Market Summary

Market Summary 13 August 2024

Bitcoin Price: US$ 59,410.59 (+1.08%) 
Ethereum Price: US$ 2,722.30 (+6.53%) 

Elon Musk claimed that X was hit by a massive Distributed Denial-of-Service (DDoS) attack just as a scheduled interview with Donald Trump was about to begin, causing technical issues that delayed the event. Meanwhile, Grayscale Investments’ executive predicted the expansion of cryptocurrency ETFs to include new asset types and diversified indexes, highlighting the rapid regulatory approval of ETH ETFs and the massive market adoption that followed. Coinbase criticised the SEC’s proposed changes to the definition of a national securities exchange, arguing that the SEC’s flawed cost-benefit analysis lacks sufficient information, particularly regarding the classification of crypto asset securities and the operation of decentralised exchanges. 

A recent poll sponsored by venture capital firm Paradigm suggests that U.S. Democratic presidential nominee Kamala Harris could gain support by appealing to crypto-focused voters, particularly by distancing herself from the Biden administration’s crypto policies, as financial privacy and U.S. leadership in crypto innovation are key concerns for Democratic voters. Meanwhile, Euler Finance has announced its revamped platform, Euler v2, which has undergone extensive security audits and a $1.25 million bug bounty, showing no major vulnerabilities after the March 2023 exploit that led to a $195 million loss; this new version is backed by a $4 million investment in security measures and introduces enhanced features. In another development, Aleph Zero has launched an Ethereum-compatible layer-2 mainnet designed for privacy and efficiency, supported by a $50 million funding program to boost global blockchain adoption and support developer teams building on its platform. 

The Lido community has voted to integrate Axelar and Wormhole bridges, enabling $23 billion of staked ETH (stETH) to interact with the BNB Chain, marking Lido’s first connection to a non-Ethereum layer-1 blockchain. Despite a dip in market share earlier in 2024, Lido continues to dominate the staked Ether market, accounting for $25.94 billion of the total DeFi market’s TVL, with liquid staking protocols fuelling a resurgence in decentralised finance. Meanwhile, an Ethereum whale has been offloading significant amounts of ETH, including a recent $13.2 million deposit into OKX, sparking speculation about the whale’s identity and market impact, though only $42.6 million in ETH remains in the wallet; contrastingly, other whales are purchasing similar amounts, reflecting divergent market strategies. In Bitcoin news, miners have recorded their lowest daily revenue of 2024, with earnings dropping to $2.54 million on August 11 due to increased network difficulty and reduced block rewards post-April halving, leading major firms like Bitfarms to strategise on maintaining profitability amidst revenue challenges. 

Spot Ether ETFs in the U.S. saw their first week of positive net inflows since launching on July 23, with $104.8 million in inflows during the week of August 5, despite a sharp decline in ETH’s price, led by BlackRock’s iShares Ethereum Trust, which has amassed over $900 million, while Grayscale’s Ethereum Trust experienced significant outflows totalling $180 million. At the same time, Ethereum’s median gas fees dropped to a five-year low of 1.9 gwei on August 10, driven by rising activity on layer-2 networks, sparking concerns about funding staking rewards and leading some to suggest increasing gas limits as a solution. Meanwhile, Bitcoin’s price fell below $59,000 as institutional investors paused their stablecoin purchases, which usually bolster the cryptocurrency’s buying pressure, though Tether’s recent minting of $1.3 billion in stablecoins helped Bitcoin recover from a five-month low, with analysts indicating that Bitcoin needs to reclaim $60,600 to regain upward momentum. 

Source: https://cointelegraph.com 

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