- Stocks continued their losing streak amid low volume in the last week of trading this year. The S&P 500 dropped 0.11%, while the Nasdaq fell 0.90%. Treasury yields rose, with the U.S 10 Year and 30 Year increasing by 2.51% and 2.43%, respectively. Investors remain concerned with recent economic data showing that The Fed still has work to do in its fight against inflation. Yet the risk of driving the U.S. into a recession increases with each rate hike. BTC is currently trading near $16,800 while ETH trades around $1,200, down 0.77% and 1.42%, respectively. Luna Classic (LUNC) continues to lead the top 100 in gains (+13.5%) amid unconfirmed rumors of a potential Coinbase listing and community proposals to bring the failed project back from the dead.
- Solana's top NFT Projects have announced they will be migrating chains, in the latest blow to the protocol's declining activity. Dust Labs announced their NFT collections DeGods, and sister project Y00ts, are set to migrate to Ethereum and Polygon, respectively. The two projects represented nearly 70% of Solana's NFT sale volume the week before the announcement. The move follows months of tension and rumors the team had asked the Solana Foundation for $5 million to stay on Solana. The project's founder, Rohun Vora, known as Frank, stated on a Monday Twitter spaces, "there's an argument to be made that [Degods] has capped out on Solana....it's been tough to grow at the rate we want to grow. If Ethereum is where we have to go to keep growing, it's what we have to do". At 515 SOL (~$5750), DeGOds has the top floor price on Solana. While Solana's NFT activity had been a bright spot and started to become competitive with Ethereum NFTs, the collapse of FTX and the exchange's close association with SOL has led to declining NFT transactions.
- Japan's Financial Services Agency is soliciting feedback on new regulations that would allow foreign issued stablecoins to be listed on local exchanges. Following the collapse of Terra's multibillion-dollar UST stablecoin, Japan was one of the first countries to pass legislation limiting the issuance of stablecoins to regulated entities such as banks, money transfer agents, and trust companies. The regulation also banned local exchanges from listing popular foreign issued stablecoins such as USDC and USDT. Under the new draft legislation, the FSA would allow remittances of up to 1 million yen (~$7500) and enable local marketplaces to permit foreign stablecoin transactions. The regulator will collect feedback on the draft legislation into early next year.
Japan Reverses Ban on Stablecoins, Solana's Top NFT Collection Migrating to Ethereum
Dec 27, 2022
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