Friday, 19 April 2024

Market Summary

Market Summary 19 April 2024

Bitcoin Price: US$ 63,574.18 (+3.63%) 
Ethereum Price: US$ 3,064.40 (+2.65%) 

The tokenised asset market is on track to reach a staggering $16 trillion, marking a significant leap forward in blockchain-based tokenisation, particularly in traditional finance (TradFi). Markus Infanger, RippleX’s senior vice president, highlights this paradigm shift, emphasising the tangible integration of blockchain solutions in resolving real-world financial challenges. Ripple’s strategic moves, including plans to issue its stablecoin on XRPL and Ethereum, underscore the company’s evolving role beyond payments, positioning itself as a holistic digital asset infrastructure provider for both TradFi and DeFi sectors. Meanwhile, global centralised cryptocurrency exchanges (CEXs) like Binance, OKX, and Bybit have experienced substantial growth in trading volumes since late 2023, fuelled by Bitcoin and Ether price rallies and the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. However, recent events such as the depegging of the Pax Dollar (USDP) due to pricing aggregator issues highlight the need for caution in stablecoin trading, as demonstrated by a trader’s $529,000 liquidation following the USDP surge. 

BlackRock’s iShares Bitcoin Trust (IBIT) is steadily gaining ground on Grayscale’s Bitcoin Trust ETF (GBTC), with IBIT’s market share nearing GBTC’s despite recording the second-lowest daily inflows of $24.9 million on April 17. With a market share of 32.6%, IBIT is closing in on GBTC’s 36.8%, holding $16.8 billion worth of Bitcoin compared to GBTC’s $19 billion. The potential for IBIT to surpass GBTC is augmented by GBTC’s 50% reduction in Bitcoin holdings ahead of the halving, coupled with IBIT’s notable accumulation growth. Meanwhile, Canada is set to adopt the international Crypto-Asset Reporting Framework (CARF) by 2026, imposing new reporting requirements on crypto asset service providers (CASPs) to enhance tax transparency. This move aligns with the international effort involving 47 countries to standardise crypto tax reporting. Additionally, the DAO “Own The Doge” has acquired legal rights to the iconic Doge meme image, opening new avenues for partnerships and branding opportunities within the crypto community. 

Paraguayan senators have paused the proposed ban on cryptocurrency mining, shifting focus to selling surplus energy from the Itaipu hydropower plant to miners instead of exporting it. The move follows concerns about power theft and supply disruptions by illegal miners, prompting a debate on the economic benefits of mining. Senator Salyn Buzarquis highlighted the potential for significant revenue generation by selling excess energy to Bitcoin miners, potentially saving the National Electricity Administration from bankruptcy. Meanwhile, Swedish crypto miners face tax obligations totalling over $90 million due to misappropriations, prompting government crackdowns. Additionally, Tether, the operator of the largest stablecoin by market value, is undergoing restructuring to expand its offerings beyond stablecoins, introducing divisions focused on finance, data, power, and education, reflecting the company’s evolving role in the crypto ecosystem. 


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