What happened in crypto the past 3 weeks? Bitcoin is reaching ATH after ATH. Finally, we have some institutional money coming to Ethereum. Cardano (ADA) guy is Trump's new crypto advisor. The Department of Government Efficiency was announced. FTX is still in the news. What else? Read below:
Bitcoin: It started slowly with Bitcoin reaching an ATH of $82.400 on November 11. Even the crypto market cap initially surged past $3.1 trillion, only to jump above $5 trillion after the elections. Then, on November 12 we had $89K, after Trump's victory announcement. Since then it has been moving up and down between $89 and $93K. MicroStrategy added another 27.200 BTC paying nearly $2B for it. Pennsylvania lawmakers proposed a bill which would allow the state's treasurer to invest in BTC and crypto-ETFs. Major financial institutions including Goldman Sachs, Bank of America and Morgan Stanley kept on accumulating spot BTC ETFs. After years spent bashing Bitcoin, Peter Schiff launched his own Bitcoin Ordinals collection, and all 50 Golden Triumph Ordinals were sold instantly. Looks like Trump's team is backing up a US strategic BTC reserve, and Circle and Kraken might finally get public. The tiny nation of Bhutan sold Bitcoin at the perfect peak, and they still got 12.206 BTC left, as they are mining using their own hydroelectric power. Now people are betting on two possible future versions, one where BTC goes to $120K, and another where it goes first to $70K, then to $120K. What are you betting on?
Ethereum: Ethereum Name Service (ENS) is set to launch its layer-2 network, Namechain. Ethereum researcher Justin Drake has proposed a significant upgrade dubbed Beam Chain, aiming to modernize Ethereum's consensus while preserving existing data and execution layers. Transactions over $1M worth of ETH are the norm lately, with 8482 transactions totalling more than $10B recently, signalling institutional money flowing into Ethereum.
Altcoins and stablecoins: Coinbase just launched the Coin50 index, a crypto equivalent of the S&P 500. Also, Coinbase is looking to change its politics regarding memecoins, as they are soon introducing PEPE and WIF. Dogecoin (DOGE) got a nod after the launch of the government's new Department of Government Efficiency (DOGE), aiming to make the US government more efficient. DOGE is 94% up, and its trading volume exploded by 233%. Stablecoins supply surged $5B post-election too. Solana Dapps sees record revenue amid the trading boom and its market cap just crossed a historical $100B value in market cap for the first time ever. A lot of people got rich with the latest craze, the Peanut the Squirrel memecoin.
NFTs and blockchain games: The GameFi company Animoca Brands is now pouring money into DePIN, DEFI and AI projects, with nine strategic deals in October. On Splinterlands, we are getting ready for a new card collection, with some cool summoners that are now auction-only, yet it seems quite expensive. Check my Holozing article if you want to learn about a new blockchain game that looks full of potential. I am also playing Golemancer on Hive, and it is quite profitable, I would say.
- Good news: Kucoin has a brilliant referral program if you are good at this stuff. Centralized exchange volumes surged 19% in October. Coincheck will become the first Japanese crypto exchange listed on the Nasdaq. Blackrock is expanding its tokenized money market fund, BUIDL, to several additional blockchain networks. BUIDL primarily invests in short-term US treasury bills and other low-risk, interest-bearing securities. Tether has unveiled a new real-world asset tokenization platform called Hadron, that allows asset managers, businesses and nation-states to issue tokens backed by real-world financial instruments. Cardano's founder and ETH builder, Charles Hoskinson, just announced that he is Trump's new crypto advisor, working with lawmakers to shape the US crypto regulations. Cardano (ADA) had a 52% price surge after this announcement.
- Bad news: Collapsed FTX filed a lawsuit against Binance and its former CEO CZ, for nearly $1.8B for the FTX shares bought back by SBF, FTX ex-CEO, using FTT, BNB and BUSD tokens. Former Alameda CEO Sam Trabucco surrendered $70M in assets to the FTX creditors. Ilya Lichtenstein, the hacker who stole 120.000 BTC from the Bitfinex exchange, was sentenced to 5 years in prison, over the $4.5B theft. Fun fact, 26% of the exchanges lack KYC requirements. Following an alarming trend in crypto, a trader in Thailand was meeting a friend and ended up tied and forced to transfer $250K worth of crypto from his wallet. A powerful coalition of state attorneys general just hit the SEC with a lawsuit, saying that crypto is not the same as traditional securities.
- Joke of the week: Federal authorities raided the house of Shane Coplan, CEO of the popular decentralized prediction market Polymarket, seizing his phone and other electronic devices. No charges were filed, and he was not taken into custody. The raid was seen as politically motivated, as he correctly predicted that Donald Trump would win the elections.
All the best,
George
Why not...
...have fun and win rewards on my favourite blockchain games (Splinterlands- Hearthstone-like card game) (Mobox - GamiFI NFT platform) (Upland - real-life virtual land) (Holozing - Pokemon-like game)and (Rising Star - Music creators game)
....get ETH while writing on the Publish0x blog, using the Presearch search engine to maximize your income with PRE tokens. Use Torum instead of Twitter. I am also writing for crypto on Grill and Hive.
Posted Using InLeo Alpha