Tuesday, 5 September 2023

Market Summary

Market Summary 5 September 2023

Bitcoin Price: US$ 25,826.02(-0.26%)
Ethereum Price: US$ 1,630.51 (-0.33%)  


Crypto betting platform Stake has quickly resumed its services, including deposits and withdrawals, just five hours after suffering a hack estimated to be worth $41.3 million by blockchain security firms. Although the cause of the exploit and the exact amount stolen have not been disclosed, the platform confirmed that user funds remained safe, with Bitcoin, Litecoin, and wallets unaffected. The hack saw significant losses on Ethereum, Polygon, and the Binance Smart Chain. In another news, the European Central Bank (ECB) expressed support for legislative proposals for the digital euro, aiming to prevent private dominance in the financial sector and maintain monetary sovereignty. On the other hand, Harvard legal scholar Christine Kim argued for taxing the metaverse, suggesting it should be regulated under tax codes due to its wealth creation potential and digital activity tracking capabilities, proposing changes to when and how taxes are realised within the metaverse.

Bitcoin’s price appears poised for a potential correction to $22,000, driven by bearish signals in BTC derivatives markets amid recent uncertainties, including Grayscale’s SEC legal victory and delays in spot BTC ETF approvals. While the prospect of an ETF approval is discussed as a potential saving grace, concerns linger due to ongoing regulatory actions against major exchanges like Binance and Coinbase, coupled with reports of possible criminal probes. This uncertainty is compounded by reduced U.S. inflation and the Federal Reserve’s liquidity-reducing measures, challenging Bitcoin’s role as an inflation hedge. Simultaneously, cryptocurrency exchange Bybit introduces TradeGPT, an AI-powered trading tool, highlighting the growing role of AI in the crypto industry. In Australia, debates surrounding cryptocurrency regulation persist, with the Senate Committee on Economics Legislation offering recommendations, including further research, in response to Senator Andrew Bragg’s cryptocurrency bill.

The United Kingdom has outlined its five key ambitions for the forthcoming global AI safety summit, slated for November 1-2, which seeks to bring together international thought leaders from academia, politics, and tech companies to establish common ground on AI regulation. Focused primarily on mitigating risks posed by powerful AI systems, the summit also aims to promote the responsible development of AI for the public good, facilitate international cooperation on AI safety research and regulation, and devise strategies to uphold international laws related to AI safety. Spearheaded by U.K. Prime Minister Rishi Sunak’s appointed representatives, the summit underscores the U.K.’s commitment to AI regulation and investment. Meanwhile, crypto infrastructure provider Qredo has significantly downsized its workforce, leading to a 35% reduction in annual expenses due to the prolonged “cryptowinter.” Finally, the dYdX derivatives protocol has received community support to adopt DYDX as the Layer 1 token for its blockchain and migrate from Ethereum to a Cosmos ecosystem appchain, with plans for an Ethereum smart contract to facilitate token transfers between networks.





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