Monday, 7 August 2023

Market Summary

Market Summary 7 August 2023

Bitcoin Price: US$ 29,088.42 (+0.06%)
Ethereum Price: US$ 1,830.28  (-0.34%)  


Global X has refiled its application for a spot bitcoin exchange-traded fund (ETF) and named Coinbase as its surveillance-sharing partner. The ETF would provide investors exposure to bitcoin with added protections. This marks the ninth active spot-bitcoin ETF application in the U.S., with other firms like Fidelity and BlackRock also establishing surveillance-sharing agreements. Miami Mayor Francis Suarez, a Bitcoin advocate, will accept campaign donations in BTC for his presidential bid, criticising the lack of crypto understanding in the Biden administration and expressing opposition to a central bank digital currency. Meanwhile, Avalanche’s blockchain usage doubled in Q2, with increased daily transactions and active addresses, even though the total value locked on its layer-1 blockchain decreased amid the crypto bear market. Interoperability protocol LayerZero and Stargate contributed to Avalanche’s growth.

The U.S. added 187,000 jobs in July, slightly below the forecasted 200,000 and a small increase from a revised 185,000 in June, with the unemployment rate dipping to 3.5% from June’s 3.6%. Bitcoin slipped to $29,100 following the job report release. This could signal a cooling labor market after an extended aggressive rate hike cycle by the Federal Reserve, though the miss is unlikely to cause alarm. The market’s chance of a rate hike in mid-September decreased from 20% to 17.5%. Meanwhile, decentralised finance protocol Curve Finance has extended a bug bounty to identify the exploiter who drained $61 million from its pools, and Alchemix has announced the return of all stolen funds after the hacker accepted a bug bounty offer, citing not wanting to “ruin” the projects involved.

Amidst rumors of insolvency and investigations by Chinese authorities, cryptocurrency exchange Huobi has experienced significant outflows, resulting in a decline of its total value locked (TVL) to $2.5 billion from $3.09 billion in early July. Reports of potential leadership arrests and tighter regulatory scrutiny have cast a shadow over the exchange, with Huobi denying such claims. Furthermore, concerns have been raised about Huobi’s solvency, as fintech executive Adam Cochran suggests inconsistencies in its Tether holdings. In a separate development, Tether has introduced innovative JavaScript libraries to enhance Bitcoin mining efficiency and capacity, aiming to streamline operations within the mining ecosystem. Meanwhile, KPMG’s recently published report highlighting Bitcoin’s positive contributions to environmental, social, and governance aspects marks a notable milestone, providing a thorough analysis of Bitcoin’s potential benefits across these domains, countering criticisms and affirming its potential societal value.




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