Market Update: October 7, 2022

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Some relief for the troubled Binance chain and it’s users (temporarily). According to a network update, BNB Chain, the native blockchain behind the Binance crypto exchange, is now operational as of October 7. BNB Chain updated the community on Twitter a few hours before the network suspension was resolved, saying validators are working to stop hacker accounts and asking nodes to upgrade their versions.  The compromise was born on the BSC Token Hub, which resulted in “extra BNB.” According to the blockchain, network validators are “confirming their status” and upgrading community infrastructure.

MakerDAO, the decentralized autonomous organization behind the crypto stablecoin DAI, is investing $500 million in Treasuries and corporate bonds. DAI allocation will promote the usability of digital assets in traditional markets, extending DAI’s influence beyond crypto. DeFi, which took off during the previous bull market, has faced difficulties this year as the prices of the tokens that underpin the system have crashed and the sector has been plagued by hacks. When we look at its performance over the last week, Maker (MKR) had a low point of value of $729.85 and a high point of value of $865.60. Here, we can see a $135.75 increase in value, or an 18% increase, which could indicate a shift in market structure leaning bullish.

The European Union has announced a complete ban on cross-border crypto payments between Russia and the EU. This includes the prohibition of “all crypto-asset wallets, accounts, or custody services, regardless of the amount of the wallet.” The decision is consistent with the EU’s desire to “further deprive the Kremlin’s military and industrial complex of key components and technologies.” This comes shortly after Russian officials approved the use of cryptocurrency for cross-border payments.

That’s it for today, see you tomorrow

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