- Crypto markets rallied today, recovering from yesterday's pullback - $BTC is up 1.08%, and $ETH is up 3.49%. Interestingly, this rally came during Asian market hours (the same time the sell-off occurred yesterday in crypto assets and Asian equities). Markets appear to be moving higher on hopes that the public unrest in China couldlead to a loosening of Beijing's zero-COVID-19 restrictions. SPX and NDQ are down 0.23% and 0.12%, respectively, and the US Dollar (DXY) is up 0.02%. An outperformer this week has been Chainlink ($LINK) which is up 12% this week. This move comes ahead of the protocol's launch of staking on December 6th.
- Decentralized lending protocol, Compound, has voted to set borrow caps on ten non-stablecoin crypto collateral assets, including $WBTC, $COMP, and $LINK. This proposal will be enacted at the end of November and will reduce the number of tokens that users can borrow. The decision to set the borrow caps comes during a time when low liquidity in certain altcoins has created attack vectors. For example, earlier this year, Mango Markets was exploited by an attacker who manipulated the value of the $MNGO token to drain funds from the protocol. Compound's borrow caps aren't the only precaution to protect against such attacks and tail risks. In addition to setting borrow caps, Compound previously suspended the use of tokens such as $MKR and $YFI. Aave, another DeFi lender, paused the use of 17 tokens on its platform.
- Cryptocurrency exchange Huobi and the TRON blockchain have partnered with the Commonwealth of Dominica (not to be confused with the Dominican Republic) to roll out a digital identity and national token service. This will mark one of the first countries to adopt a citizenship-by-investment program. Dominica's government will issue a Dominica Coin and digital identity documents (DID). This coin and the digital identity documents will run on the TRON blockchain initially and eventually be compatible with Ethereum and Binance Smart Chain. Example use cases for these digital identity documents include KYC on crypto exchanges, opening bank accounts in Dominica, registering digital enterprises, and applying for loans.
Crypto Daily Report – November 29
Nov 29, 2022
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