Wednesday, 29 March 2023

Market Summary

Market Summary 29 March 2023

Bitcoin Price: US$ 27,261.07 (+0.50%)
Ethereum Price: US$ 1,772.99 (+3.37%)  


Bitcoin (BTC) hovered around $27,000 as investors pondered the potential impact of the US Commodity Futures Trading Commission’s (CFTC) lawsuit against Binance and its founder Changpeng Zhao. The largest cryptocurrency by market capitalisation has fallen by 3% in the past week, dipping as low as $26,669 earlier in the day. In other news, the Exchange Stablecoins Ratio, a measure of buying power that compares bitcoin exchange reserves to the number of stablecoins on exchanges, has risen to its highest level since May 2021. This implies that investors are moving fewer stablecoins to exchanges and more bitcoin, or doing both simultaneously, indicating potential selling pressure.

The Fear and Greed Index, a sentiment metric for the cryptocurrency market, fell to 59 on Tuesday from an almost 18-month high of 68 reached last week, according to data. A reading above 50 indicates the market sentiment is in the “greed” stage, while below 50 suggests “fear.” Though the index has decreased, it remains in the “greed” zone, signaling that investor sentiment remains bullish. Additionally, Spiral, a Bitcoin open-source development entity funded by Jack Dorsey’s Block, is charting a course for wider adoption of Bitcoin’s Lightning Network with its Lightning Development Kit (LDK) project, which recently showcased tech improvements that will be worked on over the next year.

According to a report by cybersecurity firm Mandiant, North Korean hackers belonging to APT43 may be using cloud mining services to launder cryptocurrency. Mandiant stated that the group steals and launders cryptocurrency to buy operational infrastructure in line with North Korea’s juche state ideology. Meanwhile, Sam Bankman-Fried, former CEO and founder of FTX, has been charged with an additional bribery charge of directing $40 million in cryptocurrencies to “one or more Chinese government officials in order to influence” them to unfreeze accounts owned by FTX’s sister trading firm Alameda Research. In other news, a U.S. judge has denied a motion to bZx DAO token holders as defendants in a class-action lawsuit filed by victims of the protocol’s $55 million hack from November 2021, but cited comments issued by the project team when transitioning to a DAO structure as grounds for its ruling.




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