BullionFX Market Report – July 28, 2023

Spot gold is trading at $1,975.05 per ounce, its highest since July 20. The gold market gains as The Federal Reserve keeps options open on future rate hikes. Gold price climbed above $1,980 for the first time in two months. A report from J.P Morgan sees gold charging to record in 2024 as the Federal Reserve Cuts the rates, Bloomberg reported.  

The Federal Reserve raised interest rates by a quarter-of-a-percentage point on Wednesday, setting the benchmark overnight interest rate in the 5.25%-5.50% range and highlighting that another 25-bps hike could be at the September meeting based on a wide range of data. 

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  • Physical gold is a hassle > to receive, store, and sell at market price when you need to  
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  • BullionFX allows users to hold Digital Gold, which is 1:1 physically backed & allow users to trade it at the wholesale market. 
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Bitcoin (BTC) remains stuck to the south of the $29,300 level amid a lack of fresh, positive catalyst to sustain the bullish momentum that saw it hit fresh yearly highs around $31,800 earlier this month. The World’s Largest cryptocurrency is now holding to the north of its 50-day Moving Average at $29,400. Long-term bitcoin (BTC) holders, or addresses that hold coins for at least 155 days, now control a record three-fourths of the cryptocurrency’s circulating supply. Data tracked by blockchain analytics firm Glassnode show the balance held in these wallets has increased by 62,882 BTC ($1.83 billion) to a record 14.52 million BTC this month, surpassing the previous peak of 14.48 million BTC registered on May 21

Ethereum is up 1.09% to $1882, the largest percentage increase on July 13, 2023, when it gained 5.98%. On the local chart, the rate of Ethereum is testing the resistance level at $1,860. A recent Crypto Market report shows that, in a market where no major frenzy or phenomena occurred, Bitcoin and Ethereum continued gaining market share. 

Altcoin Market Share Drops to Below 30% in Q2, Stablecoin Market Cap DeclinesThe top 50 cryptocurrencies (except for Bitcoin and Ethereum) accounted for 27.39% of the total crypto market cap, experiencing an 8.71% decrease in share throughout the second quarter. Cryptocurrencies beyond the top 50 saw a more substantial decline in market cap, dropping approximately 53.19% from around $60.8B in early April to roughly $30B by the end of June. 

Worldcoin, a project partly created by OpenAI CEO Sam Alman, launched the token Worldcoin, a global identity and financial public network that aims to democratise access to a digital economy regardless of a person’s location, background, or economic status. It operates using a unique ecosystem consisting of a privacy-preserving digital identity (World ID), a native token (Worldcoin token or WLD), and an application (World App). The project has continuously split opinions from within the crypto space up to Silicon Valley, with some praising the project’s ambition to some calling it “creepy” and “dystopian.  

Vitalik Highlights Four Major Concerns with Worldcoin’s User Authentication System

In the post, Buterin highlights four significant concerns with the coin user authentication system, called “Proof-of-Personhood” (PoP). Worldcoin claims it can authenticate its users without storing personal data or relying on a central authority. To obtain a “World ID,” users must scan their iris with a device known as an “Orb.” Buterin argues that this system has potential issues with privacy, accessibility, centralisation, and security. 

LidoDAO Pushing for Dual Governance Model, giving stETH Holders Veto Power

 LidoDAO is pushing for a dual governance model. If passed, it would provide Lido users–specifically those who are staking Ethereum and hold stETH–veto power on governance proposals approved by LDO holders. The current governance system for Lido is based on LDO, which means that only LDO holders can vote on proposals. Naturally, this gives LDO holders a degree of power over the protocol that stETH holders don’t have. This can have consequences if, for instance, LDO holders move to change something that could negatively impact liquid stakers. 

Telegram Trading bot experienced massive growth in a short period. Telegram bots for decentralised applications are automated programs allowing users to implement on-chain trading or farming strategies through the messaging app by linking wallets to the bots or creating new Ethereum wallets. The sector has experienced massive growth in a short period, as projects such as Unibot and Ready Swap flood the markets. 

Singapore High Court Recognised Crypto as a Property
Singapore’s High Court has recognised crypto as a property capable of being held on trust, in a case involving Seychelles-based exchange Bybit and a contractor, according to a court judgement published on Tuesday. Bybit brought a lawsuit against Ho Kai Xin, claiming that in breach of her employment contract, she abused her position to transfer over 4.2 million USDT to addresses owned and controlled by her. He also transferred a quantity of fiat currency to her bank account. “Like any other thing in action, USDT is capable of being held on trust,” Judge Philip Jeyaretnam, who presided over the case, said. 

U.S. Congressional Committee Passed Two Bills to Bring Regulatory Clarity and Remove Hurdles for the Crypto Industry on July 26. Most U.S. lawmakers voted in favour of the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act. The House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act in a 35-15 vote which would establish rules for crypto firms on when to register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). The Republican bill also outlines a process for firms to certify with the SEC that their projects are adequately decentralised, allowing them to register digital assets as digital commodities with the CFTC. 

Deloitte Partnered with Chainalysis to Boost Blockchain Tracking Capabilities
Deloitte announced establishing a strategic alliance with crypto analytics firm Chainalysis to boost its clients’ blockchain-tracking capabilities. Announced during a Chainalysis conference in Washington DC on July 25, the tie-up will see Chainalysis’ blockchain datasets, analytics software, and training programs assist Deloitte’s clients with their crypto forensic, investigative and compliance needs. In a document outlining the alliance, Deloitte said some of the challenges faced by government agencies include when cryptocurrencies are used to obfuscate transactions and launder the proceeds of crime, while the international regulatory landscape creates difficulty obtaining information from foreign exchanges. 

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