Friday, 4 August 2023

Market Summary

Market Summary 4 August 2023

Bitcoin Price: US$ 29,193.64 (+0.03%)
Ethereum Price: US$ 1,835.81  (-0.22%)  


MicroStrategy Chairman Michael Saylor affirmed that his software company will remain a go-to option for investors seeking exposure to Bitcoin (BTC), even if a spot Bitcoin exchange-traded fund (ETF) is approved. Saylor likened MicroStrategy’s stock to a high-speed car that enhances Bitcoin exposure and compared an approved spot ETF to a super tanker supplying the market’s fuel, potentially driving prices higher. This comes as nine spot Bitcoin ETF applications are under review by the Securities and Exchange Commission (SEC), which, if approved, could attract substantial investment into the Bitcoin market. Additionally, South Korean exchange Upbit surpassed Coinbase and OKX in trading volume for the first time in July, fueled by retail traders and increased demand in the region. Meanwhile, traders have been shifting away from Tether (USDT) in stablecoin pools on Curve Finance and Uniswap, causing imbalances and raising preferences for DAI and USDC instead.

Polygon, an Ethereum scaling firm, accused Matter Labs, the creator of zkSync rollup, of copying part of its open-source code without proper attribution. Matter Labs denied the allegations, stating that the code was prominently attributed in a line atop one of the files in question. The dispute highlights the importance of proper attribution in open-source projects. In other news, Chicago Mercantile Exchange (CME) saw a surge in crypto options trading volume in July, with trading activity rising 24% to $940 million, driven by investor interest in hedging tools. FTX founder Sam Bankman-Fried is facing legal challenges from the U.S. Department of Justice over allegations of sharing confidential information and attempting to influence witnesses, raising concerns about potential incarceration.

Cryptocurrency-friendly trading neobank Revolut has announced that it will suspend all cryptocurrency services for its U.S. users due to ongoing regulatory uncertainty. Revolut will begin suspending access to crypto through its platform on September 2 and will completely shut down crypto services on October 3. The decision will impact only about 1% of the company’s global crypto customers, and Revolut will continue to operate its non-crypto business in the United States. Meanwhile, the Worldcoin project, which pays people to submit iris scans to become part of its World ID ecosystem, was found to have a serious security vulnerability that could have allowed an attacker to bypass the verification process. The vulnerability has been fixed, but it adds to the controversy surrounding the project’s privacy and data use. In another news, cryptocurrency exchange Coinbase has filed a motion to dismiss a lawsuit brought by the U.S. Securities and Exchange Commission (SEC), claiming that the SEC has “violated due process” and “abandoned its own earlier interpretations of the securities laws.” Coinbase argues that the SEC’s enforcement action is “punitive” and represents an overreach in its authority granted by Congress.




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