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- 10/29/24: Bitcoin Moon Soon šš¤šø
10/29/24: Bitcoin Moon Soon šš¤šø
Top News
Bitcoin inches toward new all-time high, breaking $71k
Coinbase CEO demands SEC withdraw āfrivolousā cases
World Liberty Financial plans to launch stablecoin
Specsā Insights
1. Bitcoin inches toward new all-time high, breaking $71k
šø$4.3 BILLION inflows for #Bitcoin ETFs in just 12 days.
$479m yesterday.
ā Bitcoin Archive (@BTC_Archive)
9:41 AM ā¢ Oct 29, 2024
āāŖ-āŖ ā Bitcoin is about to set a new all-time high.
Bitcoinās 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 increasesācontrary 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 āfrivolousā cases
The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.
It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution.
ā Brian Armstrong (@brian_armstrong)
3:28 AM ā¢ Oct 29, 2024
āāŖ-āŖ 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 Brianās tweet to see how confusing the SECās stance is. You know things are a mess when the Securities and Exchange Commission itself (keyword: Securities) canāt tell you what IS and IS NOT a security. Itās 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
EXCLUSIVE: Trump Crypto Project @worldlibertyfi Plans to Issue Stablecoin, Sources Say
@s_lutz95 with the story:
ā Decrypt (@decryptmedia)
5:19 PM ā¢ Oct 28, 2024
āāŖ-āŖ ā Trump stablecoin incoming.
Donald Trumpās 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 saleā95% less than their target of $300M.
While there hasnāt been an official announcement from World Libertyās Twitter or Telegram since their token sale in mid-October, it looks like theyāll be working with stablecoin issuer Paxos, as Rich Teo (Paxos co-founder) joins World Liberty as their Stablecoin and Payment lead.
Frankly, Iām surprised they arenāt working with Circle here, considering USDC is the second-largest stablecoin and has strong ties (minority ownership) with Coinbase. Iād 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
āļø Crypto & DeFi
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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 founderās 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
š¦ Wallstreet & VC
MicroStrategy stock is outperforming Bitcoin this year
Tether CEO says U.S. government can āpress a buttonā to kill them
Robinhood launches prediction market for U.S. election bets
Founders Fund invests in Infinexās patronage fundraising model
Gelato secures $11M for rollup-as-a-service platform
Gate.io makes strategic $10M in TON to accelerate Telegram projects
šļø Legal & Regulatory
Hong Kong SFC to establish āconsultative panelā for crypto exchanges
FTX reaches $228M settlement with Bybit
Bitcoin Magazine says Trumpās momentum is too big, he canāt lose
š 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
š¼ļø 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 āMLS 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