{"id":1110,"date":"2023-02-17T05:02:14","date_gmt":"2023-02-17T10:02:14","guid":{"rendered":"https:\/\/embarrdowns.com\/crypto-market-facing-an-alameda-gap-despite-surge-in-bitcoin-and-ether-prices\/"},"modified":"2023-02-17T05:02:14","modified_gmt":"2023-02-17T10:02:14","slug":"crypto-market-facing-an-alameda-gap-despite-surge-in-bitcoin-and-ether-prices","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/crypto-market-facing-an-alameda-gap-despite-surge-in-bitcoin-and-ether-prices\/","title":{"rendered":"Crypto Market Facing an ‘Alameda Gap’ Despite Surge in Bitcoin and Ether Prices"},"content":{"rendered":"

The crypto market is currently facing an ‘Alameda gap’ due to a lack of liquidity, despite the surge in bitcoin and ether prices.[0]<\/a><\/sup> The market capitalization of the global cryptocurrency market dipped 1.1% to US$1.09 trillion and the total trading volume grew 27.87% to US$81.1 billion.[1]<\/a><\/sup><\/p>\n

Last week, the U.S. Securities and Exchange Commission (SEC) fined Kraken Exchange US$30 million and ordered it to stop its crypto staking services, as well as the New York State Department of Financial Services (NYDFS) ordering stablecoin issuer Paxos to stop minting the BUSD stablecoin.[1]<\/a><\/sup><\/p>\n

Charles Hoskinson, the founder of Cardano, took to Twitter to state that the automated staking protocols provided on the Cardano blockchain will remain unaffected by the crackdown.[1]<\/a><\/sup><\/p>\n

The SEC’s decision regarding Kraken’s staking program last week should not be interpreted as an overall condemnation of staking.[2]<\/a><\/sup> Analysis by Binance Research has found that only 31% of staked ether may be profitable, with around 2 million ETH staked when prices were in the range of $400 to $600.[3]<\/a><\/sup><\/p>\n

As Asia started the working week, the CoinDesk Bitcoin Price Index (XBX) fell to $21,750 and ether is down 1.8% to $1,514.[2]<\/a><\/sup> Despite the possibility that Bitcoin could drop to $20,000 or lower, there is still justification for being optimistic about the most prominent digital asset in the world.[2]<\/a><\/sup><\/p>\n

The SEC noted a lack of transparency on Kraken’s part as being essential to their statement.[4]<\/a><\/sup> The SEC seems to be concerned about fund flow: Is ether deposited into Kraken intended for staking really going to staking?[4]<\/a><\/sup> Is it being loaned out?[4]<\/a><\/sup><\/p>\n

In the initial hours after the market learned about the SEC\u2019s interest in going after staking, liquid staking tokens such as Lido\u2019s LDO surged and surged again when Kraken\u2019s U.S. staking shop closed its doors.[2]<\/a><\/sup> Since the start of the year, the total value locked in Lido has remained stable, while Rocket Pool staked ether rose from around 472,000 to 608,000 during the same time period.[2]<\/a><\/sup><\/p>\n

It is important to pay attention to key market events such as Japan Gross Domestic Product (QoQ) and United Kingdom Claimant Count Change and ILO Unemployment Rate (Dec) at 10:50 p.<\/p>\n

0. <\/span>“Crypto Price Today: Bitcoin below $24,000; Shiba Inu, Avalanche, Solana drop 5% each” Business Today, 17 Feb. 2023, https:\/\/www.businesstoday.in\/crypto\/story\/crypto-price-today-bitcoin-below-24000-shiba-inu-avalanche-solana-drop-5-each-370563-2023-02-17<\/a><\/a><\/p>\n

1. <\/span>“Markets: Bitcoin slips back below US$24,000; equities slide” Forkast News, 17 Feb. 2023, https:\/\/forkast.news\/headlines\/bitcoin-below-us24000-inflation-equities\/<\/a><\/a><\/p>\n

2. <\/span>“First Mover Asia: Bitcoin might test $20k as it looks for support” FXStreet, 13 Feb. 2023, https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/first-mover-asia-bitcoin-might-test-20k-as-it-looks-for-support-202302130119<\/a><\/a><\/p>\n

3. <\/span>“First mover Asia: Crypto momentum falters as Bitcoin retreats to $23.6k” FXStreet, 17 Feb. 2023, https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/first-mover-asia-crypto-momentum-falters-as-bitcoin-retreats-to-236k-202302170747<\/a><\/a><\/p>\n

4. <\/span>“First Mover Asia: Bitcoin Might Test $20K as It Looks for Support” Yahoo Life, 13 Feb. 2023, https:\/\/www.yahoo.com\/lifestyle\/first-mover-asia-bitcoin-might-005850418.html<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto market is currently facing an ‘Alameda gap’ due to a lack of liquidity, despite the surge in bitcoin and ether prices.[0]<\/a><\/sup> The market capitalization of the global cryptocurrency market dipped 1.1% to US$1.09 trillion and the total trading volume grew 27.87% to US$81.1 billion.[1]<\/a><\/sup><\/p>\n

Last week, the U.S. Securities and Exchange Commission (SEC) fined Kraken Exchange US$30 million and ordered it to stop its crypto staking services, as well as the New York State Department of Financial Services (NYDFS) ordering stablecoin issuer Paxos to stop minting the BUSD stablecoin.[1]<\/a><\/sup><\/p>\n

Charles Hoskinson, the founder of Cardano, took to Twitter to state that the automated staking protocols provided on the Cardano blockchain will remain unaffected by the crackdown.[1]<\/a><\/sup><\/p>\n

The SEC’s decision regarding Kraken’s staking program last week should not be interpreted as an overall condemnation of staking.[2]<\/a><\/sup> Analysis by Binance Research has found that only 31% of staked ether may be profitable, with around 2 million ETH staked when prices were in the range of $400 to $600.[3]<\/a><\/sup><\/p>\n

As Asia started the working week, the CoinDesk Bitcoin Price Index (XBX) fell to $21,750 and ether is down 1.8% to $1,514.[2]<\/a><\/sup> Despite the possibility that Bitcoin could drop to $20,000 or lower, there is still justification for being optimistic about the most prominent digital asset in the world.[2]<\/a><\/sup><\/p>\n

The SEC noted a lack of transparency on Kraken’s part as being essential to their statement.[4]<\/a><\/sup> The SEC seems to be concerned about fund flow: Is ether deposited into Kraken intended for staking really going to staking?[4]<\/a><\/sup> Is it being loaned out?[4]<\/a><\/sup><\/p>\n

In the initial hours after the market learned about the SEC\u2019s interest in going after staking, liquid staking tokens such as Lido\u2019s LDO surged and surged again when Kraken\u2019s U.S. staking shop closed its doors.[2]<\/a><\/sup> Since the start of the year, the total value locked in Lido has remained stable, while Rocket Pool staked ether rose from around 472,000 to 608,000 during the same time period.[2]<\/a><\/sup><\/p>\n

It is important to pay attention to key market events such as Japan Gross Domestic Product (QoQ) and United Kingdom Claimant Count Change and ILO Unemployment Rate (Dec) at 10:50 p.<\/p>\n

0. <\/span>“Crypto Price Today: Bitcoin below $24,000; Shiba Inu, Avalanche, Solana drop 5% each” Business Today, 17 Feb. 2023, https:\/\/www.businesstoday.in\/crypto\/story\/crypto-price-today-bitcoin-below-24000-shiba-inu-avalanche-solana-drop-5-each-370563-2023-02-17<\/a><\/a><\/p>\n

1. <\/span>“Markets: Bitcoin slips back below US$24,000; equities slide” Forkast News, 17 Feb. 2023, https:\/\/forkast.news\/headlines\/bitcoin-below-us24000-inflation-equities\/<\/a><\/a><\/p>\n

2. <\/span>“First Mover Asia: Bitcoin might test $20k as it looks for support” FXStreet, 13 Feb. 2023, https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/first-mover-asia-bitcoin-might-test-20k-as-it-looks-for-support-202302130119<\/a><\/a><\/p>\n

3. <\/span>“First mover Asia: Crypto momentum falters as Bitcoin retreats to $23.6k” FXStreet, 17 Feb. 2023, https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/first-mover-asia-crypto-momentum-falters-as-bitcoin-retreats-to-236k-202302170747<\/a><\/a><\/p>\n

4. <\/span>“First Mover Asia: Bitcoin Might Test $20K as It Looks for Support” Yahoo Life, 13 Feb. 2023, https:\/\/www.yahoo.com\/lifestyle\/first-mover-asia-bitcoin-might-005850418.html<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":1109,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1110"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=1110"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1110\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/1109"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=1110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=1110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=1110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}