Back to Risk-On Mentality - The WAGMI Journal #36
That was fast, should've bought more on the weekend dip.
In today’s issue:
The crypto market is up with the global market cap sitting at ~$2.5 trillion. Prices have relatively recovered from the weekend dump with LUNA leading the weekly performance amongst the large-cap assets. Global markets rallied as more data on the Omicron variant points to a mild illness despite surging cases.
In other news, FTSE Russel plans to develop crypto indexes with more than 40 assets, Biden admin spotlights digital assets in global corruption, and BitMart will compensate users affected by the recent hack.
We’re continually improving our content, please reach out if you have any other ideas or would like us to recap a segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆FTSE Russell to Develop Crypto Index With Over 40 Digital Assets
One of the world’s largest financial index providers, FTSE Russel, has announced its plan to develop crypto indexes with more than 40 assets. The index will be UK and EU compliant and will sit alongside FTSE’s flagship index such as the FTSE 100 and Russel 2000. Approximately $17.9 trillion of investment products are being benchmarked to FTSE Russel indexes.
⎆Biden Admin Spotlights Crypto in Global Corruption
The White House highlighted digital assets in its report about countering corruption. Governments around the world have yet again failed to see that this argument has been proven wrong as blockchain analysis firm such as Chainalysis has previously showcased that less than 1% of crypto transactions are being used for illicit activities. The focus instead should be on legal-but-grey-area tax sheltering strategies that many multinational entities had utilized for decades.
⎆BitMart CEO: Company Will Compensate Affected Users
After being hacked for ~$196M, BitMart’s CEO stated that affected users will be compensated by the company’s fund. After further investigation, BitMart confirmed that the hack was conducted by stealing a private key that opened two hot wallets. We have previously seen other notable exchanges compensating their hacked users through an internal insurance fund, a practice that’s increasingly becoming more common amongst centralized exchanges.
👨🏻💻Decentralized Finance (DeFi)
Coinbase Launches Open-source Cryptography Library Kryptology
VCs in Talks to Invest $50M–$150M in Polygon
SushiSwap CTO Threatens to Quit as Infighting Escalates
KyberDMM Launches Suite of New Features, Rebrands to KyberSwap
Bank of International Settlement Calls The Rise of DeFi 'An Illusion'
$COPE Leaderboard Alpha Version LIVE!
🏛Governance - Active Proposals
🦮NFT & Metaverse
Wizards & Dragons NFTs Leapfrog Bored Apes in Latest Play-to-Earn Rally
OpenSea IPO Hints Prompt Criticism From Crypto Users Expecting a Token
Pak’s Experimental Ethereum NFT Drop 'Merge' Sells for Nearly $92M
Nifty Gateway to Cut ETH Gas Fees by 70% on 'Wallet-to-Wallet' NFT Trades
Retail Buyers Made 80%+ of NFT Transactions in 2021: Chainalysis
Sophia AI robot to be tokenized for Metaverse appearance
Former Lyft Executive Joins NFT Marketplace OpenSea as CFO
DAO Raises $5M for NFT Art by Silk Road Convict Ross Ulbricht
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
RaceFi - $2.9M Unknown Round
Ignite Tournaments - $3M Seed Round
Earnity - $15M Series A
Mysten Labs- $36M Series A
⚖️Regulatory Update
OCC Highlights Digital Assets in Risk Report for Banks
Binance Hires in UK, Plans to Seek FCA Approval for Launch
Biden Admin Spotlights Digital Assets in Global Corruption
S. Korean Investment Firm Hashed Under Tax Investigation
Japan Moves to Impose New Regulations on Stablecoin Issuers
Jury Orders Craig Wright to Pay $100 Million in Billion-dollar Bitcoin Lawsuit
Proposed India Bill Banning Crypto Payments Could Mean Jail for Violations
Gibraltar to Integrate Blockchain Into Government Systems
📚Noteworthy Reads
rekt’s Read on Sushiswap Scandal
rng.eth’s Thread on A Meandering Musing of Play-to-earn
Steven Tey’s Read on What is a DAO?
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.