Monday, 29 May 2023

Market Summary

Market Summary 29 May 2023

Bitcoin Price: US$ 28,065.00 (+4.51%)
Ethereum Price: US$ 1,908.64 (+4.30%)  

 

The amount of ether (ETH) held on centralised exchanges has reached a level not seen since July 2016, primarily due to increased staking activity. Data from Glassnode reveals that only 14.85% of all ether is currently held on exchanges, compared to around 25-26% during the recent bull market. This low exchange balance is considered bullish as it indicates limited supply available for purchase, potentially driving up prices. Staking has gained popularity, with the Shapella upgrade to the Ethereum network leading to a surge in ether being staked. Meanwhile, JPMorgan Chase has filed a trademark application for a finance-themed chatbot called IndexGPT, emphasising the company’s focus on leveraging AI and machine learning in its financial systems. Cryptocurrency prices, including Bitcoin and Ethereum, experienced an uplift over the weekend as lawmakers in the United States worked towards avoiding a historic debt default.

A dormant wallet from the Ethereum ICO in 2015 has been reactivated, transferring its 8,000 ether ($14.8 million) to another address. The wallet made a test transaction before moving the remaining funds, resulting in an impressive 591,900% return on investment. Meanwhile, the Stargate DAO is voting to reduce its exposure to a stablecoin issued by Multichain, aiming to isolate pools containing the asset and lower reliance on Multichain-connected tokens. Additionally, the Tornado Cash DAO is set to regain control after an attacker proposed returning governance to the original holders, resulting in the theft of some governance tokens. The proposal passed with overwhelming support.

Former Bitmex CEO Arthur Hayes predicts a volatile year for Bitcoin in 2023, but anticipates a strong rally starting from 2024. Hayes does not believe Bitcoin will reach new highs this year, suggesting that it may cross the $70,000 barrier in 2024 before experiencing a “blow off top” in 2025 and 2026. He also mentioned the possibility of societal changes, such as a major war, which he referred to as “Armageddon,” influenced by factors like quantitative easing and social discontent. In other news, Beijing has released a white paper focused on promoting the innovation and development of the web3 industry. The paper highlights web3 technology as an inevitable trend for future Internet industry development. The Beijing Municipal Science & Technology Commission aims to establish Beijing as a global innovation hub for the digital economy, with plans to invest at least 100 million yuan annually until 2025 in the city’s Chaoyang district. The white paper emphasises policy support and technological breakthroughs to advance the web3 industry.

A core developer team at MakerDAO has proposed raising the savings rate for the Dai stablecoin to 3.33% in response to a surging interest rate environment and persistent inflation concerns. The proposal, put forth by DeFi risk management firm Block Analitica, aims to adjust the DAI Savings Rate (DSR) to deal with short-term changes in market conditions. The DSR is funded by the Stability Fee and paid when DAI is locked into a DSR contract. If approved through a formal vote process, the increased rate could incentivise DAI holders to deposit more funds. In other news, Blur’s NFT lending platform, Blend, has gained significant traction since its launch, facilitating nearly 16,000 loans totaling 123,500 ETH ($225 million) within a month. Blend’s success can be attributed to its aggressive incentive program, its position as a leading NFT marketplace, and its zero protocol fees for borrowers and lenders. The platform has become the dominant player in the NFT lending market, capturing 85% of all loan volume across platforms.

 

Source:

https://coindesk.com
https://decrypt.co
https://theblock.co 

 

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