The Block
Ethereum dominance, a measure of the digital asset’s market capitalization relative to the total crypto market cap, has declined by over 1.5% since November 2022.In the same period, bitcoin dominance has increased from 38% to 56% of the total digital asset market today.
Quick Take The volume of stablecoins transferred on Coinbase’s Base Ethereum Layer 2 blockchain on Oct. 26 was higher than all other blockchains for the first time, Artemis data shows. 30% of all stablecoin volume took place on Base, a higher proportion than typical leaders Ethereum, Solana, and Tron.
Quick Take An AI-powered VC fund called ai16z on the nascent platform Daos.fun reached a nearly $100 million market cap after a shoutout from the a16z partner after which it’s modeled, Marc Andreessen. The fund’s market cap has since declined to about $50 million, though volatility remains high. The fund’s creator says the plan is to have the AI run the fund based on input from DAO members, weighted by their token holdings and the quality of their prior recommendations.
Telegram CEO’s arrest tied to cybercrime investigation of unauthorized ‘cryptology’ services, say French authoritiesAbra settles SEC charges of unregistered sale of crypto asset securities in Abra EarnStablecoin market cap hits new all-time high, beating early 2022 recordThe following is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Quick Take The SEC alleges that Abra used customer digital assets “to generate income for itself and to fund interest payments.” In addition, the firm offered and sold securities that “did not qualify for an exemption from SEC registration,” the agency said in a Monday release.
Quick Take French authorities released a statement saying Telegram CEO Pavel Durov had been arrested as the result of a sweeping cybercrime investigation that included allegations of providing “cryptology” services and tools. Durov was arrested at the airport in Paris over the weekend. The messaging app is popular among advocates and users of cryptocurrency.
Quick Take There is an increased risk of political gridlock regarding major cryptocurrency bills, and their progress could stall next year, writes TD Cowen.
Quick Take Market hesitation could hold bitcoin within a tight range of between $62,000 to $67,000 in the near term, according to QCP Capital analysts.
Last week, bitcoin inflows totaled $543 million as Fed Chair Jerome Powell indicated the central bank may start lowering interest rates, according to CoinShares.Digital asset investment products saw weekly inflows of $533 million, the largest positive swing in five weeks.