Friday, 24 February 2023

Market Summary

Market Summary 24 February 2023

Bitcoin Price: US$ 23,940.20 (-1.00%)
Ethereum Price: US$ 1,650.53 (+0.45%)

 

Crypto intelligence firm Messari has recently undergone a 15% reduction in its workforce as part of a restructuring effort to better serve its customers in the rapidly evolving economic and tech climate. Messari CEO Ryan Selkis confirmed the staff cuts in a statement, noting that the company still plans to fill open positions. This restructuring follows similar moves by other crypto companies, including Coinbase and Polygon Labs. Additionally, Binance has closed derivative trading accounts of some wholesale investors in Australia after discovering the accounts did not meet the criteria for such investors.

In other news, Coinbase’s new layer 2 blockchain, Base, experienced operational glitches during its testnet rollout, leading to user complaints on Twitter. These issues were attributed to Coinbase’s wallets incorrectly estimating gas fees required to execute transactions. Meanwhile, Colombia conducted a court hearing in Meta’s metaverse using Horizon Workrooms.

Recently, the US Federal Reserve, along with other agencies such as the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, issued a warning to banks about the liquidity risks of dealing with cryptocurrencies due to their volatility and unpredictability. The statement emphasised stablecoins’ stability, which is linked to the demand for them, confidence in their arrangements, and reserve management practices.

Eclipse has announced the upcoming release of Polygon SVM, a Solana-compatible Layer 2 blockchain built for the Polygon network, which will enable Solana developers to migrate their apps to Polygon without having to rebuild their code for the Ethereum Virtual Machine. The Polygon SVM testnet is set to launch in Q1 2023.

Kraken’s Head of OTC Options Trading, Juthica Chou, stated that institutional interest in cryptocurrencies remains strong despite the recent regulatory crackdown by the SEC and the fall of FTX exchange. Kraken is working with clients who are looking for directional exposure and see opportunities in both short and long-term investments. Meanwhile, stablecoin issuer Paxos is facing regulatory uncertainty after being hit with enforcement actions by the NYDFS and the SEC, as well as recent guidance from the Federal Reserve Board warning against state-chartered banks holding crypto assets for non-custodial purposes.

The International Monetary Fund (IMF) has called for a coordinated response to the growing adoption of cryptocurrencies, warning that they could undermine the effectiveness of monetary policy, circumvent capital flow management measures, and exacerbate fiscal risks. The IMF has recommended that member countries take a comprehensive and coordinated policy response, including adapting unambiguous tax treatment of crypto assets, and working to strengthen digital infrastructure and alternative solutions for cross-border payments and finance.

Audius, a Web3 music streaming platform, has integrated with TikTok, enabling users to link their TikTok profile to their Audius account, import their handle and verification status, and share Audius songs in their TikTok videos. This integration is expected to amplify the reach of Audius and its artists. Meanwhile, developers at XRP Ledger and Ripple development lab RippleX have proposed a new standard for a cross-chain bridge to enable interoperability between different networks.

Finally, Synthetix, an on-chain liquidity and derivatives trading protocol, recently deployed version 3 (v3) on the Ethereum mainnet after undergoing security audits. The protocol allows the issuance of synthetic assets on the Ethereum blockchain. Version 3 aims to offer simplified staking and differentiated debt pools, and will enable the creation of products that offer a liquid market for any financial derivative that developers want to build. On the other hand, Canto, a Cosmos-based layer 1 blockchain, has experienced an 89% decrease in daily active addresses and transactions in February, according to data from blockchain analytics firm Artemis.xyz.

Source:
https://coindesk.com
https:/www.theblock.co
https://decrypt.co

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