Friday, 14 April 2023

Market Summary

Market Summary 14 April 2023

Bitcoin Price: US$ 30,373.85  (+1.65%)
Ethereum Price: US$ 2,012.01 (+4.93%)  

 

Ether’s price rally above $2,000 following the successful Shanghai upgrade on Wednesday has caused Bitcoin’s dominance rate in the cryptocurrency market to drop from its almost two-year record high, according to TradingView data. Bitcoin’s dominance rate reached as high as 49.06% before falling to 48.12% as Ether’s price surged. This shift in dominance has come after the Ethereum network’s tech upgrade, also known as the Shanghai or Shapella hard fork, was deployed without any issues. Meanwhile, Binance has announced that users who staked ether through the exchange will be able to redeem coins with their BETH holdings on a 1:1 basis from April 19.

Kraken has the largest share of validators in the Ethereum exit queue, with 62% of those unstaking their ether, according to on-chain data tracked by Rated network explorer. The number of validators in the exit queue has surpassed 15,000, following the successful deployment of the Shanghai upgrade. This is unsurprising given Kraken’s legal issues in the US with the Securities and Exchange Commission. In separate news, decentralized finance protocol Yearn Finance was impacted by an almost $11m exploit via Aave version 1. Exploiters were able to mint over 1.2 quadrillion yUSDT, which was used to trick Yearn Finance into cashing out millions in stablecoins. However, Aave developers stated that version 1 was not impacted, and versions 2 and 3 were unaffected at the time of writing.

A recent study by DappRadar and Pacific Meta found that gamers in Asia are expected to make up 80% of all Web3 gamers despite the restrictions some nations in the region have placed on gaming. The report suggested that Asia-based video game publishers like Nexon’s MapleStory Universe and Square Enix’s Symbiogenesis suggest crypto games are gaining traction in the East. DappRadar’s report also highlighted that the roleplay game genre is the most popular in the Asian market. In other news, Uniswap Labs announced that the Uniswap Wallet app is now live for iOS users in select countries, allowing them to trade crypto assets on Ethereum’s mainnet and other networks, buy crypto, and explore different cryptocurrencies.

eToro has partnered with Twitter to offer its market charts for financial investments, allowing users to view in-depth market information and purchase assets directly from the social media platform. Though reports suggested the integration would include cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin, eToro’s partnership with Twitter has yet to deliver on this front. In a separate news, EOS has launched the beta version of its EOS EVM Virtual Machine, an emulation of Ethereum’s Virtual Machine, enabling Ethereum developers to leverage EOS’ performance and throughput while using Ethereum’s programming language, Solidity. EOS EVM aims to be the industry’s most performant and compatible EVM, boasting one-second block intervals and over 800 swaps per second.

The Securities and Exchange Commission has issued a summons to Tron Foundation founder Justin Sun, rapper Soulja Boy, and YouTube star Austin Mahone over tokens issued by Tron and BitTorrent. The SEC has declared Tronix and BTT as unregistered securities offerings, and Sun, Mahone, and Soulja Boy are the only holdouts in the celebrity-filled complaint. The SEC has asked the court to bar Sun and his companies from ever offering securities, to forfeit their proceeds plus interest and pay civil penalties. Meanwhile, London Stock Exchange Group has signed a deal with institutional-focused trading venue GFO-X to offer trading in bitcoin derivatives through its French clearinghouse unit, LCH DigitalAssetClear.

 

Source:
https://coindesk.com
https://theblock.co
https://decrypt.co  

 

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