• Specs News
  • Posts
  • 10/29/24: Bitcoin Moon Soon šŸŒ•šŸ˜¤šŸ’ø

10/29/24: Bitcoin Moon Soon šŸŒ•šŸ˜¤šŸ’ø

Top News

  1. Bitcoin inches toward new all-time high, breaking $71k

  2. Coinbase CEO demands SEC withdraw ā€˜frivolousā€™ cases

  3. World Liberty Financial plans to launch stablecoin

Specsā€™ Insights

1. Bitcoin inches toward new all-time high, breaking $71k

āŒā—Ŗ-ā—Ŗ ā†’ Bitcoin is about to set a new all-time high.

Bitcoinā€™s price broke $71k last night and is now closing in on its all-time high of $73,770, set on March 14th, 2024.

To put this in context, Bitcoin is just 3.7% away from its previous all-time high, while Ethereum is a massive 44% away. Yikes.

Naturally, Bitcoin ETFs are ripping, with $4.3B in net inflows over the last 12 days and $479M yesterday alone.

Now is a good day to remind you of the Veblen good effect, which is when the demand for an asset increases as the price increasesā€”contrary to typical economic principles of supply and demand.

This is most easily observed in your family and friends who, despite you telling them to buy years ago, are buying Bitcoin for the first time now.

We could see a new all-time high this week. Wild.

2. Coinbase CEO demands SEC withdraw ā€˜frivolousā€™ cases

āŒā—Ŗ-ā—Ŗ ā†’ Baldy wants an apology!

Coinbase CEO Brian Armstrong (aka Baldy) says the next SEC chair should withdraw all frivolous cases and issue an apology to the American people.

In his post, he highlights the many conflicting statements from the SEC on crypto, such as:

  • Is Bitcoin a security?

  • Can the SEC regulate crypto exchanges?

  • Is existing law clear?

Just look at the graphic in Brianā€™s tweet to see how confusing the SECā€™s stance is. You know things are a mess when the Securities and Exchange Commission itself (keyword: Securities) canā€™t tell you what IS and IS NOT a security. Itā€™s ridiculous.

Looking forward, we know Trump plans on firing Gary Gensler if he wins the election, and it seems like Kamala would do the same. So the real question is, who will the next SEC Chair be?

3. World Liberty Financial plans to launch stablecoin

āŒā—Ŗ-ā—Ŗ ā†’ Trump stablecoin incoming.

Donald Trumpā€™s controversial DeFi project, World Liberty Financial, is allegedly planning to launch a stablecoin, according to a Decrypt exclusive.

For context, the project recently raised $14.35M via a token saleā€”95% less than their target of $300M.

While there hasnā€™t been an official announcement from World Libertyā€™s Twitter or Telegram since their token sale in mid-October, it looks like theyā€™ll be working with stablecoin issuer Paxos, as Rich Teo (Paxos co-founder) joins World Liberty as their Stablecoin and Payment lead.

Frankly, Iā€™m surprised they arenā€™t working with Circle here, considering USDC is the second-largest stablecoin and has strong ties (minority ownership) with Coinbase. Iā€™d love to know why.

Politics aside, this move could be a good thing for stablecoins, which currently live in a bit of a legal gray area (ex: SEC sues Binance).

While stablecoin bills are already in progress with strong bipartisan support, a Trump-endorsed stablecoin could help those bills gain a lot more momentum.

On the flip side, a World Liberty stablecoin could easily be misconstrued as a CBDC-like asset, given its direct endorsement from the man who, if prediction markets are right, will be our next President.

Everything Else

ā›“ļø Crypto & DeFi

  • Kalshi becomes #1 finance app in iOS App Store

  • Vitalik defends Ethereum Foundation against critics

  • Phantom wallet faces downtime during anticipated GRASS airdrop

  • 1inch launches Bruce Lee ad campaign

  • Kalshi provides price data to Stork crypto oracle

  • Astria launches project to decentralized blockchain sequencers

  • Nil Foundation appoints CEO amid L2 race

  • Truth Terminal founderā€™s X account hacked, shills scam token

  • Dormant BTC wallet wakes up after 12 years, now worth $53M

  • Apechain users hit ATH of 32,000 unique addresses

šŸ¦ Wallstreet & VC

  • MicroStrategy stock is outperforming Bitcoin this year

  • Tether CEO says U.S. government can ā€˜press a buttonā€™ to kill them

  • Robinhood launches prediction market for U.S. election bets

  • Founders Fund invests in Infinexā€™s patronage fundraising model

  • Gelato secures $11M for rollup-as-a-service platform

  • Gate.io makes strategic $10M in TON to accelerate Telegram projects

šŸ›ļø Legal & Regulatory

  • Hong Kong SFC to establish ā€˜consultative panelā€™ for crypto exchanges

  • FTX reaches $228M settlement with Bybit

  • Bitcoin Magazine says Trumpā€™s momentum is too big, he canā€™t lose

šŸŒŽ Rest of the World

  • Animoca opens massive workspace in Hong Kong

  • Circle partners with HKT Telecom on customer loyalty solution

  • Bitcoin miner to heat arctic village in Norway with BTC energy

  • Bitget hires former Binance exec for Latam expansion

  • Bhutan government transfers $66M Bitcoin to Binance

  • BIS considers closing mBridge project, calling it a public good

šŸ–¼ļø NFTs & Metaverse

  • OpenSea partners with Art Blocks on generative art

  • Magic Eden trials ME token, asks users not to trade it

  • Dogecoin surges with "Trump" promotion

  • Nexus Mutual backs crypto insurance broker

  • Parallel to host $250K Ethereum esports championship

  • MLS launches ā€˜MLS Questā€™ collectibles on Sui

  • Catholic Church mascot Luce spawns $50M memecoin

  • Claire Silver sells AI-painted piece for $100k

  • Bob Lax raises $6M in token presale for Solana project

Join Our Community!

Designed to make you a better crypto investor, builder, and operator.

šŸ’¬ Chat with Valko and other experts
šŸ“š Access additional hand-curated resources
šŸ˜Š Make friends, share memes, have fun