Daily Digest 9/15
Insight on the biggest news and charts that provide context for whats going on in the market today.
Fidelity lobbies SEC to approve Bitcoin ETF in private meeting
In a meeting last week Fidelity executives and SEC officials met to discuss the reasons they believe their BTC ETF should be approved.
Fidelity also believes that they should be able to meet their customers demand for Bitcoin because they think its market has already matured and is of significant size. It will also expose a large amount of retail investors looking to diversify their portfolios
An approval of and ETF in the US likely won’t happen soon as the SEC also continues to delay decisions on the other 10+ applications for Bitcoin or Ethereum ETFs.
Anchorage Hopes to Shake Up Big Crypto Trades With Dark Pool Deal
A dark pool allows large trades to be conducted anonymously and they are less regulated than public exchanges. They would be the first in crypto as they have struck a deal with Oasis.
Anchorage will serve as the custodian and settlement structure for all transactions done on the Oasis Pro Markets platform. Since it is an ATS and most trades will be large transactions it is good to have one of the biggest custodians to back it all up.
Anchorage has more news coming up as well after signing a contract with the US Marshalls and hope fully on completing one with the FDIC.
‘Funds Never at Risk’ Say Developers of Ethereum Scaling Solution Arbitrum During Downtime
While Solanas network went down yesterday for about 20 hours yesterday rival blockchain layer-2 ETH solution Arbitrum also experienced some problems.
Arbitrum was back up and running after about 45 mins but in that time users were not able to make any transactions.
Offchain posted in conclusion of the the outage that “The root cause of the downtime was a bug causing the Sequencer to get stuck when it received a very large burst of transactions in a short period of time. The issue has been identified and a fix has been deployed.”
All these networks are new and experimenting so something like this does not shine a negative light on the projects future.
Development activity between two of Ethereum's biggest competitors have followed a similar trend in the past few months. As the NFT boom started getting hot in the beginning of August development activity on Cardano and Polkadot dropped as they do not yet currently have as big of a market share in the space as they are still in their developmental stages.
As ETH gas fees started to rise again developers started looking too alternatives and as you can see in the chart ADA has seen a bit more. This can be attributed to the launching of smart contract capabilities on September 12th. A lot of people have been waiting for a long time for Cardano to do this so a spike in development should be no surprise.