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Ether Turns Net Deflationary Post-Merge

Weekly Market Highlights - Binance Research
2022-11-11 10:01
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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
  • Vote-counting continues in the US midterm elections. 35/100 Senate seats and all 435 seats in the House of Representatives are up for election. The outcome will determine control of both chambers of the US Congress during the second half of Joe Biden’s term as president. A divided government can be seen as good for business, due to the lack of total control preventing either party from doing anything too extreme. With several tight races still left, the shape of the House and Senate remains unresolved for now.
  • The US consumer price index (CPI) recorded an increase of 7.7% for October. This is the smallest 12-month increase since January and a sharp drop from an annual rate of 8.2% in September. The core CPI (excluding food and energy prices) rose 6.3% year on year, below expectations of 6.5%. As a reaction to the news, the dollar dropped 2.3% as interest rate expectations fell. Furthermore, US stocks recorded their strongest day in more than two-and-a-half years, with investors’ hoping for a slower pace of interest rate rises by the Federal Reserve. Wall Street’s benchmark S&P 500 index gained 5.5%, while the Nasdaq Composite closed 7.4% higher.
🔎 Crypto
L1:
  • Ether turns net deflationary post-merge. The Merge reduced Ether issuance by roughly 90% by eliminating block rewards to miners in favor of staking rewards for validators who stake ETH. With the recent spike in volatility 5,580 ETH has been burned since the Merge 56 days ago.
  • During the last weekend, Solana hosted Solana Breakpoint, a conference that came with multiple announcements for the chain. Gearing up for the Web3 disruption, Solana announced the launch of the Solana App Store. In addition to that, Google Cloud is building a block-producing Solana validator to participate in and validate the network.
DeFi:
  • MetaMask, the leading web3 wallet provider, has released MetaMask Bridges, a bridge aggregation service. This feature allows users to transfer their assets across multiple blockchains from within the wallet. The feature currently supports Ethereum and compatible networks Avalanche, Binance Smart Chain, and Polygon
NFTs:
  • OpenSea Will Enforce Royalties for Existing NFT Collections. This means that, unlike many exchanges which have made royalties optional, the creators of NFT collections already trading on OpenSea will be able to continue to collect royalties on trades.

Other:
  • In a historic move this week, the Feds announced the seizure of over 50,000 bitcoin that had been stolen about a decade ago when a single bitcoin was worth around just $10 USD. It’s the second-largest bitcoin recovery on record and the biggest completed by the recently-created Virtual Assets Unit
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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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