The massive sale of altcoins over the weekend favored the growth of Bitcoin's dominance in the crypto market. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin's market dominance increases
📍According to data from TradingView, Bitcoin dominance has approached the 50% mark for the first time since 2021. The reason behind the platform's surge in Bitcoin dominance is the massive sell-off of altcoins that followed rumors of a liquidation by the Scimitar Capital fund.
Source: TradingView / CoinDesk
Last Friday, the cryptocurrency fund had reported on its decision to Liquidate your cryptocurrency holdings to return capital to its investors and liquidity providers. The liquidation reportedly amounted to around $2.000 billion of its crypto asset holdings.
11,6 million ordinals in Bitcoin
📍The number of subscribers on the Bitcoin network has exceeded 11,6 million. According to data from Dune Analytics, the number of ordinals registered on the most capitalized blockchain in the market continues to grow at an impressive rate.
Around 165.000 Bitcoin inscriptions are being made per day, according to the data. The total number of inscribed ordinals on this blockchain is 11.620.451, at the time of writing.
The fees generated by these digital assets and BRC-20 tokens total 1.700 BTC, or about $43,9 million, based on the cryptocurrency's current market price.
Source: Dune Analytics
A16z expands to the UK
📍Venture capital firm Andreessen Horowitz (a16z), which invests in cryptocurrencies, blockchain technology and Web3, is expanding into the UK. A16z has chosen London to open a new headquarters and host the next Crypto Startup School, to be held in 2024.
In a publication On its website, the venture capital firm stressed the importance of countries having a clear regulatory regime that guarantees the healthy development of the crypto industry and Web3, eliminating risks, ensuring investor protection and encouraging constructive applications to reach their full potential. According to the firm, the United Kingdom brings all of the above together, which is why it promises to become the next haven for the cryptocurrency industry.
Prime Minister Rishi Sunak has suggested that the country can become an innovation hub for the blockchain and Web3 industry, and has been cultivating a new approach to crypto assets. This is the main reason why a16z has chosen London for the opening of a new headquarters, the company said in its statement.
From its new headquarters, the American venture capital firm will continue to promote the growth of the crypto ecosystem, investing in new startups and projects. The firm will also organize its next edition of Crypto Startup School in London, with which it will attract new talents to build innovative Web3 solutions that adapt to the needs of its clients.
Ava Labs presents Avalanche Arcade3
📍Avalanche developers have introduced a new program focused on Web3 games. Is Avalanche Arcade3, announced last week as a new program that will help traditional gaming software companies, such as GREE, to accelerate their innovation, facilitating their entry into the blockchain and Web3 ecosystem.
On Twitter, Avalanche developers explained that their new program will allow Web2 companies to use Avalanche’s technology to accelerate their development in the blockchain gaming space. This Web3 gaming-focused program will also allow traditional gaming companies to tap into the experience and expertise of Ava Labs’ development team.
SOL and MATIC are not securities, say their creators
📍Solana (SOL) and Polygon Network (MATIC) developers defend their projects against SEC accusations. It's been a turbulent week for cryptocurrencies, following lawsuits filed by the US SEC against Binance and Coinbase.
In these lawsuits, several cryptocurrencies and tokens were classified by the securities regulator as security's, starting a new price correction in the crypto market. However, its developers and creators have come out in defense, making known their views and positions in the face of the SEC's accusations.
In line with the above, Solana (SOL) developers published a message refuting the SEC's characterization of SOL as a security. The Polygon Network development team also assured that its MATIC token had been built to ensure the security of the blockchain network and not as an investment asset, and indicated that this project has been developed outside the United States since its inception.
Continue reading: Enjin presents a new blockchain designed for the NFTs of the future
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