Friday, 3 November 2023

Market Summary

Market Summary 3 November 2023

Bitcoin Price: US$34,941.59 (-1.35%)
Ethereum Price: US$ 1,800.80 (-2.5%)  

Hong Kong’s Securities and Futures Commission (SFC) is set to allow primary dealing of tokenised securities, signalling a further step in its ambitions to become a virtual asset hub. The SFC plans to provide more guidance on tokenised securities-related activities, enabling the primary dealing of tokenised SFC-authorized investment products, provided they meet product authorisation requirements and new safeguards for tokenisation risks. The move is part of Hong Kong’s efforts to increase efficiency and transparency and reduce costs in traditional finance. In another development, Marathon Digital has initiated a pilot mining project in Utah that uses methane gas from landfill waste to generate electricity for Bitcoin mining, potentially reducing greenhouse emissions. Marathon is partnering with Nodal Power for the 280 kW test project and aims to expand if successful. In separate news, Nym Technologies, backed by Binance Labs and a16z, plans to launch its “decentralised VPN” called NymVPN in early 2024. Unlike centralised VPNs, NymVPN disperses traffic across a network of nodes, enhancing user privacy and security. This innovative approach aligns with Nym Technologies’ mission to safeguard privacy in the crypto ecosystem.

MicroStrategy has added another 155 bitcoins to its holdings, bringing the total acquired since the beginning of Q3 to 6,607. The software developer now owns 158,400 bitcoins, worth approximately $4.69 billion at an average cost of $29,586 per bitcoin. While MicroStrategy reported a Q3 impairment loss of $33.6 million on its digital asset holdings, the cumulative impairment losses now stand at $2.23 billion, reflecting an average carrying amount per bitcoin of around $15,491. The company’s holdings don’t fully reflect the current market value, which is nearly $35,000 per bitcoin. CEO Michael Saylor expressed optimism about increasing regulatory clarity in the crypto industry, which he believes will encourage more institutional participation. Meanwhile, Abu Dhabi has enacted a regulatory framework for decentralised autonomous organisations (DAOs) and other DLT-based entities, making it the first Middle Eastern territory to do so. The framework allows DAOs to operate legally and issue tokens to their members, fostering blockchain and digital asset initiatives in the region. On the other hand, Bitcoin mining stocks such as Marathon Digital, Riot Platforms, and CleanSpark rallied as Bitcoin traded near its 17-month high, benefiting from improved sentiment on Wall Street after the Federal Reserve’s decision to leave interest rates unchanged.

Switzerland’s St.Galler Kantonalbank (SGKB), one of the country’s largest banks, is entering the cryptocurrency market by introducing Bitcoin and Ether trading to its customers. SGKB has partnered with SEBA Bank to provide digital asset custody and brokerage services to its clients, starting with Bitcoin and Ether support, with plans to expand offerings to additional cryptocurrencies based on client demand. This marks SGKB’s first step into the digital asset industry, further expanding Switzerland’s growing crypto ecosystem, with local banks increasingly introducing cryptocurrency services. In addition, the governing body for aragonOS, the Aragon Association (AA), is dissolving and distributing most of its assets to tokenholders, totalling approximately $155 million in Ether. The Dubai Financial Services Authority recognised XRP and Toncoin (TON) in the Dubai International Financial Centre, allowing financial institutions in the DIFC to transact with them, further positioning Dubai as a leading financial services hub for digital assets.


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