Thursday, 14 March 2024

Market Summary

Market Summary 14 March 2024

Bitcoin Price: US$73,072.41 (+2.27%)
Ethereum Price: US$ 4,004.79 (+0.62%)

The Dencun upgrade on Ethereum’s mainnet, rolled out successfully on March 13, marks a significant milestone aimed at reducing transaction fees for layer-2 networks and enhancing overall scalability. However, it falls short of addressing all the limitations of layer-2 solutions, according to Tezos co-founder Arthur Breitman, who suggests that Ethereum’s rollups remain throughput constrained. Among the notable features of the upgrade is the introduction of data blobs via EIP-4844, which aims to reduce layer-2 transaction fees significantly. Yet, while the upgrade promises fee reductions, it won’t directly impact Ethereum mainnet users, as noted by Fidelity Investments’ research analyst Max Wadington. In a quirky move, Ethereum developers quickly took advantage of the reduced fees to upload the entire Bee Movie script to the mainnet, showcasing the capabilities of the new upgrade. Bakkt, on the other hand, faces delisting from the New York Stock Exchange if its average closing share price remains below $1, highlighting the challenges faced by some crypto firms in the traditional financial landscape.

MicroStrategy, led by its CEO Michael Saylor, persists in its bullish stance on Bitcoin, launching its second fundraising effort of $500 million in convertible notes within a span of weeks, signalling the company’s unwavering commitment to expanding its already substantial Bitcoin holdings, currently valued at $15 billion. This move underscales MicroStrategy’s conviction in Bitcoin’s long-term potential as a store of value. In a parallel development, El Salvador’s bold economic maneuver to eliminate income tax on foreign investments and remittances aims to stimulate economic growth and attract more capital into the country, further solidifying its status as a crypto-friendly nation following its adoption of Bitcoin as legal tender. Meanwhile, South Africa takes significant strides in regulatory clarity for the crypto industry, with the approval of 59 license applications from cryptocurrency platforms by its Financial Sector Conduct Authority (FSCA), marking a pivotal moment in formalising the crypto market within the country’s regulatory framework and enhancing investor protection.

Arbitrum aims to boost Web3 gaming development with its newly launched Gaming Catalyst Program (GCP), proposing to allocate 200 million ARB tokens for developer onboarding and gaming ecosystem growth over a two-year period. The GCP seeks to establish Arbitrum as a premier platform for game builders by supporting high-quality developers and incentivising the adoption of the network for Web3 games. Meanwhile, CCP Games reveals details about its upcoming blockchain game Project Awakening, including a May 21 playtest and the game’s single-shard survival experience set in a dystopian space environment. The game is expected to incorporate blockchain gaming elements, although specifics remain undisclosed. In regulatory news, the Dutch central bank fined Crypto.com €2.85 million for operating without registration for over two years, underscoring the importance of compliance in the crypto industry and signalling increased scrutiny from regulatory authorities.

io.net, a decentralised physical infrastructure network (DePIN), is integrating Apple silicon chip hardware into its cloud-based GPU-sourcing platform to enhance its artificial intelligence (AI) and machine learning (ML) services. Leveraging a Solana-based decentralised network, io.net sources graphics processing unit (GPU) computing power from various data centers and cryptocurrency miners. The recent upgrade marks io.net as the first cloud service to support Apple silicon chip clustering for ML applications, enabling engineers worldwide to cluster Apple chips for AI and ML computing. With this enhancement, io.net aims to democratise access to powerful computing resources and tap into the vast pool of Apple product users to contribute spare chip and computing resources for AI and ML use cases. Meanwhile, Binance announces the delisting of several TrueUSD (TUSD) trading pairs due to reasons such as poor liquidity and trading volume, highlighting its periodic review process to maintain a high-quality trading market. While the delisting of spot trading pairs does not remove the asset entirely from Binance, it underscores the exchange’s commitment to protecting users and ensuring a robust trading environment. Lastly, MakerDAO unveils its “Endgame” transformation, aiming to scale its Dai stablecoin to “100 billion and beyond,” akin to Tether’s market cap. The multi-phase plan includes rebranding, launching new tokens, and introducing yield farming, with the ultimate goal of making savings fun and achieving scalable resilience and sustainable user growth.

Source: https://cointelegraph.com

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