Tuesday, 6 February 2024

Market Summary

Market Summary 6 February 2024

Bitcoin Price: US$42,708.70 (+0.30%)
Ethereum Price: US$ 2,301.83 (+0.53%)

In 2023, crypto investors experienced a significant turnaround, with CoinLedger reporting that the average investor made $887.60 in net gains, contrasting starkly with the losses of the previous year. CoinLedger analysed data from 500,000 users, signalling a potential resurgence in the crypto market. Meanwhile, Bitcoin miner CleanSpark is doubling its hash rate by purchasing new mining facilities, preparing for the upcoming Bitcoin halving event in April 2024. MicroStrategy, on the other hand, continues to bolster its Bitcoin holdings, acquiring an additional 850 BTC in January, bringing its total holdings to 190,000 BTC worth $8.1 billion. The company’s executive chairman, Michael Saylor, remains optimistic about Bitcoin’s future, emphasising its role as an institutional-grade asset class and expressing confidence in its continued outperformance.

The United States Securities and Exchange Commission (SEC) has delayed its decision on the proposed Invesco Galaxy spot Ether exchange-traded fund (ETF), instituting proceedings to determine approval or disapproval, extending the deadline by an additional 35 days upon publication in the Federal Register. The SEC can delay the decision for up to 240 days, with the deadline set for July 2024. Meanwhile, the SEC adopted rules that redefine “dealer” and “government securities dealer,” expanding its oversight to market participants engaging in significant liquidity-providing roles, potentially impacting the crypto and decentralised finance (DeFi) sectors. This move comes amidst calls for increased regulation in the digital asset space, with United States Treasury Secretary Janet Yellen urging Congress to address regulatory gaps, particularly concerning stablecoins, to protect investors and ensure financial stability. Yellen advocated for a federal regulatory framework applicable across all U.S. states and emphasised the need for oversight of stablecoin issuers to mitigate risks to the financial system.

The Federal Reserve Board of the United States has terminated an enforcement action against Farmington State Bank, a financial institution linked to the defunct cryptocurrency exchange FTX, stating that Farmington no longer functions as a bank. Meanwhile, major privacy-focused cryptocurrency Monero experienced a significant drop to multi-month lows after Binance announced its upcoming delisting from the platform, alongside several other tokens, citing various factors, including contribution to a healthy ecosystem and responsiveness to due diligence requests. In another development, the Solana mainnet experienced downtime in block production, prompting core engineers and validators to actively investigate and work on restoring service, with validators preparing for a restart and crypto exchanges like Upbit suspending Solana-based token deposits and withdrawals.

Source: https://cointelegraph.com

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