Friday, 22 March 2024

Market Summary

Market Summary 22 March 2024

Bitcoin Price: US$ 65,501.27 (-3.45%) 
Ethereum Price: US$ 3,492.85 (-0.67%) 

A Redditor’s analysis suggests that adjusting a dollar-cost averaging (DCA) strategy based on market sentiment, particularly the Crypto Fear & Greed Index, can yield higher returns for Bitcoin investors compared to a standard DCA strategy. By selling a portion of Bitcoin holdings during periods of “extreme greed,” the analysis found an increased return on investment (ROI) of 184.2% compared to the benchmark strategy’s 124.8%. Meanwhile, Grayscale’s Bitcoin exchange-traded fund (ETF), GBTC, experienced significant outflows, totalling nearly $359 million on March 21, amid speculation that the exodus could soon subside, largely attributed to bankruptcies of crypto firms. Additionally, a class-action lawsuit against Silvergate Bank, alleging its involvement in aiding fraud at FTX exchange and its affiliated firm, Alameda Research, has been greenlit by a San Diego federal court judge, indicating potential accountability for the bank’s actions despite its denial of the allegations. 

A severe vulnerability in Apple’s M-series chips has been uncovered by researchers, posing a threat to the security of MacBook devices by potentially allowing unauthorised access to encrypted data due to a side channel exploit deeply embedded in the chip’s design. Unlike typical vulnerabilities that can be patched, this flaw is considered “unpatchable,” requiring the use of third-party cryptographic software that may compromise chip performance. Meanwhile, ARK Invest sold $52.3 million worth of Coinbase shares as the stock price surged above $270, marking one of its most significant sales in 2024, amidst stable growth in Coinbase stock. In another development, the former head of growth at the Solana Foundation predicts that the Solana blockchain will surpass Ethereum in consumer applications, citing its superior transaction throughput and resilience despite recent challenges, such as network outages. 

The Worldcoin Foundation has made significant strides in enhancing transparency and privacy within its ecosystem by open-sourcing components of its iris-scanning Orbs software and introducing a new feature called “Personal Custody,” allowing users to self-custody their data. Despite facing scrutiny from global regulators over privacy concerns, Worldcoin remains committed to compliance and innovation. Meanwhile, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) has endorsed a unified ledger payment model, aiming to leverage tokenisation and shared ledger technology to streamline international payments. SWIFT’s proposal highlights the potential of common infrastructure to provide real-time balance information across participants while acknowledging the importance of a messaging layer for data transfer. In another development, defunct cryptocurrency exchange FTX is set to offload its stake in artificial intelligence firm Anthropic worth around $1 billion to pay off bankruptcy debts, with Saudi Arabia reportedly excluded from contention over national security concerns. This move comes ahead of FTX boss Sam Bankman-Fried’s sentencing hearing, following his conviction on seven fraud counts in November 2023, described as one of the biggest financial frauds in U.S. history. 

Source: https://cointelegraph.com 

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