Friday, 21 April 2023

Market Summary

Market Summary 21 April 2023

Bitcoin Price: US$ 28,243.65  (-1.92%)
Ethereum Price: US$ 1,942.98 (+0.48%)  


On Wednesday, the crypto futures market experienced heavy losses as prices fell, resulting in $253 million in long liquidations, with most of the volume on Binance and OKX. Bitcoin fell below $30,000 and ether also sank below $2,000, with crypto stocks such as Coinbase and MicroStrategy also affected. Long positions across derivatives exchanges saw the largest liquidations this year, and long liquidations continued as another $30 million was wiped out in the past 12 hours. Meanwhile, blockchain research and infrastructure provider Flashbots launched the beta version of its MEV-Share protocol to distribute a portion of Maximal Extractable Value profits to Ethereum users. MEV-Share aims to place users in control of transaction order flow and protect against bots trying to extract profits by re-ordering user transactions. The new protocol enables users to gain access to MEV redistribution while still maintaining a base level of privacy.

Societe Generale’s cryptocurrency team, FORGE, is planning to launch a euro-pegged stablecoin named EUR CoinVertible (EURCV) on the Ethereum blockchain. The stablecoin aims to offer institutional investors a new way to manage their cash flow and bridge the gap between traditional markets and digital assets. The token will comply with European Union banking, legal, and regulatory standards, and SG-FORGE will be its issuer. The stablecoin’s collateral will be legally separated from the SG-FORGE team and managed by a reputable agent under relevant legal frameworks for fiduciaries. If stability mechanisms are threatened, EURCV holders can redeem their collateral. In a separate news, Web3 venture capital funding has declined by 82% YoY, with deal flows slowing down. Only two deals hit the nine-figure mark out of more than 300 completed deals in the first quarter, making it the lowest number of deals since the fourth quarter of 2020. However, a recent report by Galaxy Digital found that crypto startups saw a 20% increase in VC deals last quarter, mostly driven by pre-seed activity, with VC funding coming in at $2.4 billion, the lowest since the fourth quarter of 2020.

CoinFund’s President, Chris Perkins, has called for the passing of crypto laws that encourage sector growth and noted that potential legislation around stablecoins presents a significant opportunity. Perkins also highlighted a years-old proposal from SEC Commissioner Hester Peirce designed to spur crypto entrepreneurs to more freely build decentralized networks. In emphasizing the necessity of nuanced regulations to spur responsible innovation, Perkins emphasized that legislation must be the bedrock for digital financial policy. On the other hand, Bitcoin’s price has dipped, putting the $28,000 support at risk. Although spot gold has become the main risk asset beneficiary, U.S. equities have reversed their uptick, with the S&P 500 and Nasdaq Composite Index down 0.6%. At the time of writing, BTC/USD is circling $28,800, and popular Twitter trader and analyst Adam warned of the current range failing to hold, calling it a “lose this level, and it’s lights out” type of scenario. Adam is happy to buy the reclaim above local S/R but finds the current lows pretty muted for his liking to get aggressive long here.




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