Monday, 24 April 2023

Market Summary

Market Summary 24 April 2023

Bitcoin Price: US$ 27,590.60  (-0.81%)
Ethereum Price: US$ 1,862.00 (-0.65%)  


Gemini, a US-based crypto exchange, plans to open an offshore derivatives platform as the regulatory environment becomes stricter in the US. The platform, called Gemini Foundation, will offer perpetual bitcoin and ether contracts denominated in Gemini dollars. In another news, Ethereum’s Shanghai upgrade has spurred institutional investors’ interest in staking, with top institutional-grade ETH staking service providers recording three times larger inflows in April compared to last month, with 80% of the inflows happening after the upgrade went live on April 12. The upgrade enabled withdrawals of some 18 million tokens previously locked up in staking contracts and led to ETH’s price rallying to $2,100.

Bitcoin’s dominance rate, or its share of the overall cryptocurrency market, has halted its increase, hinting at a potential outperformance of alternative tokens known as altcoins. Altcoins refer to any cryptocurrency other than bitcoin, and declines in bitcoin’s dominance rate have historically coincided with outsized gains in altcoins. Analysts suggest that if bitcoin’s dominance rate peaks out, it could signal that altcoins will outperform. Additionally, the current pullback in bitcoin’s price could end up forming a higher floor, acting as a launchpad for the next rally and providing opportunities to build a portfolio.

Trust Wallet, a popular crypto wallet backed by Binance, has fixed a vulnerability that impacted users who created a digital wallet using its browser extension between Nov. 13 and Nov. 23, 2022. However, Trust Wallet didn’t publicly acknowledge the issue for months, and some users’ funds are still at risk. The project stated that affected users will need to move their assets to new, non-affected wallet addresses to protect their funds. Trust Wallet has acknowledged that a few users had fallen victim to the vulnerability and has offered them a refund. In other news, public sector employees in the Chinese city of Changshu will start receiving their salaries in digital yuan next month, as China’s rollout of central bank digital currency continues to expand. For the last news, Ethereum core developers are making progress on the Cancun-Deneb upgrade, expected to occur later this year, which aims to make Ethereum cheaper for users by implementing new changes across Ethereum’s two mainnet layers. The most significant change anticipated in Ethereum’s Cancun-Deneb upgrade is Ethereum Improvement Proposal (EIP) 4844, which seeks to augment Ethereum’s scalability beyond the current capabilities of Layer 2 solutions.




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