Cryptocurrency Market Overview 01.09.2023
News block
1. SEC Postpones Decision on Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has postponed until October a decision on all applications for spot bitcoin exchange-traded funds (ETFs) filed by applicants, including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital.
The new dates for Bitwise are October 16, for Wise Origin, Galaxy and WisdomTree — October 17, and for Valkyrie — two days later.
The regulator has a total of 240 days from the date of the first review of applications to make a final decision on approval or rejection.
2. Swift reveals the potential of tokenization
Yesterday, Swift published the results of a new series of experiments that show that its infrastructure can seamlessly facilitate the transfer of tokenized value through a variety of public and private blockchains.
Several major financial institutions participated in Swift's experiments, including Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX) and The Depository Trust & Clearing Corporation. At the same time, Chainlink (LINK) was used as a corporate abstraction layer for securely connecting the Swift network to the Ethereum Sepolia network (Ethereum test network), and the Chainlink interconnection Protocol (CCIP) provided full compatibility between the source and destination blockchains.
And although tokenization is now in its infancy, 97% of institutional investors believe that it will revolutionize asset management and become a positive force in the industry.
3. Polygon: launch of the Lufthansa loyalty program
Lufthansa Group has announced the public launch of an NFT-based loyalty program that rewards participating passengers with digital collectibles that can provide additional benefits.
All airlines of the group, including Lufthansa, Austrian Airlines, Swiss International Air Lines and others, participate in the Uptrip loyalty program, which allows passengers to receive digital collectible cards during flights of one of the airlines.
By collecting all the cards required for certain thematic collections, Uptrip users can unlock special airline privileges, including free Wi-Fi on board, access to airport lounges, cashable airline miles and much more. Uptrip also plans to add a trading feature allowing users to fill in any gaps in their collections.
The Uptrip loyalty program is built on Polygon (MATIC).
Overview of the crypto market
🔸 The current capitalization of the crypto market is $1.091 trillion
🔸 Trading volume for the last day is $49.58 billion
🔸 BTC dominance 46.5%
🔸 Fear and Greed Index:
- today 40, yesterday 52, a week ago 38
where, 0 is extreme fear (may be a sign that investors are too scared - it's often a good time to buy), and 100 is extreme greed (the market needs correction).
Bitcoin has been losing more than 4% in the last 24 hours. At the same time, the price drop began even before the news that the SEC was postponing decisions on applications for the launch of a spot bitcoin ETF until October.
The total amount of liquidations on the crypto market over the past day amounted to about $ 130 million. Most of the liquidations – $48.84 million and $28.68 million – are long positions on BTC and ETH.
Chainlink: stock drop
Chainlink (LINK) exchange stocks have reached a key level that historically foreshadowed a price rebound. Assuming that the situation on the cryptocurrency market as a whole remains relatively stable, the current drop in LINK supply on exchanges (now it is only 15.5%) hints at a "bullish" divergence:
