Friday, 16 February 2024

Market Summary

Market Summary 16 February 2024

Bitcoin Price: US$51,880.00 (+0.16%)
Ethereum Price: US$ 2,822.59 (+1.72%)

Bitcoin ETFs have witnessed a surge in net inflows over the last four days, surpassing the total inflows from the first four weeks of trading. Data from Bitcoin tracking platform Apollo reveals that spot Bitcoin ETFs attracted 43,300 Bitcoin, equivalent to $2.3 billion at current prices, within the last four days alone. This inflow exceeds the 42,000 Bitcoin gathered over the initial 20 days of trading. Notably, four spot Bitcoin ETFs, excluding Grayscale, have entered the “billionaire club,” with Bitwise Bitcoin ETF being the latest addition on Feb. 14. Meanwhile, Federal Reserve governor Christopher Waller suggests that the popularity of United States dollar-denominated stablecoins in decentralised finance (DeFi) could bolster the dollar’s dominance as a global reserve currency. Waller notes that stablecoins largely linked to the dollar play a crucial role in DeFi, potentially strengthening the dollar’s position. Additionally, Coin Metrics research indicates that it is economically infeasible for nation-states to execute 51% attacks on the Bitcoin and Ethereum networks due to exorbitant costs. The report suggests that the current cost of capital and operational expenses make it unprofitable for malicious actors to disrupt these networks, ensuring their resilience against such attacks.

Major banks and financial institutions in the United States are urging the SEC to revise its definition of crypto assets to facilitate their involvement in the crypto space, particularly in custodianship for spot Bitcoin exchange-traded funds (ETFs). A coalition of trade groups petitioned SEC Chair Gary Gensler, highlighting the absence of banks as custodians for approved spot Bitcoin ETFs and proposing modifications to accounting guidance to reduce custody costs. This move reflects a growing interest in traditional finance in crypto regulation. Meanwhile, MicroStrategy’s potential inclusion in the S&P 500 could dramatically increase Bitcoin exposure in investment portfolios, with MicroStrategy’s stock rally positioning it for eligibility. Analysts anticipate a positive feedback loop for Bitcoin if MicroStrategy joins the index, potentially leading to widespread adoption in ETF portfolios. Additionally, Galaxy Digital’s analysis suggests that up to 20% of Bitcoin’s hash rate could go offline after the impending halving, impacting older mining rigs disproportionately and highlighting the evolving dynamics of Bitcoin mining economics.

The Uniswap Foundation has disclosed its roadmap for the upcoming launch of Uniswap v4, revealing that the protocol’s rollout is contingent upon the completion of Ethereum’s Dencun upgrade. This announcement underscores the foundation’s commitment to ensuring thorough testing and optimisation of Uniswap v4, with plans to rely on audit firms and a community audit contest to ensure the highest level of security and reliability for the decentralised exchange. Meanwhile, Arkham Intelligence, a blockchain analytics platform, claims to have traced the majority of MicroStrategy’s extensive Bitcoin holdings, suggesting that approximately 98% of the firm’s 190,000 BTC is either pooled with Fidelity or held in segregated custody with Coinbase Prime. This revelation provides insights into the allocation and management of one of the largest corporate Bitcoin portfolios in the industry. On the regulatory front, the National Banking and Securities Commission of Honduras has issued a resolution prohibiting financial institutions in the country from engaging with cryptocurrencies due to perceived risks, including fraud, money laundering, and financing terrorism. This move highlights ongoing regulatory challenges faced by the cryptocurrency industry, despite its growing presence and adoption worldwide.


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