Thursday, 2 March 2023

Market Summary

Market Summary 2 March 2023

Bitcoin Price: US$ 23,141.57 (-1.49%)
Ethereum Price: US$ 1,605.23 (-1.73%)  


As Bitcoin’s $710 million options expiry looms, the market is trying to gauge which direction the cryptocurrency will take next. Most bullish bets were placed at $24,500 and higher, and despite hitting an 18% gain in eight days, recent regulatory pressure on the crypto sector has left investors wary. The open interest for the March 3 options expiry is expected to be lower than predicted, given the recent downturn. Meanwhile, the launch of the new ERC-4337 standard has enabled the creation of smart accounts on Ethereum, a significant step forward for mainstream adoption. The new standard, known as “account abstraction,” will make the crypto world more user-friendly by eliminating the need for users to learn about complicated seed phrases or the technical process of setting up a wallet. The new feature also allows the use of two-factor authentication and other security measures, making it more secure for users.

The blockchain industry continues to expand, with companies like Chiliz offering support to early-stage projects through its incubator and accelerator program. The new Chiliz blockchain for sports and entertainment is also set to leverage this program to build a dedicated sports Web3 ecosystem. Meanwhile, identity solutions on the blockchain are still a central focus for many, with the deployment of the soulbound tokens protocol on the Celo blockchain, offering a new way for users to define themselves. Finally, Klaytn is focusing on increasing demand and value for its KLAY tokens by identifying key crypto infrastructure services and increasing transactional utility.




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