This Week in Crypto
October 27, 2023
Welcome to another edition of This Week in Crypto. We’ve got some exciting updates and news to share:
Key Points:
- Bitcoin ETF Updates: BlackRock is preparing for a Bitcoin ETF, and the Grayscale vs. SEC lawsuit concluded ambiguously.
- Blockchain Governance: In public blockchains, governance involves political decisions and potential forks during disagreements.
- The Future of Bitcoin: Recent crypto events include XRP’s legal victory, ETF approvals, Ethereum’s challenges, and Bitcoin’s consolidation.
- Staking Frenzy: Record-High Rates in Q3 2023, with PoS assets reaching an all-time high at an average stake rate of 52.4%, while Ethereum’s dominance and declining staking yields shift the landscape.
Bitcoin ETF Updates
Recent Bitcoin ETF developments have stirred excitement. BlackRock, a financial giant, prepares to launch its Bitcoin ETF, listed with a unique identification number (CIP) on the DTCC website. While signaling bullishness, BlackRock’s massive size suggests they’re not currently buying Bitcoin in the market, but this news is positive, hinting at the ETF’s probable approval. The Grayscale vs. SEC ETF lawsuit concluded ambiguously, giving the SEC flexibility.
Blockchain Governance 101
Blockchain governance perplexes many. Governance involves decisions impacting stakeholders, focusing on legitimacy, trust, and collective decisions. It’s a political game in public blockchains, where politics dictate the direction. Blockchain governance deals with decisions about how the blockchain operates and involves core developers, node operators, and users. Disagreements can lead to forks, creating coordination challenges.
The Future of Bitcoin: Riding the Crypto Wave
The content you shared appears to be a market update and analysis within the cryptocurrency and blockchain space, particularly focusing on Bitcoin, Ethereum, and various altcoins. It covers recent developments such as XRP’s legal victory, ETF approvals, and the growing institutional interest in Bitcoin mining stocks. The report also discusses the impact of these events on the crypto market and provides technical analysis and insights on price trends for Ethereum and Bitcoin. Additionally, there’s a section explaining the use of trendlines in trading. The newsletter wraps up with a motivational message encouraging traders to continue learning and adapting to the dynamic crypto market.
Staking Frenzy: Record-High Rates in Q3 2023
In the third quarter of 2023, proof-of-stake (PoS) assets have surged in staking rates, reaching an all-time high with an average stake rate of 52.4%, up from 49.3% in the previous quarter, according to the latest “State of Staking” report by Staked at Kraken. The most staked networks in the last quarter included Aptos and SUI with 84.1% and 80.5% of the supply staked, followed by Mina, Solana, and Cosmos. The increase in the average stake rate, however, led to a 0.4% drop in the average staking yield, settling at 10.2%. Notably, Ethereum dominated staking in PoS networks with a 79% share but experienced a lower staking yield due to increased activity on layer-2 networks. Despite this, the total value of staked assets in Q3 2023 saw a 3% increase compared to Q2, reaching $73.5 billion, although annualized rewards declined by 7% from the last quarter and 18% year-over-year, falling to $4.1 billion.
Bitcoin ETF updates, insights into blockchain governance, a rollercoaster crypto wave, and the record-high staking frenzy in Q3 2023.
Looking forward to bringing you more exciting crypto updates in our next edition! See you next week for the latest developments in the world of digital currencies and blockchain technology.
