2023-05-17 10:35:45
Market situation
Yesterday, US stocks ended the session with different trends. The Dow Jones was flat, while the S&P 500 and Nasdaq fell slightly. Gold contract also fell to 1839 USD/ounce. Oil price moved sideways around 77 USD/barrel.
Bitcoin price is still around 24,300 USD. Most of the top altcoins saw slight declines over the past day.
On March 3, as much as $710 million in options contracts (Bitcoin options) expired. Many people think that, when a large amount of BTC options can affect the price of BTC according to the maxpain price at $23,500. At this price, it is the option sellers that will benefit the most, and there will be someone trying to keep the BTC price around the maxpain level. A call-to-put ratio of 1.12 reflects an imbalance between a $400 million call (buy) option and a $310 million put (sell) option.
As for the US real estate market, mortgage rates rose again last week. Mortgage applications to buy a home fell 6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume is 44% lower than the same week a year ago and is currently at a 28-year low. In fact, despite high interest rates, house prices have fallen but are still high, not much lower than the peak. Maybe in the past, homebuyers have been given loans with very low interest rates, so they don’t want to sell at this time. Because if they buy a new house, they also have to take out a mortgage with a much higher interest rate.
The next company to report fourth-quarter results is Salesforce. Cloud software maker Salesforce outperformed Wall Street profit estimates and delivered better-than-expected forecasts. Their earnings came in at $1.68 per share, up from the $1.36 per share analysts expected. Similarly, Salesforce revenue came in at $8.38 billion versus $7.99 billion expected by analysts, according to Refinitiv. The company’s shares jumped more than 16% after the announcement.
Silvergate Banking Situation and Crypto-Supporting Banks
Silvergate Bank, a bank that specializes in providing services to crypto companies, is not so good. Silvergate has announced that it will delay the filing of its annual 10-K report. This caused their share price to drop more than 30% in hours.
The 10-K report is a document required by the Securities and Exchange Commission that provides a comprehensive overview of a company’s business and financial position. The crypto bank announced that it will need two more weeks to complete its report for fiscal year 2022. Silvergate explained in the late filing notice that it sold additional debt securities in January and February. and is expected to record additional losses in the coming months.
Regarding crypto-related banks, the Bank for International Settlements (BIS) Report published February 28 shows that around 20% of banks have exposure to crypto assets. Most of those banks are located in the Americas and Europe.
According to the report – based on data from the first half of 2022 – 17 Group 1 banks reported around 2.9 billion euros in conservative exposure to crypto assets and 1 billion euros in crypto assets. is registered. Group 1 Bank is a tier 1 bank with over 3 billion euros in capital and is operating internationally. Tier 1 capital is the bank’s own capital and disclosed reserves.
17 banks account for less than 20% of the total supervised. Eleven of them are in the Americas, four in Europe and two in other parts of the world. As a result, crypto asset holdings make up a tiny fraction of the banks’ holdings.
Solana update after offline problem
After Solana went offline for about 20 hours, they had to return to the original state and restart twice 2 days ago, Solana engineers plan help improve the process as follows:
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Before upgrading mainnet-beta, downgrade testnet to mainnet-beta version and current feature set
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Upgrade testnet to new version
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Observe how the testnet process goes
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Downgrade testnet to current mainnet-beta version
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Repeat this process while testing the testnet several times
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Release new version for mainnet-beta validators to update
In general, this process means upgrading the testnet first and then upgrading the mainnet. However, this is the upgrade process of most blockchains like Ethereum, Cardano… It also makes readers question how their previous process was.
Layoffs of technology companies have decreased
Crypto industry layoffs appear to have slowed significantly over the past month, with an estimated 570 crypto employees laid off in February, down from an estimated 2,850 in January.
The most recent rounds of layoffs have come from crypto analytics firms Elliptic and Messari, which cut 10% and 15% of staff, respectively. Messari has shared that the staff reductions are due to the falling market and the restructuring of their internal teams. It is estimated to have affected around 27 employees. Elliptic laid off 20 employees as a move to cut operating costs.
Data from layoff tracker Layoffs.fyi revealed a total of 24,572 layoffs across 129 tech companies in February. This is down from 84,414 layoffs from 268 public companies. technology in January.
It is possible that companies that want to lay off employees have done so mainly in January and February. The market also expects less layoffs next month. Despite laying off employees, there are other companies and departments that continue to hire more people, especially in the crypto-related fields.
Other information:
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Voyager Digital reported that 97% of customers voted in favor of the proposed restructuring plan. Accordingly, Binance.US will buy back the company’s assets for $1.02 billion.
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Australia is likely to establish a central bank digital currency (CBDC), as the Reserve Bank of Australia (RBA) announces an upcoming pilot phase for a digital version of the Australian dollar that can The name is eAUD.
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The number of wallets with over 1 million BTC has recently increased. According to Glassnode statistics, there are currently more than 67,000 BTC wallets worth $1 million or more. This number of wallets also does not reflect the number of people holding it. Because a person can also own many wallets.
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