Monday, 27 March 2023

Market Summary

Market Summary 27 March 2023

Bitcoin Price: US$ 27,968.05 (+1.84%)
Ethereum Price: US$ 1,773.88 (+1.84%)  

 

Cryptocurrency prices, including Bitcoin, fell on Friday as investors grappled with concerns over U.S. monetary policy and a new threat to the global banking system as the cost of insuring Deutsche Bank’s debt soared to its highest point in four years. Shares of Deutsche Bank plummeted 14% before closing down 3%, raising concerns about the strength of the banking sector. Bitcoin was recently changing hands at about $27,450, down more than 2% over the past 24 hours. However, Bitcoin has risen more than 16% in March and is one week away from confirming a new bull market, according to analyst Rekt Capital.

Bitcoin liquidity has hit a 10-month low following the closure of Silvergate’s SEN and Signature’s Signet network, exposing the crypto market to low liquidity risks. This could cause market inefficiencies leading to price volatility and deter sophisticated investors from placing trades. Meanwhile, MetaMask has implemented the EIP-4361 standard to enable people to securely use its crypto wallet to authenticate web services, offering a self-custodial alternative to centralised identity providers. This standard provides a more standardised way for Ethereum account holders to authenticate themselves on off-chain services and detect signatures/approvals from malicious URLs.

Matter Labs’ zkSync Era, an Ethereum scaling solution, has launched its alpha mainnet, allowing users to bridge and use layer-2 technology. The phased mainnet launch began in 2019, and while the system is described as an alpha version with further engineering work needed, the core skeleton of the zkEVM is complete. Meanwhile, Venezuela’s National Superintendency of Cryptoassets has ordered the closure of all cryptocurrency exchanges registered in the country as part of an anti-corruption investigation.

Nasdaq is aiming to launch its own cryptocurrency custody service by the end of Q2 2022. The company is seeking regulatory approval for a limited-purpose trust company charter from the New York Department of Financial Services. This move is in response to increasing demand from institutional investors for secure custody solutions for their cryptocurrency holdings. If successful, Nasdaq’s entry into the market could further signal mainstream adoption of cryptocurrencies.

 

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

 

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