Thursday, 16 November 2023

Market Summary

Market Summary 16 November 2023

Bitcoin Price: US$37,858.20 (+6.49%)
Ethereum Price: US$ 2,058.48 (+4.00%)  

The U.S. SEC has postponed decisions on Hashdex’s bid to convert its bitcoin futures ETF into a spot vehicle and Grayscale’s attempt to launch a futures-based ether ETF. These filings faced Nov. 17 deadlines, with the SEC extending the window, heightening expectations for a spot bitcoin ETF approval. While over a dozen companies seek spot bitcoin ETFs in 2023, the SEC hasn’t clarified its stance. Meanwhile, El Salvador, amid a DCA plan to buy one bitcoin daily, holds an estimated 2,744 bitcoins with an average purchase price of $41,800, facing a $16 million loss at the current $36,000 bitcoin price. Despite paper losses, El Salvador’s economic indicators remain positive. In parallel, Infura, criticised for being centralised, unveils its “Decentralized Infrastructure Network” (DIN) with partners like Microsoft and Tencent, introducing a “failover” switch for enhanced reliability, marking the first step in Infura’s progressive decentralisation.

Commerzbank has successfully acquired a crypto custody license in Germany, marking the bank’s entry into a broad spectrum of digital asset services, with a specific emphasis on crypto assets. This achievement positions Commerzbank as the first full-service bank in Germany to secure such a license, signalling a commitment to leveraging the latest technologies and innovations in supporting customers within the digital asset space. Meanwhile, Solana experienced a notable surge of over 17% in value, attributed to positive remarks from ARK Invest CEO Cathie Wood, who praised the network’s efficiency and cost-effectiveness in comparison to Ethereum. Additionally, Grayscale’s Ether futures ETF application faced a delay, leading to speculation that the company might be strategically utilising it as a “trojan horse” to influence the SEC’s decision on its spot Ether ETF application, prompting discussions on potential regulatory dynamics within the cryptocurrency space.

A report from Immunefi reveals that almost half of the cryptocurrency lost in Web3 exploits during 2022 is attributed to Web2 security issues, such as leaked private keys. The analysis categorises vulnerabilities into smart contract flaws, code implementation flaws, and “infrastructure weaknesses,” with the latter causing 46.48% of the crypto losses. In another development, Bakkt, the crypto firm, is shifting its focus back to digital asset custody, expanding its custodial support to include Bitcoin Cash, Dogecoin, Ethereum Classic, Litecoin, Shiba Inu, and USD Coin. Bakkt’s move is accompanied by plans to offer clearing and custodial services for the Wall Street-backed crypto exchange EDX Markets. Meanwhile, Ethereum layer-2 networks achieved a milestone with a total value locked (TVL) surpassing $13 billion. Despite challenges in user experience and security, the increasing interest in layer 2 solutions is attributed to Ethereum’s high gas fees during the bull market, leaving users seeking alternatives.


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