Friday, 5 May 2023

Market Summary

Market Summary 5 May 2023

Bitcoin Price: US$ 28,838.16 (-0.65%)
Ethereum Price: US$ 1,877.07 (-1.47%)  


Decentralized finance (DeFi) protocol, Lido Finance has seen a steady inflow of deposits, surpassing six million ether (ETH) on its liquid staking platform. Lido received a net inflow of 105,644 ETH, valued at $199 million, through the past week, with its liquid staking platform becoming a popular way for investors to earn yields on their digital assets. Liquid staking platforms, including Lido, allow users to keep their locked-up tokens liquid with a derivative token that can be used for lending and borrowing. Meanwhile, Bitcoin’s dominance rate, which measures the cryptocurrency’s share in the broader market, has surged since the onset of the U.S. banking sector instability, indicating the top cryptocurrency’s outperformance relative to the broader market.

Curve Finance, a decentralized finance (DeFi) protocol, has launched its algorithmic stablecoin, crvUSD, on Ethereum mainnet, with over $22 million worth of the token minted so far. The stablecoin is not yet available to general users as it awaits integration with Curve’s front-end user interface on its official website. In other news, Digital Currency Group (DCG) CEO, Barry Silbert, has sold almost 120,000 shares in Grayscale Ethereum Classic Trust (ETCG), worth around $755,295, according to an SEC filing. The ETCG fund, launched in 2017, allows investors to gain exposure to Ethereum Classic (ETC) through a brokerage account.

Block, formerly known as Square, has reported a significant increase in bitcoin sales on its Cash App platform, with $2.2 billion worth of bitcoin sold in the first quarter of 2023, representing a 25% year-over-year increase. Gross profits from bitcoin sales reached $50 million during this period. The company’s overall transaction-based revenue was $1.4 billion, up 15% year-over-year, while transaction-based gross profit was $602 million, up 16%. On the other hand, Ethereum transaction fees have surged to their highest level since May 2022 due to increased on-chain activity, mostly driven by memecoin trading. The median average transaction fee on the Ethereum network was around 87 gwei on May 2.




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