Shibarium relaunch surpassed 100 wallets

Bitcoin struggled again last week, despite a brief rally earlier in the week and mostly stable for seven days. The cryptocurrency started last week above $25, reaching $26, but has fallen back to its starting level as there is weakness in trading volume and confidence in the market.

Ethereum fell sharply during the week, starting at around $1650, then rising to $1670 before falling to around $1630 - down more than 1%. on a week-to-week basis.

The fragility of the market is reflected in other asset classes such as equities because investors pay close attention to the Jackson Hole discussionswhere central bankers meet to discuss policy.

The implication from Wyoming is that central bankers intend to keep interest rates at higher levels to prevent inflation from rising again – which is not well received by risk assets.

Bitcoin trading volume at lowest level in four years

Data from CryptoQuant shows that Bitcoin trading volumes have dropped significantly, reaching its lowest level in more than four years. Trading volume is a highly volatile measure in the bitcoin market, but it shows us a tough dynamic for investors right now.

There is a combination of factors that are causing the volumes to be lower at the moment. Summer is partly to blame for this, and it's not uncommon in stock markets, too, where many people are away from their desks. But many holders are sitting back and waiting to see how the situation of the world's largest cryptocurrency develops.

The data suggests that long-term investors are waiting despite market weakness. Bitcoin price, while far from record levels, is now much more resilient than a year ago. Given some significant changes in the market that are likely to materialize before the end of the year, the cryptocurrency should not be discounted so heavily like now.

Hashdex is preparing a bitcoin spot ETF

Crypto asset manager Hashdex is working on its own bitcoin spot ETF, joining companies like BlackRock and Fidelity in the preparation of a spot ETF fund. However, the company has taken a different approach to its product compared to the aforementioned TradFi managers as it will not rely heavily on oversight.

Hashdex ETF will seek to acquire bitcoin on the CME spot market, instead of distinguishing it from potential competitors in a market yet to be launched, and many cryptocurrency investors are closely watching developments.

The company will be adapting its existing bitcoin futures ETF to account for spot bitcoins, as well as an innovative approach that will require the company to exchange bitcoin spot futures contracts over time. The market is currently very uncertain as it waits for ETFs to be approved by various companies. Any approval is likely to cause a strong market reaction as the implications of a consumer-friendly regulated bitcoin investment product should not be underestimated.

The reboot of Shibarium has surpassed one hundred thousand wallets

Restarting the layer 2 blockchain of the token Shiba Inu – Shibarium – took the blockchain to over 24 wallets in less than 100 hours. The price of the token also reacted positively to the reopening.

Blockchain Shibarium has stopped working and developer Shytoshi Kusama has updated the status. The Shibarium blockchain enables users to build dApps and conducting peer-to-peer transactions, and also represents one of the newer crypto platform offerings compared to more established counterparts such as Ethereum and Polygon.

While the cryptocurrency market has had an uncertain 2023 to some extent, it is positive to see such a strong adoption of the new blockchain platform. The health of the market is ultimately driven by demand for its products and related tokens. While prices may not reflect high investor confidence, there is cause for optimism in a sector with strong innovation adoption.