Tuesday, 13 February 2023

Market Summary

Market Summary 13 February 2024

Bitcoin Price: US$49,917.27 (+3.35%)
Ethereum Price: US$ 2,659.99 (+6.09%)

Franklin Templeton has joined the race to launch a spot Ether exchange-traded fund (ETF) in the United States, submitting its filing with the Securities Exchange Commission (SEC). The move follows the submission of applications by other major firms like BlackRock and Fidelity, indicating growing interest in cryptocurrency investment products. Meanwhile, SEC Chair Gary Gensler responded to lawmakers regarding a false tweet from the SEC’s official account, which falsely claimed approval for spot Bitcoin ETFs, citing unauthorised access due to a “SIM swap” attack. The incident highlights concerns about cybersecurity in the financial sector. In other news, Bitcoin’s resurgence to $50,000 has led to discussions about its market capitalisation, positioning it among the top 10 most valuable assets globally. Ethereum’s gains have also attracted attention, with analysts speculating on its potential to challenge traditional big tech companies in terms of market value. These developments underscore the increasing integration of cryptocurrencies into the mainstream financial landscape and raise questions about their long-term impact on traditional assets and markets.

Ethereum gas fees surged to an eight-month high amidst growing interest in the ERC-404 token standard, with average gas prices peaking at 70 gwei ($60 per transaction) on Feb. 9. The ERC-404 standard, introduced by the Pandora project on Feb. 5, aims to bind ERC-721 nonfungible tokens (NFTs) to ERC-20 tokens, enabling fractionalised NFT ownership. Despite being unofficial, the standard gained over 6,100% and saw a trading volume of over $474 million, contributing to increased network activity. Meanwhile, New Zealand central bank governor Adrian Orr criticised stablecoins, labelling them as “the biggest misnomers” and emphasising their lack of stability compared to fiat currencies. Orr’s remarks underscore regulatory concerns surrounding stablecoins and highlight ongoing efforts to maintain transparency in the cryptocurrency market. In other news, US President Joe Biden inadvertently sparked crypto speculation by posting a meme with laser eyes, initially interpreted as a nod to Bitcoin but later revealed to be referencing a Super Bowl conspiracy theory. Despite the misunderstanding, the incident underscores the growing intersection of cryptocurrency culture with mainstream discourse.

The crypto analysis platform Glassnode warns that on-chain indicators for Bitcoin have entered a “high-risk” zone, suggesting the cryptocurrency might be in the early stages of a bull market. The long-term holder market value to realised value (MVRV) indicator, among others, has surpassed the “mid-risk” threshold, indicating significant profitability for long-term investors and potential overheating in the market. Meanwhile, Solana’s SOL token has surged, overtaking Binance’s BNB to become the fourth-largest cryptocurrency by market capitalisation. Despite a recent network outage, SOL’s rally, fueled by on-chain developments and successful smartphone preorders, has propelled its market cap ahead of BNB’s. Additionally, the Crypto Fear and Greed Index has soared to its highest level since Bitcoin’s all-time high, indicating extreme greed in the market following Bitcoin’s rally above $50,000 and the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.

Source: https://cointelegraph.comDisclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.

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