Monday, 4 September 2023

Market Summary

Market Summary 4 September 2023

Bitcoin Price: US$ 25,971.21(+0.39%)
Ethereum Price: US$ 1,635.84 (-0.07%)  


Binance CEO Changpeng “CZ” Zhao has expressed his belief that decentralised finance (DeFi) could surpass centralised finance (CeFi) in the next bull run, citing the increasing decentralisation of the industry. CZ noted that DeFi currently represents 5% to 10% of CeFi trading volumes, signaling its potential for significant growth. In another development, concerns have arisen as a wallet linked to bankrupt crypto exchange FTX moved $10 million in digital assets from the Solana network to Ethereum, sparking fears of impending token dumps during the exchange’s bankruptcy proceedings. Additionally, amid speculation surrounding a Ripple-SEC settlement, pro-XRP lawyer John Deaton outlined potential steps the two parties might take, including the impact of the ongoing Coinbase vs. SEC lawsuit on the outcome.

Cathie Wood, CEO of ARK Invest, has shared her optimism about the convergence of Bitcoin and artificial intelligence (AI), emphasising the transformative potential of this synergy for various industries and the economy as a whole. ARK Invest has been actively investing in AI-related stocks, and Cathie Wood’s positive view aligns with the firm’s research on the significance of AI in investment strategies. In a separate development, a significant XRP transfer from Binance to an undisclosed wallet has raised speculation about its potential impact on the token’s price, amid ongoing legal battles involving Ripple and the SEC. Additionally, a legal dispute has arisen between Gala Games CEO Eric Schiermeyer and co-founder Wright Thurston, with allegations of token theft, deception, and misuse of company funds, causing a 13% drop in the project’s token price.

MakerDAO co-founder Rune Christensen has proposed building MakerDAO’s upcoming native chain, “NewChain,” by forking the Solana codebase instead of using the Ethereum Virtual Machine (EVM). This shift away from Ethereum is part of the fifth and final phase of the MakerDAO “Endgame” upgrade. Christensen cited the technical quality and optimisation of the Solana codebase, the resilience of the Solana ecosystem, and the ability to fork and adapt Solana’s codebase as key reasons for this choice. Ethereum co-founder Vitalik Buterin sold his remaining MakerDAO tokens following this proposal, receiving approximately $580,000 in ETH. Meanwhile, concerns are rising about the centralisation of staked Ethereum (ETH) through platforms like Lido Finance, which accounts for about a third of all staked ETH, potentially undermining Ethereum’s decentralisation and the democratic nature of DeFi governance.




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