Friday, 17 November 2023

Market Summary

Market Summary 17 November 2023

Bitcoin Price: US$36,163.51 (-4.48%)
Ethereum Price: US$ 1,966.77 (-4.70%)  

CoinShares has secured an exclusive option to buy Valkyrie Investments’ ETF unit, providing a U.S. entry amid anticipation of SEC approval for a spot bitcoin ETF. The option, expiring on March 31, accelerates CoinShares’ U.S. expansion and global digital asset management deployment. Meanwhile, decentralised finance (DeFi) platform Sushi is expanding to layer-1 blockchain ZetaChain, introducing native bitcoin trading in DeFi without the need for wrapping. ZetaChain aims to enable Bitcoin holders to engage with DeFi primitives like trading, lending, and borrowing. In another development, BlackRock, the world’s largest asset manager, has filed an S-1 form with the SEC for its iShares Ethereum Trust, a spot ether ETF, following Nasdaq’s filing for SEC approval. The move comes amid heightened market hopes for crypto ETF approvals after recent court rulings against the SEC’s rejection of spot crypto ETF applications.

The Monetary Authority of Singapore (MAS) plans to conduct “live” trials of a central bank digital currency (CBDC) for wholesale settlement, part of a broader set of initiatives for digital money transfers. The CBDC pilot will settle retail payments between commercial banks, with potential future tests exploring cross-border settlements. In another development, cryptocurrency brokerage firm Paxos has received preliminary approval from the Monetary Authority of Singapore to offer digital payment token services. Paxos plans to partner with enterprise clients to issue a U.S. dollar-backed stablecoin in Singapore. Meanwhile, the cryptocurrency market experienced a reversal, with bitcoin dipping 5% to trade below $36,000, triggering liquidations of approximately $340 million in leveraged positions over two days.

Bitcoin company Strike has expanded its global services, allowing users in 36 countries (soon to be 65+) to purchase bitcoin through the app. This move enables users worldwide to buy Bitcoin directly through the Strike platform, with a 3.9% fee for global users (compared to no fee for U.S. users). Strike founder Jack Mallers highlighted the lower fee compared to competitors and announced a partnership with crypto payments firm Bitrefill. Meanwhile, Polygon’s gas fees on the Ethereum layer-2 network surged over 1,000% due to increased activity related to the minting of POLS tokens. Tether plans a major expansion into Bitcoin mining, with a potential $500 million investment over the next six months. The stablecoin firm aims to grow its computing power to 1% of the Bitcoin mining network and construct mining facilities in Uruguay, Paraguay, and El Salvador. Additionally, Aave Companies has been rebranded to Avara, reflecting its broader focus on the Web3 ecosystem. The company has acquired Ethereum self-custody wallet Family Wallet and reiterates its commitment to innovating in DeFi while creating products that appeal to a wider user base.


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