Thursday, 16 March 2023

Market Summary

Market Summary 16 March 2023

Bitcoin Price: US$ 24,285.66 (-1.56%)
Ethereum Price: US$ 1,649.96 (-2.91%)  


SEC Chairman Gary Gensler reiterated his belief that proof-of-stake tokens may be considered securities under the Howey Test, thereby bringing them under the regulatory authority of the SEC. Gensler said that securities laws could be triggered because investors anticipate a return when purchasing tokens backed by proof-of-stake consensus mechanisms. Meanwhile, Ethereum’s network-to-value (NVT) ratio, which measures the cryptocurrency’s market capitalization in relation to the value of on-chain transactions processed on the Ethereum network, has declined to a three-month low of 59.3. This suggests that ether may be trading at compelling valuations and may not be overvalued. Ether has gained over 20% since late Friday, reaching a six-month high of $1,784.

Ethereum has launched a new URL standard called Web3 URLs, enabled by ERC-4804, which allows internet users to access Ethereum apps and non-fungible tokens (NFTs) without fear of censorship. Users can type “web3://” instead of “http://” in their browsers to bring up DApps such as Uniswap or on-chain NFTs directly. Entire websites can theoretically be accessed this way if their content is stored on the Ethereum blockchain or a compatible layer-2 protocol. Meanwhile, as Credit Suisse faces a crisis, crypto enthusiasts are becoming increasingly bullish on Bitcoin due to the likelihood of a Fed interest rate hike pause. However, Bitcoin and cryptocurrencies are intertwined with the Fed’s monetary regime, painting a more complex picture.

OpenAI has released a new version of its ChatGPT software that is reportedly 1,000 times more sophisticated than its previous iterations. The updated software has improved search capabilities and will now accept images as well as text input. This release has helped to fuel the AI narrative in the market, leading to various AI crypto tokens soaring due to market hype. Meanwhile, Fidelity Digital Assets has quietly opened access to Fidelity Crypto for its millions of retail customers. Users can trade bitcoin and ether commission-free on the platform, but withdrawals are not yet enabled. Fidelity’s move to offer crypto to retail clients has come ahead of most of its peers in the US.

Coinbase has announced that it will process unstaking requests for ETH around 24 hours after the Shanghai-Capella upgrade to the Ethereum network goes live. However, Coinbase clarified that it cannot share an exact waiting period when users request to unstake as the Ethereum protocol controls the process. Meanwhile, Uniswap, the world’s largest decentralized exchange protocol, has officially launched on BNB Chain after a successful governance proposal. Uniswap Protocol users will now be able to leverage BNB Chain’s low transaction fees to trade and swap tokens across the network.




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