“Arbitrum, a so-called layer 2 scaling solution that works alongside the Ethereum blockchain to accelerate transactions, has seen a near 10-fold rise since Friday in the total value locked in decentralized finance (DeFi) projects.
The project launched Aug. 31 and currently holds $2.23 billion in assets in various DeFi projects, up from $238 million on Friday. For comparison, the rival layer 2 solution dYdX has $329 million locked, while Optimism, another closely tracked project, has $155 million.
The number of unique addresses on Arbitrum has also seen an impressive three-fold rise to 70,000 since Friday, while the network’s daily transaction volume has surged above $250,000 in just ten days.”
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/GGNRSKLXMJCQXGUF7M2CFX2PGQ.png)
“Bitcoin traded with great volatility around $44,000 on Monday as some traders were duped by a fake news release stating that Walmart is partnering with Litecoin (LTC). The cryptocurrency is roughly flat over the past 24 hours after Walmart stated that it “had no knowledge of the press release issued by GlobeNewswire, and it is incorrect.”
Also on Monday, MicroStrategy announced that it bought an additional 5,050 BTC. The company now holds 114,042 BTC, which were acquired for a total of $3.16 billion and at an average price of $27,713 per bitcoin.
On the regulatory front, stablecoins are under increasing pressure as U.S. officials discuss launching a formal review into whether tether and other stablecoins threaten financial stability, according to Bloomberg. President Biden’s working group plans to issue stablecoin recommendations by December.
Long-term bitcoin holders appear to be unshaken by the sell-off last week.
We can also see that LTH (long-term holders) owned supply has reached 79.5% of all BTC coins this week, which is equivalent to the level reached in October, prior to the bull market kicking off.”
See Also: Bitcoin Eyes US Inflation Report, Potential Dollar Liquidity Squeeze
See Also: US Treasury reportedly in talks for stablecoin regulation
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/K3QH57AFDVFDDKNZTDOHAZOU2E.jpg)
“Gensler will emphasize that almost all crypto trading platforms need to register with the SEC in testimony he plans to give before the Senate Committee on Banking, Housing and Urban Affairs on Tuesday. A copy of his prepared remarks was released on Monday.
Gensler wrote that while not every crypto token qualified as a security, the fact that platforms have allowed the trading of so many tokens means it is highly likely that at least some securities are being offered on the platforms.
Make no mistake: To the extent that there are securities on these trading platforms, under our laws they have to register with the commission unless they qualify for an exemption.”
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/L6NAM66NB5HEHMOIBS3O2BAST4.jpg)
“Ark Investment Management revised the prospectus for its ARK Next Generation Internet ETF (ARKW) to open the possibility of investing in crypto exchange-traded funds (ETFs) in Canada.
Bloomberg ETF analyst Eric Balchunas speculated that Ark was looking to replace ARKW’s investment in GBTC with a Canadian ETF. ARKW holds over 8.5 million shares of GBTC, making it the second-largest holding in the fund. Balchunas noted that GBTC is down 22% year to date, while the Canadian ETF has dropped 6%. ‘That’s pretty significant dispersion.'”
See Also: Interactive Brokers Launches Crypto Trading Through Paxos
See Also: Bankless: Investing in the Future | Cathie Wood (Video)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VCOXNIV2N5AIRD25JOKYRUTJWA.jpg)
“One of the key projects in digitalization until 2030 will be the launch of the digital ruble.
The bank has been contemplating issuance of its own central bank digital currency (CBDC) since last October, when it published its first analytical report outlining potential designs for a CBDC. Bank of Russia will start testing the digital ruble in January.
We’re actively developing the platform at the moment. We don’t see any obstacles for launching the digital ruble; however, we will test it in pilot first.”
“Marvel and DC seem to be breaking away from the established tradition of allowing creators and artists to sell original prints of published works due to their reported plans for entry into the nonfungible token (NFT) space. Both Marvel and DC reportedly have designs on leveraging their vast collection of comic book art in the expanding NFT scene.
By preventing artists from selling derivative works based on their comic book creations, the likes of Marvel and DC could be precluding creators from a significant revenue source.”
The Disrupt 