Tuesday, 29 August 2023

Market Summary

Market Summary 29 August 2023

Bitcoin Price: US$ 26,120.00 (+0.07%)
Ethereum Price: US$ 1,653.08 (-0.32%)  


Ethereum’s daily transaction fees have hit an eight-month low at $2.8 million, dropping to 1,719 ETH on Sunday, a sharp 89% decrease from the year-to-date high in May. This decline is attributed to lower network usage, likely due to the increasing popularity of Ethereum’s layer 2 scaling solutions. These solutions have helped reduce congestion on the Ethereum network, resulting in lower fees. Meanwhile, Bitcoin slipped below $26,000 due to a generally bearish sentiment in the crypto market, with major tokens like XRP, ADA, and SOL also experiencing downturns. Robinhood has been revealed as the third-largest Bitcoin holder, with over $3 billion in BTC in a single wallet, following crypto exchanges Binance and Bitfinex, sparking speculations about its mysterious owner and highlighting its significant Bitcoin exposure despite low trading volumes on the platform.

SUI and HBAR token prices are declining ahead of scheduled token unlocks, with SUI down 7% at $0.54 and HBAR down 4% at $0.05. These unlocks allow early investors and project members to sell their tokens, aiming to alleviate selling pressure. In comparison, Ethereum’s ETH has only dropped 0.3%. The potential impact of Evergrande Group’s bankruptcy on the global economy and cryptocurrencies raises concerns, as it could generate volatility across asset classes, including crypto. Despite the crypto market downturn, investors are liquidating their assets due to fears of China’s crisis affecting global financial stability. OpenAI has launched ChatGPT Enterprise, a more powerful and secure chatbot for businesses, offering improved performance, privacy, and security, with significant demand from Fortune 500 companies.

Binance is considering exiting the Russian market due to sanctions from various countries, including the United States, with a spokesperson stating that a full exit from Russia is one of the options under consideration. This comes after Binance removed sanctioned Russian financial institutions from its peer-to-peer platform and imposed fiat currency restrictions for Russian users. Other exchanges, like Bybit and OKX, also excluded certain Russian banks from their payment options. Meanwhile, a wallet affiliated with the 1inch Investment Fund has purchased $10 million worth of Ether (ETH) after profiting from earlier ETH trades, including selling around 11,000 ETH for $21 million when the price reached $1,906 in July. Despite Bitcoin’s record-high hashrate, Bitcoin mining revenue per terahash has dropped to levels not seen since November 2022, currently at $0.060 per terahash per second per day, potentially necessitating price increases to maintain profitability for miners who have been relying on stock sales to navigate the bear market.





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