Monday, 6 March 2023

Market Summary

Market Summary 6 March 2023

Bitcoin Price: US$ 22,430.24 (+0.37%)
Ethereum Price: US$ 1,564.58 (-0.14%)  


As the Ethereum Shanghai upgrade approaches, users are betting on the withdrawal of staked Ethereum. Since staking began in December 2020, users were unable to withdraw their funds until now. Some speculate that users will withdraw their ETH and dump it to realize gains, although the gains would not be substantial. Meanwhile, the market capitalization for Binance’s stablecoin BUSD plummeted from roughly $16 billion on February 13 to approximately $9 billion as a result of Paxos Trust’s decision to cease minting BUSD and the SEC’s intended lawsuit against them. In addition, Tether Holdings Ltd. is facing issues as companies backing its stablecoin USDT used fake documents and shell companies to help it gain access to the banking system. One major Chinese trader reportedly tried to circumvent the banking system by providing fake sales invoices and contracts for each deposit and withdrawal.

Kevin Owocki, co-founder of Gitcoin, has launched Supermodular, a venture studio for regenerative Web3 projects that aims to focus on ReFi (Regenerative Finance) projects rather than decentralized finance. Supermodular aims to attract environmentally conscious individuals and those who support a long-term societal and environmental health vision. Meanwhile, Coinbase’s head of protocols, Jesse Pollak, has announced that the company is focusing on product innovation and making it easy for developers to build useful products on an on-chain platform. Lastly, Huobi, a virtual asset trading platform, has joined the BitTorrent Chain ecosystem to support the development of a Layer 2 network based on BTTC, a cross-chain solution that enables seamless asset exchange through digital asset connectivity of mainstream public chains.



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