Weekly Insights 5/2/2024

February 5, 2024

Bitcoin Approaches Trillion Dollar Valuation

Bitcoin’s price surge above $47,000 brings its valuation close to $1 trillion, boosted by changing ETF flow dynamics. This milestone reflects increased investor confidence and a bullish outlook for the cryptocurrency.

Ethereum Hits Milestone with 25% of ETH Supply Staked

A quarter of Ethereum’s total supply is now staked on the network, reaching a new high post-Shapella upgrade. This significant staking activity points to growing confidence in Ethereum’s future.

EigenLayer TVL Nears $6 Billion as Deposit Caps Lift

EigenLayer’s Total Value Locked soars to almost $6 billion, entering the top five DeFi protocols. The surge follows the temporary removal of deposit caps, indicating a robust demand for Ethereum-based restaking.

Kraken Expands European Presence with Dutch Licence

Kraken secures a licence in the Netherlands, advancing its strategy for European expansion. This move adds to the crypto exchange’s growing list of licences in Spain, Italy, and Ireland.

Binance to Delist Monero, XMR Price Drops 15%

Binance announces the delisting of privacy coin Monero (XMR), causing a significant drop in its price. This decision reflects the crypto exchange’s response to regulatory pressures and changing standards.

Solana Network Resumes After Five-Hour Outage

The Solana network successfully restarts following a five-hour interruption, marking a swift recovery for the Layer 1 blockchain. This event highlights the continuous efforts to improve network reliability.

Frax Finance Launches Layer 2 Network Fraxtal

Frax Finance debuts its Ethereum Layer 2 network, Fraxtal, to enhance DeFi application performance. Initially available to launch partners, it represents a significant step in blockchain scalability solutions.

Ethereum NFT Volume Nears Yearly High

Ethereum NFT trading volume approaches a yearly peak as Pudgy Penguins challenges Bored Ape Yacht Club for the second spot. This resurgence signals a vibrant market for NFT collectors and investors

Hong Kong Consults on OTC Crypto Trading Regulation

Hong Kong launches a public consultation for regulating over-the-counter (OTC) virtual asset trading. The move aims to enhance the legal framework for crypto services, emphasising investor protection and financial integrity.

Thailand Exempts Crypto Gains from Value-Added Tax

Thailand suspends the 7% VAT on cryptocurrency trading gains to foster a digital asset ecosystem. This tax relief aims to attract more investors to the crypto market without an expiration date set.

OKX Expands to Argentina with Exchange and Wallet Services

OKX launches its crypto exchange and digital wallet in Argentina, marking a strategic move into the Latin American market. The expansion offers localised services and access to OKX’s P2P platform.

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