Friday, 24 March 2023

Market Summary

Market Summary 24 March 2023

Bitcoin Price: US$ 28,295.41 (+3.83%)
Ethereum Price: US$ 1,813.79 (+4.58%)  


Bitcoin (BTC) and Ethereum (ETH) have had different levels of success, with BTC increasing in price by 65% and ETH rising by 45% for the year to date. This is a significant difference, as the two cryptocurrencies have been tightly correlated in the past. This highlights the resilience of BTC and the potential opportunity in ETH. Meanwhile, the native luna tokens of the Terra blockchain fell 8% due to reports of the alleged arrest of founder Do Kwon in Montenegro, with the government trying to confirm the identity of the person in custody.

Bitcoin corrected after the U.S. Federal Reserve’s interest rate hike, but its 17.5% rally from March 16 to 22 surprised options traders who bet on lower prices. The rally was driven by investors seeking protection against persistent inflation and the ongoing banking crisis. Bitcoin bulls are paying close attention to the negative effects of near-zero interest rates and the $1.2 billion in BTC options that are set to expire on March 24. In other news, Google is looking to disrupt itself to serve the needs of the crypto community by innovating new products specifically for the industry. James Tromans, head of Google Cloud Platform for web3, said there’s still a lot of progress to be made and opportunity in the space.

Decentralized infrastructure protocol The Graph has teamed up with Banxa, a web3 fiat-to-crypto gateway, to enable direct fiat payments on its platform, reducing the barriers to decentralized protocols and making it easier for developers to access blockchain data. The integration, which utilizes Banxa’s OpenRamp product, allows users to engage with The Graph’s user interface directly without having to go through centralized crypto exchanges. This integration provides new possibilities for B2B2C projects in web2 and web3, making the decentralized network as easy to use as traditional SaaS. In other news, the CEO and chairman of Ledger, Pascal Gauthier, believes the collapse of major banks highlights the need for Bitcoin and self-custody. Gauthier explains that Bitcoin was designed in response to the 2008 financial crisis and the lack of trust in central authorities. Whenever the market gets stressed and people fear for their savings, they rush to crypto and self-custody, he said.




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