Monday, 24 June 2024

Market Summary

Market Summary 24 June 2024

Bitcoin Price: US$ 63,159.06(-1.70%) 
Ethereum Price: US$ 3,420.91 (-2.14%) 

Michael Saylor, executive chairman of MicroStrategy, claimed in a podcast that Bitcoin could reach $10 million per coin and promote “economic immortality,” suggesting that companies investing in Bitcoin could significantly outlast those sticking to traditional financial methods, emphasising Bitcoin’s potential to transform economics from a pseudoscience to a robust system, predicting broad adoption even by nations like China. Meanwhile, EigenLayer has enhanced its EigenDA data availability service on Ethereum with new security measures to prevent Sybil and distributed denial of service attacks, utilising IP addresses or ECDSA authentication for secure access, introducing flexible throughput options and planning to implement permissionless payments for bandwidth by the end of 2024. In another development, a MakerDAO governance delegate lost $11 million in tokens in a phishing scam after signing multiple malicious signatures, highlighting vulnerabilities within the crypto community and underscoring the increasing prevalence of approval phishing scams, which drained $300 million from users in 2023 alone. 

Billionaire investor Mark Cuban claimed he lost access to his Gmail account after falling victim to a hoax call, just months after over $800,000 was drained from his cryptocurrency wallet, raising concerns about his digital security and whether his X account was also compromised. Cryptocurrency portfolio manager CoinStats temporarily suspended user activity following a security breach affecting 1,590 crypto wallets, though only 1.3% of all CoinStats Wallets were impacted; CoinStats assured users their holdings remain safe, provided a list of affected wallets, and urged users to move their funds immediately while warning them about potential scammers. Meanwhile, the Chamber of Digital Commerce submitted feedback on the IRS’s proposed Form 1099-DA for reporting digital asset transactions, emphasising the need for simplification and raising privacy concerns about excessive information requests, suggesting limiting data collection to necessary details for basic tax reporting and advocating for public review of the form’s instructions before finalisation. 

Bitcoin miners are currently facing rising operational costs and lower rewards, with a hash ribbon inversion indicating a period of mining difficulty, but this is not yet at catastrophic levels, according to cryptocurrency analyst James Check. Miners are managing to break even by selling their mined Bitcoins to cover operational costs, adapting to a shift where transaction fees are becoming a primary revenue stream, despite some miners struggling. Several asset managers, including VanEck, BlackRock, Fidelity, and Grayscale, have submitted revised proposals for Ethereum exchange-traded funds (ETFs) to the U.S. Securities and Exchange Commission (SEC), with predictions for a July launch. The SEC’s recent rule change has allowed the listing of eight spot Ether ETFs, and these managers are now finalising details such as management fees and seed investments to prepare for market debut. Fidelity has amended its application for a spot Ether ETF, revealing a $4.7 million seed investment by its affiliate FMR Capital and confirming that it will not engage in Ether staking. The SEC has approved a rule change for listing eight spot Ether ETFs, but each still requires individual S-1 form approval before trading can begin, with other managers like Bitwise and Hashdex also updating their ETF proposals, including plans for a combined spot Bitcoin and Ether ETF by Hashdex. 

Source: https://cointelegraph.com 

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