Monday, 3 July 2023

Market Summary

Market Summary 3 July 2023

Bitcoin Price: US$ 30,617.03 (+0.10%)
Ethereum Price: US$ 1,937.48 (+0.67%)  


Crypto lending company Celsius is potentially planning to sell its significant holdings in Cardano (ADA), Polygon (MATIC), Solana (SOL), and other altcoins, which are collectively worth over $170 million. The decision follows approval from the judge overseeing its bankruptcy proceedings. Meanwhile, Coinbase has been named as the surveillance partner for several bitcoin exchange-traded fund (ETF) applicants, including Fidelity, WisdomTree, VanEck, ARK Invest, Galaxy/Invesco, and BlackRock, as they seek to overcome the U.S. Securities and Exchange Commission’s historical rejections. Additionally, the Poly Network attack resulted in the issuance of billions of dollars’ worth of SHIB, BNB, BUSD, and other tokens, although the lack of liquidity has prevented the attackers from monetising their vast token stash.

According to brokerage firm Bernstein, the probability of the U.S. Securities and Exchange Commission (SEC) approving a spot bitcoin exchange-traded fund (ETF) is fairly high, given the SEC’s previous approval of futures-based bitcoin ETFs and leverage-based futures ETFs. However, the SEC is cautious about spot bitcoin ETFs due to concerns about the regulation and reliability of spot exchanges and the potential for price manipulation. In other news, Twitter CEO Elon Musk’s announcement of new restrictions on Twitter accounts, aimed at combating data scraping and system manipulation, has caused frustration among users, leading to broken home feeds and comment threads. Additionally, surveys conducted in Canada and the UK show that people in both countries have reservations about central bank digital currencies (CBDCs), with concerns about government control over funds and a loss of financial autonomy.

Revolut, in response to the Securities and Exchange Commission’s (SEC) classification of Solana (SOL), Polygon (MATIC), and Cardano (ADA) as securities, has announced plans to delist these tokens in the United States by September 18. Users will have until then to sell their holdings, after which they will no longer be able to buy, sell, or hold these tokens on the Revolut platform. In other news, Bitcoin Depot, one of the largest Bitcoin ATM operators in the United States, has become the first company of its kind to go public on the Nasdaq stock exchange. Trading under the ticker BTM, the company’s stock price experienced fluctuations, reaching a high of $6.62. Additionally, the number of large holders in the CME bitcoin futures market has been increasing, with the number of holders maintaining a position of at least 25 bitcoins reaching 121, just below the previous peak of 122 in March. This growth in CME’s market is attributed to the broader crypto rally triggered by BlackRock’s filing for a spot bitcoin exchange-traded fund in June.

Nasdaq has refiled a 19b-4 form for the iShares Bitcoin Trust, a spot bitcoin ETF led by BlackRock, following similar filings by Cboe last week. As part of the filing, Nasdaq has announced a surveillance-sharing agreement with Coinbase, with the expectation of a definitive agreement before trading begins. This move comes after the U.S. Securities and Exchange Commission raised concerns about the clarity and comprehensiveness of recent spot bitcoin ETF filings. In other news, Optimism, Aptos, and ApeCoin are set to unlock a combined value of over $100 million worth of tokens this month. ApeCoin will release 15.6 million APE tokens, Aptos will release 4.5 million tokens, and Optimism will release 24.2 million OP tokens. Lastly, the Monetary Authority of Singapore has proposed new requirements for crypto firms, including the need to keep customer funds in a statutory trust and perform daily reconciliation. The MAS aims to mitigate the risk of asset loss or misuse and provide clearer risk disclosures to customers regarding asset storage.

Open interest in CME Group’s ether options market has reached an all-time high, totaling $254 million in June. This signifies the number of outstanding contracts in the market. Meanwhile, open interest for bitcoin options on CME is nearing all-time highs, standing at $1.59 billion in June. Though down from its peak in April at $1.69 billion, bitcoin options volumes have been gradually increasing since January. In other news, Bitfinex has launched a peer-to-peer exchange catering to clients in Argentina, Colombia, and Venezuela. Users of the platform can trade cryptocurrencies such as bitcoin, ether, USDT, EURT, and Tether Gold. This move aims to address the gap left by the closure of other peer-to-peer exchanges in the region.




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