BTC is currently trading around $107,600 and ETH around $4,000. Notable gainers in the last 24 hours are CRO, STAU, and BGB. The global crypto market cap is $3.96T, up 0.2% over the last day. DeFi Total Value Locked is ~$140b and BTC dominance is around 58%.
Traditional markets are lower ahead of tomorrow’s Fed meeting, while crypto has moved higher on a number of positive developments. First, the potential for national strategic reserves continues to be in focus as Trump reportedly discussed the topic with the CEO of crypto.com, while a European MP called for Europe to create its own strategic Bitcoin reserve. In addition, MicroStrategy purchased another 15,350 BTC for $1.5b, suggesting its insatiable demand for Bitcoin may continue. Further, the Senate Banking Committee abandoned its effort to renominate anti-crypto SEC commissioner Caroline Crenshaw today, leading to the potential for the agency to be led by only pro-crypto Commissioners early next year. Lastly, FTX set its reorganization plan’s effective date to be January 3, 2025 and will begin disbursements to convenience class creditors within 60 days.
Notable news includes: Europe’s ESMA released final guidance ahead of full MiCA implementation; Hong Kong reaffirmed intentions to adopt a global crypto tax reporting framework by 2028; India’s tax regulator ruled that profits from crypto sales prior to 2022 should be treated as capital gains; Bank Indonesia completed a proof of concept for its Digital Rupiah; the SEC sent a Wells notice to NFT platform CyberKongz; the SEC approved crypto wallet maker Exodus to list on the NYSE American; Ripple launched its RLUSD stablecoin; Ethena Labs announced the launch of its USDtb that uses BlackRock’s tokenized BUIDL fund for most of its backing; Starknet announced the launch of Spiko’s onchain T-Bill money funds; Lido announced it will discontinue services on Polygon due to low adoption; restaking protocol Ether.Fi proposed using a portion of protocol revenues to buy back ETHFI tokens and distribute them to stakers; the Cardano Foundation clarified its role and priorities; Monad Labs announced the formation of the Monad Foundation to promote and develop the Monad blockchain; ai16z developer Eliza Labs partnered with Stanford University to research AI agents and web3; Story Protocol introduced an experimental framework for AI agents to interact onchain; Avalanche activated its Avalanche9000 upgrade to reduce costs and make it easier to launch subnets; Synthetix relaunched its exchange following its Kwenta acquisition; Pudgy Penguins launched its PENGU token; and, Atsuko Sato, the owner of the Shiba Inu behind Doge, granted IP rights to the likeness of her newest dog Neiro to the Own the Doge DAO.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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