Wednesday, 30 August 2023

Market Summary

Market Summary 30 August 2023

Bitcoin Price: US$ 27,716.34 (+6.11%)
Ethereum Price: US$ 1,729.42 (+4.62%)  


Grayscale Investments has achieved a significant victory in its legal battle against the U.S. Securities and Exchange Commission (SEC) over the conversion of its Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF). The SEC had previously rejected the GBTC application citing concerns about fraud prevention, prompting Grayscale to file a lawsuit. The U.S. Court of Appeals Circuit Judge Neomi Rao has now granted Grayscale’s petition for review and vacated the SEC’s order to deny the GBTC listing application. However, this ruling does not guarantee the eventual listing of a Grayscale spot Bitcoin ETF. The news sparked a trading frenzy in GBTC shares, with nearly 20 million shares changing hands and the share price surging 18%. This development also saw Bitcoin’s price rise by 7%, while the discount on GBTC’s share price narrowed to as low as 17%. Meanwhile, a sealed court filing related to Binance, which is already facing SEC accusations, has raised concerns about potential further negative developments for the cryptocurrency exchange. The SEC’s decision to file under seal has led to speculation about its motives, including concerns about interfering with a criminal investigation or protecting a witness or company.

Polygon, an Ethereum scaling firm, has introduced the Chain Development Kit (CDK), enabling developers to build customisable layer 2 chains using zero-knowledge (ZK) proofs, aiming to create an interoperable “Value Layer” for the internet. Concurrently, Tradeteq has launched tokenised U.S. Treasuries on the XDC Network, tapping into the growing digital bond market, with tokenisation of real-world assets on the rise. In contrast, Wintermute Trading faces governance obstacles in its bid to secure Yearn Finance’s YFI tokens, reflecting the evolving strategies and skepticism within the crypto space concerning decentralisation and off-chain agreements. 

FTX customers are facing a new phishing attack on their FTX-registered emails following a SIM swapping attack that leaked personal information. Phishing emails promise to return lost capital to customers if they connect a crypto wallet to their account but are likely an attempt to drain their tokens. Meanwhile, Binance is introducing “T+3” daily call and put contracts tied to BNB, offering traders greater flexibility in trading. In addition, China’s struggling economy is causing concerns about its impact on global economic growth and its potential ripple effect on the U.S. dollar, commodities, and Bitcoin. Finally, U.S. House Financial Services Committee members have expressed concerns that the Federal Reserve is obstructing efforts to regulate stablecoins, alleging that recent Fed letters impose restrictions on crypto activities without proper notice and comment processes.




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