Thursday, 9 November 2023

Market Summary

Market Summary 9 November 2023

Bitcoin Price: US$35,624.72 (+0.64%)
Ethereum Price: US$ 1,888.12 (+0.15%)  

The U.S. House of Representatives has passed an amendment to its spending bill that would prohibit the Securities and Exchange Commission (SEC) from using funds to enforce regulations against crypto businesses. The amendment, which was sponsored by Rep. Tom Emmer (R-Minn.), is a direct rebuke of SEC Chair Gary Gensler, who has been criticised for his aggressive stance on crypto regulation. The House bill is still subject to approval by the Senate, which is controlled by Democrats who are more supportive of Gensler’s approach. In other news, a group of U.S. lawmakers has introduced a bill that would ban the government from using China-based blockchains or transacting with the issuer of the world’s largest stablecoin, USDT. The bill also bans government officials from transacting with several other Chinese crypto companies. Meanwhile, the Arbitrum layer-2 blockchain network is facing controversy over a proposal to allocate $2 million worth of digital tokens to a “research coalition” that would be responsible for professionalising the project’s research efforts. The proposal has been met with criticism from some community members who are concerned about potential conflicts of interest and the high cost of the new venture.

The US SEC has an eight-day window starting today, November 9, to approve all 12 spot Bitcoin (BTC) ETF applications. The SEC could issue approval orders for the first nine filings, which include BlackRock, Grayscale, 21Shares & Ark, Bitwise, VanEck, Wisdomtree, Invesco & Galaxy, Fidelity and Valkyrie. There is a 90% chance that at least one spot Bitcoin ETF gets approved by Jan. 10. LidoDAO has approved the deployment of Lido’s Wrapped Staked Ether (wstETH) to Coinbase’s Base network. The DAO approved the proposal after 597 million votes were cast in favour of it and 255 were cast against it. LidoDAO contributor Marin Tvrdić stated that the availability of wstETH on Base marks a major milestone in the journey to scaling wstETH adoption.

A Hong Kong-listed tech company, Linekong Interactive, has allocated $15 million to invest in projects building on the Bitcoin network. The company’s investment fund, dubbed “BTC Next,” will focus on supporting projects in asset issuance protocols, trading markets, expansion, virtual machines, NFTs, real-world assets (RWAs), and GameFi. This investment comes at a time when Bitcoin-linked NFTs, known as Ordinals, have surged in popularity, driving Bitcoin transaction fees to nearly 1,000% higher from August levels. Ordinals have become the top blockchain by NFT sales volume, surpassing Ethereum. The resurgence of Ordinals and Bitcoin’s overall growth are benefiting Bitcoin miners, who are now generating more revenue from transaction fees. Meanwhile, at the Solana Breakpoint conference in Amsterdam, blockchain technology is being heralded as a powerful tool for promoting sustainable development. Projects like GainForest and ecoToken are using blockchain to incentivise communities to monitor and protect natural resources, and to retire carbon credits. Daniel Kelleher, founder of the Sunrise Stake protocol, believes that blockchain can help create a “regenerative economy” that is beneficial for both society and the environment.


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