Thursday, 27 April 2023

Market Summary

Market Summary 27 April 2023

Bitcoin Price: US$ 28,415.29  (+0.40%)
Ethereum Price: US$ 1,866.01 (0.00%)  

 

Asset managers are optimistic about the opportunities in growth equity and undervalued tokens in the crypto sector despite recent market destruction. Speaking at the Consensus 2023 event, Dawn Harflinger, CEO of Lili’uokalani Trust, compared the market destruction to the “Red Wedding” episode of “Game of Thrones” but said she is excited to gain additional exposure to secondaries and participate directly in the funding rounds of growth stage blockchain companies. Matt Halstead, director of real estate and digital assets for Texas Teachers, emphasised the potential of digital assets to be integral to the future of technology, despite acknowledging their volatility. Meanwhile, in a separate development, the crypto market experienced a sudden decline that saw the CoinDesk Market Index plummet 5.6% in an hour and liquidate both long and short positions worth $310 million.

Franklin Templeton, an investment giant with $1.4 trillion assets under management, has announced that its OnChain U.S. Government Money Market Fund (FOBXX) is now supported on Ethereum via layer 2 blockchain Polygon. This move enables the fund to be further compatible with the rest of the digital ecosystem, particularly through an Ethereum-based blockchain. It is the first US registered mutual fund to use a public blockchain to process transactions and record share ownership, according to the investment firm. Meanwhile, Bitcoin gained momentum from the US banking crisis as it briefly reached $30,000, with bulls responding positively to the rapidly evolving next chapter of the crisis, which is centered around First Republic Bank.

Apple has reportedly removed the Bitcoin white paper from the latest beta version of its operating system upgrade, MacOS Ventura 13.4. The document was previously shipped with every copy of MacOS for the past five years and was found within a test scanner app called Virtual Scanner II. The reason for the white paper’s inclusion in the app was unknown, although some speculated that it was a joke among Apple engineers. In other news, Lens, a Web3 social media protocol, has launched a new “layer 3” network called Bonzai to scale blockchain social media apps. The new network processes and stores posts, comments, and shares, taking this data off the Polygon network and increasing scalability for Lens. Bonzai uses Bundlr, a decentralised storage platform built on Arweave, to store large files while storing verification data about them.

Circle, a leading digital currency company, has unveiled the Cross-Chain Transfer Protocol (CCTP), a pioneering mainnet protocol that offers users the ability to transfer USDC across the Ethereum and Avalanche networks without the need for a third-party bridge. Unlike conventional bridges, CCTP destroys tokens sent to its contract and issues new tokens on the receiving network, which can be redeemed for bank deposits directly, thus solving the fragmentation problem prevalent in the Web3 ecosystem. Concurrently, Solana Labs has launched a ChatGPT plugin that leverages OpenAI’s conversational chatbot technology, allowing users to perform a range of functions such as searching the Solana blockchain, checking wallet balances, transferring tokens, and acquiring NFTs. Avalanche, for its part, has activated the Cortina upgrade on its mainnet, comprising the migration of the X-Chain to run the Snowman++ consensus, integration of Avalanche Warp Messaging (AWM), and augmentation of the C-Chain block gas limit from 8 million to 15 million gas to facilitate the deployment of more sophisticated dApps on the network. Notably, daily transactions on the C-Chain have more than tripled year-to-date, following a significant downturn at the conclusion of 2022.

 

Source:

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

 

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