Thursday, 4 July 2024

Market Summary

Market Summary July 4 2024

Bitcoin Price: US$ 60,215.97 (-3.04%) 
Ethereum Price: US$ 3,295.48 (-3.68%) 

Softbank Group Corporation’s stock recently reached an all-time high, a feat largely attributed to its strategic pivot towards artificial intelligence (AI) and the stellar performance of its computing subsidiary, Arm Holdings. This success comes despite lingering concerns of another tech bubble burst, reminiscent of the dotcom bubble that led to Softbank losing 99% of its total value. Undeterred, the company’s all-in approach to AI has yielded record-breaking dividends. In parallel, the asset management firm Bitwise has amended its S-1 registration with the United States Securities and Exchange Commission (SEC) to list and trade shares of a spot Ether exchange-traded fund (ETF), with a predicted launch in July. This shift in focus to Ether comes despite the SEC’s approval of spot Bitcoin ETFs, indicating a broader interest in the crypto market. As the US presidential election looms, the results could have significant implications for the crypto industry. Venture capitalists have noted a change in political tenor, yet despite the uncertainty, they are not working on contingency plans. Instead, the focus is on new business trends and the convergence of technologies, such as AI and blockchain, signalling a dynamic and evolving landscape. 

Coinbase is leveraging a ruling in the United States Securities and Exchange Commission v. Binance case, which stated that secondary sales of Binance’s BNB token do not constitute securities sales, to accuse the SEC of arbitrary rule-making without a consistent framework. In addition to this, Coinbase has taken a bold step by filing a lawsuit against the SEC and the Federal Deposit Trust Corporation, alleging a conspiracy to keep the burgeoning crypto industry out of the banking sector. Meanwhile, the carbon footprint of Big Tech continues to grow at an alarming rate, with Amazon alone producing more carbon dioxide emissions per year than all the Bitcoin mining in the world. In fact, data indicates that Big Tech companies in the U.S. have emitted more carbon emissions since 2019 than all global Bitcoin mining operations have during the cryptocurrency’s entire existence. Amidst these developments, Consensys has made a strategic move by acquiring Wallet Guard, a security tool aimed at protecting digital assets and data from theft, scams, and fraud. The acquisition is intended to enhance the security features of MetaMask, thereby improving user protection within the Web3 ecosystem. However, despite this progress toward improved user wallet security, the shadow of the United States Securities and Exchange Commission’s latest lawsuit against Consensys looms large over the acquisition. 

Marathon Digital Holdings, the world’s largest Bitcoin mining firm, held steadfast in June, maintaining its Bitcoin holdings valued at over $1.1 billion despite the cryptocurrency’s downtrend. The firm’s strategy is to bolster its Bitcoin holdings through open market purchases and other yield-increasing opportunities, although it acknowledges the potential need to sell some Bitcoin in the future to support operations. Concurrently, Marathon Digital has made significant strides in its operations, doubling its hashrate to 26.3 exahashes per second (EH/s) in June, primarily due to improvements in the Ellendale facility, and is on track to reach its target of 50 EH/s by the end of 2024. In an innovative move, Marathon has also launched a pilot project in Finland that uses Bitcoin mining as a renewable source of heating for a town of 11,000 residents, employing a method called “district heating” that could potentially reduce carbon emissions and future heating costs. Meanwhile, Galaxy Digital, one of eight asset managers with a proposed spot Ether ETF currently under review, anticipates approval from the United States Securities and Exchange Commission in the coming weeks. In another development, Chainlink has partnered with Fidelity International and Sygnum to bring Net Asset Value (NAV) data onchain, making the NAV of Fidelity’s $6.9 billion Institutional Liquidity Fund accessible in real time to Sygnum’s clients. Chainlink’s co-founder Sergey Nazarov believes that tokenized funds, such as this, offer far greater efficiency benefits than traditional methods. 


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