Wednesday, 27 September 2023

Market Summary

Market Summary 27 September 2023

Bitcoin Price: US$ 26,221.67 (-0.32%)
Ethereum Price: US$ 1,594.01 (+0.36%)  


The U.S. Securities and Exchange Commission (SEC) has decided to extend the deadlines for ETF applicants such as Ark 21Shares and Global X, who are seeking approval to list spot bitcoin exchange-traded funds (ETFs). This move comes as the U.S. government faces the potential of a shutdown due to a budget impasse in Congress. Ark Investment Management, 21Shares, and Global X have been seeking approval for their bitcoin ETFs since 2021, and the formal deadlines for the SEC’s responses have been pushed to January 10 and November 21, respectively. In another development, a group of bipartisan lawmakers has written to the SEC, urging it to approve spot bitcoin ETFs, arguing that they are similar to approved crypto futures ETFs. Additionally, Blocknative has announced the suspension of its MEV-Boost Relay service due to its failure to meet expected economic outcomes.

Binance’s liquid staking ether (WBETH) experienced a sudden $500 million influx, increasing its total locked value (TVL) to $1.2 billion. These transactions involved the minting of 318,180 WBETH derivative tokens, valued at $502 million, which landed in a crypto address linked to Binance. This comes after $573 million in inflows earlier in the month, sparking discussions about the irregularity of these movements compared to rival Coinbase’s liquid staking derivative, cbETH. Binance clarified that these transactions were part of a conversion process from Binance-issued staked ether (BETH) tokens to WBETH. Circle Internet Financial has expanded its euro-pegged stablecoin, EURC, to the Stellar (XLM) blockchain, in addition to Ethereum and Avalanche. The move aims to enhance European remittance corridors, cross-border payments, treasury management, and aid disbursement. While stablecoins are widely used, euro-pegged stablecoins have yet to gain widespread adoption, with the market dominated by U.S. dollar stablecoins. Circle, known for its USDC stablecoin, is behind EURC, the third-largest euro stablecoin with a $52 million supply. Arbitrum users can now trade Bitcoin mining power on the Lumerin Hashpower Marketplace, allowing miners to buy and sell mining capacity through smart contracts. This enables users to increase their chances of earning Bitcoin rewards without purchasing mining equipment. Sellers, particularly miners in areas with low electricity costs, can arbitrage by selling hashrate contracts at market prices, profiting from the difference. The marketplace offers a way for users to mine Bitcoin without specialised knowledge or significant hardware investments.

JPMorgan Chase is set to block crypto-related payments for its UK customers from October 16th, citing concerns over the rising number of crypto scams. The bank has joined a growing list of UK banks limiting or blocking access to cryptocurrency, even though the Financial Conduct Authority (FCA) has tried to facilitate discussions between banks and crypto firms to encourage greater access. In contrast, technical analysis suggests a more positive outlook for Ethereum (ETH), as the DeMARK Analytics’ TD Sequential indicator shows a bullish signal, potentially defending the weekly Ichimoku cloud support at $1,580. Bitwise Asset Management has amended its application for a spot Bitcoin ETF with 40 pages of new text in response to the SEC’s objections, emphasising the role of the CME Bitcoin futures market in price discovery. However, regulatory requirements may still pose challenges for its approval.




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