Wednesday, 26 April 2023

Market Summary

Market Summary 26 April 2023

Bitcoin Price: US$ 28,300.79  (+2.87%)
Ethereum Price: US$ 1,866.10 (+1.32%)  

 

Bitcoin (BTC) has regained its value, reaching over $28,000, as investors respond to positive Q1 earnings from tech giants Alphabet and Microsoft and the liquidation of some bitcoin short positions. Ether (ETH) followed suit, rising 1.8% to around $1,869. However, First Republic Bank’s announcement that it lost $100bn in deposits led to anxiety about regional banks and caused the S&P 500 and Nasdaq Composite to close down 1.5% and 1.9%, respectively. Veteran Bitcoin analyst Philip Swift is optimistic about BTC’s future, suggesting that Bitcoin is done with its bear market, but he also warns that government policy may suppress the price. Meanwhile, BitMEX founder Arthur Hayes recommends that consumers purchase crypto as a hedge against risk from the broken banking system.

The FTX-owned derivatives trading platform LedgerX is set to be sold to M7 Holdings for $50 million after bankruptcy lawyers agreed to the sale. The sale will be reviewed and approved at a hearing scheduled for May 4, 2023. In another news, a US federal appeals court has ruled that Apple’s 30% fee on most transactions through its App Store is illegal under California’s Unfair Competition Law. The ruling could have significant implications for NFT and crypto builders, as it frees iOS developers to direct customers to alternative payment methods outside of Apple’s own App Store payments system, which takes a 30% cut of most transactions.

ARK Invest and 21Shares have filed for a Bitcoin spot ETF again, after their previous attempts were rejected by the US Securities and Exchange Commission (SEC). The new ETF would offer indirect exposure to Bitcoin for investors. Despite regulatory uncertainty, the companies remain committed to advancing a regulated spot crypto product. Meanwhile, Binance US has walked away from its deal to acquire Voyager Digital’s assets due to what it described as a hostile regulatory climate. Voyager expressed disappointment over the termination of the roughly $1.3 billion restructuring deal and plans to return value to customers via direct distributions. Binance US’s decision parallels a deal that fell through between Binance’s international affiliate and FTX last year.

Arbitrum has distributed $120 million worth of ARB tokens to decentralized autonomous organizations (DAOs) within its ecosystem. The initial amount allocated toward 125 DAOs is 113 million ARB tokens, with around 90 million ARB distributed so far. The leading recipients include Treasure DAO, SushiSwap, Dopex, Radiant, and Balancer. Besides the projects mentioned above, 118 other ecosystem protocols will receive the ARB airdrop in varying amounts. The token distribution is expected to be completed by the end of this week. In other news, Genesis creditors have rejected the bankruptcy restructuring deal agreed upon in February, prolonging the court process. Genesis filed for bankruptcy protection in January after failing to recover from the financial hit inflicted by last year’s collapses of Three Arrows Capital and FTX.

 

Source:

https://coindesk.com
https://cointelegraph.com
https://theblock.co
https://blockworks.co 

 

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