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News
Markets
Bitcoin Hits 9-Month High Above $27,500
Largest Cryptocurrency Continues To Outperform As Dominance Rises Above 45%
By Aleksandar Gilbert
As crypto markets surge Friday — their fourth day by day rally this week — Bitcoin continues to outperform and briefly topped $27,500 for the primary time since June 2022.
Heading into the weekend, Bitcoin is up almost 10% since yesterday and greater than 35% over the previous seven days.
Meanwhile, Ether has rallied 27% over the previous week and is buying and selling above $1,800 for the primary time since September 2022.
Bitcoin’s share of the crypto financial system can also be at a six-month excessive, accounting for 46% of the trade’s international market capitalization.
Read the complete story in The Defiant
Prediction Markets
Betting Market for Arbitrum Airdrop Surges Before Announcement
By Owen Fernau
A key indicator exhibits merchants began aggressively betting Arbitrum’s ARB token can be airdropped hours earlier than the token distribution was introduced.
On March 15, a day earlier than the airdrop went public, merchants on prediction market Polymarket began inserting extra bets that the airdrop would occur earlier than March 31. “Yes” shares spiked as excessive as $0.72 after sitting as little as $0.17 cents 4 days beforehand.
The bets are sparking hypothesis that there might have been merchants who knew of the airdrop announcement earlier than most people and have been in a position to revenue from that data.
Read the complete story in The Defiant
Layer 2
Daily Layer 2 Transaction Count Soars To Record 1.54M
Ethereum Scaling Solutions Surpass Mainnet By 48%
By Samuel Haig
Activity on Layer 2 networks has surged to new all-time highs, with mixed L2 exercise beating out mainnet Ethereum transaction quantity by 48% on Thursday.
More than 1.54M transactions have been executed on Layer 2 networks prior to now day, in comparison with 1.04M on Ethereum, in response to Orbiter Finance. L2 transactions beforehand peaked at 1.52M on Feb. 22.
The knowledge exhibits that Ethereum customers are more and more migrating onto Layer 2 scaling options, which supply quicker and cheaper transactions in comparison with Ethereum’s mainnet.
Read the complete story in The Defiant
DeFi
MakerDAO Doubles Down On US Treasuries
Strategy Helped DeFi Lender Weather The Bear Market By Generating Yield On Reserves
By Aleksandar Gilbert
MakerDAO, the decentralized group that runs the Maker protocol, voted this week to speculate as much as $750M in U.S. Treasuries. The measure handed with three-quarters of the votes forged in favor.
The yield earned from Treasuries and different real-world belongings has cushioned an in any other case dramatic drop in income at Maker.
The transfer might greater than double Maker’s publicity to U.S. Treasuries; in October, the DAO voted to speculate as much as $500M in U.S. Treasuries and company bonds.
Read the complete story in The Defiant
Regulation
Crypto Banking
Lobbying Group Hunts For Proof That Feds Are Targeting Crypto
Blockchain Association Requests Information From US Banking Regulators
By Aleksandar Gilbert
Speculation that the U.S. authorities has launched a coordinated try to “un-bank” crypto firms is operating rampant following final month’s flurry of regulatory missives and lawsuits.
According to 1 trade lobbying group, it’s simply that — hypothesis. But slightly sunshine would possibly assist to show that.
The Blockchain Association has despatched open information requests to the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, in an try to find out whether or not regulators have instructed banks to shut crypto firms’ accounts or in any other case create an surroundings that’s hostile to the trade.
Read the complete story in The Defiant
