Trading Desk Market Update: 11/22

November 22, 2021

BTC is currently trading around $57,500 and ETH around $4,200.  Notable gainers in the last 24 hours are LN, EGLD, and CRV.  The global crypto market cap is $2.70T, down 2.0% over the last day.  DeFi Total Value Locked is ~$259b and BTC dominance is around 43%.

El Salvador’s government announced plans to build a carbon-neutral bitcoin-themed city at the base of the Conchagua volcano that will be used to mine the token using geothermal power.  The city will have residential and commercial areas, services, entertainment, restaurants and an airport.  Construction will begin in 2022 and the city will have no taxes except from value added tax. El Salvador also announced plans to issue up to $1b in a new bitcoin bonds via Blockstream’s Liquid Network.

In other news, Ethereum layer 2 total value locked has more than doubled over the past couple of months to hit a new all-time high of $5.6b, per L2beat.  Payments giant Square released a white paper detailing plans for a forthcoming tbDEX, an easily-accessible crypto exchange that aims to bridge users from fiat currencies to digital assets and unleash the potential of Bitcoin and decentralized financial infrastructure.  Lastly, Avalanche has broken into the top ten coins by market cap after AVAX increased 106% over the last 30 days.  Recent strength has been attributed to its partnership with accounting firm Deloitte to build its disaster relief platforms atop the Avalanche blockchain platform, as well as Avalanche’s rising TVL, which is up 70% over the last month.

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