Thursday, 13 June 2024

Market Summary

Market Summary 13 June 2024

Bitcoin Price: US$ 68,301.59 (+1.37%) 
Ethereum Price: US$ 3,560.12(+1.80%) 

Space and Time (SxT) has introduced a new open-source zero-knowledge proof (ZK-proof) technology, proof of SQL, which promises to drastically reduce SQL query times from 30 minutes to sub-second speeds, leading to significant efficiency gains in real-time data processing. This technology, now publicly available on GitHub, enables trustless queries on SxT and forms part of a wider strategy to enhance the security and performance of decentralised applications (DApps), fostering community collaboration. Meanwhile, the OKX cryptocurrency exchange, in partnership with security firm SlowMist, is investigating a multi-million dollar exploit that led to the theft of two user accounts through an SMS attack, also known as a SIM swap. The exact amount stolen remains unclear, but it is reported that assets worth millions of dollars were stolen, and the investigation is currently ongoing. In parallel, the crypto wallet firm MetaMask has launched its staking service, allowing users to pool their funds and stake their assets in enterprise-grade validators operated by blockchain software company Consensys. This service enables MetaMask wallet users to stake their Ether without needing to meet Ethereum’s substantial minimum requirement of 32 ETH, thereby making it more accessible for users with less than 32 ETH. 

In a bid to rival Ethena’s synthetic dollar, USDe, Asymmetry Finance is launching the fully onchain synthetic dollar afUSD, in partnership with Ampleforth and Paid Network. The afUSD, which uses Ampleforth’s adjustment mechanism, is touted as a more secure and scalable alternative to similar products. Meanwhile, the Artificial Superintelligence Alliance (ASI), a collaboration between SingularityNET,, and Ocean Protocol, has rescheduled its token merger to July 15. This move is part of their ambitious goal to develop decentralised artificial general intelligence (AGI) and potentially achieve superhuman superintelligence within a few years. However, the crypto market experienced a downturn on June 11, leading to significant losses for Bitcoin and Ether traders. This resulted in the liquidation of nearly $200 million in leveraged trades, with the largest single liquidation order occurring on OKX. 

Since its launch on April 20, Bitcoin Runes has emerged as a dominant player in the crypto space, outperforming long-standing standards like Ordinals and BRC-20 in terms of transaction share, a clear indication of high market demand and community interest. Remarkably, within just three months of its inception, Runes managed to occupy over 50% of the Bitcoin blockchain bandwidth for ten days, demonstrating an active and robust investor interest. However, not all developments in the crypto world have been smooth sailing. Ethereum’s zero-knowledge layer-2 scaler, zkSync, has come under fire for its alleged lack of anti-Sybil measures and perceived unfair distribution in the airdrop of its self-titled token, zkSync (ZK). Despite facing a significant backlash and a 43% drop in the token’s value within 24 hours, zkSync maintains that its airdrop was not poorly planned from a Sybil perspective. Amidst these developments, Donald Trump has reiterated his support for the Bitcoin mining industry, expressing his desire for all remaining Bitcoin to be “made in the USA” and claiming it would help the country become “energy dominant”. Despite the political struggles and potential electricity tax proposals that the industry faces, Trump has promised to support the sector if elected president in November, emphasizing the need for politicians to understand and appreciate the benefits of Bitcoin and Bitcoin mining. 


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