Wednesday, 9 August 2023

Market Summary

Market Summary 9 August 2023

Bitcoin Price: US$ 29,770.42 (+1.91%)
Ethereum Price: US$ 1,856.30  (+1.49%)  


The U.S. Federal Reserve has unveiled a new program to closely monitor cryptocurrency activities within American banks, reinforcing its regulatory approach without altering existing rules. Termed the “novel activities supervision program,” this initiative leverages the expertise of digital asset specialists alongside standard regulators to oversee crypto dealings and stablecoin engagement by banks under its jurisdiction. Banks seeking pre-approval for stablecoin involvement must demonstrate secure operations and risk management capabilities. In a separate incident, Ukrainian firm CoinsPaid reported a cyberattack resulting in $37.3 million in crypto losses, attributed to a sophisticated campaign possibly linked to the North Korean Lazarus Group. Bavaria’s Data Protection Authority’s ongoing assessment of Worldcoin’s privacy and security coincided with its launch, while Germany’s BaFin scrutinised the project’s financial aspects. These developments underscore the evolving regulatory landscape surrounding cryptocurrencies and highlight cybersecurity imperatives.

Both Cathie Wood, CEO of Ark Invest, and Mike Novogratz, CEO of Galaxy Digital, share an optimistic outlook on the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Wood anticipates that the SEC might approve multiple Bitcoin ETFs simultaneously, while Novogratz, drawing on sources from BlackRock and Invesco, suggests that it’s a matter of “when” rather than “if” one of the outstanding applications will receive approval within the next six months. This renewed hope for approval is attributed partly to the involvement of industry giant BlackRock. Meanwhile, cryptocurrency exchange Bitstamp is set to halt trading of several major altcoins, including Axie Infinity, Chiliz, Decentraland, Polygon, Near, Sandbox, and Solana, for U.S. customers starting August 29, possibly due to recent regulatory developments and SEC’s concerns about unregistered securities. In the context of rising inflation and uncertainties in traditional markets, Bitcoin’s price response to inflation remains uncertain, as it faces a unique situation with the Federal Reserve reducing liquidity in the system and potential tightening of the economy. Investors are diversifying into alternative markets, and Bitcoin whales are increasing leverage long positions despite the cryptocurrency’s price remaining relatively stable.

USD Coin issuer Circle has launched a beta version of a multiparty computation (MPC) wallet service, enabling DeFi developers and others in the blockchain space to create customised wallets for users on Ethereum, Avalanche, and Polygon, enhancing security through decentralised distribution of private keys. In the UK, a government consultation response indicates a potential shift in power towards the Bank of England (BoE) over the Financial Conduct Authority (FCA) for supervising stablecoins, with co-supervision and BoE authority to prevent FCA actions under specific circumstances. Binance’s recent proof-of-reserves report highlights ample reserves and reveals the exchange converted USDC to BTC and ETH following Silvergate Bank’s collapse, showcasing a strategic response to market events.




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