Wednesday, 18 October 2023

Market Summary

Market Summary 18 October 2023

Bitcoin Price: US$ 28,395.91 (-0.37%)
Ethereum Price: US$ 1,565.01 (-2.15%)  


Bitcoin (BTC) exhibited resilience in contrast to the broader cryptocurrency market, with BTC holding steady at around $28,500 after briefly dipping to $28,100, while Ethereum (ETH) faced weakness, sliding by 1.8% to nearly $1,560, reaching a 15-month low relative to BTC. The CoinDesk Market Index, a gauge of the overall digital asset market, dipped by 0.6%. The Sui blockchain’s native token (SUI) plummeted 7.6% after reports of concerns that the Sui team might be manipulating the token’s supply through staking, an accusation vehemently denied by the Sui Foundation. Amid Bitcoin’s strong performance, its market share, known as the Bitcoin Dominance Rate, reached over 52%, the highest since April 2021. Additionally, optimism regarding the approval of a Bitcoin spot exchange-traded fund (ETF) and the upcoming Bitcoin halving in early 2024, which is seen as bullish for its price, could further increase this metric. The discount for Grayscale’s Bitcoin Fund (GBTC) narrowed to 12% on Tuesday, the closest it’s been to the trust’s net asset value since December 2021, as the company stands ready to convert GBTC into an ETF upon SEC approval, with investors hopeful after the SEC’s recent decision not to appeal its August court loss over Grayscale’s ETF application.

The European Union has formally approved new regulations enabling tax authorities to share data on individuals’ cryptocurrency holdings, an effort to prevent the use of crypto for offshore asset storage. These rules, known as the Eighth Directive on Administrative Cooperation (DAC8), had unanimous support from EU member states. They extend to various digital assets, including stablecoins, non-fungible tokens (NFTs), decentralised finance (DeFi) tokens, and proceeds from crypto staking. DAC8 complements the recently finalised Markets in Crypto Assets Regulation (MiCA) and anti-money laundering rules under the Transfer of Funds Regulation (TFR). The directive requires EU-based crypto-asset service providers to report transactions from customers residing in the EU. Additionally, traditional financial institutions are now covered in relation to electronic money and central bank digital currencies (CBDCs). In a separate report, digital asset management firm predicts the tokenised asset market could grow to as much as $10 trillion by 2030 as traditional financial institutions increasingly adopt blockchain technology, marking the convergence between crypto and traditional asset classes, including fiat currencies and real estate. Currently valued at around $116 billion, the tokenised asset market is dominated by Ethereum, hosting nearly $60 billion of these assets, followed by Tron and Solana. Moreover, digital dollars, or dollar stablecoins, constitute the majority of tokenised assets, and tokenised U.S. government bonds have experienced significant growth this year, driven by rising interest rates, surpassing yields in decentralised finance (DeFi) lending markets.

Funds have been drained from the foundation wallets of the Fantom blockchain, totalling $657,000, in a zero-day exploit reportedly linked to a vulnerability in Google Chrome. This exploit led to a loss of $470,000 on the Fantom network and $187,000 on Ethereum. The price of Fantom’s native token, FTM, fell by 4.8% following the breach. Stolen funds were transferred to a wallet containing approximately $7 million worth of ether (ETH). In other news, BitGo, a cryptocurrency custody specialist, has acquired HeightZero, a firm providing software tools for wealth managers looking to include digital assets in their clients’ portfolios. This acquisition comes as the crypto market anticipates the likely approval of a spot Bitcoin ETF, prompting wealth managers and regulated investment advisors to consider adding cryptocurrencies to their offerings. Binance.US, on the other hand, has updated its terms of use to prohibit direct withdrawals of U.S. dollars from the platform, citing the SEC’s actions against the crypto industry as a reason for its banking partners’ reluctance to engage with the sector. The platform had previously suspended dollar deposits in June. Lastly, Ethereum layer-2 NFT scaling solution Immutable has decided to delay the vesting of $67 million worth of IMX tokens until July 2024 to ensure long-term sustainability. Immutable also shared that it has more than 200 funded games built on its platform, and its treasury can sustain its 270 staff for around four years. The project plans to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) and cross-rollup liquidity while debuting ecosystem blockchain games in the near future.




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