Thursday, 22 February 2024

Market Summary

Market Summary 22 February 2024

Bitcoin Price: US$51,849.39(-0.78%)
Ethereum Price: US$ 2,967.90 (-1.56%)

Tether, the largest stablecoin issuer, remained ambiguous about whether it would follow Circle’s footsteps in ceasing support for the Tron network, where over 51.8 billion USDT tokens are housed, amid concerns of fraudulent activities. Meanwhile, Coinbase advocated for spot Ether exchange-traded products (ETPs), arguing that Ethereum’s classification as a commodity, along with its robust governance and market characteristics, make it suitable for such products. However, analysts cautioned that including staking in spot Ethereum ETFs could introduce new concentration risks to the blockchain network. In another domain, Nvidia reported a staggering 265% increase in revenue, driven by surging global demand for artificial intelligence (AI) equipment, overtaking Tesla as Wall Street’s most-traded stock. Nvidia’s success underscores its dominance in the AI hardware industry, with its RTX series being a preferred choice among enthusiasts, gamers, and creators amid growing investments in AI technologies worldwide.

An adviser to Nigeria’s President has advocated for a ban on trading platforms like Binance and KuCoin, alleging manipulation of the Nigerian naira and urging swift action from regulatory authorities. This call for action coincides with reports of difficulty accessing crypto exchange websites in Nigeria, fueling speculation of a potential government ban. In response, Binance has assured users of ongoing engagement with regulators while clarifying limitations on its platform’s functionalities. Meanwhile, AI-based crypto tokens and traditional stocks experienced positive growth, with tokens like Render and The Graph recording double-digit gains following Nvidia’s robust quarterly earnings report, which reflected a significant uptick in revenue driven by heightened demand for artificial intelligence (AI) equipment. Notably, luxury brand blockchain infrastructure provider Arianee has launched a layer 2 solution on Polygon, leveraging zero-knowledge proof technology to scale its digital product passport platform for luxury brands and enterprises. This move aims to enhance efficiency, scalability, and cost-effectiveness in managing digital product passports and tokens while catering to high-performance, evolutive projects demanding precise control over costs and energy consumption.

The European Central Bank (ECB) has reaffirmed its scepticism towards cryptocurrencies, particularly Bitcoin, despite recent developments such as the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. In a blog post authored by Ulrich Bindseil and Jürgen Schaaf, ECB executives criticised the notion that ETF approvals validate Bitcoin as a safe investment, arguing that the fair value of Bitcoin remains zero and cautioning against the potential risks of speculative bubbles. They emphasised concerns regarding environmental damage, wealth redistribution, and societal consequences associated with Bitcoin’s volatility. Meanwhile, venture capital firm Andreessen Horowitz (a16z) has invested $100 million in EigenLayer, Ethereum’s largest restaking protocol, highlighting growing interest and funding in the cryptocurrency sector. EigenLayer enables validators and stakers to restake liquid-staking derivative tokens, contributing to the expansion of decentralised finance (DeFi) ecosystems. Additionally, decentralised finance (DeFi) platform Aave has deployed its money market protocol on the BNB Chain network, enhancing the DeFi ecosystem on the blockchain and offering users access to lending and borrowing options with lower fees. This integration underscores BNB Chain’s efforts to promote mass adoption by targeting various decentralised applications, including DeFi protocols, gaming, artificial intelligence (AI), and decentralisation.


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