Cryptocurrency Market Overview 07.09.2023
News block
1. Ripple's Asian Expansion
As part of a strategic move, SBI Remit, the international division of the Japanese corporation SBI Group, and Ripple announced their groundbreaking collaboration by creating a joint venture SBI Ripple Asia.
The main goal of this enterprise is to implement Ripple solutions for money transfers using XRP to bank accounts in the Philippines, Vietnam and Indonesia.
The above countries were chosen because of the high proportion of money transfers to bank accounts. In accordance with the new agreement, SBI Remit will process customer requests for money transfers in real time using XRP.
A partnership has also been established with Tranglo, a well-known money transfer company, to ensure that customers can easily receive funds in their local currency.
Using XRP as an intermediate currency offers the advantages of speed and cost-effectiveness. It also increases scalability by allowing funds to be transferred to Ripple partners around the world, which enhances the competitiveness of SBI Remit in the field of international money transfers.
2. G20: Global rules for cryptocurrencies
On September 5, during the Global Fintech Fest, Indian Finance Minister Nirmala Sitharaman said that under the chairmanship of the G20 India, active discussions are underway around the creation of global rules for cryptocurrencies.
During the summit, Sitharaman stated that cryptocurrency is "not only a threat, but also an opportunity." She stressed the need for global cooperation to create a responsible financial ecosystem that can effectively help regulate cryptocurrencies around the world. "Global cooperation is crucial," she added:
Sitharaman also confirmed that the International Monetary Fund and the Financial Stability Board have submitted their summary documents on cryptocurrency.
3. USDC: expanding international reach
Circle, the issuer of the USDC stablecoin, and Legend Trading, an institutional-level trading platform, jointly announced plans to expand their services in Latin America and the Asia-Pacific region.
The collaboration is aimed at expanding the use of USDC in servicing large organizations and institutional clients who are currently working with Legend Trading in these "two fast-growing markets".
Legend Trading serves more than 800 institutions and is represented in more than 150 countries. The monthly turnover of the platform is $1 billion.
"Trading through the Legend platform provides deep liquidity and high settlement efficiency, presenting an attractive solution for institutional clients to access the USDC," the joint press release says.
The alliance is able to satisfy institutional interest in stablecoins in regions that have historically felt the need for digital dollars. As Hao Chen, CEO of Legend Trading commented: "Both the Asia-Pacific region and Latin America have demonstrated explosive growth in the field of cryptocurrencies, and we are pleased to take the adoption of USDC to new heights in these markets."
Overview of the crypto market
🔸 The current capitalization of the crypto market is $1.085 trillion
🔸 Trading volume for the last day is $33.82 billion
🔸 BTC dominance 46.3%
🔸 Fear and Greed Index:
- today 41, yesterday 42 a week ago 40
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).
The first spot ETF on Ethereum
On September 6, Ark Invest and 21Shares filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Ethereum-ETF.
The fund, called ARK 21Shares Ethereum ETF, will provide direct access to ETH and trading on the Cboe BZX exchange using the reference rate of Ether-Dollar CME CF.
In a separate document 19b-4 submitted by Cboe, the exchange announced that Bank of New York Mellon will be the fund's administrator and transfer agent. The Coinbase crypto exchange is listed as a "supervisory authority".
The SEC now has 240 days (May 2024) to make a decision on the launch of this ETF. In case of a positive decision, it will be the first spot Ethereum-ETF in the USA.
Chainlink at the peak of accumulation
The balances of mid-level wallets containing 10-100 thousand Chainlink (LINK) coins are experiencing a peak of accumulation. Currently, there are 3,127 wallets with a similar balance, which is the highest figure since December 3, 2022. Over the past 3 days, they have accumulated LINK in the amount of 9.6 million:
