Monday, 2 October 2023

Market Summary

Market Summary 2 October 2023

Bitcoin Price: US$ 27,992.57 (+3.82%)
Ethereum Price: US$ 1,733.79 (+3.76%)  


BlockFi, the crypto lender, has made progress in its bankruptcy restructuring plan, with over 90% of creditors approving it, which could help recover assets lost to FTX and Three Arrows Capital, potentially benefiting clients. However, a bankruptcy court’s approval is still pending. BlockFi customers with funds in BlockFi Interest Accounts or BlockFi Retail Loans are expected to receive their funds back in the coming months. Stablecoin issuer Circle Internet Financial unveiled Perimeter Protocol, an open-source smart contract codebase to facilitate the development of tokenised credit markets, supporting various use cases like invoice factoring and credit trading. Gemini will cease crypto services in the Netherlands on November 17, citing regulatory requirements imposed by De Nederlandsche Bank, but aims to comply with MiCA regulation to resume services. Additionally, VanEck plans to donate 10% of profits from its upcoming Ether futures ETF to Ethereum core developers, and Bitwise Asset Management will launch Ether ETH futures ETFs on October 2. These developments reflect ongoing transformations and regulatory challenges in the crypto and blockchain space. 

Vitalik Buterin, Ethereum’s co-founder, has raised concerns about DAOs controlling the selection of node operators in liquidity staking pools, potentially exposing them to malicious actors. He cites examples like Lido, which uses a DAO to validate node operators, and Rocket Pool, where anyone can become a node operator by placing an 8 Ether deposit. However, he points out that these approaches come with their risks and vulnerabilities. Buterin suggests encouraging diversity in liquid staking providers to reduce the risk of excessive centralisation. Meanwhile, VanEck has announced plans to donate 10% of profits from its upcoming Ether futures ETF to Ethereum core developers for a decade, highlighting the importance of supporting the community-building crypto protocols. Bitwise Asset Management will launch two Ether futures ETFs on October 2, providing investors with access to Chicago Mercantile Exchange Ether futures.

As the United States government approaches a potential shutdown, concerns are rising about the impact on crypto-related bills and regulations. A government shutdown, if it occurs, could disrupt legislative processes, with crypto bills potentially taking a backseat to other priorities once activities resume. Bills like the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act could face delays in Congress. However, some experts believe that crypto legislation with strong bipartisan support could see action in November. Meanwhile, Google Cloud has joined the Polygon network as a validator, adding its infrastructure to secure the Ethereum layer-2 network. Additionally, Chainalysis, a crypto analytics firm, is laying off about 15% of its staff and shifting its focus to government contracting amid market uncertainties.




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