Wednesday, 6 September 2023

Market Summary

Market Summary 6 September 2023

Bitcoin Price: US$ 25,792.10(-0.13%)
Ethereum Price: US$ 1,634.45 (+0.24%)  


Grayscale Investments has informed the U.S. Securities and Exchange Commission (SEC) that there are “no grounds” to reject the conversion of its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF). This comes after a court ordered the SEC to review its previous rejection, finding that GBTC’s proposed product is similar to existing bitcoin futures exchange-traded products. Grayscale criticised the SEC’s history of rejecting spot bitcoin ETF applications and argued for equal treatment. In another development, a blockchain executive from the Ethereum ecosystem, Alex Gluchowski, has proposed the concept of an “Ethereum Supreme Court” to handle disputes and security crises in the blockchain, challenging the notion that “code is law.” Meanwhile, the price of Bitcoin dropped to a six-month low near $25,000, partly influenced by higher oil prices that could lead to higher interest rates, potentially affecting Bitcoin’s appeal to investors as an alternative asset. Markets await the upcoming U.S. inflation report on September 13 for further insights.

Visa is intensifying its involvement in the cryptocurrency realm to enhance cross-border payment transactions, expanding its stablecoin settlement capabilities by incorporating Circle’s USDC stablecoin onto the Solana blockchain, positioning itself as one of the pioneering financial institutions to do so. In parallel, Visa has initiated pilot programs with merchant acquirers Worldpay and Nuvei, allowing clients to opt for USDC stablecoin settlements, further modernising payment options. This strategic move underscores Visa’s commitment to improving cross-border settlement speed through stablecoins and global blockchain networks. Additionally, BitGo, a California-based crypto custodian, has forged a strategic business partnership with South Korean heavyweight Hana Bank, a deal covering security solutions and technology collaborations, marking a notable development within the cryptocurrency custodian sector. However, concerns have been raised regarding the use of AI tools like ChatGPT for crafting smart contracts and cryptocurrency projects, with Kang Li, CertiK’s Chief Security Officer, cautioning about potential issues and recommending ChatGPT’s use as an assistant for code analysis and reverse engineering, rather than primary code creation. These developments underline the evolving landscape of cryptocurrency and blockchain technology, as traditional financial institutions and emerging technologies converge.

Coinbase’s Ethereum layer-2 network, Base, encountered its inaugural significant outage since its August public launch, wherein block production on the Base chain was stalled for approximately 45 minutes due to internal infrastructure issues, shedding light on the operational challenges facing Ethereum layer-2 networks. Meanwhile, US-based Genesis Global Trading (GGT) is opting to shutter its cryptocurrency spot trading service voluntarily on September 18, citing business motivations, echoing the sector’s evolving regulatory landscape as GGT navigated its separate path from the beleaguered Genesis Global Capital, which declared bankruptcy earlier this year amidst SEC allegations of offering unregistered securities. In the cryptocurrency wallet arena, MetaMask unveiled a feature enabling users to convert Ether (ETH) to fiat currency, initially supporting users in the US, UK, and parts of Europe, marking another step in facilitating cryptocurrency utility for everyday transactions.




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