Market Update (Week 46, 15/11/2021 – 21/11/2021)

Key Takeaways Following an agreement with Crypto.com, the Staples Center, the home of the Los Angeles Lakers, will be renamed ‘Crypto.com Arena’ next month. The 20-year naming rights agreement would go into effect on December 25. El Salvador is set to inaugurate Bitcoin City backed by $1B BTC bonds. The development of Bitcoin City will […]

Key Takeaways

• Following an agreement with Crypto.com, the Staples Center, the home of the Los Angeles Lakers, will be renamed ‘Crypto.com Arena’ next month. The 20-year naming rights agreement would go into effect on December 25.
• El Salvador is set to inaugurate Bitcoin City backed by $1B BTC bonds. The development of Bitcoin City will see the proactive involvement of prominent crypto companies, including cryptocurrency exchange Bitfinex and Adam Back’s Blockstream.
• VanEck’s Bitcoin futures-based exchange traded fund (ETF) is slated to launch under the ticker XBTF on the Cboe exchange.
• The general price index decreased by -6.66%, and the volume and volatility indices also decreased -4.54% and -16.89% respectively.

Highlights

• Lakers’ Staples Center to be renamed ‘Crypto.com Arena’ in $700M deal
• El Salvador to inaugurate Bitcoin City backed by $1B Bitcoin bonds
• Meme coin FLOKI ad campaign under investigation by UK advertisements watchdog
• AVAX hits all-time high after Ava Labs’ deal with Deloitte
• Brave introduces built-in browser wallet for Ethereum
• Fidelity approved to become Canada’s first institutional Bitcoin custodian
• Acala wins first Polkadot parachain auction with over 32M DOT staked
• India To launch first version Of CBDC next year
• Binance integrates Ethereum Layer 2 network Arbitrum One
• Digital Euro as a legal tender in the EU area Is a likely outcome, says top ECB official
• Circle to invest in Japanese yen stablecoin as part of expansion to Asia
  
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Notable events

Polygon network announced the launch of an advanced Zero Knowledge-based scaling solution that could potentially solve Ethereum’s (ETH) network congestion. Polygon’s Miden virtual machine will offer faster validation as it improves the efficiency of the MATIC network. (ref)
A new debate in the EOS community has emerged over B1’s share of the EOS token supply. A group representing the EOS community wants to delete vested tokens held by Block.one, claiming the team failed to deliver on promises. (ref)
This week, members of the Tezos (XTZ) community came together, spearheaded by DNS, to revive the HEN platform. The HEN platform was widely utilised as the leading Tezos NFT marketplace, but was previously shut down abruptly. (ref)

Notable events

The financial platform Universal Market Access (UMA) has recently launched its ‘Across Protocol’ which is claimed to be one of the ‘fastest, cheapest, and most secure’ bridges between L1 to L2. (ref)

In light of the recent report by President Joe Biden’s Working Group on Financial Markets, the founder of MakerDAO (MKR) Rune Christensen regards 2022 to be a rough year for stablecoins. In an ‘Ask Me Anything’ session on Reddit, the founder advised users to ‘be ready for the worst’ in terms of stablecoin regulation. (ref)