Monday, 28 August 2023

Market Summary

Market Summary 28 August 2023

Bitcoin Price: US$ 26,101.77 (+0.32%)
Ethereum Price: US$ 1,658.33 (+0.69%)  

 

Ethereum-based decentralised finance protocol, Balancer, found itself exploited to the tune of nearly $900,000 shortly after disclosing a critical vulnerability affecting several of its pools. Despite efforts to mitigate risks, the protocol’s team urged users to withdraw from affected liquidity providers, emphasising the inability to pause affected pools. Balancer’s vulnerability initially put over $5 million worth of assets at risk, ultimately prompting warnings and measures to protect user funds. In the realm of decentralised social networks, despite the hype surrounding Friend.tech, executives in the decentralised social media space reveal that as much as 99% of first-time users in the decentralised social (DeSo) ecosystem end up leaving, citing complex onboarding and a lack of familiarity with blockchain technology. Simplifying user onboarding and building strong communities are identified as key challenges. Meanwhile, the crypto community has expressed criticism of President Joe Biden’s proposed crypto tax reporting rules, fearing they could deter innovation and drive the industry away from the United States. This has prompted calls for simpler and more innovation-friendly regulations, while doubts linger about the ability of either political party to champion crypto interests in the country due to concerns over privacy and taxation.

Fenix International, the parent company of OnlyFans, disclosed that it invested a portion of its working capital in Ethereum (ETH), the second-largest cryptocurrency by market cap, amid reporting over $1 billion in revenues for the first time. The move was highlighted in the company’s recent financial statements, although it also reported a significant impairment loss due to the declining value of ETH over the period. OnlyFans had previously ventured into the crypto world with support for verified NFT profile pictures. Meanwhile, Pepe memecoin revealed that former team members had stolen around $15 million worth of Pepe tokens from the project’s multisig wallet before selling them on exchanges. This represented approximately 4% of the token supply, with the remaining multisig tokens in the hands of the project’s last controller. Lastly, Hashdex, the largest crypto asset management firm in Latin America, has submitted an application for a Bitcoin exchange-traded fund (ETF) to the SEC. Unlike previous ETF proposals, Hashdex’s approach involves acquiring spot Bitcoin from the regulated Chicago Mercantile Exchange (CME), potentially offering greater regulatory assurances.

Despite Australia’s perceived lag in global innovation rankings, Melbourne’s AI and Web3 Hackfest showcased a thriving ecosystem, awarding over $50,000 in prizes to 10 winners, including BigR AI, Chess 3, and Sincidium. Organised by CloudTech Group and JR Academy, the event aimed to invigorate the Australian startup ecosystem and bridge the gap between pitch nights and seed funding, attracting participants from Australia and around the world. However, Australia’s innovation ranking has been slipping, with limited government investment, sporadic support, and regulatory challenges hindering growth. In a separate development, the potential default of tokenised loans on Centrifuge has put MakerDAO’s $1.84 million investment at risk, as a legal dispute involving the credit pool’s largest borrower could lead to a loss, although it is unlikely to significantly impact DAI, which is backed by substantial assets. U.S. Federal Reserve Chairman Jerome Powell reiterated that restrictive monetary policy will continue until inflation is sustainably slowing and that the central bank is prepared to raise rates further if necessary.

 

Source:

https://coindesk.com
https://cointelegraph.com

 

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