Monday, 27 May 2024

Market Summary

Market Summary 27 May 2024

Bitcoin Price: US$ 68,443.36 (-1.22%) 
Ethereum Price: US$ 3,826.47 (+2.06%) 

The Uniswap Foundation, holding $41.41 million in fiat and stablecoins and 730,000 UNI tokens as of the end of the first quarter, has designated these assets for grant-making, operating activities, and employee token awards. In a significant move towards implementing autonomous fee collection and distribution in Uniswap v3 pools, the Foundation has announced on-chain voting for a proposal to establish its new fee mechanism by May 31. Meanwhile, the layer-1 blockchain platform Aptos, developed by former Facebook employees, has set a new record in blockchain transactions, surpassing Solana by recording 115.4 million transactions in a single day on May 25. This surge in transactional activity is largely attributed to the launch of Tapos Cat, a new tap-to-earn game that has quickly gained popularity. In other news, MicroStrategy founder Michael Saylor has expressed a change in his stance on spot Ether exchange-traded funds (ETFs), arguing that the recent approval from the United States regulator bodes well for Bitcoin. Saylor believes this will “accelerate institutional adoption,” as investors who were previously wary will now recognise crypto as a legitimate asset class. 

Former U.S. President Donald Trump has pledged to pardon Ross Ulbricht, the founder of Silk Road, if re-elected, emphasising that Ulbricht has already served 11 years and deserves to be released. Alongside this, Trump expressed his pro-crypto stance, promising to secure the future of crypto and Bitcoin in the USA and vowing to protect those who opt to hold their crypto assets outside centralised exchanges. Meanwhile, the Bitcoin white paper has made a comeback on the website following Craig Wright’s failed attempt to establish himself as Satoshi Nakamoto. Wright’s copyright claim over the white paper has been invalidated after his claims of being Nakamoto and authoring the white paper were debunked, leading to the Bitcoin white paper now being subject to an MIT open-source license. On the other hand, Korean regulators are feeling the heat to approve cryptocurrency exchange-traded funds (ETFs) in the wake of the U.S. Securities and Exchange Commission’s (SEC) recent approval of spot Ethereum ETFs. The head of the Korean Stockholders’ Alliance has underscored the importance of Seoul emulating the U.S.’s example and approving Bitcoin and Ethereum ETFs, cautioning that the current hesitance could lead to investors shifting their funds to U.S. markets if Seoul regulators continue to lag behind the U.S. advancements. 

Analysts have pointed out that Ethereum, unlike Bitcoin which has a clear selling point as “digital gold,” lacks a simple, easy-to-understand pitch that could attract the baby boomer generation towards spot Ether ETFs. However, some in the crypto industry counter this argument by suggesting that Ethereum could be pitched as “digital oil,” a productive and yield-bearing asset that powers decentralised protocols. Amidst these discussions, the FTX estate has made headlines by offloading the last of its highly discounted SOL tokens to Pantera Capital and Figure Markets, with the aim of compensating creditors and former clients. This move, however, has not been without criticism, as some argue that the digital assets, sold at deeply discounted prices, should have been returned to the injured parties. Meanwhile, the approval of spot Ether ETFs in the U.S. has been met with both celebration and criticism. While the approval marks a significant milestone, some industry executives have voiced concerns about the centralised nature of these products, arguing that they undermine the decentralised ethos of cryptocurrencies. They believe that as investors become more accustomed to cryptocurrency, they will prefer the benefits of self-custody over holding ETFs. 


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