Friday, 2 June 2023

Market Summary

Market Summary 2 June 2023

Bitcoin Price: US$ 26,817.93 (-1.44%)
Ethereum Price: US$ 1,861.78 (-0.63%)  

 

Despite the shrinking stablecoin market, Tether’s USDT has reached an all-time high market capitalisation of $83.2 billion, recovering the $18 billion it lost due to the Terra implosion and market rout. This milestone is significant as the stablecoin market has been declining for 14 months. Tether’s success can be attributed to the troubles faced by its closest rivals, such as USDC, which was affected by the implosion of its banking partner, and BUSD, which had to stop minting new tokens due to regulatory pressure. In other news, Litecoin (LTC) has seen a 7% rally in the last 24 hours and a 7.5% increase over the past 30 days, outperforming Bitcoin and Ether. The network’s activity has been on the rise, with a growing number of addresses holding a balance. Investors are eyeing Litecoin’s upcoming halving event in August, which is expected to impact both the network and the price of LTC. Lastly, MakerDAO’s community has voted to remove $500 million of Paxos Dollar (USDP) stablecoin from its reserves, affecting half of the token’s supply. This decision will impact Paxos and follows the company’s previous halt of minting Binance USD (BUSD). MakerDAO aims to boost revenues by investing its reserves in yield-generating strategies, including partnerships with other stablecoin issuers and investments in real-world assets.

Crypto markets are anticipating a downturn as liquidity tightening resumes after the U.S. debt ceiling is lifted. The replenishment of the U.S. Treasury general account and the Federal Reserve winding down its balance sheet will remove a significant amount of money from the financial system, potentially weighing on cryptocurrency prices in the coming months. The recent liquidity conditions helped boost the prices of risk assets, including cryptocurrencies, but the trend is expected to reverse once the government increases its ability to issue new debt. This development may put pressure on risky investments. In other news, Apple is reportedly entering the metaverse with a high-end mixed reality headset that offers virtual reality (VR) and augmented reality (AR) functionality. The headset is expected to be announced at Apple’s annual WWDC conference on June 5 and released later in 2023. Additionally, Circle, a crypto payments company, will launch its USDC stablecoin natively on the Arbitrum network, a popular scaling solution for Ethereum, on June 8.

The Uniswap community has voted against a proposal to introduce a protocol fee for liquidity providers on the platform. In the initial poll, 45.3% of token votes supported the “no fee” option, while 54.6% split between setting the proposed fee equal to either one-fifth or one-tenth of the pool fee across Uniswap v3 pools. Some community members expressed support for fees but had concerns about the implementation and distribution of the collected fees. In other news, Bitcoin mining revenue increased by 13.7% month-over-month in May, reaching $916.6 million, including a significant boost from transaction fees driven by the rise of Bitcoin NFTs. Additionally, the TON Foundation has proposed a burn mechanism that would destroy 50% of all transaction fees on the TON network, similar to Ethereum’s EIP-1559 upgrade. The burn mechanism aims to reduce inflation and potentially increase deflation as the network volume grows, subject to approval by TON validators and the community.

 

Source:

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

 

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