Tuesday, 18 April 2023

Market Summary

Market Summary 18 April 2023

Bitcoin Price: US$ 29,430.28  (-2.89%)
Ethereum Price: US$ 2,074.00 (-2.11%)  

 

Bitcoin’s recent surge from the doldrums of 2022 is paralleling its price pattern from 2018 into 2019, according to Vetle Lunde, a crypto markets analyst at K33 Research. Lunde believes that bitcoin could reach $45,000 and cites investor caution and relatively low liquidity as potential weight on future pricing. Meanwhile, crypto exchanges received a net inflow of 179,500 ether (ETH), worth some $375 million, in the four days after Ethereum’s Shanghai upgrade went live, according to CryptoQuant. However, investors transferring tokens to exchanges usually indicates they are preparing to sell, which may lead to a price decline. Bitcoin’s rally above $30,000 has stalled, and it was recently trading at around $29,500, off 2.6% over the past 24 hours.

Kyber Network, a decentralised finance protocol, has warned liquidity providers to withdraw funds from its Elastic product after discovering a potential vulnerability. The protocol has confirmed the flaw and reassured that no funds were lost, while KyberSwap Classic remains unaffected. The native token KNC has dropped by 2% following the announcement. On the other hand, the Chicago Mercantile Exchange (CME) Group has announced its plans to expand cryptocurrency options by adding new options to its standard and micro-sized Bitcoin and Ether contracts, with new expiries available every day from Monday to Friday. The move is aimed at providing market participants with greater precision and versatility in managing short-term Bitcoin and Ether price risk, given the increased client demand for liquid hedging tools in the digital asset sector.

Tether has emerged as the most successful stablecoin in the ongoing banking crisis and crypto crackdown in the United States. Its USDT growth has pushed its circulating market valuation to nearly $81 billion, just 1.5% below its record high from a year ago. The stablecoin’s market share has increased significantly by eating up its stablecoin rivals’ market share, USD Coin and Binance USD. Crypto traders have faith in Tether’s operations due to its lack of exposure to the potential banking crisis contagion. In other news, a recent report indicates that Australians have lost $148.4 million to crypto scams in 2022, with a significant increase of 162.4% compared to the previous year. Almost 4,000 cases have been reported, with investment scams accounting for more than 66% of all financial losses.

Bitcoin led the way as digital asset investment products saw inflows for a fourth week in a row, with $104 million making up the bulk of the $114 million total. Ethereum saw inflows of just $300,000 as Ethereum completed its Shapella upgrade. There was little activity in altcoins, save for $2.1 million of outflows from Polygon. In another news, the SEC sued Bittrex and one of its co-founders, accusing them of taking steps to avoid regulatory scrutiny. The SEC has initiated proceedings against Bittrex Global, despite the fact that Bittrex Global has no U.S. customers and has taken steps to inform U.S. persons that they are not allowed to use its exchange.

 

Source:
https://coindesk.com
https://cointelegraph.com
https://theblock.co
https://decrypt.co 

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