{"id":1122,"date":"2023-02-17T06:16:52","date_gmt":"2023-02-17T11:16:52","guid":{"rendered":"https:\/\/embarrdowns.com\/crypto-market-experiences-alameda-gap-despite-bitcoin-price-surge\/"},"modified":"2023-02-17T06:16:53","modified_gmt":"2023-02-17T11:16:53","slug":"crypto-market-experiences-alameda-gap-despite-bitcoin-price-surge","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/crypto-market-experiences-alameda-gap-despite-bitcoin-price-surge\/","title":{"rendered":"Crypto Market Experiences ‘Alameda Gap’ Despite Bitcoin Price Surge"},"content":{"rendered":"

The crypto market has been experiencing an “Alameda gap” due to a lack of liquidity despite the recent surge in bitcoin and ether prices, as well as a number of regulatory developments.[0]<\/a><\/sup> Last week, the US Securities and Exchange Commission (SEC) fined Kraken exchange $30 million for its staking program, and the New York State Department of Financial Services ordered stablecoin issuer Paxos to stop minting the BUSD stablecoin.[1]<\/a><\/sup><\/p>\n

The SEC’s crackdown on Kraken’s staking program is not an attack on staking as a whole.[2]<\/a><\/sup> In response to the news, Cardano founder Charles Hoskinson said on Twitter that automated staking protocols offered on the Cardano blockchain will not be affected.[1]<\/a><\/sup> According to an analysis conducted by Binance Research, a significant portion of ether holders who had their ETH staked in Ethereum’s Beacon Chain since 2018 are now profiting, whereas the rest are not in the green.[0]<\/a><\/sup><\/p>\n

The CoinDesk Bitcoin Price Index (XBX) fell to $21,750 and ether is down 1.8% to $1,514 as Asia started the working week.[3]<\/a><\/sup> Although Bitcoin could potentially dip to $20,000 or lower, there are still reasons to be optimistic about the most prominent cryptocurrency.[2]<\/a><\/sup> Liquid staking tokens such as Lido\u2019s LDO surged in value after the SEC’s announcement as users looked for alternative staking services.[3]<\/a><\/sup> <\/p>\n

Looking ahead, investors should pay attention to upcoming economic data from Japan and the United Kingdom, including Japan Gross Domestic Product (QoQ) on 10:50 p.m. HKT\/SGT(14:50 UTC), and United Kingdom Claimant Count Change (Jan) and United Kingdom ILO Unemployment Rate (Dec) on 6:00 a.m.[3]<\/a><\/sup> HKT\/SGT(22:00 UTC).[2]<\/a><\/sup><\/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” msnNOW, 13 Feb. 2023, https:\/\/www.msn.com\/en-us\/money\/markets\/first-mover-asia-bitcoin-might-test-dollar20k-as-it-looks-for-support\/ar-AA17pk0a<\/a><\/a><\/p>\n

3. <\/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","protected":false},"excerpt":{"rendered":"

The crypto market has been experiencing an “Alameda gap” due to a lack of liquidity despite the recent surge in bitcoin and ether prices, as well as a number of regulatory developments.[0]<\/a><\/sup> Last week, the US Securities and Exchange Commission (SEC) fined Kraken exchange $30 million for its staking program, and the New York State Department of Financial Services ordered stablecoin issuer Paxos to stop minting the BUSD stablecoin.[1]<\/a><\/sup><\/p>\n

The SEC’s crackdown on Kraken’s staking program is not an attack on staking as a whole.[2]<\/a><\/sup> In response to the news, Cardano founder Charles Hoskinson said on Twitter that automated staking protocols offered on the Cardano blockchain will not be affected.[1]<\/a><\/sup> According to an analysis conducted by Binance Research, a significant portion of ether holders who had their ETH staked in Ethereum’s Beacon Chain since 2018 are now profiting, whereas the rest are not in the green.[0]<\/a><\/sup><\/p>\n

The CoinDesk Bitcoin Price Index (XBX) fell to $21,750 and ether is down 1.8% to $1,514 as Asia started the working week.[3]<\/a><\/sup> Although Bitcoin could potentially dip to $20,000 or lower, there are still reasons to be optimistic about the most prominent cryptocurrency.[2]<\/a><\/sup> Liquid staking tokens such as Lido\u2019s LDO surged in value after the SEC’s announcement as users looked for alternative staking services.[3]<\/a><\/sup> <\/p>\n

Looking ahead, investors should pay attention to upcoming economic data from Japan and the United Kingdom, including Japan Gross Domestic Product (QoQ) on 10:50 p.m. HKT\/SGT(14:50 UTC), and United Kingdom Claimant Count Change (Jan) and United Kingdom ILO Unemployment Rate (Dec) on 6:00 a.m.[3]<\/a><\/sup> HKT\/SGT(22:00 UTC).[2]<\/a><\/sup><\/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” msnNOW, 13 Feb. 2023, https:\/\/www.msn.com\/en-us\/money\/markets\/first-mover-asia-bitcoin-might-test-dollar20k-as-it-looks-for-support\/ar-AA17pk0a<\/a><\/a><\/p>\n

3. <\/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","protected":false},"author":3,"featured_media":1121,"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\/1122"}],"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=1122"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1122\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/1121"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=1122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=1122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=1122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}