Monday, 9 October 2023

Market Summary

Market Summary 9 October 2023

Bitcoin Price: US$ 27,917.05 (-0.14%)
Ethereum Price: US$ 1,632.84 (-0.04%)  

 

Ripple’s CTO, David Schwartz, has urged XRP Ledger (XRPL) validators to embrace an automated market maker (AMM) feature, stressing the importance of community consensus for its adoption. This AMM feature was introduced with rippled version 1.12.0, potentially enabling integration with the XRPL decentralised exchange, provided there is widespread support. In another development, HTX, the cryptocurrency exchange, successfully recovered $8 million stolen in a recent hack by offering the perpetrator a 5% bounty, marking a relatively positive outcome amidst a wave of crypto hacks in Q3 2023. Additionally, Stars Arena, a Web3 social media app on the Avalanche blockchain, has secured funding to cover a $3 million exploit and plans to reopen after undergoing a thorough security audit, demonstrating the industry’s ongoing efforts to bolster security measures.

Velvet Capital, a cross-chain operating system, is pioneering a democratised approach to asset management in the decentralised finance (DeFi) space. Users can easily create and manage tokenised funds and portfolios on the platform, with a focus on non-custodial solutions for enhanced security. The initiative aims to reduce counterparty risk, empower crypto enthusiasts, and provide a seamless DeFi experience by integrating with various DeFi protocols. Meanwhile, the head of the Consumer Finance Protection Bureau (CFPB) expresses concerns about the U.S. financial system resembling China’s surveillance model and proposes new regulations to safeguard personal data and promote decentralised banking. In the Coinbase case, the Securities and Exchange Commission (SEC) argues that cryptocurrencies lack inherent value, drawing criticism from Coinbase and crypto advocates who believe these assets do hold intrinsic worth. These developments underscore the ongoing efforts to shape the regulatory landscape and future of digital finance, including DeFi and cryptocurrency classification.

In the past month, Ethereum’s global supply has increased by approximately 30,000 ETH, equivalent to about $47.9 million, mainly due to decreased activity on the Ethereum network, particularly in NFT trading and DeFi transactions. This surge in supply is a result of reduced gas fees, which have caused less ETH to be “burned” by the network. While low gas fees benefit users, they have raised concerns about Ethereum’s long-term financial health. However, some Ethereum core developers appear unconcerned, considering it insignificant in the grand scheme of things. Stablecoin market capitalisation has also declined by 35% over the past 18 months, attributed to factors like reduced retail participation, rising US treasury yields, and the opportunity cost of holding stablecoins. Additionally, there’s a proposal to add tokenised uranium as collateral for the Maker protocol, aiming to democratise ownership of uranium and provide stability value.

  

Source:

https://cointelegraph.com
https://decrypt.co 

 

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