Latest Market News
The advent of blockchain technology has proven to be the most disruptive point in the history of the financial industry: from now onwards, banks cease to be the focal point in the distribution of money flows; instead, decentralized exchanges come to take over their place with a lightning speed. For the industry, it means that the barriers of entry have been lowered down, opening the path for trailblazers of the new generation; for consumers, this signifies a golden age of freer, almost carefree access to the financial market, so much sought-for during the pandemic. This way, the whole financial industry enters the new decade of inclusivity, security, and prosperity, serving as a hallmark of a liberalized economy.
Publicly-listed business intelligence firm MicroStrategy has made another massive Bitcoin purchase. The company spent $414.4 million to buy 7,002 BTC at an average price of about $59,187.
Jack Dorsey has stepped down as the CEO of social media platform Twitter. In a message shared on his Twitter account, Dorsey explained that it was his own decision to step down from the position, and that he believes that a company being led by its founder is “severely limiting and a single point of failure”.
The Kraken cryptocurrency exchange has listed Shiba Inu (SHIB), the popular meme coin inspired by Dogecoin. The Shiba Inu community has been pressing for a Kraken listing for quite some time now, and the exchange’s announcement has helped spark a rally in the SHIB markets.
Layer-2 is a collective term for solutions developed to scale decentralized applications (dApps) by processing transactions off the Ethereum Mainnet. With layer-2 solutions, transaction processing times can increase significantly when the network is congested. Rollups handle transactions off-chain to promote greater scalability. One such project is Syscoin, and leverages ZK-Rollups to enable smart contract scalability.
As we move through the final month of the year, a number of projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
With the "metaverse" concept gaining increasing traction thanks to Meta (formerly known as Facebook), some investors are becoming very bullish on virtual real estate. A virtual plot of land in Axie Infinity recently sold for $2.5 million worth of ETH.
Sherrod Brown, the Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, is requesting information related to consumer and investor protection from several stablecoin issuers and digital asset exchanges. The letter was sent to stablecoin issuers Centre (USD Coin), Paxos (PAX Dollar and Binance USD), TrustToken (TrueUSD), Tether (USDT) and Gemini (Gemini Dollar), as well as Circle, Coinbase and Binance.US. The letter asks the recipients to submit their responses by December 3.
Popular online broker eToro says that its U.S. customers will no longer be able to trade Cardano (ADA) and TRON (TRX) starting from December 26. eToro’s U.S. customers will also be restricted from staking ADA and TRX starting from December 31.
The second parachain auction on Polkadot was won by Moonbeam, a project that’s looking to combine Ethereum’s smart contracts with Polkadot’s interoperability and scalability. In total, more than 200,000 participants contributed over 35 million DOT tokens ($1.22B at the time of writing) to help Moonbeam secure the parachain slot on Polkadot.
