Friday, 6 October 2023

Market Summary

Market Summary 6 October 2023

Bitcoin Price: US$ 27,410.39 (-1.33%)
Ethereum Price: US$ 1,611.79 (-2.11%)  


Bitcoin experienced a brief surge above $28,000 but subsequently dropped to around $27,500 as traders capitalized on the rally. While Bitcoin has remained relatively flat over the past 24 hours, it has outperformed the broader crypto market, which saw a 0.3% decline in the CoinDesk Market Index (CMI). Investment research firm ByteTree upgraded Bitcoin’s market signal from neutral to bullish, highlighting its performance as a safe haven amidst turmoil in the bond market. However, analysts remain cautious about short-term volatility, with some predicting a more sustained rally into 2024. Meanwhile, cryptocurrency wallet hardware manufacturer Ledger is cutting 12% of its workforce due to macroeconomic challenges affecting revenue generation. Additionally, startup Blockticity has minted $275 million worth of product certifications on the Avalanche blockchain to enhance supply chain transparency for hemp, psychedelic mushrooms, and kratom products.

Friend.Tech users have reported falling victim to SIM swap attacks, with approximately $385,000 worth of ether lost this week. While the Friend.Tech code itself was not exploited, these attacks highlight ongoing security concerns. A new feature allowing users to change their login methods may help mitigate such attacks. Meanwhile, crypto fundraising experienced a downturn in Q3, falling to its lowest level in three years, according to Messari. In addition, Gary Wang, co-founder and former CTO of FTX, testified in the criminal trial of former CEO Sam “SBF” Bankman-Fried, admitting to committing crimes during his tenure with the exchange.

Kraken, a US-based exchange, is strategically expanding into Europe by acquiring Dutch exchange Coin Meester B.V. (BCM) following the implementation of the European Union’s MiCA regulatory framework. Wirex has introduced W-Pay, a noncustodial crypto debit card service that leverages zero-knowledge proofs for heightened security and scalability. The US Federal Reserve has conducted an intriguing analysis, suggesting that Bitcoin, often considered for more significant use cases than buying eggs, has inadvertently demonstrated better resistance to inflation compared to the US dollar. In the venture capital landscape, Hong Kong-based CMCC Global has successfully raised $100 million for its Titan Fund, aimed at supporting early-stage Asian blockchain startups. This move underscores the enduring interest in cryptocurrencies, despite a recent funding downturn during the cryptocurrency market’s bearish phase.




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