Thursday, 12 October 2023

Market Summary

Market Summary 12 October 2023

Bitcoin Price: US$ 26,875.52 (-1.88%)
Ethereum Price: US$ 1,566.87 (-0.05%)  


Hamas and its affiliates have reportedly received millions of dollars in cryptocurrency donations, with Palestinian Islamic Jihad receiving $93 million in crypto between August 2021 and June 2023, and Hamas receiving around $41 million in the same timeframe, although crypto represents only a small part of their funding compared to state-sponsored sources like Iran. This news emerges as Bitcoin experienced a nearly 3% drop, falling below $27,000, despite a stock rally and falling bond yields in traditional markets, with crypto derivatives traders facing $50 million in liquidations. Meanwhile, the decentralised finance (DeFi) protocol BarnBridge is responding to legal action by conducting a token-holder vote to comply with the Securities and Exchange Commission’s order, potentially leading to its closure.

K33 Research suggests that Chainlink’s native token (LINK) is a safe bet for investors looking to profit from the tokenisation of real-world assets (RWA) trend. Tokenisation involves placing traditional financial assets like private equity, credit, and bonds on blockchains. Although there are still hurdles to overcome, LINK is seen as well-positioned due to its infrastructure connecting blockchains with the real world through oracles and partnerships. While Chainlink might not be the biggest gainer, it is well-positioned to benefit from the RWA narrative, according to the report. Meanwhile, the real estate-backed stablecoin USDR experienced a significant de-pegging after its treasury was drained of DAI, resulting in a sharp drop in value. Lastly, Standard Chartered Bank predicts that Ether (ETH) could reach $8,000 by the end of 2026, driven by use cases like NFTs, DeFi, gaming, and tokenisation.

Gibraltar-based digital asset bank Xapo has obtained a securities broker license, allowing it to offer European customers the ability to trade S&P 500 stocks and cryptocurrencies. Xapo’s target customers are individuals seeking a diversified portfolio with stocks, savings accounts earning interest, and a Bitcoin allocation. Additionally, Xapo, which has been bitcoin-only since its inception, plans to add Ethereum to its offerings in the near future. In another development, the crypto exchange WOO Network has reached a settlement to buy back shares and tokens previously acquired by the now-bankrupt Three Arrows Capital, severing all remaining ties between the two entities. Lido Finance, an Ethereum staking protocol, disclosed that it experienced 20 slashing events due to validator configuration issues operated by Launchnodes, resulting in a reduction in daily rewards for stakers.

A recent survey by the Investor and Financial Education Council (IFEC) of Hong Kong has revealed that only 47% of retail crypto investors in Hong Kong are aware of the Virtual Asset Trading Platform Regulatory Regime, legislation designed to protect retail investors in digital assets. While 25% of adults aged 18-29 in Hong Kong have invested in crypto in the past year, stocks remain the preferred investment choice for 96% of respondents, followed by mutual funds and trusts (24%) and bonds (18%). In the survey of 1,000 respondents aged 18-69, about three-quarters stated that their main goal in investing in crypto was “short-term profits” and “fear of missing out.” While Hong Kong legalised retail crypto trading for licensed exchanges in June, the period also saw the unravelling of a significant crypto-related Ponzi scheme. On the technology front, startup has pivoted from a quantitative trading system to a decentralised network sourcing GPU computing power, with the goal of offering computing power for AI and ML services at a significantly reduced cost than centralised alternatives. JPMorgan introduced the Tokenized Collateral Network (TCN), its blockchain-based tokenisation application, facilitating the use of assets as collateral and streamlining traditional settlement processes. In its first public collateralised trade, TCN tokenised shares of a money market fund for an over-the-counter derivatives exchange between JPMorgan and BlackRock, aiming to unlock capital and efficiency by allowing tokenised traditional assets to be used as collateral in transactions, thereby providing quicker, more secure, and more efficient collateral movement.




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