Weekly Market Highlights: Bitcoin Lightning Network Reached a New High

 Weekly Market Highlights: Bitcoin Lightning Network Reached a New High

The Weekly Market Highlights is a weekly initiative from the Binance Research team to summarise key market events and team perspectives.

🔎 Macro/TradFi/Binance Markets will keenly monitor US non-farm payroll statistics, with any suggestion that the labour market has begun to cool perhaps foreshadowing a softer Fed at the upcoming FOMC meeting.

Oil prices gained by 1% on Thursday after OPEC+ agreed to cut output by 2 million barrels per day, the greatest drop since 2020. Brent oil is presently trading at $95 per barrel.

Binance was granted a permanent licence to operate in Kazakhstan after a series of memorandums of understanding ("MoUs").

 Weekly Market Highlights: Bitcoin Lightning Network Reached a New High

The public capacity of the Bitcoin Lightning Network has surpassed 5,000 BTC. The Bitcoin layer-2 network, which was created in 2018 as a payment network, continues to grow in capacity, reaching an all-time high of 5,000 BTC this week.

DeFi:

 MakerDAO plans to sell the assets that are collateralizing its Dai stablecoin and invest $500 million in US Treasuries and Corporate Bonds. The bulk (80%) will be invested in short-term US Treasury bonds, with the remaining allocated to investment-grade corporate bonds offered by Baillie Gifford.

NFTs: 

Cool Cats Group, the firm behind the Cool Cats NFT collection, has received an undisclosed strategic investment from Animoca Brands, which it plans to utilise to extend the brand's blockchain gaming offering.

Users of OpenSea will be able to bulk list and purchase up to 30 NFTs in a single flow, considerably lowering related gas expenses and expediting the process.

Proof, Moonbirds' parent firm, plans to deploy Moonbirds DAO in early 2023. Proof will provide the DAO with US$2.6 million to begin with, as well as 35% of future creator royalties from its NFT collections.

Stablecoins:

Tether, the stablecoin issuer, continues to cut its commercial paper exposure, and its holdings are currently less than $50 million, down from more than $20 billion in May. The US Treasury

USDC market capitalization continues to plummet, falling down 18% from a height of roughly US$56 billion to US$46 billion. The stablecoin's market cap has continued to fall in the aftermath of censorship concerns raised a few weeks ago when USDC issuer Circle began restricting wallets associated to Tornado Cash, a move sanctioned by US regulators.

Fidelity is creating an Ethereum Index fund to provide investors with exposure to ETH. The fund needs a minimum investment of $50,000 and has already raised $5 million since sales began in late September.

McDonald's will begin taking Bitcoin and Tether in the Swiss city of Lugano. Binance's Most Recent Research Publications

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