Wednesday, 19 April 2023

Market Summary

Market Summary 19 April 2023

Bitcoin Price: US$ 30,380.01  (+3.23%)
Ethereum Price: US$ 2,103.50 (+1.42%)  


The native token of the Optimism blockchain, OP, saw a 3% increase in value after an engineer at a16z crypto tweeted out a picture of an orange circle with the message “coming soon,” leading traders to speculate that a16z might be launching its own layer 2 blockchain. However, Eddy Lazzarin, the chief technology officer of a16z crypto, later denied this possibility. In other news, venture capital firm Tribe Capital is reportedly considering leading a $250 million fundraise to restart operations for bankrupt crypto exchange FTX. The FTX creditors’ committee tweeted that they are evaluating all options to reboot or sell the exchanges and create value for creditors, but there is no set timeline for this yet.

Crypto connectivity project Helium has begun its migration to the Solana blockchain, with a 24-hour process that will take the Helium blockchain offline and recreate its key metrics on Solana. The move aims to make it faster and cheaper to operate on Helium and offer a wider audience and a more stable platform. Until now, Helium tokens had lived on its own blockchain, which lacked broad appeal, but Solana is far more reliable and stable, according to Helium blog posts. Meanwhile, PancakeSwap’s project leads have proposed lowering the inflation rate target for its native CAKE token to 3%-5%, a drastic cut from its current rate above 20%.

Gala Games, a metaverse-focused gaming platform, will airdrop version 2 tokens on May 15 to holders of the current Gala (GALA) version 1 tokens on a 1:1 basis, according to a blog post by the developers on Tuesday. The new tokens are part of an upgrade to Gala’s smart contracts on the Ethereum blockchain, which will make the platform more secure and introduce burn mechanisms that could potentially make the tokens more valuable in the future. On a separate news, blockchain analytics firm Glassnode’s reserve-risk multiple for bitcoin (BTC) has turned positive for the first time since October 2021, signaling the onset of a major bull market. The reserve-risk multiple is a long-term cyclical indicator that compares the incentive to sell at the going market price with long-term holders’ resistance to liquidate, with a lower reading indicating strong conviction among long-term investors. The previous crossovers above zero resulted in gains of 2,830%, 566%, 6,400%, 99%, and 487% in 2012, 2013, 2015, 2019, and 2020, respectively.

Solana saw a price increase of 29.05% following the launch of the Saga Android-based smartphone and the retail trading debut of Grayscale Solana Trust shares, but there are warning signs of lack of growth across on-chain metrics and bullishness across the derivatives market. The Saga phone received positive reviews, but it appears overpriced at over $1,000 apiece. The Grayscale Solana Trust has a low amount of assets under management and is unlikely to have an impact on price. In other news, SEC Chair Gary Gensler hinted that ether, among other crypto tokens, may face increased scrutiny as an unregistered security, stating that if the public is anticipating profits based upon the efforts of others in a common enterprise, those are the indicia of a security.




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