Tuesday, 28 February 2023

Market Summary

Market Summary 28 February 2023

Bitcoin Price: US$ 23,492.09 (-0.27%)
Ethereum Price: US$ 1,633.45 (-0.48%)  


Convex, a DeFi protocol, has gained popularity by offering boosted yields in exchange for a portion of the yield earned. With Convex owning a large amount of veCRV, it has significant control over Curve governance, as 90% of Curve’s TVL is deposited in Convex. The upcoming launch of Curve’s stablecoin is expected to drive Convex’s growth.

Voyager Digital, a crypto broker, has sold off $54 million of cryptocurrencies on Coinbase and Binance.US in the past week, including $24.7 million of ether and $12.2 million of Shiba Inu. The broker received $150 million of Circle’s USDC stablecoin from Coinbase, likely proceeds from the sales.

Fujitsu, Mitsubishi, and other Japanese tech, manufacturing, and finance firms are collaborating to create RYUGUKOKU, an interoperable metaverse structure that will function as a virtual world connecting users to various Web3 services created by companies and government agencies. The platform will also provide personalised and gamified metaverse experiences with the help of “Auto-Learning Avatars” and the “Pegasus World Kit.”

Digital Currency Group (DCG) reported a loss of $1.1 billion in 2022 due to falling crypto prices and the restructuring of its Genesis lending platform. Despite this, DCG’s Q4 revenues were $143 million, and the company claims to have hit a milestone in Genesis’ restructuring. Meanwhile, Polygon Labs President Ryan Wyatt argues that gamers will drive Web3 adoption, citing the benefits of NFT ownership and interoperability between games, despite backlash from gamers over perceived shallow gameplay, industry scams, and potential exploitation. Lastly, Ethereum’s gas fees are slowly climbing as NFT trading activity rebounds, with the median price for gas currently at 38 gwei, possibly indicating an early resurgence of network activity.

Blockchain research firm Chainalysis has reported that the value of blockchain transactions linked to crypto crimes hit an all-time high of $20.6bn in 2022, an increase of 0.12% from the previous year. Of the criminal activity, sanctioned activity and hacking saw significant growth. However, according to the report, crypto crime only accounts for a small percentage of total volume, at less than 1%. Meanwhile, the Solana Foundation is still investigating the cause of the almost 20-hour outage that occurred following a network upgrade. The cause of the outage is currently unknown.

According to a report from crypto data firm Kaiko, Coinbase’s trading volume has surpassed that of decentralised exchange (DEX) platform Uniswap this year, with trading volumes for Coinbase reaching more than $185 billion compared to Uniswap’s $93 billion. Market observers had anticipated a surge in the use of DEXs following the collapse of FTX, but many analysts believe that DEXs still offer a less-user-friendly experience than centralised exchanges (CEX). Despite November 2022 seeing the highest monthly trading volumes on decentralised platforms since May, analysts at Kaiko believe that calls for a transition to DEXs are “a bit premature” as CEXs still serve a critical role in onboarding the average investor.

Binance has denied Forbes’ claims that it used over $1.8 billion of client collateral without permission, stating that the funds were used for internal wallet management only. The majority of the funds, $1.1 billion, were transferred to Cumberland, the crypto trading arm of DRW. Coinbase will suspend trading of Binance USD (BUSD) from 13 March, citing its own review processes. Meanwhile, Ethereum developers plan to let the Goerli testnet “slowly die” due to soaring costs.

Short bitcoin funds attracted $10 million in inflows during the week ending February 24, while long bitcoin funds saw a third straight weekly outflow of $12 million, reflecting nervousness among US investors prompted by stronger-than-expected macro data releases and sensitivity to the regulatory crackdown in the US, according to a report by CoinShares. Liquid staking has replaced decentralised lending and borrowing as the second-largest crypto sector, with total assets deposited in liquid staking protocols reaching $14.1 billion.

According to a survey commissioned by Coinbase, over 50 million Americans, which is 20% of the adult population, own cryptocurrencies, and this number has remained steady for over a year despite the challenges in the digital asset market. The survey also found that 67% of respondents believe the global financial system needs a “major overhaul,” indicating a lack of trust in traditional financial systems. Younger Americans, particularly Gen Z and Millennials, are more interested in owning digital assets and are more likely to invest in them in the future. The survey results also showed that crypto ownership is bipartisan, with 18% of Republicans and 22% of Democrats owning digital assets.



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