Friday, 9 June 2023

Market Summary

Market Summary 9 June 2023

Bitcoin Price: US$ 26,498.61 (+0.60%)
Ethereum Price:
US$ 1,845.64 (+0.74%)  


Crypto investors were hit with lawsuits against Binance and Coinbase by the SEC, causing concern in the market. However, there was a glimmer of hope as US jobless claims rose, indicating a potentially loosening labor market and the possibility of the US central bank pausing interest rate hikes. This news led to a decrease in the probability of interest rates remaining unchanged. In other crypto news, integrated with CoinRoutes to enhance institutional access to liquidity. Additionally, Curve Finance now allows stETH holders to mint crvUSD, a stablecoin, by using their tokens as collateral, subject to borrowing rates and liquidation rules. The maximum limit for crvUSD issued through stETH collateral stands at $150 million.

A study conducted by scientists from the University of Kent’s School of Computing in the UK suggests that quantum-based mining could lead to significant energy savings in blockchain systems. The research compared the energy consumption rates of current ASIC-based miners to proposed quantum-based solutions and found that quantum mining devices outperformed standard mining rigs in terms of energy efficiency. The study estimated that the transition to quantum-based mining could save approximately 126.7 TWH, which is equivalent to the total energy consumption of Sweden in 2020. This could have a substantial impact, considering that Bitcoin mining operations alone consume over 150 terawatt hours annually. In other news, Bitcoin’s price faced resistance after failing to break through the $27,400 mark, with investors becoming less confident due to recent regulatory actions by the SEC against Binance and Coinbase. The SEC lawsuits and criticisms regarding the SEC’s regulatory approach have raised concerns and uncertainty in the market. However, eToro expressed its commitment to cryptocurrencies and working with regulators to shape the future of the crypto industry, stating that they believe in offering users access to a diverse range of asset classes.

Aave, a leading decentralised finance (DeFi) platform, has raised $15 million to support Lens, its NFT-powered protocol for decentralised social media platforms. Lens is built on Polygon, an Ethereum scaling solution, and enables social media platforms to tokenise user data using smart contracts and NFTs. This allows users to have ownership and control over their profiles, posts, preferences, and network, which is not currently provided by mainstream Web2 social media platforms. Aave aims to attract users beyond the Web3-native community and expand Lens’s user base. In other news, court documents filed by the SEC indicate that billions of dollars of Binance-related funds flowed through Signature Bank and Silvergate Bank, raising questions about the separation between Binance and Binance.US. The SEC’s lawsuit reveals financial records showing that Binance entities deposited billions of dollars into an account belonging to Merit Peak, in which Binance CEO Changpeng Zhao is the beneficial owner. Additionally, BitGo Holdings has signed a non-binding term sheet to acquire Prime Core Technologies, the parent company of crypto custodian Prime Trust. The acquisition aims to bring business continuity and stability to Prime Trust’s clients and expand BitGo’s network of regulated trust companies. The deal is subject to regulatory approval.




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