Tuesday, 25 July 2023

Market Summary

Market Summary 25 July 2023

Bitcoin Price: US$ 29,176.50 (-3.02%)
Ethereum Price: US$ 1,850.00 (-2.05%)  

 

The legal dispute between the United States Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase is progressing as a date for initial case arguments has been confirmed. Coinbase’s chief legal officer, Paul Grewal, announced that New York Judge Katherine Polk Failla has approved the joint request from both parties to proceed with hearings. While an agreement was reached on the deadline for Coinbase’s motion and opening brief, there was a disagreement regarding the SEC’s opposition brief, which was settled by the judge. Meanwhile, Technische Universität Dresden researchers have made groundbreaking strides in neuromorphic computing, presenting a new material design using “reservoir computing” that revolutionises pattern recognition and algorithmic functions in real-time, potentially disrupting the blockchain and AI industries. In the other news, Maker (MKR) has witnessed significant gains, with potential triggers including its comprehensive “Endgame” roadmap and divestments by major venture capital firms.

Top cryptocurrency exchange Binance plans to seek dismissal of the U.S. Commodity Futures Trading Commission’s (CFTC) lawsuit against the company, founder Changpeng Zhao, and compliance officer Samuel Lim, alleging operation of a derivatives trading operation in the U.S. The exchange is also facing an SEC lawsuit with a temporary restraining order request on Binance.US. The FOMC’s Federal Open Market Committee is expected to implement a 25 basis point rate hike, potentially bringing the federal funds rate to its highest level in 17 years, amid inflation concerns. In Russia, President Vladimir Putin signed the digital ruble bill into law, allowing the country’s central bank to issue its own digital currency for payments and potential circumvention of sanctions.

Bitcoin (BTC) investment products experienced a $13 million outflow last week, while funds focusing on smaller cryptocurrencies like ether (ETH) and XRP saw increased favor among investors, according to CoinShares. Overall, digital asset funds had a weekly outflow of $6.5 million after gaining significant inflows over the previous four weeks. The shift in trend may be due to BTC investors having less positive news to support their investments following major catalysts in recent weeks, including BlackRock’s filing for a BTC exchange-traded fund and XRP’s partial court victory against the U.S. Securities and Exchange Commission. Meanwhile, Ethereum co-founder Vitalik Buterin expressed concerns over Sam Altman’s crypto project, Worldcoin, specifically regarding its user authentication system called “Proof-of-Personhood” (PoP). Buterin highlighted potential issues with privacy, accessibility, centralisation, and security in the PoP system. Additionally, Connext has launched a new token standard, “xERC-20,” to reduce losses from bridge hacks in the cross-chain bridging protocol. Still, Worldcoin’s native token, WLD, experienced significant gains after listing on major exchanges, raising concerns about its circulating supply and valuation despite criticism from the crypto community.

 

Source:

https://coindesk.com
https://cointelegraph.com 

 

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