Tuesday, 2 May 2023

Market Summary

Market Summary 2 May 2023

Bitcoin Price: US$ 28,068.26 (-3.99%)
Ethereum Price: US$ 1,830.73 (-2.10%)  


Interest in “Bitcoin Request for Comment,” or BRC-20, tokens has surged, with their market value rising by several hundred percent to $137 million. The standard was created in March to allow the issue and transfer of fungible tokens on the Bitcoin blockchain. The BRC-20 standard differs from the popular ERC-20 standard as it lacks the ability to interact with smart contracts. In another news, the largest cryptocurrency exchange in the US, Coinbase, has launched the Coinbase International Exchange, offering Bitcoin and Ethereum perpetual futures for institutional clients following regulatory approval from the Bermuda Monetary Authority.

Crypto exchange Poloniex has agreed to pay $7.59 million to settle allegations of sanctions violations on its platform, according to a statement from the US Treasury Department. The violations allowed customers from sanctioned jurisdictions, including Crimea, Cuba, Iran, Sudan, and Syria, to transact on the platform. The Treasury’s Office of Foreign Assets Control (OFAC) found that Poloniex had the means to identify the locations of these accounts based on IP addresses and KYC information. Meanwhile, Bloomberg’s editorial board has argued that the Securities and Exchange Commission’s crackdown on the crypto industry could be the “best thing that ever happened” to it, as it could root out bad actors and lead to more transparency in the sector.

Coinbase’s top executives of making themselves $1.09 billion richer by failing to disclose negative information about the company prior to listing its shares in April 2021. The suit was filed by an investor in Coinbase stock and names famed investors Marc Andreessen and Fred Wilson as defendants, alongside Coinbase CEO Brian Armstrong and his top management team. Coinbase denies the claims, calling the action “frivolous” and “meritless.” Meanwhile, decentralised exchange Curve Finance has deployed smart contracts for its crvUSD stablecoin on the Sepolia testnet ahead of a mainnet launch. The stablecoin will be pegged to the U.S. dollar and will rely on a new algorithm called Lending-Liquidating AMM (LLAMMA). Additionally, ConsenSys-built Layer 2 network Linea is introducing a loyalty NFT campaign to boost activity on its testnet ahead of its mainnet launch.





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