Coinbase Announces an L2, Binance Australia Traders' Positions Closed

Market Update Traditional indices have continued their fall this week, with the $SPX (-0.33%) falling below $3,980 and the $NDQ (-0.25%) trading just above $12,000. Initial jobless claims came in slightly lower than expected as the market continues to look for signs that the Fed’s hiking cycle is affecting the labor market. Tomorrow at 8:30 AM, the latest PCE data will be released, giving investors more insight into inflation trends. Crypto markets are mixed, with $BTC falling 1.61% while $ETH is up 0.11%. The divergence may be attributed to Coinbase announcing its Ethereum layer-2 solution called Base (more below). $FXS (+3.34%) is outperforming today after a vote to fully collateralize its stablecoin passed yesterday. The vote to change the collateralization ratio comes as stablecoins have seen increased regulatory scrutiny following the Terra Luna collapse. The change will remove the algorithmic aspect of Frax’s peg mechanism, reducing potential risks of de-pegging.Coinbase has announced the test-net launch of its new layer-2 network called Base. Base is a new Ethereum L2 offering a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. Base’s goal is to make on-chain the new online and onboard the next billion crypto users. Base is