Wednesday, 5 June 2024

Market Summary

Market Summary 5 June 2024

Bitcoin Price: US$ 70,448.97 (+2.34%) 
Ethereum Price: US$ 3,810.23 (+1.15%) 

Matt Horne of Fidelity Investments advocates for a 1-5% Bitcoin allocation in investors’ portfolios, highlighting its potential and the recent uptick in institutional interest, a sentiment echoed by the Coinshares report which underscores a positive market outlook for Bitcoin, with significant inflows and over $74 billion in global assets under management. In parallel, the crypto exchange FTX, despite its bankruptcy, has managed to negotiate a tentative agreement with the IRS to settle a $24-billion tax dispute, a settlement that includes a $200 million priority tax claim and a $685 million subordinated claim, thereby reducing litigation risk and enhancing certainty for creditor and customer recovery. Meanwhile, in Japan, developers of the dApp Astar Network are proposing a burn of 350 million ASTR tokens, valued at $38 million, to alleviate inflationary pressures and potentially boost the token’s market value, a proposal that will be put to a community vote and is in line with the imminent Polkadot network upgrade, “Agile Coretime,” which will phase out the parachain system. 

Galaxy Digital’s report unveils that Ethereum’s governance, driven by off-chain voting, involves key stakeholders such as client teams, validator node operators, the Ethereum Foundation, and DApp developers. Despite the risks associated with both on-chain and off-chain governance, the report underscores the advantages of off-chain governance in averting centralisation and preserving nuanced decision-making. Amidst this, Solana is gaining traction among institutions, marked by PayPal’s expansion of its USD stablecoin to the Solana network, its first venture beyond Ethereum. Owing to its scalability and low transaction costs, Solana is not only attractive for institutional adoption but is also speculated to be the next cryptocurrency to secure a spot in an exchange-traded fund (ETF). Meanwhile, Bitcoin NFTs have achieved a total all-time sales volume exceeding $4 billion, notwithstanding a 54% drop in overall NFT sales in May. However, Bitcoin-based NFTs lag behind Ethereum in terms of sales, and the broader NFT market, inclusive of Bitcoin-based collectibles, witnessed a slump in sales volume in May. 

Deutsche Bank and Bitpanda have forged a partnership to facilitate real-time crypto payments for German traders. This collaboration empowers Bitpanda to utilise an API-based account solution, thereby gaining access to German International Bank Account Numbers (IBANs) and improving the security and efficiency of fund transfers. Meanwhile, in the U.S., the Securities and Exchange Commission’s approval of spot Ether (ETH) exchange-traded funds (ETFs) appears to be a pragmatic decision to avoid potential legal disputes, rather than a response to political pressure, as per Bernstein analysts. This decision aligns with the regulatory setup of spot Bitcoin (BTC) ETFs. In another development, Polygon Labs has acquired Toposware, a blockchain research and engineering firm. This marks Polygon’s third investment in zero-knowledge (ZK) startups over the past three years, pushing its total investment in ZK technology beyond $1 billion and further bolstering its ZK research and development efforts. 

Source: https://cointelegraph.com 

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