Tuesday, 25 April 2023

Market Summary

Market Summary 25 April 2023

Bitcoin Price: US$ 27,510.93  (-0.29%)
Ethereum Price: US$ 1,841.84 (-1.08%)  


The recent Ethereum Shanghai upgrade led to a record-breaking inflow of 571,950 ETH deposits for staking contracts, worth over $1 billion, driven by institutional staking service providers and investors reinvesting rewards after withdrawal, according to crypto analysts. In a separate news, the total value locked (TVL) of Ethereum layer 2 networks reached $10 billion on April 14, its highest level yet, as ETH’s price rose. Arbitrum One dominates the layer 2 scaling landscape, followed by Optimism, and newly unveiled zero-knowledge rollups, zkSync Era and Polygon zkEVM, have registered the fastest-growing TVL over the past month. TVL has since declined to around $9.29 billion amid a drop in crypto prices.

California Assemblymember Matt Haney has introduced Assembly Bill 1229, which proposes a legal framework for Decentralized Autonomous Organizations (DAOs) in the state. If passed, the bill would change California’s corporate code to include DAOs, blockchain networks, and smart contract protocols, allowing DAOs to incorporate in the state and pay taxes while providing better protection for Californians participating in the Web3 economy. On the other hand, cryptocurrency exchange Coinbase has asked a federal court to compel the US Securities and Exchange Commission (SEC) to respond to its demand for clearer crypto regulations. Coinbase had sent the SEC a “petition for rulemaking” last July, asking the regulator to propose and adopt rules for digital assets securities and seeking answers to 50 specific questions related to the regulatory treatment of digital asset securities.

Visa is seeking to hire a senior software developer for its crypto team as it pushes ahead with its Web3 plans. The world’s second-largest card payment organization is looking for “experienced software engineers” who are “passionate about the Web3 stack of technologies.” Meanwhile, Binance has introduced an AI-powered chatbot called Binance Sensei for its Binance Academy. The chatbot, which uses OpenAI’s ChatGPT, is designed to enhance user engagement with educational content by providing relevant information through keywords and natural language questions.

Fabio Panetta, a board member of the European Central Bank, has stated that the digital euro will be designed to complement cash and replicate its best features, but it may not provide the same level of privacy. Speaking at the European Parliament’s Committee on Economic and Monetary Affairs, Panetta emphasized that there were no plans to remove cash as a payment method in the Eurozone. In a separate news, Bybit, a cryptocurrency exchange, has announced that it will require know-your-customer (KYC) checks for all of its services from May 8, 2023. The move comes amid increasing regulatory scrutiny of crypto exchanges worldwide, particularly in the United States.

Binance has launched a liquid staking token, called Wrapped Beacon ETH (WBETH), which will allow users to participate in decentralized finance protocols off the exchange and still receive Ethereum staking rewards. Users can wrap Beacon ETH (BETH) tokens to WBETH and vice versa on the exchange’s Ethereum staking page with zero fees. Binance is rebranding its Ethereum staking product and introducing the new token less than two weeks after Ethereum’s Shapella upgrade enabled staking withdrawals. In other news, an Ethereum address that participated in the blockchain’s initial coin offering (ICO) has become active after 7.7 years, transferring one ether to a new address.





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