Stone Ridge's new company, Wolf's Clothing, will help strengthen the Lightning Network ecosystem by attracting developers, investors, and more. This and more news is in this handy daily digest so you're always up to date with the latest developments in the crypto world.
New Bitcoin company, dedicated to Lightning Network
📍NYDIG's parent company has formed a new US company that will be dedicated to the Lightning Network, Bitcoin's scalability protocol. This is the company Wolf's Clothing, created by Stone Ridge Holdings Group, to accelerate the growth of the Bitcoin and Lightning Network ecosystem in New York and encourage the development of companies that implement this innovative solution.
Lightning Network is a layer two protocol designed to provide greater scalability to the Bitcoin blockchain.
Now, Wolf's Clothing, NYDIG's parent company, wants to ensure the development of this solution by bringing the best founders and teams from around the world into its ecosystem. Wolf's Clothing CEO Kelly Brewster told Bitcoin Magazine that the new company will provide support for ideas, proofs of concept, or early-stage businesses that are related to the Lightning Network.
Bitcoin as a safe haven for investors
📍Bank of America strategists Alkesh Shah and Andrew Moss published a report on Bitcoin's perception as a safe haven. In the report, both analysts stated that a significant portion of investors are relying on the market's leading cryptocurrency to protect and preserve their value. One of the reasons behind the renewed investor confidence in Bitcoin is its positive correlation with assets such as gold, the S&P 500 stock index and the second-largest US stock market, Nasdaq, Bloomberg reported, citing the Bank of America report.
At press time, the price of Bitcoin (BTC) is trading above $20.600 per unit. The market-leading cryptocurrency shows an 8,7% recovery in its value over the past 7 days.
State of the crypto market
📍The main cryptocurrencies on the market grew this week. Dogecoin (DOGE) has been the most appreciated cryptocurrency in the Top 10 over the past 7 days, according to data from CoinMarketCap. The price of DOGE, which began as a meme cryptocurrency, has risen more than 28% on the week, trading at around $0,076 per token. This cryptocurrency has benefited from the purchase agreement between Elon Musk and Twitter.
Meanwhile, Bitcoin (BTC), the most capitalized cryptocurrency on the market, has surpassed $20.000 per BTC for the first time since the beginning of this month. Bitcoin trading volume has also skyrocketed, growing to $58.000 billion per day. This represents a 13% increase in BTC trading volume over the past 24 hours.
In the case of Ethereum (ETH), the second most capitalized cryptocurrency in the industry, its current price is above $1.500. The daily trading volume with ETH has exceeded $31.400 billion, growing by 14% in the last few hours.
The price of other top 10 cryptocurrencies such as XRP, BNB, ADA, and SOL has increased by between 4% and 15%, currently. Also, the total cryptocurrency market cap has risen by 2,5% since Wednesday, once again standing above $1 billion of dollars.
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