Thursday, 25 November 2021

Market Summary

Market Summary 25 November 2021

Bitcoin Price: $57,138.29 (-0.70%)
Ethereum Price: $4,270.00 (-1.60%)

 

AVAX Adoption and Bridging Highs, BTC Miners Accumulate as Alongside HODLers

  • AVAX C-Chain adoption has been increasing lately and recently hit 600k daily transactions.
  • Avalanche’s EVM and Metamask compatibility, much cheaper fees, and familiar DeFi experiences have been tailwinds for adoption. Naturally, this has boosted on-chain transactions and demand for the ecosystem’s native gas token.
  • AVAX C-Chain adoption has been increasing lately and recently hit 600k daily transactions.
  • Despite the poor price action of late, on-chain data still shows positive signs of more BTC outflow than inflow on exchanges. This metric signals accumulation is still happening, which is very bullish.
  • Years ago, this was a bullish sign because miners held higher market-moving abilities. After 3 miner reward halvings, this net position represents a much smaller percentage of the total circulating supply. In any case, it’s still a sign that miners might see more room for BTC to run.

 

Boba TVL Grows, CRO Outperforms, & Interest Rate Woes

  • Boba Network is an L2 Optimism Rollup developed by core contributors of the OMG foundation and based on the open-sourced Optimism codebase. Boba differentiates itself primarily with its fast transfers. Funds can be bridged back to Layer 2 without having to wait for 7 days as one would have to on the Optimism Network.
  • TVL on Boba Network has grown exponentially since the middle of November, coinciding with the start of OolongSwap’s liquidity mining.
  • OolongSwap is the leading AMM on Boba Network, began their liquidity mining event with “blind farming” for a week before launching Pool 2 rewards for its native token, OLO, a week later.
  • The CRO token has outperformed other Layer 1 tokens this month, clocking and at an impressive ~344% in the month to date. Similar to how BNB is used on BSC as well as Binance’s exchange, the CRO token is Crypto.com’s token and is also used as gas on Crypto.com’s chain, Cronos.
  • Cronos chain is an EVM-compatible chain built on Tendermint, whose mainnet went live on the 8th of November.
  • Last week, Crypto.com announced that they were paying $700m over 20 years to rename the Staples Center in Los Angeles.
  • Over 1M ETH has been burned since the EIP-1559 implementation that resulted in the base fee portion of every transaction being burned.
  • US Treasury Yields have been soaring over the past week, coinciding with Powell’s renomination as the Fed Chair. Markets seem to have reacted to the renomination with greater expectations of a rate hike over the next year. This further strengthens the dollar as demand for it is expected to increase.
  • With the interest rate expected to rise, macro markets have seen a pullback as the cost of capital is expected to increase and negatively affect earnings. Investors tend to reduce their risk appetite as interest rate hikes, resulting in less capital flowing into the markets.

 

SEC open meeting on Dec. 2 to include crypto panel discussion

  • The U.S. Securities and Exchange Commission, or SEC, announced Wednesday the title of the upcoming crypto panel for its Dec. 2 Investor Advisory Meeting will be “Helping to Ensure Investor Protection and Market Integrity in the Face of New Technologies.” Previously, on Nov. 15, the Commission announced the meeting would be open to the public. Panelists and moderators will attend remotely.
  • The crypto panel discussion agenda will focus on the regulatory framework covering digital assets, market structure issues and defining risk in emerging technologies. Additional topics are expected to include blockchain technologies, crypto-based exchange-traded fundsETFs and stablecoins.

 

Meter Passport launches Theta / Ethereum bridge on Theta Mainnet

  • Meter Passport, a leading cross-chain bridge connecting blockchains like Ethereum, Avalanche, and Binance Smart Chain (BSC), has now added support for Theta blockchain — for the first time allowing tokens to be moved between Theta blockchain and other leading blockchains.

 

Australia’s Rest Super retirement fund to invest in crypto for its 1.8M members

  • Australian superannuation fund Rest Super is set to become the first retirement fund in the country to invest in cryptocurrencies.
  • The fund has more than $46.8 billion worth of assets under management and around 1.8 million members. Superannuation is the equivalent of a 401k or Individual Retirement Account in the United States and is compulsory for all employees. Until now, the $2.4-trillion sector has been extremely cautious about cryptocurrency.
  • During Rest Super’s annual general meeting on Tuesday, the firm’s chief investment officer, Andrew Lill, told members that the company sees digital assets as an “important part” of its portfolio moving forward but will proceed “carefully and cautiously,” noting that: “It’s still a very volatile investment, so any allocation exposure we make to cryptocurrencies is likely to be part of our diversified portfolio as initially a fairly small allocation that may, over time, build.”

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