Tuesday, 28 May 2024

Market Summary

Market Summary 28 May 2024

Bitcoin Price: US$ 69,364.93 (+1.35%) 
Ethereum Price: US$ 3,894.22 (+1.77%) 

As Ether’s price nears $4,000, marking a 5% rise in just 24 hours, some are speculating that this could be the start of a post-ETF approval pump. This sentiment is echoed by DeFiance Capital founder Arthur Cheong, who predicts that ETH will reach $4,500 even before spot ETFs are launched. This comes amidst a potential start to the altseason, triggered by a recent surge in total altcoin market capitalisation, which is now on the brink of a key resistance level. In this context, MN Trading founder Michaël van de Poppe forecasts that in this cycle, total market capitalisation could reach a staggering $15 trillion, a significant leap of 450% from the current levels of $2.7 trillion. Meanwhile, Argentina’s government is actively engaging with El Salvador to glean insights from its experience of Bitcoin adoption and other cryptocurrency activities. This initiative aligns with Argentina’s active foray into the realm of cryptocurrency, a move spearheaded by Bitcoin-friendly politician Javier Milei since his ascension to the presidency in late 2023. 

Gopax, a South Korean crypto exchange majority-owned by Binance, found itself in a precarious situation when it reportedly sold its users’ deposit claims for half their face value due to exposure to Genesis Global, a collapsed institutional crypto lending firm. Despite managing to pay out 50% to users, Gopax is grappling with a state of complete capital impairment due to the increase in debt liabilities. Meanwhile, the Solana community made a decisive move by voting to give network validators 100% of priority fees generated by network users. This decision was made despite the network’s ongoing struggle with congestion issues and several crashes. However, Solana’s resilience is evident as it continues to exhibit high transaction per-second metrics, securing its position as the fastest blockchain network by far. On a broader scale, the European Union is gearing up for the future, having been advised to prepare for the convergence of blockchain technology and artificial intelligence (AI). The European Blockchain Observatory and Forum underscored the potential of blockchain to integrate with other technologies, drive innovation, and improve smart contract functionality. Concurrently, the European High Performing Computer Joint Undertaking is strategising to boost the outcomes of AI development through the use of world-class supercomputers. 

Nomura Holdings and the GMO Internet Group have formed a strategic partnership with a focus on issuing Japanese yen and United States dollar stablecoins. This collaboration aims to explore the mechanisms of issuing, redeeming, and circulating a JPY/USD stablecoin business, a move that holds the potential to significantly enhance digital asset accessibility and innovation in the Japanese financial landscape. On another front, Grayscale’s yet-to-launch spot Ether ETF could experience an average daily outflow of $110 million if it follows a similar pattern to its Grayscale Bitcoin Trust in the first month. This expectation is based on the fact that Grayscale’s ETHE traded at up to a 26% discount to its net asset value (NAV) in the past three months, and it’s reasonable to anticipate outflows or redemptions as that discount narrows once it transitions into a spot ETF. 

Source: https://cointelegraph.com 

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