Crypto week at a glance: Ethereum continues to struggle as rate hike haunts

economictimes.indiatimes.com:

After the Fed's 75bps print, volatility increased and caused liquidation on both sides of the book before selling off to a weekly low of $1220. Subsequently, the price found some relief along with a rise in long open interest. Within a week, the closing price had reversed again, indicating underlying weakness in the market. ETH closed the week at $1,295 and returned -3.01% WoW. Ahead of Wednesday's FOMC, ETH/BTC showed strength, jumping over 4% by Tuesday afternoon. After the Ethereum merger, there was a significant increase in user contract calls. Historically, such behavior has indicated a growth in activity on the Ethereum network that goes beyond simple token transfers. Concerns about network instability may have motivated participants to sideline holdings before the event was successful. After the successful merge was confirmed, along with the cancellation of any technical issues, activity skyrocketed in the following days. Interestingly, increased volumes persisted throughout the week, particularly in the DeFi and NFT sectors.

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DEFI: US lawmakers have proposed a bill to ban algorithmic stablecoins, according to an article published by Bloomberg. Specifically, the bill would make it illegal to create “endogenously secured stablecoins” – those that are secured by a token created by the same issuer; for example, Terra's UST support with LUNA. Although we have no information on how this proposed ban would be enforced, we believe that it is likely that American regulated exchanges will not list or use these tokens. Innovation: Zilliqa, a layer 1 blockchain, has