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Crypto market outlook – trends of events 13th March 2024


Trends of Events

Here is an account of a few events happening within the crypto ecosystem

To Strengthen the Industry, Indonesia’s Finance Regulator Issues New Crypto Regulation

Indonesia’s financial services regulator, the Financial Services Authority (OJK), has issued new regulations to implement technological innovation in the financial sector. These regulations will apply to crypto starting January 2025.

The rule guides banks, insurance companies, and other financial industry players to innovate with new technologies. It discusses how innovations in the finance sector affect different financial products and services, as well as how companies operate digitally.

The regulations also include guidelines on protecting customers, setting up testing environments (sandboxes) for new technologies, and reporting the outcomes of these tests. Importantly, they cover activities involving digital financial assets, including crypto.

While the regulation doesn’t delve into the details, it sets the stage for managing crypto advancements in finance. Its release highlights OJK’s proactive steps to prepare for assuming crypto oversight by January 2025.

OJK is collaborating closely with the current crypto regulator, Bappebti, and Bank Indonesia to create a transition team to manage the shift in digital financial asset supervision.

Earlier this month, OJK met with financial authorities from Malaysia, Singapore, and Dubai to develop a comprehensive crypto policy. These international collaborations, including drafting Memorandums of Understanding with Malaysia’s Bank Negara, Singapore’s Monetary Authority, and Dubai’s Virtual Asset Regulatory Authority, aim to establish a solid framework for crypto policy.


Landmark Move to Reduce Data Fees, Leads Ethereum to Finalise ‘Dencun’ Upgrade

Ethereum, the second-biggest blockchain after Bitcoin, activated its much-anticipated “Dencun” upgrade. This move aims to spur growth on so-called layer-2 networks like Arbitrum and Polygon by reducing their data fees.

The Dencun upgrade, technically a hard fork in blockchain terminology, was triggered at Ethereum epoch 269,568 at 13:55 UTC (9:55 a.m. ET), and finalized at 14:10 UTC.

The price of ether (ETH), the native cryptocurrency of the Ethereum blockchain, was little changed following the upgrade. Over the past 24 hours, the ETH price was down 0.5% to $3,968. The cryptocurrency had rallied about 50% over the past month, in sync with the 49% rise over the same period in the benchmark CoinDesk 20 Index of the largest digital assets.

A key element of the upgrade is to enable a new place for storing data on the blockchain. This is referred to as “blobs,” with a dedicated space separate from regular transactions and at a lower cost.

The upgrade, considered to be Ethereum’s biggest in almost a year, has been viewed as a crucial moment in the blockchain’s history. It ushers in a new era for tackling Ethereum’s notoriously high transaction fees and could spark a race among the biggest layer-2 networks to take advantage of the changes in scaling the blockchain.

In the official watch party hosted by EthStaker and the Ethereum Foundation, Terence Tsao, core developer of Offchain Labs, noted that some of the bigger rollups are holding off on submitting data blobs to Ethereum until the network is more stable. The X account for the Arbitrum Foundation noted that it would start to make use of blobs in the next 24 hours.

All About Proto-Danksharding

Rollup technology has gained popularity in the Ethereum ecosystem, with billions of dollars deposited in rollup networks in recent years. These networks have experienced higher transaction volumes compared to the base chain.

Once Dencun is implemented, layer-2s will be able to post data to Ethereum, improving efficiency and reducing costs for settling data on rollups. This change is expected to lower fees for end-users as well.

Dencun represents the first step towards implementing “sharding” on the blockchain. Sharding involves breaking up the blockchain into mini-shards (or mini-chains) to process more transactions efficiently. While the full implementation of sharding is still years away, Dencun’s implementation of proto-dank sharding serves as an interim solution for Ethereum’s high gas fees.

COPA says; craig wright “committed perjury” in U.K. Trial over Satoshi claims

A crypto alliance accuses Craig Wright of committing forgeries in his attempt to prove he invented Bitcoin. They plan to ask U.K. prosecutors to consider if Wright perjured himself during an ongoing trial.

The trial, which has lasted for weeks, is nearing its end. Its outcome will determine whether Wright is a pseudonymous Bitcoin inventor Satoshi Nakamoto. This decision could affect several other cases by Wright against members of the crypto community.

Counsel for the Crypto Open Patent Alliance (COPA), consisting of Twitter founder Jack Dorsey’s Block and crypto firms like Coinbase and Kraken, began closing statements on Tuesday. They stated that the evidence presented during the trial proves “beyond doubt” that Wright isn’t Satoshi.

COPA and a group of Bitcoin developers accused Wright of committing forgeries in his attempts to prove he was Satoshi. On Tuesday, COPA also accused Wright of being a “dishonest witness” and attempting “very serious fraud” while testifying in court.

COPA highlighted emails concerning Wright’s former lawyers submitted to the court during the trial, which Wright later claimed were “spoofed” by unnamed bad actors. COPA also pointed out admissions that he edited the Bitcoin white paper as recently as November 2023, calling them “vivid emblems” of his lies.

The alliance hopes the trial will conclusively prove Wright isn’t Satoshi. They stated they would seek “injunctive relief” to prevent Wright from pursuing further action against members of the crypto community on the basis that he’s Satoshi.

To defend the “fiction” that he’s Satoshi, Wright has “committed perjury and forgery to an extraordinary extent,” according to COPA’s closing arguments.

COPA warned they will ask to refer the files in this case to U.K. prosecutors “for consideration of prosecution for the offences of perjury and perverting the course of justice.”

Coin base’s $1B Bond Sale: Avoiding Stock Impact, Inspired by Michael Saylor’s Bitcoin Strategy

The only publicly traded cryptocurrency exchange in the U.S., Coinbase (COIN), announced a plan to cash in on the recent rally in digital assets by raising $1 billion through selling convertible bonds. This move avoids an equity sale that could hurt its stock price and follows the path Michael Saylor’s MicroStrategy has taken to fund its crypto aspirations.

On Tuesday, Coinbase stated that it will offer the unsecured convertible senior notes via a private offering. Convertible bonds can be turned into shares of the issuing company (or cash) at a certain point. For the notes Coinbase plans to offer, that conversion year is 2030.

By tapping the debt market to fund its crypto business, Coinbase is pursuing a strategy Saylor has pursued at MicroStrategy over the past few years. Saylor’s company has purchased 205,000 bitcoins, which are now worth nearly $15 billion, much of which is funded by MicroStrategy’s sale of more than $2 billion of convertible notes. Just this month, MicroStrategy sold $700 million of them, and there was enough demand that the company could sell more than the originally anticipated $600 million.

The move comes after a massive rally in Bitcoin, which has taken the price of the digital asset to an all-time high above $73,000. Bitcoin is up 67% this year, while Coinbase’s stock soared by 48% in the same period. Publicly traded companies often take advantage of bull markets by raising money by selling new securities such as equity, convertible notes, etc.

Coinbase’s $1 billion offering comes after some Wall Street analysts ditched their bearish stance on the stock. Raymond James and Goldman Sachs are bears that have upgraded the stock, citing the massive rally in the digital asset markets.

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