It is important to consider all factors that could impact the market’s trajectory this week, including the launch of an Ethereum Layer-2 network. Let’s learn more.
Bitcoin
Bitcoin is currently facing fortress resistance, which is made up of the 200 weekly MA (and the last high in August 2022).
After reaching resistance, Bitcoin experienced a sell-off. This led to traders wondering if the crypto is at its peak or if it will continue to rise.
Ethereum
Coinbase, a crypto exchange, announced the launch Base, an Ethereum layer-2 network. It is designed to be low-cost, secure and developer-friendly.
DeFi
After a partnership announcement by Microsoft, the DeFi protocol Ankr quickly surpassed $1.5 billion in 24-hour trading volume. Its token also crossed $0.06 within hours.
Altcoins
Solana Spaces, a retail storefront that sells Solana-themed merchandise, has announced that it will close its brick-and-mortar stores in New York City as well as Miami.
The Klaytn Foundation announced its plans to create a new governance system that will allow for community participation on the Klaytn platform
TON validators will vote on a proposal to adjust Toncoin’s supply by freezing 1,000,000 tokens for 48 months, before finally unfreezing them.
Recent documents claim that Ruja Ignatova, the Crypto Queen, has been dead for five-years.
The Bank of England published a technology paper that outlines its ideas for a future digital currency. It will protect user privacy.
Business
Binance Australia announced that it had closed some derivatives trading accounts owned by wholesale investors in Australia.
Mastercard, the payments giant, has partnered up with Immersive to enable users to make cryptocurrency payments in digital, physical, or metaverse worlds.
Ethereum Layer-2, a scaling solution Polygon has announced that it has laid off approximately 20% of its workforce as part of a larger company restructuring.
After it was revealed that half its assets were on the FTX crypto-exchange, Galois Capital, a crypto hedge fund, had to be shut down.
Despite regulatory changes, Huobi crypto exchange has moved its Asia headquarters from Singapore and Hong Kong.
Regulation
On Thursday, the IMF released a press release outlining the points of a paper titled “Elements for Effective Policies for Crypto Assets.”
Dapper Labs could face a lawsuit from the SEC alleging that the NBA Top Shots NFTs may be securities.
NFT
Teneo, liquidator of Three Arrows Capital, has announced that the bankrupt firm’s most valuable NFTs will be sold to help recover the $3.6 billion owed creditors.
Due to market uncertainty, the WazirX NFT marketplace was shut down two years ago.
DWF Labs, a16z and YGG have been the leaders in a $13.8m token purchase.
Yuga Labs, creators of Bored Ape NFT, had to remove the logo from Bored Ape Kennel Club’s (BAKC) website due to intellectual property issues.
Web3
Spotify, a music streaming service, is collaborating with other digital asset companies to test NFT enabled playlists for token holders.
The Polygon blockchain explorer PolygonScan was recently halted by a sync issue on the Polygon mainnet.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.
