Friday, 13 October 2023

Market Summary

Market Summary 13 October 2023

Bitcoin Price: US$ 26,759.63 (-0.43%)
Ethereum Price: US$ 1,539.61 (-1.74%)  


Coinbase, the leading U.S. cryptocurrency exchange, has raised concerns over a recent proposal by the IRS to define crypto brokers and establish guidelines for tax compliance, asserting that it poses an unprecedented threat to Americans’ privacy. This proposed rule, part of the 2021 Infrastructure Investment and Jobs Act, has been criticised by Coinbase for imposing excessive and complicated reporting requirements that could undermine the IRS’s objectives. In response, Coinbase requested the IRS to revise the proposal to focus on parties directly involved in digital asset transactions. Meanwhile, Ethereum’s transition to a fully operational proof-of-stake network saw its validator queue significantly reduced, signalling waning staking demand and a slowdown in the growth of staked ETH, with staking rewards dropping to around 3.5%. Additionally, the Scroll zkEVM, a layer 2 scaling solution compatible with the Ethereum Virtual Machine, has launched, competing with other zkEVM providers such as Polygon and Matter Labs.

Trezor, a crypto hardware wallet company, has introduced new wallet models and a corrosion-resistant “Keep Metal” product for securely storing recovery seed phrases, aiming to promote self-custody and security for crypto novices. Meanwhile, the UK’s Financial Conduct Authority is collaborating with the Technology Working Group to create a blueprint for fund tokenisation, exploring how distributed ledger technology can offer fully digitised funds to the public. The US Consumer Price Index (CPI) for September surpassed expectations, indicating ongoing inflation, which caused a 1.2% drop in Bitcoin’s price. This development coincided with the Federal Reserve’s discussion of another potential interest rate hike. Coinbase has raised concerns over the IRS’s proposed crypto tax rules, emphasising potential threats to privacy and excessive reporting requirements. Lastly, Ethereum’s validator queue has significantly reduced, signalling a slowdown in the growth of staked ETH and declining staking rewards as its staking ratio continues to grow.

The issuer of the failed real estate-backed stablecoin USDR, Tangible, plans to liquidate the token’s assets and initiate a redemption process to reimburse affected investors. As USDR significantly devalued following the drain of its DAI reserves, Tangible aims to make users whole by allowing them to redeem their assets for a mix of cryptocurrency and real estate-backed assets, mitigating the losses incurred. In a distinct development, BitVM, a Bitcoin-based virtual machine, is designed to scale Bitcoin rather than enabling decentralised finance applications similar to Ethereum’s ecosystem, focusing on enhancing transaction speed and payment reliability. Meanwhile, Uniswap has expanded its decentralised exchange to Android devices, introducing a closed beta app that simplifies multi-chain usage and enhances transaction security.

China has inaugurated an industrial park dedicated to advancing the digital yuan, or e-CNY, ecosystem. Located in Shenzhen, the park is the first to focus on the central bank digital currency (CBDC) and has initiated with nine residents. The Luohu district government has announced ten initiatives aimed at bolstering the digital yuan ecosystem, offering incentives such as free rent for up to three years, substantial financial support, and loans at advantageous rates to entice commercial banks and startups to the park. On a different note, Platypus, a decentralised finance (DeFi) protocol, recently fell victim to another flash loan exploit, resulting in the loss of over $2 million in assets. Three attacks took place in rapid succession, leading the platform to suspend all its pools. The DeFi project has encountered flash loan vulnerabilities earlier this year as well, with this being the third such incident in 2023. Finally, an amended spot Bitcoin exchange-traded fund (ETF) filing by ARK Invest and 21Shares suggests promising progress for the approval of spot Bitcoin ETFs in the United States. The updated filing addresses concerns raised by the Securities and Exchange Commission (SEC) and provides detailed information about custody practices and asset value determination, indicating that ARK has effectively dealt with the SEC’s comments and implying progress toward ETF approvals.




Disclaimer: 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.

Search All Articles

Related Articles


Monday, 17 June 2024

Market Summary
Bitcoin Price: US$ 66,614.34 (+0.56%)  Ethereum Price: US$ 3,624.41 (+1.56%) 

Friday, 14 June 2024

Market Summary
Bitcoin Price: US$ 66,783.01 (-2.21%)  Ethereum Price: US$ 3,469.40(-2.55%) 

Thursday, 13 June 2024

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

Wednesday, 12 June 2024

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