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.

 

Source:

https://cointelegraph.com
https://coindesk.com

 

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