Thursday, 5 October 2023

Market Summary

Market Summary 5 October 2023

Bitcoin Price: US$ 27,778.57 (+1.33%)
Ethereum Price: US$ 1,646.58 (-0.62%)  

 

The Hong Kong Stock Exchange is upgrading its Stock Connect system, which links Hong Kong’s stock markets with mainland China, using blockchain technology to reduce settlement risk and improve post-trade workflows. The average daily turnover of the Stock Connect system was $15.3 billion in H1 2023, up 5% from the previous year. In another development, research firm K33 Research has advised favouring Bitcoin over Ether due to the sluggish performance of futures-based ETH exchange-traded funds and lacklustre interest. The ETH-to-BTC price ratio hit a 15-month low, prompting the firm to reverse its outlook. Meanwhile, Polygon co-founder Jaynti Kanani has announced his decision to step back from the day-to-day work on the network, focusing on new adventures while remaining involved in Polygon from the sidelines.

XRP experienced a surge in value after Ripple obtained a license to offer key services in Singapore, while the U.S. Securities and Exchange Commission (SEC) failed in its bid to appeal the Ripple case. This development led to increased trading volumes, with XRP trading at 53 cents. Meanwhile, a decentralised finance data platform called Project Atlas, developed in collaboration with the Bank for International Settlements (BIS), the Dutch Central Bank, and the German Central Bank has been introduced to map significant international flows between crypto exchanges. This platform aims to provide valuable data for central banks to better understand the crypto market, potentially leading to future regulation. Additionally, the Stellar Development Foundation and PwC published a framework to evaluate emerging market blockchain projects, emphasising the importance of governance and responsible design principles. They found that blockchain solutions have the potential to enhance financial inclusion by lowering fees and increasing the speed of payments, but a well-defined framework is crucial for success in this regard.

The Nature Science Journal highlights the potential of decentralised autonomous organisations (DAOs) as a groundbreaking method for underfunded scientific researchers to form communities around their work and secure funding. DAO-based research schemes streamline project organisation, fundraising, feedback, and intellectual property management through a decentralised governing body. This approach democratises access to funding and research communities, challenging traditional sources of scientific funding. Meanwhile, the Open Network (TON), an initiative initially designed by Telegram, secures a substantial investment from MEXC Ventures, aiming to promote Web3 accessibility and integration within the Telegram messenger. El Salvador launched its first local Bitcoin mining pool as part of the Volcano Energy project, harnessing renewable energy sources for both electricity generation and Bitcoin mining, aiming to stimulate economic growth in the country through a public-private partnership.

  

Source:

https://cointelegraph.com
https://coindesk.com 

 

Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.

Search All Articles

Related Articles

24

Monday, 8 July 2024

Market Summary
Bitcoin Price: US$ 55,909.63 (-4.12%)  Ethereum Price: US$ 2,931.00 (-4.43%) 
23

Friday, 5 July 2024

Market Summary
Bitcoin Price: US$ 57,097.00 (-5.17%)  Ethereum Price: US$ 3,059.70 (-7.15%) 
22

Thursday, 4 July 2024

Market Summary
Bitcoin Price: US$ 60,215.97 (-3.04%)  Ethereum Price: US$ 3,295.48 (-3.68%) 
21

Wednesday, 3 July 2024

Market Summary
Bitcoin Price: US$ 62,106.92 (-1.25%)  Ethereum Price: US$ 3,421.35 (-0.61%)