Thursday, 26 October 2023

Market Summary

Market Summary 26 October 2023

Bitcoin Price: US$33,922.73 (+2.58%)
Ethereum Price: US$ 1,784.98 (+1.11%)  

 

Bitcoin’s market dominance surged to a 30-month high, reaching 54.4%, indicating that Bitcoin’s market capitalisation now surpasses the combined value of all other cryptocurrencies. This dominance surge is attributed to Bitcoin’s perceived lower risk compared to altcoins, with growing expectations of a spot Bitcoin ETF receiving approval from the U.S. Securities and Exchange Commission (SEC). SEC Chairman Gary Gensler refrained from revealing the agency’s specific plans for spot Bitcoin ETFs, leaving them to the SEC staff’s recommendations. In another development, asset manager Hashdex engaged with the SEC to address concerns regarding its application for a Hashdex Bitcoin Futures ETF, putting forward its mechanism for allowing spot Bitcoin to be traded within the ETF, thereby setting the stage for potential approvals of spot Bitcoin ETFs.

Wallets associated with crypto firms Alameda Research and FTX transferred over $10 million worth of cryptocurrency to exchange deposit accounts in a five-hour span, possibly indicating their intent to sell assets to repay creditors amid bankruptcy proceedings. This movement occurred as the crypto market experienced significant changes in Bitcoin’s dominance, which has surged to 54.4%, signifying Bitcoin’s market capitalisation exceeding the combined value of all other cryptocurrencies. The SEC, led by Chairman Gary Gensler, has remained tight-lipped about its plans regarding spot Bitcoin ETFs. Additionally, Polygon Labs launched the POL token contract, intended to replace MATIC in the Polygon ecosystem, enabling a broader range of functionalities within the network. Finally, Matrixport has reiterated its prediction that Bitcoin will reach $45,000 by the end of 2023, citing increased institutional interest, possible ETF approvals, and historical market trends, including a strong October performance.

In the aftermath of a significant crypto attack, the Maestrobots group, which operates cryptocurrency bots on the Telegram messenger app, has announced it will refund users affected by the Maestro Router 2 contract breach, covering all losses using its own revenue, amounting to 610 ETH (over $1 million). Following a cyberattack on Maestro Router on the Ethereum mainnet, which resulted in a loss of 280 ETH in exploited tokens, the platform identified and rectified the attack within 30 minutes. On another note, the crypto community on Twitter, previously X, has been buzzing with cryptic posts from individuals and platforms like David Schwartz of Ripple posting an image of a frog on lily pads and X (possibly linked to Elon Musk) sharing a dog meme, sparking speculations about various topics, including the future of cryptocurrencies and potential platform features. Meanwhile, BlackRock Advisors has been fined $2.5 million by the SEC for inaccurate investment disclosures related to investments in the entertainment industry, although this matter is unrelated to the cryptocurrency space. However, BlackRock has been in the crypto spotlight due to its proposed spot Bitcoin ETF, with the SEC’s charges coinciding with its ETF being listed on the Depository Trust & Clearing Corporation (DTCC) platform, potentially signalling progress in the ETF approval process.

 

Source:

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

 

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