Monday, 8 May 2023

Market Summary

Market Summary 8 May 2023

Bitcoin Price: US$ 28,430.10 (-1.45%)
Ethereum Price: US$ 1,870.40 (-1.37%)  


Binance temporarily halted bitcoin withdrawals as the Bitcoin network struggled with congested transactions and high fees. On-chain data revealed nearly 400,000 unconfirmed Bitcoin transactions, exceeding levels seen during past bull runs. Meanwhile, Ethereum Foundation’s recent transfer of almost $30 million in Ether to Kraken sparked concerns of a potential selloff event. Despite the initial drop of 4.8% in ETH price, it recovered modestly to $1,920 on May 7 after testing its 50-day exponential moving average as support. While a rising exchange balance indicates potential selling pressure, Ethereum’s balance remained lower despite the transfer to Kraken.

Stripe has launched a fiat-to-crypto on-ramp to help Web3 companies overcome the “cold start problem” and offer US-based customers the ability to purchase crypto at the precise moment they need it. The on-ramp will allow customers to convert fiat into crypto without the need to embed any code into a website or app. Stripe will handle various compliance-related tasks, including identity verification, fraud prevention and conversion and authorisation optimisation, to help customers start using Web3 services quickly and safely. In other news, high transaction fees and a congested backlog of transactions on Bitcoin’s network have led some users to suggest an attack on the cryptocurrency.

Quadratic funding, a crowdfunding mechanism that promotes fair and inclusive funding for public goods, has gained popularity in the blockchain and cryptocurrency communities. The approach combines modest individual contributions with larger matching sums from sponsors or contributors and encourages a larger number of modest donations, improving diversity and fairness. Gitcoin is a platform that uses the quadratic formula to allocate funds, rewarding projects that receive a high number of small contributions and supporting the growth and development of underrepresented projects. In a different news, a recent viral video showed how easy it is to create a new cryptocurrency from scratch, with one creator completing the process in just 22.45 seconds using a program called Contracts Wizard and an application called Remix. However, the creator noted that the video was for educational purposes only and the token was not to be speculated on.




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