Monday, 3 April 2023

Market Summary

Market Summary 3 April 2023

Bitcoin Price: US$ 27,800.00 (-1.32%)
Ethereum Price: US$ 1,810.51 (+0.89%)  


The trueUSD (TUSD) stablecoin’s trading volume surged to over $1 billion in a day due to crypto exchange Binance’s support for the token, including a zero-fee discount to buy and sell bitcoin (BTC). Binance’s pick of TUSD as a favored stablecoin trading pair on its platform, amid a regulatory crackdown on its namesake Binance USD (BUSD), led to an increase in TUSD’s popularity. On the other hand, the Arbitrum Foundation said it would split up a controversial governance package into a series of separate votes after holders of its ARB token staged a loud revolt. Meanwhile, Coinbase said that bitcoin’s outperformance since the middle of February is due in part to the stress in the U.S. banking system reinforcing bitcoin’s store-of-value properties, and because BTC mainly exists outside the traditional financial system, it offers a hedge against current conditions.

The Dfinity Foundation has issued ckBTC, a “twin” token backed on a 1:1 basis with bitcoin that brings layer-2 capabilities to Bitcoin, making it faster and cheaper to transact without compromising security. Unlike wrapped tokens, ckBTC uses canisters and smart contracts for asset transfers and doesn’t require intermediaries or risky cross-chain bridges. While bitcoin integration unlocks opportunities, it also inherits the slow and expensive transaction times associated with the Bitcoin network. Internet Computer has set fees on Liquid Bitcoin to just 0.0000001 ckBTC, or a few cents, at a value significantly lower than Bitcoin network fees. Another noteworthy article on Bitcoin discusses fresh analysis showing that the cryptocurrency is on track for a new bull market, potentially delivering significant returns. Charles Edwards, the founder of Bitcoin and digital asset hedge fund Capriole Investments, recently shared his analysis of the SLRV Ribbons metric, which is a tool for measuring potential Bitcoin profitability based on the Short-to-Long-term Realized Value Ratio. Edwards suggests that a bullish phase may be beginning, as the short-term 30-day moving average has recently crossed over the long-term 150-day moving average.

Ether, the native token of Ethereum, has gained 55% in the previous quarter and is expected to reach $3,000 in Q2 2023. Despite facing challenges such as the FTX collapse, interest rate increases, and stricter regulations in the US, Ether’s price has more than doubled since its bottom in June 2022. The current ascending triangle pattern of ETH/USD suggests aggressive buying and higher selling pressure at the given level. On-chain data shows that most Ethereum whale cohorts have increased their ETH accumulation in recent weeks, indicating a bullish trend in the short and long term. The MVRV Z-Score further supports the bullish argument for a long-term ETH price rally. In a recent panel discussion at the Citi Digital Money Symposium, Barclays Head of Digital Policy Nicole Sandler suggested that policymakers intentionally left the crypto market unregulated, thinking it would die, but have now realized that regulation is necessary as the market continues to grow.

Arbitrum’s governance is being scrutinized after its centralized foundation sold ARB tokens before the conclusion of a key governance vote, rendering the democratic process moot. The “special grants” program sees the foundation receiving 750 million ARB governance tokens worth nearly $1 billion to spend without the expressed approval of token holders. The foundation has claimed that “decentralized governance is working as intended” and that it did not sell 50 million governance tokens but allocated 40 million as a loan to a sophisticated actor and converted 10 million to fiat for operational costs. In a separate news, MEV bots have lost over $25 million in a sophisticated exploit. An attacker compromised some of these MEV bots by substituting their regular transactions with malicious ones, resulting in the theft of their funds.

For the second month in a row, decentralized exchange Uniswap has outpaced Coinbase in terms of trading volume. In March, Uniswap recorded a trading volume of $71.6 billion, 45% higher than Coinbase’s, and its best month since January 2022. While Coinbase’s volume did increase by 23% month-on-month to $49.4 billion, it fell in the last week of March. Coinbase attributed this to investors’ focus on tokens with large market caps and stablecoins. S&P Global is also pushing into decentralized finance, and is looking to hire a director of DeFi to work with its chief DeFi officer to build and implement the firm’s strategies in the space.




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