Weekly Crypto Digest for October 02 - 08, 2023.
Monday, October 09, 2023
Bitcoin price tested the $28,000 level, Binance spot trading share is declining for the 7th month in a row, Ethereum-ETF futures volumes are low, FTX court continues, and more news.
Bitcoin price tested the $28,000 level
On Monday, October 2, Bitcoin quotes were $28,000. On the same day, BTC tested the level of $28,500 but then fell below $28,000.
On Thursday, October 5, the asset crossed the psychological threshold for the second time in a week but again failed to maintain it.
At the time of writing, Bitcoin is trading at $27,800.
Most of the top 10 digital assets by capitalization ended the week in the red zone. Ethereum lost the most (-3.9%).
The total capitalization of the cryptocurrency market is $1.13 trillion. Bitcoin dominance index - 51%.
Binance's spot trading share continued declining for the seventh month in a row.
The Binance cryptocurrency exchange's share of total spot trading volume fell to 34.3% in September. The indicator declined for the seventh month in a row, according to CCData.
In August, the volume of spot trading on the exchange was 38.5%, in January - 55.2%.
In the derivatives market, Binance's dominance has fallen from 62.6% in January to 51.5%.
TVL Solana reached the annual maximum
On October 2, the total locked value (TVL) on the Solana blockchain exceeded $339 million, the highest since November 2022.
However, current figures are still far from the historical highs of November 2021, when the TVL of the ecosystem reached almost $10 billion.
Over the past week, the SOL token has grown by 24%.
At the time of writing, the coin is trading at $23.3.
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The launch of an ETF based on Ethereum did not generate interest
In the first 15 minutes after the start of the session, the trading volume of Ethereum-ETF based on futures traded on the CME did not exceed $2 million. This contrasts with the debut of similar instruments based on Bitcoin, where the figure was 100 times higher.
According to Bloomberg analyst Eric Balchunas, these figures are generally typical for the new ETF, but “small” for an asset like Ethereum.
According to the data presented by the specialist, the leader was the product from Valkyrie based on a basket of the first and second cryptocurrencies by capitalization ($787,000). VanEck's Ethereum futures-only ETF barely broke $300,000.
In total, the turnover for six exchange-traded funds based only on Ethereum futures at the end of the day amounted to $1.92 million, including $879,000 for the ProShares Ether Strategy ETF.
Court rules John McAfee's death a suicide
A Barcelona provincial court has ruled that programmer John McAfee's death in prison was a suicide. John McAfee was arrested at Barcelona airport in October 2020 at the request of the US Department of Justice. He was accused of tax evasion.
Nine months later, in June 2021, he was found hanged in his cell at Brians 2 prison. Half an hour earlier, the court approved his extradition to the United States.
FTX co-founder testified. He admitted guilt and lies to investors
On October 5, 2023, the trial against ex-CEO FTX Sam Bankman-Fried (SBF) continued. During the hearing, the co-founder of the exchange, Gary Wang, testified and admitted to deceiving investors and financial fraud.
Wang stated that he committed electronic money, securities, and commodities fraud while serving as CTO of the exchange. He also admitted that there was a “loophole” that allowed Alameda Research to withdraw capital from FTX in an almost unlimited amount.
According to him, Sam Bankman-Fried was aware of these manipulations. Wang noted that they both “lied to the public,” along with former Alameda Research CEO Caroline Ellison and another FTX executive, Nishad Singh.
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