Monday, 25 March 2024

Market Summary

Market Summary 25 March 2024

Bitcoin Price: US$ 67,209.99 (+5.03%) 
Ethereum Price: US$ 3,454.98 (+3.77%) 

Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM) is facing downtime due to issues with its blockchain sequencer, impacting transaction processing. Despite assurances from Polygon that this problem is confined to zkEVM and does not affect other chains, some users express concern over the prolonged network outage. This incident follows recent challenges in the crypto space, such as Solana’s significant network outage in February. In other news, the European Parliament scraps a proposed €1,000 limit on cryptocurrency payments from self-hosted wallets as part of new anti-money laundering laws, while the SEC extends the deadline to decide on Grayscale’s Ethereum Futures Trust ETF, reflecting ongoing regulatory scrutiny and delays in approving crypto-based ETFs. 

Bitcoin demand in Argentina has surged to its highest point in nearly 2 years as Argentines seek to safeguard their savings amidst the continual depreciation of the national currency, the Argentine peso. Data from cryptocurrency exchanges Lemon Cash, Ripio, and Belo indicate a doubling in Bitcoin purchases compared to 2023, attributed to the peso’s ongoing decline. Stablecoin purchases have declined as Bitcoin’s price surge attracts more interest, with Belo reporting a tenfold increase in Bitcoin and Ether volume compared to last year. Meanwhile, interest in stablecoins persists, with Argentines resorting to “crypto caves” for U.S. dollar stablecoins to circumvent currency controls and inflation. The use of digital currencies for transactions is slowly gaining momentum, exemplified by a rental agreement in Rosario where monthly rent is paid in Bitcoin following a decree allowing cryptocurrency use in certain conditions. In a separate development, CryptoQuant CEO Ki Young Ju anticipates a resurgence in spot Bitcoin exchange-traded fund (ETF) demand if BTC prices decline further, with historical data indicating increased ETF demand when Bitcoin approaches certain support levels. In other news, a hospitality worker in the UK has been found guilty of money laundering after $2.5 billion worth of Bitcoin was discovered in her possession, illustrating the cryptocurrency’s use in criminal activities despite reports suggesting cash remains the preferred choice for money laundering. 

In Nigeria, proposed increased crypto registration fees present challenges for venture capitalists despite the country’s potential, with government restrictions on peer-to-peer (P2P) platforms complicating matters. Ray Youssef, CEO of NoOnes, suggests the fee hike invites major players like Coinbase into the market, conflicting with Nigeria’s strong preference for P2P trading. Meanwhile, RippleX’s response to a technical issue affecting automated market maker (AMM) pools on the XRP Ledger reflects a proactive approach to maintaining the integrity of the ecosystem. By promptly identifying and addressing the discrepancy in a limited number of AMM pools, RippleX demonstrates its commitment to user safety and operational efficiency. Advising users to refrain from depositing funds into affected pools and recommending redemption of liquidity provider (LP) tokens until the matter is resolved, RippleX prioritises transparency and user protection. This incident underscores the challenges inherent in developing and maintaining decentralised systems, while also highlighting the resilience and adaptability of the cryptocurrency community in responding to technical obstacles. In another development, South Korean crypto fugitive Do Kwon’s release from prison in Montenegro amid deliberations on extradition requests from the United States and South Korea marks a significant development in the ongoing legal saga surrounding the Terra collapse. 


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