Monday, 16 October 2023

Market Summary

Market Summary 16 October 2023

Bitcoin Price: US$ 27,154.15 (+1.12%)
Ethereum Price: US$ 1,557.77 (+0.18%)  


The Securities and Exchange Commission (SEC) has decided not to appeal a court’s reversal of its denial of Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF), which could pave the way for the first Bitcoin ETF in the United States, boosting Bitcoin’s price to over $27,000. Meanwhile, Ethereum’s fee revenue has reached its lowest level since April 2020, and as Ethereum’s network becomes less reliant on fees due to various factors like layer 2 scaling and reduced NFT and DeFi activity, it faces a test of its “ultra sound money” thesis and potential deflationary supply narrative. In Australia, the government plans to regulate the digital asset sector at the exchange level, requiring cryptocurrency exchanges to hold a financial services license issued by the local financial regulator, signalling an attempt to address consumer harms while supporting innovation in the digital asset sector by regulating exchanges rather than individual cryptocurrencies or tokens themselves.

A controversial Know Your Customer (KYC) verification hook for Uniswap V4 is sparking debates within the crypto community, allowing users to undergo KYC before trading on a pool. Critics argue that this feature could pave the way for decentralised finance protocols to become whitelisted by regulators, potentially restricting non-KYC transactions. Meanwhile, Latin America is demonstrating a preference for centralised exchanges (CEXs) over decentralised exchanges (DEXs), with Venezuela’s strong CEX preference attributed to a complex humanitarian emergency and Colombia favouring CEXs. Argentina leads in cryptocurrency transactions in Latin America, although the central bank has banned payment providers from offering crypto transactions. In the crypto investment landscape, FTX has staked over 5.5 million Solana (SOL) coins worth $122 million, signalling optimism in the Solana blockchain. This move follows a US court’s approval for the sale of $1.3 billion in SOL from FTX, raising concerns of price volatility. 

Ferrari has announced its acceptance of cryptocurrency payments for luxury sports cars in the United States and plans to extend this option to Europe to cater to growing customer demand, especially from crypto-savvy investors. The luxury carmaker’s chief marketing and commercial officer, Enrico Galliera, confirmed this move, emphasising there will be no extra fees for cryptocurrency payments. To facilitate transactions, Ferrari has partnered with BitPay, a major cryptocurrency payment processor. This development highlights a broader trend of traditional industries integrating cryptocurrency acceptance in response to customer preferences. In other cryptocurrency news, ProShares is set to launch the Proshares Short Ether Strategy ETF (SETH) in November, which will trade on the NYSE Arca exchange and aims to provide inverse exposure to the daily S&P CME Ether Futures Index. Additionally, analysts are highlighting Bitcoin’s resilience as a hedge against global unrest and economic uncertainty, noting that the digital asset is becoming more valuable in such conditions due to its global accessibility and stability compared to some local currencies affected by geopolitical conflicts and sanctions.




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