BTC is currently trading around $60,600 and ETH around $4,250. Notable gainers in the last 24 hours are SAND, MIOTA, and CRO. The global crypto market cap is $2.76T, flat over the last day. DeFi Total Value Locked is ~$255b and BTC dominance is around 44%.
Metaverse-related tokens have materially outperformed during this recent market dip, as exemplified by SAND and MANA’s 44% and 29% respective seven-day increases compared to BTC’s 10% weekly decline. SAND in particular is up 33% today alone after announcing The Sandbox Alpha, an upcoming event that will allow players to explore the ecosystem’s metaverse for the first time and earn rewards in the process. Metaverse tokens broke out last month after Facebook revealed its vision to bring the metaverse to life and changed the company’s name to Meta to better reflect this focus. There has been a significant amount of news flow since, such as DappRadar’s recent report showing 55% of all industry unique active wallets are connected to games.
In exchange news, Crypto.com has signed a $700m, 20-year deal to rename the famous Staples Center, home of the NBA’s LA Lakers and LA Clippers, to the Crypto.com Arena. Meanwhile, Coinbase’s CFO said on the company’s recent earnings call that it has invested over $180m into digital assets (different than what’s held for operational purposes), with a fair value of $541m and with 46% in BTC, 25% in ETH, and 28% in other as of September 30th. This comes after the company revealed in August plans to investment $500m of cash and 10% of net income into digital assets on its way to becoming vast majority, if not 100%, crypto over time. Lastly, decentralized exchange aggregator 1INCH moved forward with the creation of the 1inch Network DAO Treasury and commenced Stage 2 of its governance implementation. The DAO will govern the 1inch network via 1INCH token holders staking their tokens in order to vote on protocol parameters and governance.
In regulatory news, The Digital Commodities Exchange Act, which would establish a voluntary regulatory regime for crypto exchanges under the CFTC, has returned to the US Congress as a draft as its authors begin to solicit industry comments. However, the acting head of US banking regulator the Office of the Comptroller of the Currency Michael Hsu stated that federal agencies are close to releasing a joint statement describing the results of their “crypto sprint” review conducted earlier this year. Hsu signaled the conclusions from the OCC, Federal Reserve and FDIC would be far from industry friendly, saying “the agencies are approaching crypto activities very carefully with a high degree of caution.”2021.11.17
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