Wednesday, 17 January 2024

Market Summary

Market Summary 17 January 2024

Bitcoin Price: US$43,137.95 (+1.47%)
Ethereum Price: US$ 2,587.40 (+3.01%)

Morgan Stanley has warned of a potential threat to the US dollar’s dominance as a “paradigm shift” in the perception and use of digital assets like Bitcoin and central bank digital currencies (CBDCs) accelerates. Andrew Peel, Morgan Stanley’s head of digital assets, pointed to the SEC’s approval of Bitcoin ETFs and Bitcoin’s “remarkable” global adoption as factors contributing to this shift. Peel also highlighted that CBDCs could establish a unified standard for cross-border payments, diminishing reliance on traditional intermediaries. Meanwhile, the European Banking Authority has extended Anti-Money Laundering guidelines to include European crypto companies, and the IRS has temporarily stepped back from enforcing crypto transaction reporting rules above $10,000 until it releases a regulatory framework.

Crypto mining firm Core Scientific has received court approval to exit bankruptcy and relist its “CORZ” shares on Nasdaq, concluding a 13-month restructuring process. The plan involves existing shareholders retaining around 60% of the company’s shares and reducing millions in debt. Core Scientific, one of the largest U.S. crypto miners, filed for bankruptcy in December 2022 amid challenges like a prolonged bear market and bad debt lent to Celsius. The company aims to emerge on January 23 and anticipates relisting on Nasdaq the following day. In another development, cross-chain protocol Socket experienced an exploit, resulting in a $3.3 million loss from associated contracts. The protocol has paused all contracts to prevent further losses, and users are advised to revoke approvals from the exploited address. Additionally, Cantor Fitzgerald CEO Howard Lutnick expressed confidence in Bitcoin’s stability and growth, downplaying the impact of new U.S. spot Bitcoin exchange-traded funds on cryptocurrency confidence. Lutnick, who manages Tether Holdings’ U.S. Treasury securities portfolio, affirmed Tether’s reserves, stating, “From what we’ve seen, and we did a lot of work, they have the money they say they have.”

At the World Crypto Forum (WCF) in Davos, a panel discussed the role of social media and influencers in the crypto space. Cointelegraph’s Kristina Lucrezia Cornè highlighted the industry’s current stage of being driven by greed, but she anticipates a shift towards use cases and applications. The discussion emphasised the responsibility of influencers in educating newcomers and avoiding misleading information. Meanwhile, at the World Economic Forum (WEF) in Davos, where rebuilding trust is this year’s theme, a panel explored sentiments toward artificial intelligence (AI). Executives expressed optimism about AI’s potential to create a different type of world and society, acknowledging the complexity and the chance to shape a better future. On another front, the Grayscale Bitcoin Trust (GBTC) transferred 8,730 Bitcoin, worth over $376 million, to Coinbase Prime deposit addresses on Jan. 16. This led some analysts to suggest that the fund may have sold Bitcoin as its share price declined. The transfers imply potential outflows from the trust, impacting Bitcoin’s price, and may be linked to the recent conversion of GBTC into an exchange-traded fund (ETF), allowing authorised participants to buy and redeem shares, influencing the trust’s holdings and Bitcoin market dynamics.

Uniswap is dedicating $300,000 to a two-year grant for the development of its v4 decentralised exchange (DEX) front-end, aiming to enhance user interface and capture the market for smaller assets and tokens. The grant includes key performance indicators (KPIs), requiring the recipient to achieve 5% of Uniswap’s total TVL through tokens launched via the new front end in 12 months, representing approximately $150 million. Meanwhile, Web3 developer WalletConnect introduced the “Web3Inbox” notification app, allowing users to receive project announcements without sharing personal information. Additionally, BlackRock CEO Larry Fink hinted at the possibility of an Ethereum ETF following the success of the firm’s Bitcoin ETF, sparking discussions on marketing challenges and the need for effective communication regarding Ethereum’s utility beyond diversification.


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