold digital assets in a similar way to how they hold traditional assets. 


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