Ndax Weekly TL;DR Nov 3

• Ethereum’s Fusaka upgrade targets 60% fee reductions while reinforcing Layer 2 dominance
• Bankman-Fried claims FTX could have repaid users
• Federal Reserve cuts rates to 3.75–4%, lowest in three years amid data blackout

Ethereum’s upcoming Fusaka upgrade aims to reduce Layer 2 transaction fees by up to 60% while improving scalability, data efficiency, and user experience across the network. The update introduces enhanced data sampling through PeerDAS, dynamic blob management for cheaper rollup posting, and usability improvements like passkey logins and near-instant transaction confirmations. Set for an early December mainnet launch, Fusaka reinforces Ethereum’s modular design—positioning Layer 1 as the settlement and data foundation and Layer 2 as the main environment for everyday user activity—making the network faster, more efficient, and better equipped for long-term growth. CryptoSlate

Sam Bankman-Fried released a 15-page report from prison claiming FTX was never insolvent, arguing the exchange and Alameda Research held $25 billion in assets against $13 billion in liabilities before its 2022 collapse. He blames legal intervention—not insolvency—for forcing bankruptcy and blocking full repayment to customers. His analysis revalues FTX’s assets at today’s prices, but critics call this “solvency by hindsight,” noting bankruptcy law fixes valuations at filing. Former FTX counsel Ryne Miller and others disputed his claims, saying the firm couldn’t meet withdrawals and had falsified asset lists. Experts add that the bankruptcy team’s actions likely preserved value as holdings like Solana and Anthropic later appreciated. CryptoSlate

The U.S. Federal Reserve lowered its benchmark interest rate by 25 basis points on Wednesday to a range of 3.75% to 4%, marking its lowest level since 2022. The decision, which featured rare split dissents from policymakers favoring either a larger cut or no change, highlights growing divisions within the central bank over how to navigate economic uncertainty under President Donald Trump’s fiscal and trade policies. The move also came as the Fed faced a data blackout caused by the ongoing government shutdown, leaving officials without key employment and inflation reports. Chair Jerome Powell said the Fed remains focused on balancing risks between persistent inflation and emerging labor market weakness, while signaling that a December rate cut is not guaranteed. CNN Business

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News Nuggets

• Deutsche Bank and DWS-backed euro digital asset expands across multiple blockchains via Chainlink Cointelegraph
• Canada considers new VRCA regulations ahead of federal budget Cointelegraph
• Japan integrates Bitcoin mining into national energy grid to support renewable stability Beincrypto
• Bitcoin ETFs record $490M in outflows as BlackRock faces private-credit fraud probe Beincrypto
• Trump rules out resuming Canada trade talks Financial Post
• Australian police decode encrypted wallet, recover $5.9M in crypto Cointelegraph
• New Hampshire delays crypto mining deregulation bill amid public pushback Cointelegraph

As of 11-03-2025 at 9:25 AM EDT

Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has decreased from CA$5.43 trillion to CA$5.08 trillion.
  Bitcoin's market dominance stands at 59.7%, while Ethereum's share is 12.5%. 

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$150K and CA$155K registering a 6.14% change over the past week and a market cap of CA$3 trillion. At Ndax, the weekly movers are ICP, which saw a 23.35% increase in the last seven days reaching a market cap of CA$3 billion, and TAO, which experienced a 13.8% rise with a market cap of CA$6.3 billion. (At time of writing)

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Nov 6 – US Initial Jobless Claims Announcement 
Nov 7 – US Unemployment Rate Announcement 
Nov 7 – Canada Unemployment Rate Announcement

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