Friday, 28 April 2023

Market Summary

Market Summary 28 April 2023

Bitcoin Price: US$ 29,472.77  (+3.72%)
Ethereum Price: US$ 1,908.68 (+2.29%)  

 

Bitcoin held steady at over $29,500 as investors assessed sluggish US economic growth data and the latest banking sector troubles. The largest cryptocurrency by market capitalization was trading at around $29,600, up about 4% over the past 24 hours. Ether, the second-largest cryptocurrency by market value, followed a similar pattern. The CoinDesk Market Index, which measures overall crypto market performance, was up over 6% for the day. Meanwhile, a mysterious Bitcoiner appears to have exposed hundreds of wallets allegedly held by Russian security agencies. Using a feature in how the Bitcoin blockchain documents transactions, the vigilante identified 986 wallets controlled by the Foreign Military Intelligence Agency, Foreign Intelligence Service, and Federal Security Service, accusing them of hacking activity.

Bitcoin’s estimated leverage ratio, which measures the use of leverage in the market to magnify returns, has fallen to its lowest point since December 2021, indicating low price volatility in the future. In the past 24 hours, sudden volatility in Bitcoin led to the liquidation of $175 million worth of positions and effectively wiped out $1 billion in open interest, impacting both long and short futures traders. In other news, Robinhood has launched “Robinhood Connect,” a fiat-to-crypto on-ramp that enables users to purchase and sell cryptocurrency directly to and from their self-custody wallet or natively in DApps using a credit or debit card, with integration to Web3 projects.

Binance CEO, Changpeng “CZ” Zhao, denied having a net worth of $28.2 billion, as reported by Bloomberg’s latest finance rich list, stating that the numbers are inaccurate. CZ tweeted that he doesn’t have anywhere near as much wealth and doesn’t understand why media outlets report such figures. On the other hand, Texas Senator Ted Cruz has raised concerns over the launch of a central bank digital currency (CBDC) in the US, stating that it would be “profoundly dangerous” as it would give the government visibility into every transaction of its citizens. Cruz drew parallels between CBDCs and China’s digital yuan and claimed that CBDCs are designed to destroy the value of Bitcoin and decentralization.

Arbitrum co-founder and Offchain Labs CEO Stephen Goldfeder acknowledged that communication had been “unfortunate” in the lead up to a failed proposal to return 700 million ARB governance tokens earlier this month. The Ethereum Layer 2 scaling project had to backtrack on the proposal after token holders controlling the decentralized autonomous organization voted to stop the planned transfer of ARB tokens worth about $1 billion meant to capitalize the Arbitrum Foundation. The move raised questions about the decentralization of DAOs. Meanwhile, Securities and Exchange Commission Chair Gary Gensler likened crypto’s compliance conundrum to calling a dog a goldfish in order to skirt leash laws in a new pet-themed video on Twitter. Gensler doubled down on his message that crypto markets suffer from a lack of regulatory compliance, not regulatory clarity.

 

Source:

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

 

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