Monday, 8 July 2024

Market Summary

Market Summary July 8 2024

Bitcoin Price: US$ 55,909.63 (-4.12%) 
Ethereum Price: US$ 2,931.00 (-4.43%) 

Taiwan’s Central Bank President, Yang Chin-long, has emphasised a focus on steady progress over speed in the development of a central bank digital currency (CBDC). Despite the absence of a set timetable for its issuance, the bank is actively conducting experiments to enhance domestic payment efficiency and innovation, which includes the development of a CBDC prototype platform for retail payments and a proof-of-concept for a wholesale CBDC. Meanwhile, in Africa, the cryptocurrency industry is experiencing significant growth and maturity, as highlighted by Flincap’s Chief Marketing Officer, Oladotun Wilfred Akangbe. He particularly noted Solana’s resilience and community efforts, which have led to its leading role in African Web3 adoption, despite the industry facing regulatory challenges. These crypto projects are focusing on solving community problems, indicating positive year-on-year growth. In other news, North Carolina Governor Roy Cooper vetoed a bill that would ban the state from implementing a US Federal Reserve-issued CBDC, despite near-unanimous support in the state’s House of Representatives and Senate. His decision, which has been criticised as politically motivated, was based on the bill being “premature, vague, and reactionary,” suggesting instead a wait-and-see approach towards federal efforts to ensure standards and safeguards for digital assets. 

Tron is in the process of developing a gas-free stablecoin solution for peer-to-peer transfers, with an ambitious plan to integrate it on the Tron blockchain in the fourth quarter, and subsequently on Ethereum and other Ethereum Virtual Machine-compatible public chains. This innovative solution could potentially rival existing services such as PayPal’s PYUSD and Circle’s USD Coin on Ethereum layer-2 Base via Coinbase Wallet, both of which currently offer free transfers. Meanwhile, mining difficulty experienced a significant drop of more than 5% on July 5, hitting a quarterly low of 79.50 terahashes per second (TH/s), marking the largest reduction since March. Under this current difficulty measure, an ASIC rig with a watts per terahash efficiency rate of 26 or better would remain profitable, provided that Bitcoin’s price maintains above the $54,000 threshold. Meanwhile, the Central Bank of Nigeria (CBN) has raised allegations against crypto exchange Binance for performing banking services without proper authorisation, including deposit and withdrawal transactions and currency conversion from naira to United States dollars. This has led to a crackdown on cryptocurrency activities, with the CBN directing fintech startups such as Opay, Moniepoint, Paga, and Palmpay to block and report accounts engaging in cryptocurrency transactions. 

Following a dip in Bitcoin’s price below $54,000 on July 4, US-based Spot Bitcoin exchange-traded funds (ETFs) experienced a surge in inflows on July 6. The Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows with $117 million, suggesting that, despite market turbulence, institutional investors are capitalising on the Bitcoin price dip to accumulate BTC at lower prices. In a different news, Bitfinex Securities announced it would refund investors of its failed Hilton hotel venture at El Salvador’s international airport after it failed to attract the $500,000 minimum funding needed to continue. The project, which marked the first public offering of digital debt assets in El Salvador, only raised $342,000 from investors before the first deadline, leading to Bitfinex removing the public offering from its website. Meanwhile, US President Joe Biden’s controversial veto to block Staff Accounting Bulletin 121, a proposed rule that mandates SEC-reporting entities custodying cryptocurrencies to record those holdings on their balance sheets, could be overturned by the House of Representatives next week. The rule had received bipartisan support from the House and Senate in May before it was vetoed by Biden later that month. 


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