Wednesday, 19 June 2024

Market Summary

Market Summary 19 June 2024

Bitcoin Price: US$ 65,202.57 (-2.02%) 
Ethereum Price: US$ 3,483.42 (-0.80%) 

Nvidia, the graphics processing and AI chip giant, has ascended to become the world’s most valuable publicly listed company with a market capitalisation of $3.34 trillion, surpassing tech behemoths Microsoft and Apple. Originating as a gaming company in 1991, Nvidia has pivoted to focus on laying the technological foundations for the age of artificial intelligence, becoming the preferred choice for industry giants like OpenAI, Google, Amazon, and Microsoft. Meanwhile, in Brazil, the tax authority is gearing up to probe foreign cryptocurrency exchanges to understand their operations within the country and assess citizen compliance with new tax laws. With Binance currently dominating the market, accounting for 79% of all transactions, the Brazilian tax authority aims to collect around $4 billion in the 2024 financial year. Shifting focus to Canada, the retail crypto trading landscape is experiencing a positive trajectory, driven by a convergence of factors including a favourable local regulatory environment. WonderFi, a Canadian crypto asset platform, has amassed an impressive portfolio of crypto firms, planning to merge them into a single entity. As it embarks on expansion plans into the Asia-Pacific region, WonderFi is gaining valuable insights from the Canadian regulatory environment. 

The dYdX protocol has made a significant stride with the launch of version 5.0.0, which introduces isolated margin, isolated markets, and support for Raydium Markets. This upgrade allows traders to assign collateral to a specific trade and opens the door to over 800 new markets. Meanwhile, the Solana memecoin craze has led to an explosion of new token listings, including notable entries such as MOTHER by Iggy Azalea and DADDY by Andrew Tate. However, these new listings have not been without controversy, as both have been plagued by allegations of significant insider activity. In another development, Hashdex has proposed a combined spot Bitcoin (BTC) and Ether (ETH) exchange-traded fund (ETF) on the Nasdaq exchange. This innovative ETF would balance the crypto assets according to their market capitalisations and track the daily market movement on the Nasdaq Crypto US Settlement Price Index. However, not all news in the crypto space is positive, as evidenced by the case of former Ethereum developer Virgil Griffith. U.S. prosecutors have opposed Griffith’s motion to reduce his 2022 sentence for violating sanctions on North Korea, arguing that his recent conduct doesn’t demonstrate any basis for additional leniency. 

Ronin is making strides by preparing to launch Ronin zkEVM, a zero-knowledge Ethereum Virtual Machine layer-2 chain. This move is designed to accommodate more users and facilitate the integration of more gaming experiences into the network. Initially developed for the game Axie Infinity, the network is gearing up to handle billions of transactions and has already welcomed major blockchain games into its ecosystem. Meanwhile, the Brazilian tax authority is planning to probe foreign cryptocurrency exchanges to comprehend their operations within the country and evaluate citizen compliance with new tax laws. In the investment sphere, Philippe Meyer, head of digital and blockchain solutions at BBVA, has highlighted the potential benefits of cryptocurrencies, stating that the inclusion of Bitcoin and Ether in investor portfolios can significantly enhance return on investment. Despite Bitcoin’s price significantly outperforming the return of the S&P 500 in 2024, it’s currently undergoing a correction due to slowing inflows from the United States spot Bitcoin exchange-traded funds. In response to evolving data privacy needs, Consensys, the company behind MetaMask, has updated its privacy policy to bolster user consent, transparency, and control over personal data. 

Source: https://cointelegraph.com 

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