Wednesday, 22 February 2023

Market Summary

Market Summary 22 February 2023

Bitcoin Price: US$ 24,452.16 (-1.57%)
Ethereum Price: US$ 1,659.76 (-2.55%)  


Euro-backed stablecoin, Euro Coin set to trade on Coinbase

  • Support for Euro Coin (EUROC), a euro-backed stablecoin, will go live on Coinbase in regions where trading is supported, the exchange said on Twitter.
  • Trading is slated to begin on or after 9 a.m. PST, Feb. 22, once liquidity conditions are met and asset supplies are established, said Coinbase, adding that after which the launch of EUROC-USD and EUROC-EUR pairs will continue in phases.
  • Coinbase will support EUROC as an ERC-20 token on the Ethereum network. It warned users to avoid sending the asset over other networks, or funds may be lost. The EUROC token will launch with the Experimental Label, designated for new or low volume tokens on the exchange, said Coinbase.


Paxos in ‘constructive discussions with the SEC,’ ends relationship with Binance

  • Stablecoin issuer Paxos told employees it’s in “constructive discussions” with the U.S. Securities and Exchange Commission (SEC) after getting a Wells notice about the Binance USD stablecoin coin.
  • “We look forward to continuing that dialogue in private. Of course, if necessary, we will defend our position in litigation,” CEO Charles Cascarilla said in an email to employees. The company said last week that it categorically disagreed with the SEC’s categorization of BUSD as a security.
  • Cascarilla also said the company would end its relationship with Binance, in what he said was a separate decision from the SEC Wells notice and the directive from the New York Department of Financial Services.
  • “The market has evolved and the Binance relationship no longer aligns with our current strategic priorities,” he said.
  • The firm has facilitated more than $2.8B in BUSD redemptions since announcing that it would stop issuing the stablecoin.
  • “We remain fully focused on serving the end holders of BUSD and protecting them from undo harm. Paxos will continue to support BUSD through at least February 2024 and maintain the highest standards of security and soundness in the stablecoin market,” Cascarilla said.


Coinshares reports bitcoin outflows for the first time since December

  • Coinshares reported outflows from digital asset investment products totaling $32 million last week, the largest weekly amount since December. 
  • Outflows had reached $62 million mid-way through the week, but sentiment improved by Friday, the firm said. Bitcoin trended lower through mid-week and has since picked back up, surpassing $25,000 last week for the first time in more than six months.
  • Coinshares said bitcoin accounted for most of the outflows for the week, totaling $25 million, while short-bitcoin investment products saw inflows of $3.7 million.  


MATIC Drops 6% as Polygon Labs Slashes Headcount by 20%

  • Polygon Labs, the group of companies behind the eponymously-named blockchain network, announced it would be cutting its headcount by 20%, per a blog post.
  • The 100 employees that have been laid off will receive three months of severance pay.
  • “Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process,  we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions,” read the post.


Microsoft and Ankr partner to offer blockchain node infrastructure service

  • Microsoft partnered with web3 infrastructure provider Ankr to offer a node service for enterprises in need of blockchain data access.
  • The two firms will work together on a new node hosting service in Microsoft’s Azure cloud marketplace, with tailored memory and bandwidth specifications for blockchain nodes.
  • The enterprise node deployment service would enable web3 projects or developers to deploy smart contracts, relay transactions and read or write blockchain data, according to a company release.
  • “Our partnership with Ankr will enable developers and organizations to access blockchain data in a reliable and secure way as they explore how web3 can address real-world business challenges,” said Rashmi Misra, Microsoft’s general manager for AI and emerging technologies in the release. “Together, we are building a robust web3 infrastructure layer.”


HIVE Increases Bitcoin Production in First Full Quarter Without Ethereum Mining

  • Crypto miner HIVE Blockchain increased its Bitcoin production in the final three months of last year, despite the ongoing crypto winter and the end of its Ethereum mining operations.
  • The Vancouver-based business mined 787 new Bitcoin in the quarter ending December 31, 2022, an increase of 13% year-on-year. In a statement, the company chalked the higher output up to the completion of its New Brunswick data center.
  • Even with Bitcoin prices low and mining difficulty increasing, miners like HIVE have continued to produce more Bitcoin.
  • Last month, for example, mining firm Riot Platforms reported a new all-time high in its BTC production.


Stacks Token Soars 130% on the Week Amid Bitcoin NFT Hype

  • STX, the native token powering the Bitcoin-adjacent Stacks blockchain, has gained 19% overnight, according to data from CoinGecko.
  • At press time, STX is changing hands at roughly $0.70, slightly lower from its 180-day high of $0.75, reached earlier today.
  • On a weekly note, STX is up a whopping 132%. The weekly gains not only handed hefty profits to short-term holders but also helped the coin regain its billion-dollar market capitalization.


Glassnode: shared James V. Straten post

  • Stablecoin outflows into #Bitcoin have once again commenced.

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