Wednesday, 4 October 2023

Market Summary

Market Summary 4 October 2023

Bitcoin Price: US$ 27,426.46 (-0.25%)
Ethereum Price: US$ 1,656.88 (-0.33%)  


A federal judge has denied the U.S. Securities and Exchange Commission’s (SEC) request to appeal its previous loss in the Ripple case, where the SEC had alleged that Ripple’s XRP token was a security. XRP’s price rallied approximately 5% on the news. While this decision represents a setback for the SEC, the judge has set a trial date for April 2024 to address other unresolved issues in the case, indicating that the agency may still have the opportunity to appeal the overall case later. In another development, Rep. Patrick McHenry, a crypto-friendly lawmaker, has temporarily taken over the role of Speaker of the U.S. House of Representatives, a position that could influence the progress of cryptocurrency-related legislation. McHenry has been actively working on various crypto bills in the House Financial Services Committee. Additionally, the U.S. Department of Justice (DOJ) has charged several Chinese businesses and individuals with running a fentanyl network that relied on cryptocurrency payments, further highlighting the role of cryptocurrencies in illicit activities and prompting action from both the DOJ and the U.S. Treasury’s Office of Foreign Assets Control (OFAC).

Canadian entrepreneur and TV personality Kevin O’Leary believes the era of “crypto cowboys” in the cryptocurrency industry is coming to an end as the sector becomes increasingly regulated. O’Leary, who has previously been associated with the FTX exchange, expressed optimism about crypto’s potential but stressed the importance of regulatory compliance. He highlighted that many early crypto founders are likely to face regulatory challenges, but the promise of crypto technology still remains. In a separate development, blockchain developer OP Labs has launched “fault proofs” on its test network, addressing a crucial deficiency in its software for creating distributed networks on the Ethereum blockchain. Fault proofs are essential for the security of optimistic rollup technology, which connects layer-2 blockchains to primary layer-1 blockchains like Ethereum. Finally, the European Central Bank is planning to release plans for a wholesale central bank digital currency (CBDC) in the coming weeks, focusing on how financial institutions can settle securities and foreign exchange transactions. This move precedes the more controversial retail CBDC for ordinary citizens, which has raised concerns about privacy and its impact on commercial banks.

Crypto and Web3 projects faced a 153% increase in attack incidents in Q3 2023 compared to the same period in 2022, with 76 attacks resulting in nearly $686 million in losses, according to a report by blockchain security platform Immunefi. Decentralised finance (DeFi) hacks accounted for 72.9% of total losses, while centralised services accounted for 27.1% of exploit losses. Ethereum and BNB Chain were the most targeted networks. Bitcoin investment products saw inflows of $20.4 million in the week ending September 28, marking the first inflow in six weeks. Solana also experienced inflows, while Ether products faced outflows for the seventh consecutive week. Osmosis, the largest decentralised exchange on Cosmos, announced plans to bring Bitcoin to the Cosmos network via the Nomic bridge.




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