Wednesday, 26 July 2023

Market Summary

Market Summary 26 July 2023

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


Bitcoin remained below $30,000 as investors awaited the potential resumption of the U.S. Federal Reserve’s rate-hike campaign. In contrast, Dogecoin surged 7% due to optimism surrounding Elon Musk’s actions at Twitter, where he plans to incorporate financial services. Bitcoin’s price was around $29,140 at press time, while Dogecoin spiked after news of Musk’s overhaul of Twitter, now called X. Meanwhile, venture capital firm a16z sold part of its investment in MakerDAO’s MKR tokens, amounting to $7 million, as the coin’s price reached a one-year high. Crypto firm Flashbots raised $60 million in a Series B round led by Paradigm, aiming to develop its MEV network, SUAVE, which aims to mitigate the negative impacts of maximal extractable value in Ethereum transactions.

KuCoin, a crypto exchange, has stated that it may reduce some staff as part of a routine personnel adjustment but denies reports of major layoffs. The exchange faced declining profits and legal challenges, including a lawsuit by the New York State Attorney General Letitia James alleging securities law violations. Meanwhile, the Avalanche Foundation plans to invest $50 million in tokenised assets on its AVAX blockchain, aiming to bring digital versions of traditional investment products to the layer 1 blockchain. In another development, professional services firm Deloitte forms a strategic alliance with crypto analytics firm Chainalysis to enhance clients’ blockchain tracking capabilities, with a focus on assisting law enforcement agencies, regulators, and financial institutions.

Ethereum faces potential downside risks as its NVT metric suggests overpricing since the beginning of 2023. Glassnode’s NVT signal, indicating the relative value of the network, surged to three-year highs, signaling a possible pullback or increased on-chain activity. However, short- and long-term holders’ profit levels may restrict the downturn. In another development, Solana game developer Automata announces significant layoffs to focus on specific projects amid financial challenges. Meanwhile, Elon Musk’s update on Twitter’s rebranding to X emphasises the incorporation of financial services, with the potential to encompass a significant portion of the global financial system.




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