BTC$ and ETH$ are slightly positive this week, gaining 1.5% and 0.3%. The market is still awaiting affirmative news regarding the DCG/Genesis fiasco. Meanwhile, the GBTC discount reached a record 47%. Next week we will be releasing the second part to our FTX post-mortem report: an analysis of how major players in the industry were affected.
On the altcoin side:
- LINK staking opened on the December 8th. Anyone can stake up to 7,000 LINK, until the initial limited 25m LINK pool cap is reached. An initial annualised reward of 4.75% can be expected. 17.5m LINK has been moved off of exchanges in the last two weeks. LINK lost 8.9% this week.
- 1INCH lost 12.4% this week. This comes after news spread that 14% (or $80m) of their supply is set to unlock on December 30th.
- The Ren Protocol, which allows mainly BTC holders to lock their assets and mint a wrapped Ethereum version, will retire version 1.0. The primary reason for the shutdown is the collapse of Alameda Research, which was the primary funder. Version 2.0 will be community run. The project has encouraged users to immediately burn the tokens on Ethereum and claim them back on the original chain. There is still 1,101 renBTC circulating, but they are dropping continuously. The REN token is down 20% this week.
- Ethereum developers revealed on Thursday that the next hard fork, Shanghai, is targeted for a March release. This upgrade includes EIP 4895 that will allow the withdrawal of staked ETH.
We have an eventful couple of days ahead of us on a US macro level. The PPI will come out later today, the CPI on Tuesday, and the FOMC Meeting will be held on Wednesday.