Monday, 23 October 2023

Market Summary

Market Summary 23 October 2023

Bitcoin Price: US$ 29,992.46 (+0.28%)
Ethereum Price: US$ 1,663.70 (+2.13%)  

 

The Lightning Network, a layer-2 scaling solution for Bitcoin, has recently faced criticism from lawyer and crypto supporter John Deaton. Deaton argues that the “Spend The Bits” protocol on the XRP Ledger offers a more effective alternative. This critique coincides with growing concerns about the security of the Lightning Network, given allegations of vulnerabilities that could compromise its integrity. In related news, Antoine Riard, a Bitcoin core developer, is stepping back from the Lightning Network’s development team due to the emergence of new replacement cycling attacks, which have put the Bitcoin ecosystem in a precarious position. These developments highlight the ongoing challenges and complexities inherent in the cryptocurrency ecosystem. Separately, Uniswap founder Hayden Adams made headlines by burning 99% of the HayCoin supply to combat rampant price speculation, causing a notable surge in the HAY token’s value. This move raised questions about potential tax implications and further underscored the volatile nature of the crypto market.

FTX users are currently encountering a withdrawal scam, as deceptive emails posing as FTX Trading, West Realm Shires Services, and FTX EU offer priority asset withdrawals that bypass waiting periods and legal proceedings. These fraudulent emails are targeting users eager to withdraw their assets amid ongoing legal disputes involving the exchange’s former CEO, Sam Bankman-Fried, so users are advised to be cautious and not click on any suspicious links. Additionally, the Singapore High Court has approved a significant development in the world of blockchain and NFTs. Financial investigation firm Intelligent Sanctuary (iSanctuary) was granted the right to attach nonfungible tokens (NFTs) containing a court-issued worldwide freeze order to cold wallets connected to a crypto hack. These NFTs act as a warning to other parties and exchanges, alerting them to the wallet’s involvement in illicit activities. Furthermore, Bitcoin’s dominance in the cryptocurrency market has soared to over 49%, marking its highest level in more than two years. This surge in dominance can be attributed to Bitcoin’s strong performance and the ongoing market uncertainties driven by factors such as inflation and geopolitical risks, with Bitcoin seen as a hedge against these uncertainties, potentially paving the way for an ETF approval.

Gnosis Chain’s total value locked has doubled from $75 million to approximately $150 million since the start of October, driven by a surge in transactions and fees on the network. This surge was triggered by a transfer of $50 million in stablecoins to Gnosis Chain, which is being used to secure an enhanced savings rate through MakerDAO’s Spark lending protocol, providing rates exceeding 7%. Meanwhile, Binance’s Visa debit card services in the European Economic Area (EEA) will be shut down on December 20, affecting around 1% of Binance users. The closure follows a series of setbacks for Binance, including the restoration of euro deposits and withdrawals, which had been unavailable for a month after a payments processor dropped the exchange, and the suspension of U.S. dollar deposits and withdrawals. In addition, a false tweet from CoinTelegraph regarding the approval of a spot Bitcoin ETF caused significant price fluctuations in the market, emphasising the strong anticipation within the crypto industry for such an ETF.

 

Source:

https://cointelegraph.com
https://theblock.co
https://decrypt.co

 

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