Thursday, 7 September 2023

Market Summary

Market Summary 7 September 2023

Bitcoin Price: US$ 25,759.95(-0.12%)
Ethereum Price: US$ 1,633.15 (-0.08%)  


Russian lawmaker Anatoly Aksakov has suggested that the digital ruble and blockchain technology may eventually reduce the need for traditional banks, although Russia has not formalised such plans. This potential transformation aligns with the global trend toward digital currencies and blockchain adoption. Meanwhile, the Bitcoin market faces a “death cross” as its short-term price momentum weakens compared to the long term, while the U.S. dollar index anticipates a “golden crossover,” which often signifies a bullish dollar market. These market dynamics raise concerns about the impact on risk assets like cryptocurrencies, with analysts speculating about potential yield curve changes and their effects on cryptocurrency markets. Additionally, Cboe’s BZX exchange has filed for the launch of the first spot ether exchange-traded funds in the U.S., signaling a significant development in the cryptocurrency investment landscape.

The Financial Accounting Standards Board (FASB) has unanimously approved new rules for accounting the fair value of companies’ cryptocurrency holdings, set to be effective in 2025. These changes will impact companies following U.S. Generally Accepted Accounting Principles (GAAP). Previously, companies had to retain impairment losses on their balance sheets even after cryptocurrency assets regained their value, but the new method will allow companies to record financial recoveries from rising cryptocurrency prices, potentially introducing more volatility into their earnings. Notably, this development will particularly benefit firms like Coinbase, MicroStrategy, and Tesla that hold significant cryptocurrency assets. In parallel, blockchain analytics firm Arkham Intelligence claims to have identified Grayscale Bitcoin Trust’s wallet addresses, shedding light on its massive Bitcoin holdings, while HashKey Hong Kong has signed an MOU for insurance coverage on digital assets custodied on its platform, aiming to enhance protection for its users’ assets.

Roman Storm, co-founder of Tornado Cash, has pleaded not guilty to charges of money laundering and violating U.S. sanctions in connection with the cryptocurrency mixer’s alleged involvement in facilitating the North Korean Lazarus Group’s efforts to bypass sanctions and fund its nuclear program. Storm, who was released on a $2 million bond, faces restrictions on travel within certain regions of the United States. In a separate development, Ethereum co-founder Vitalik Buterin has published a research paper exploring privacy pool systems and zero-knowledge-proof technology as tools to enhance financial transaction privacy. Google has also updated its cryptocurrency advertising policy, allowing blockchain-based NFT gaming advertisements that do not promote gambling, effective September 15, 2023.

Cryptocurrency exchange Coinbase has introduced a crypto lending service for institutional investors in the United States, allowing them to lend digital assets to Coinbase under standardised terms that qualify for a Regulation D exemption. Since the launch on August 28, the lending program has attracted $57 million in investments from Coinbase customers. This initiative aligns with Coinbase’s goal to modernise the financial system and provide greater economic freedom. In another development, Alpha Protocol Ventures (APV) has established a $20 million fund to invest in undervalued Web3 projects, with a focus on blockchain gaming, collectibles, decentralised finance, and more. APV aims to support both emerging and established projects in the blockchain and Web3 space. Additionally, India, under its G20 presidency, is actively discussing the establishment of a global framework for cryptocurrencies. Indian Prime Minister Narendra Modi has emphasised the need for global cooperation in formulating crypto regulations to address the challenges and opportunities presented by digital currencies on a global scale. The G20 member states are working together on crypto-related regulations, with active discussions taking place and input from institutions like the IMF and FSB being considered.




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