The Federal Reserve is rolling up its sleeves as another big US inflation number looms. Other countries expecting large inflation rates as well include Canada, New Zealand, and South Korea. US inflation has had a ripple effect on equity markets in Europe as well with Stoxx 600 index plunging for two consecutive days over the past week. The ripple effect didn’t shy away from the crypto market, however, the market cap continues to move sideways, up 0.5% week over week as contagion uncertainty has not yet settled.
Figure 1: US inflation climbing to a four-decade high
• Binance in Spain
• Bitcoin showing signs of accumulation
• Celsius starts paying its debts
• Lamborghini uses NFTs to authenticate car parts
• Three Arrows Capital contagion leaves Voyager bankrupt
The returns of the top five cryptoassets over the last week were as follows — BTC (-0.94%), ETH (-3.2%), BNB (-2.07%), ADA(-4.68%), XRP (-3.29%).
The insights gathered by the research team of 21Shares have been making waves in the media last week. In light of our last analyst call, our very own Director of Research Eliezer Ndinga got featured on The Block.
On another note, Research Analyst Tom Wan’s Dune Dashboard tracking 3AC and Celsius wallets was featured multiple times in the past week. You can read one report by Crypto News here and watch to this Bankless episode where the dashboard was featured.
A key player in the Bitcoin ecosystem, Peter Wuille, is scaling back his contributions to Bitcoin Core, the primary implementation of the Bitcoin software that connects to the blockchain. Given both his influence in the Bitcoin community and his role at Chaincode Labs, Wuille clarified that he will continue contributing code to the project,
Why does it matter?
Bitcoin Core is where open-source developers provide vital research, peer review, testing and documentation. Since 2011, Wuille has made thousands of contributions to Bitcoin Core:
• Bitcoin Improvement Proposal (BIP) 32, which introduced seed phrases for storing and recovering private keys more easily.
• Segregated Witness (SegWit), which provided a new, efficient way of storing data in blocks.
• Taproot (BIPs 340, 341 and 342), which provided developers with a valuable set of tools to integrate new features that will improve privacy, scalability and security.
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to firstname.lastname@example.org
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