Tuesday, 9 May 2023

Market Summary

Market Summary 9 May 2023

Bitcoin Price: US$ 27,668.79 (-2.68%)
Ethereum Price: US$ 1,847.56 (-1.22%)  

 

Long-term bitcoin holders are reportedly increasing their holdings of the cryptocurrency, with their 30-day change in bitcoin supply trending higher since March 31, despite a recent slight premium in BTC trading. The increase in supply reflects dormant supply and bullish sentiment, with investors taking advantage of a pause in price movement to acquire more. Meanwhile, CoinDesk’s Bitcoin Trend Indicator is suggesting that the price of bitcoin may move higher. In contrast, leading crypto options exchange Deribit’s forward-looking ether volatility index continues to trend downwards, hitting a record low due to macroeconomic uncertainties and pepecoin (PEPE) frenzy boosting demand for the Ethereum network. Implied volatility is positively correlated to demand for options and represents the degree of fear or uncertainty in the market, with plenty of uncertainty in the air due to the U.S. banking crisis and debt ceiling worries, as well as upcoming inflation data.

MakerDAO has launched the Spark Protocol, a lending marketplace designed for DAI users that aims to provide competitive interest rates for borrowing and supply of cryptocurrencies such as Ether, staked Ether (stETH), DAI, and staked DAI (sDAI). The platform is linked to Maker’s D3M, which facilitates interaction between the Maker ecosystem and third-party lending pools, and promises to enhance MakerDAO’s DAI lending capabilities, increase liquidity, and offer yield-bearing versions of DAI, providing more liquidity options. In other news, the recent surge in Bitcoin transaction fees has resulted in block rewards being surpassed by transaction fees in a single block for the first time since 2017. Although this has caused inconvenience for users, it has been beneficial for Bitcoin miners, who earn income from both the block subsidy and transaction fees.

Coinbase CEO, Brian Armstrong, has praised the United Arab Emirates (UAE) for its “forward-thinking” regulations on cryptocurrency during his visit to the Dubai Fintech Summit. Armstrong credited the UAE as being the first dedicated crypto regulator in the world, with a published rule book, business-friendly practices, and strong customer protections. The country’s cities, Dubai and Abu Dhabi, have become crypto hubs through government agencies such as the Dubai International Financial Center (DIFC) and Abu Dhabi Global Markets (ADGM), with over 500 Web3 companies registered with the Dubai Multi Commodities Center (DMCC). On the other hand, Binance has shuffled billions of dollars of its own Bitcoin, which led to some concerns from experts, but the exchange later said the movements were due to address adjustments and not a cause for concern.

The market for tokens built on the Bitcoin blockchain has surged in value as the market cap of these tokens approached $1 billion on Monday after ORDI, the first such token, was listed on major exchanges. The BRC-20 tokens are built using an experimental framework called “Bitcoin Request for Comment” and using Ordinals, a protocol enabling people to mint NFT-like assets on Bitcoin called inscriptions. However, amidst this excitement, Bittrex Inc. filed for Chapter 11 bankruptcy protection in Delaware, following the Securities and Exchange Commission’s charge of operating an unregistered exchange. The once-prominent exchange had a market share of nearly 23% in 2018 but had collapsed to below 1% in 2021, and blamed the country’s regulatory environment.

 

Source:
https://coindesk.com
https://cointelegraph.com
https://decrypt.co
https://theblock.co 

 

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