Issue #30

Coinbase announce their own Layer 2 (Base), HK SEC outline plans for crypto trading, Binance Aust. deactivate derivatives for many & more...


Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.12T, down 4.1% from last week.

Below is the weekly performance of the top crypto and NFT assets. 

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News Headline Highlights

 Crypto Asset Project Updates

Regulation Station

  • The Hong Kong Securities and Futures Commission has outlined plans to permit retail investors to trade large crypto assets like bitcoin and ether. The move is a major step in Hong Kong's policy shift as they strive to become a crypto hub.
  • The US Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the US Office of the Comptroller (USOCC) issued a joint statement to U.S. regulated banks on liquidity risks to banking resulting from crypto asset market vulnerabilities. The purpose of the statement was to highlight capital requirements for banking high risk industries such as crypto which has recently put pressure on banks due to liquidity withdrawal requirements. However, in the statement, the agencies “remind banking organisations to apply existing risk management principles” rather than proposing new ones, and noted “banking organisations are neither prohibited nor discouraged from banking services to customers of any specific class or type”.
  • US Securities and Exchange Commission Chairman, Gary Gensler, sat down with NYMag during the week to declare all crypto assets except for Bitcoin are securities, stating “these tokens are securities because there’s a group in the middle and the public is anticipating profits based on that group”.

The Weekly Deal Room

Metric of the Week

Bitcoin Ordinals, which are digital assets (i.e. NFTs) inscribed on a single satoshi, have risen to huge popularity since their launch in January. This has resulted in inscription fee rates, mean block size, and taproot utilisation all growing rapidly, while the Bitcoin mempool (transaction queue) is beginning to fill for the first time in months.

Source: DataAlways and Dune Dashboards

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