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Weekly Market Highlights: Bitcoin Lightning Network Hits A New Milestone

Binance Research
2022-10-07 10:28
07 October 2022
Happy Friday! The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / TradFi / Binance
  • Markets will watch US non-farm payroll data closely, with any indication that the labor market has started to cool possibly signaling a softer Fed in the next FOMC meeting
  • Oil prices rose around 1% higher on Thursday after OPEC+ agreed on a production cut of 2 million barrels a day, in what is the producers’ largest reduction since 2020. Brent crude price is currently around the US$95/barrel mark
  • Binance received a permanent license to operate in Kazakhstan following a build-up of multiple memorandums of understanding (“MoUs”) and an initial in-principle approval
🔎 Crypto
L1:
  • The Bitcoin Lightning Network’s Public Capacity surpasses 5,000 BTC. The Bitcoin layer-2 network, launched in 2018 as a payment network, continues to expand its capacity and has this week hit its all-time high of 5,000 BTC.
DeFi:
  • MakerDAO will look to divest the holdings collateralizing their Dai stablecoin and invest $500m in US Treasuries and Corporate Bonds. The majority (80%) will be invested in short-term US Treasury bonds, while the remainder will be allocated to investment-grade corporate bonds provided by investment management firm Baillie Gifford

NFTs:
  • Cool Cats Group, the company behind the Cool Cats NFT collection, receives an undisclosed strategic investment from Animoca Brands, which the company hopes to use to expand the brand’s blockchain gaming offering
  • OpenSea will allow users to bulk list and purchase up to 30 NFTs in a single flow, significantly reducing associated gas fees and streamlining the process
  • Moonbirds parent company Proof is expected to launch Moonbirds DAO in early 2023. Proof will seed the DAO with US$2.6M to start and also grant 35% of the ongoing creator royalties from its NFT collections to the DAO going forward
Stablecoins:
  • Stablecoin issuer Tether continues to reduce commercial paper exposure and its holdings are now less than US$50M, down from over $20bn in May. US Treasury bills now account for more than 58.1% of Tether’s reserves

  • USDC market cap continues to fall, now down 18% from a peak of around US$56B to US$46B. Market cap for the stablecoin has continued to decline following censorship concerns from a few weeks ago when USDC issuer, Circle, began blocking wallets linked to Tornado Cash, a move which was sanctioned by the U.S. authorities
TradFi x Crypto:
  • Fidelity is launching an Ethereum Index fund to offer investors exposure to ETH. The fund requires minimum US$50k investments and has already raised US$5M since sales began in late September

  • McDonald’s to start accepting Bitcoin and Tether in the city of Lugano in Switzerland
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About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.



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