Thursday, 15 February 2024

Market Summary

Market Summary 15 February 2024

Bitcoin Price: US$51,795.17 (+4.22%)
Ethereum Price: US$ 2,774.81 (+5.11%)

A fake Curve Finance app has emerged on Apple’s App Store, prompting concerns about potential scams within the decentralised finance (DeFi) space. Curve developers issued a warning, emphasising the absence of an official DeFi Curve app and urging users to exercise caution. The unauthorised app, falsely attributed to MK Technology Co. Ltd, lacks legitimacy and raises questions about its intentions, potentially posing risks to users’ financial assets. In another development, Gary Gensler, SEC Chair, offered limited insights into spot Ether exchange-traded funds (ETFs) during an interview with CNBC’s Squawk Box. He refrained from disclosing specific details about approval timelines, mirroring the SEC’s approach to Bitcoin ETFs. Despite several firms submitting applications for spot Ether ETFs, the SEC has delayed decisions on these proposals. Additionally, in a bankruptcy hearing, Judge Sean Lane approved Genesis Global Holdco’s plan to liquidate approximately $1.3 billion worth of Grayscale Bitcoin Trust (GBTC) shares to reimburse investors. This decision follows the SEC’s approval for GBTC’s conversion to a spot Bitcoin ETF, enabling share redemption in cash. Genesis previously settled with the SEC over allegations related to unregistered securities offerings, highlighting ongoing regulatory scrutiny within the cryptocurrency industry.

Gold-tracking exchange-traded funds (ETFs) have experienced significant outflows totalling $2.4 billion, with the most substantial losses seen in BlackRock’s iShares Gold Trust Micro and iShares Gold Trust. Meanwhile, Bitcoin ETFs have surged in popularity, with 10 approved spot Bitcoin ETFs attracting aggregate inflows of $3.89 billion since their launch on Jan. 11. This trend has been attributed to a combination of falling gold prices and increased interest in Bitcoin, which has seen a 23.5% price increase since the beginning of the year, reaching a two-year high of $52,483. Additionally, Telefónica, Spain’s largest telecom brand, has partnered with Chainlink to enhance protections against SIM swap attacks, a prevalent hacking technique targeting mobile phone numbers. This collaboration aims to secure blockchain transactions by enabling smart contracts to verify SIM card integrity, marking Telefónica’s latest venture into the Web3 space following previous initiatives involving cryptocurrency payments and blockchain technology integration. Finally, CryptoQuant reports that approximately 75% of new Bitcoin investments originate from spot Bitcoin ETFs, contributing to Bitcoin’s recent price surge above $50,000 and suggesting a growing institutional adoption of cryptocurrency through ETFs.

EigenLayer, an Ethereum restaking protocol, has risen to become the fourth-largest protocol by total value locked (TVL), surpassing JustLend in TVL at $6.99 billion as of Feb. 15. This marks a significant increase of 5.73% in TVL within a day, with a remarkable surge of 307% over the past month. The protocol’s growth accelerated after temporarily removing its staking cap on Feb. 5, leading to a surge in TVL to $6.05 billion on Feb. 10. EigenLayer enables validators and stakers to restake liquid staking derivative tokens to secure and validate other networks, contributing to the protocol’s rapid expansion. Meanwhile, Ethereum 2.0 staking deposits have reached over $85 billion, representing nearly 25% of the total circulating supply of Ether. February has seen a bullish trend for Ethereum, with a significant increase in staked ETH and the asset’s price reaching yearly highs above $2,800. Additionally, ARK Invest, a spot Bitcoin ETF issuer, has sold major cryptocurrency-related stocks, including Coinbase and Robinhood shares, for the first time in 2024. ARK dumped over 214,000 Coinbase shares and 119,000 Robinhood shares, netting $34 million and $1.5 million, respectively. This move comes amid COIN breaking its 2024 highs, surging above $160, and ARKW fund complying with regulations by selling Robinhood shares to avoid exceeding asset allocation limits.


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