French Bank Becomes First Institution To Issue A Stablecoin On Ethereum

The market cap of Bitcoin (BTC) has reached a significant new high, surpassing silver with a value of $1.736 trillion, positioning it as the 8th largest global asset, according to CoinMarketCap. This milestone comes as Bitcoin recently soared above $88,000, rising by 10% on the day, while silver dropped 2%, enabling Bitcoin to pull ahead.

A Remarkable Achievement

With this surge, Bitcoin now ranks behind only gold, Nvidia, Apple, Microsoft, Google, Amazon, and Saudi Aramco. The Kobessi Letter, a prominent financial market commentary, highlighted this achievement, highlighting the fact that gold is still 10 times larger than Bitcoin is remarkable, as not only does this underscores the immense size of gold but also indicates the potential for Bitcoin and its long-term growth.

Still, although Bitcoin has already seen a remarkable year-to-date gain of over 100%, it would need to increase by a factor of 10 to reach the market capitalization of gold. The recent market movement has also been largely driven by institutional buying and the growing popularity of Bitcoin ETFs, as well as Donald Trump once again winning the United States Presidency.

$100K In Sight

Bloomberg Senior ETF Analyst Eric Balchunas observed that the BlackRock iShares Bitcoin Trust (IBIT) recorded $4.5 billion in trading volume today. Meanwhile, the broader Bitcoin industrial complex, which includes Bitcoin ETFs, MicroStrategy, and Coinbase, achieved a record trading volume of $38 billion.

Analysts believe that if this momentum continues, Bitcoin could indeed surpass the $100,000 mark by the end of 2024. Having recently reached an all-time high of $89,000, Bitcoin is now less than 14% away when it comes to reaching that illusive $100K target.

While some investors hesitate to acquire Bitcoin (BTC) as it reaches new record highs, MicroStrategy has reinforced its commitment to the flagship cryptocurrency. On November 11th, the business intelligence company announced that it had purchased 27,200 BTC for approximately $2.03 billion in cash.

These acquisitions took place between October 31st and November 10th, with an average purchase price of $74,463 per Bitcoin, including associated fees and expenses. MicroStrategy has been the most notable institutional name when it comes to buying Bitcoin over the years.

A Huge Investment

With this latest purchase, MicroStrategy now has a total Bitcoin holdings amount of 279,420 BTC, valued at almost $23 billion based on current market prices. To fund these acquisitions, MicroStrategy utilized proceeds via the sale of its own shares. The company had entered into sales agreements on August 1st and October 30th, and by November 10th, it had sold around 7.8 million shares, raising about $2 billion in the process.

MicroStrategy also reported that its Bitcoin yield, a key metric of its acquisition strategy, was 7.3% between October 1st and November 10th. Year-to-date, the yield stands at 26.4%. The announcement by MicroStrategy coincided with a significant increase in stock price, which surged 19.9% on November 8th.

Massive Returns

On November 10th, the Saylor Tracker revealed that the overall Bitcoin return on investment for MicroStrategy had already exceeded 100%. At that point, the total value of its Bitcoin holdings had managed to surpass $20.5 billion, even before including the recent purchase.

According to BitcoinTreasuries data, MicroStrategy has now acquired Bitcoin 42 times at an average price of $39,292 per coin. It remains the largest corporate holder of Bitcoin, followed by Marathon Digital and Riot Platforms, which hold Bitcoin valued at around $2.1 billion and $840 million, respectively.

Cardano (ADA) soared to its highest point in seven months after founder Charles Hoskinson announced his plans to play an active role in shaping cryptocurrency policy under President-elect Donald Trump and his new administration.

A prominent figure in the crypto world, Hoskinson is best known as the co-founder of both Ethereum (ETH) and Cardano, as well as for his early involvement with Bitcoin (BTC).

A Remarkable Surge

ADA, which serves as the native cryptocurrency for Cardano, surged 15% in the past 24 hours, with trading volumes skyrocketing by a whopping 353%. The ninth-largest cryptocurrency by market cap hit an intraday high of $0.65 before pulling back slightly below $0.60.

With a remarkable 78% increase over the past week, ADA stood out as one of the top-performing large-cap cryptocurrencies during that period. The rally was sparked by Hoskinson boldly proclaiming that he wants to work closely with lawmakers in Washington, D.C., to push for a clear and supportive regulatory framework for the crypto industry.

A Long Way To Go

Hoskinson expressed optimism, noting that with Republicans now holding the presidency and Senate, and likely to control the House as well, the crypto industry has an unprecedented opportunity to secure regulatory clarity.

While there is no official confirmation yet, speculation is swirling that Hoskinson could be appointed to a new cryptocurrency advisory council under Trump, a position the president-elect mentioned during his campaign. Known for his outspoken criticism of the Biden administration and their approach to crypto, Hoskinson has often pointed to the lack of regulatory clarity and the struggles of the industry against perceived hostility by the government.

Bitcoin (BTC) soared past $81,000 late Sunday, extending its record-breaking rally into a sixth day and boosting growth across major and mid-cap cryptocurrencies.

This surge follows a week of major events, including Donald Trump winning the presidential election and the Federal Reserve introducing the latest rate cuts. Bitcoin ETFs also saw a record $1.38 billion in inflows, driven by BlackRock, setting a new benchmark for crypto investments.

Impressive Trading Volume

Bitcoin rose 5.6% in the past 24 hours, with nearly $100 billion in weekend trading volume, a sign of strong market sentiment, despite typically lower weekend activity. Futures premiums also spiked, signaling a bullish outlook for Bitcoin, with traders focusing on the $80,000 level.

Alongside the likes of Cardano (ADA) and Ethereum (ETH), Dogecoin (DOGE) and Shiba Inu (SHIB) also led the charge among altcoins, jumping up to 30%, fueled by renewed support by Elon Musk. DOGE experiencing a whopping 88% gain over the past month pushed it ahead of XRP and USDC to become the sixth-largest crypto by market cap.

$100K On The Horizon

Other major altcoins like ETH and BNB saw smaller gains, while ADA faced profit-taking after a strong run on Sunday. The weekend rally is seen as part of a broader trend following Trump winning the aforementioned election and ongoing favorable conditions for Bitcoin.

Traders are now eyeing $100,000 for Bitcoin in the short term, spurred by expectations that Trump may indeed establish a Bitcoin reserve after taking office in January.

StakeStone raised $22M in Undisclosed Funding with help by Polychain Capital. StakeStone is a liquidity staking derivatives basket (LSDb) token backed by ETH staking yield. It offers a highly adaptable staking yield-bearing underlying asset for protocols requiring liquidity staking derivatives.

CoW Protocol acquired an undisclosed amount in Strategic Funding with Greenfield Capital providing assistance. CoW Protocol is a fully permissionless trading protocol that leverages Batch Auctions as its price finding mechanism. The protocol enables batch auctions to maximize liquidity via Coincidence of Wants (CoWs) in addition to tapping all available on-chain liquidity whenever needed. 

BIO obtained an undisclosed amount with support by Binance Labs. BIO Protocol is a financial layer for decentralized science (DeSci) aimed at accelerating the flow of capital and talent into on-chain science.

MAP Protocol acquired $1M in Strategic Funding with help by Gryps. MAP Protocol (MAP) has rebranded to New Token Symbol MAP Protocol (MAPO). It is a Bitcoin layer-2 and P2P omnichain infrastructure built upon light clients and ZK technology.

Pond secured $7.50M in Seed Funding with support by Archetype Ventures Inc. Pond is focused on developing a user search engine powered by on-chain data, using a proprietary graph algorithm to explore blockchain connections. The company expanded to build crypto-native AI models and a unified graph network covering social, financial, and other on-chain data.

Cytonic raised $8.30M in Seed Funding with assistance by Lemniscap. Cytonic is developing a multi-virtual-machine blockchain that aims to integrate networks like Bitcoin, Ethereum, and Solana into a unified Layer 1 blockchain solution.

Rekt Brands Inc secured $1.50M in Seed Funding with support by GiulioX. Rekt Brands Inc. is the parent company behind the Rektguy NFT project, Rekt Drinks, and the Rekt brand intellectual property.

Usual obtained $1.50M in Undisclosed Funding with help by Breed VC. USUAL is a project focused on issuing secure and decentralized fiat stablecoins, redistributing ownership and governance through the $USUAL token.

Blum acquired an undisclosed amount with support being provided by The Open Platform. Blum is a hybrid exchange, that facilitates trading across multiple chains without the need to switch chains or pay native token gas fees. It combines an off-chain order book with on-chain settlements and offers both MPC and self-custody options.

HackQuest secured an undisclosed amount in Strategic Funding with assistance by KIP Protocol. HackQuest is a platform that provides a comprehensive, one-stop educational infrastructure to help developers and non-developers learn about Web3 development. It aims to minimize friction in onboarding users to the world of Web3.

The strong performance of Bitcoin (BTC) continued yesterday, reaching a new all-time high above $79,000 before experiencing a slight pullback. Still, some altcoins have emerged as the top performers today, with Ethereum (ETH), which had been relatively slow until this week, making notable gains.

The total market capitalization of Bitcoin has also now surpassed $1.5 trillion, making it the ninth-largest financial asset globally. However, its dominance over altcoins has decreased to 55.5%, with its peak being 57%.

A Recent Surge

At the start of the week, Bitcoin had a lackluster performance, dipping below $67,000 on Monday and staying around that level on Tuesday, but things quickly changed as the week progressed. After Donald Trump won the U.S. presidential race on Wednesday morning, Bitcoin surged, climbing by $8,000 to hit a new all-time high above $75,000. The momentum continued, and Bitcoin reached $77,000 on Thursday following the announcement of yet another interest rate cut.

Friday began with less volatility, with Bitcoin hovering around $76,000, but it spiked again in the evening to reach $77,240, marking its latest peak. Although it has retraced slightly to around $76,500, Bitcoin is still up 10% over the past week and more than 25% in the last month.

Altcoins Make a Comeback

While Bitcoin led the charge mid-week, altcoins have started to shine as well. Ethereum, which had been relatively flat until recently, has seen a significant rise, gaining over 4% in the last 24 hours and 21% over the past week. Ethereum is now trading above $3,000, its highest price in over three months.

Binance Coin (BNB), which was recently overtaken by Solana (SOL) for the fourth-largest cryptocurrency spot, has climbed 6% to reach $630. Other notable gainers include Avalanche (AVAX), Chainlink (LINK), and NEAR Protocol (NEAR). The total cryptocurrency market capitalization has increased by around $50 billion, now sitting at $2.73 trillion.

Other Markets

A recent cyberattack has disrupted the $1.2 trillion car market, while U.S. inflation showed little change in October. A wave of mergers and acquisitions is also expected to benefit debt bankers, and the S&P 500 recently hit its 50th all-time high of 2024. Wall Street remains optimistic, particularly with the influence of Donald Trump driving stock and dollar movements.

The Trump effect continues to shape the markets, drawing comparisons to the 2016 landscape, but with new challenges in 2024. Iran faces power plant issues, and last but not least, the oil and gas sector leads the U.S. in labor productivity growth over the past decade.

Richard Farley of Kramer Levin Naftalis and Frankel and Norm Champ of Kirkland and Ellis are among the individuals being considered for the position of U.S. SEC Chair. The development comes shortly after Donald Trump once again won the United States presidency and one of his main promises was replacing current SEC Chair, Gary Gensler.

Potential Candidates

Farley has worked with major investment banks such as Goldman Sachs, Credit Suisse, and UBS on several significant transactions. He also has connections to Robert F. Kennedy Jr., a prominent ally of former President Donald Trump.

Other potential candidates for the role include Robinhood Chief Legal Officer Dan Gallagher, SEC Commissioner Mark Uyeda, and Heath Tarbert, the former chairman of the Commodity Futures Trading Commission (CFTC).

Still A Ways To Go

The leadership shift of the SEC is expected to significantly impact the future of cryptocurrency regulation. Although talks with potential candidates began shortly after the election, an appointment is not expected for several weeks.

Under the Trump administration, a major focus is expected to be centered around revising current crypto regulations, particularly those that have been viewed as burdensome for the digital assets industry.

The hyper aggressive enforcement approach by Gensler has resulted in multi-billion-dollar penalties against some of the largest cryptocurrency firms. In contrast, the incoming Trump administration is likely to take a more relaxed approach to regulation.

The CEO of WonderFi, a leading Canadian crypto firm, was recently kidnapped during rush hour in Toronto. Many have been wondering as to how the kidnappers managed to pull this off in such a crowded area.

A Close Call
Toronto police were quick to respond after receiving a call about the kidnapping. They located CEO Dean Skurka in Centennial Park, safe but visibly shaken. He later described the ordeal as an incident but reassured the public that neither WonderFi employees nor client assets were harmed. Interestingly, the ransom was paid electronically, which was a significant but effective move to secure his release.

For those following the crypto space, this event serves as a stark reminder of the unique security risks faced by crypto executives. Skurka, who oversees a company with over a billion dollars in assets, experienced the threat firsthand.

Appealing to Criminals
Jameson Lopp, co-founder of security-focused Casa, pointed out that the kidnapping is not an isolated case. As Bitcoin (BTC) recently surged above $75,000, attacks targeting crypto holders tend to spike. The largely untraceable nature of crypto makes it an attractive target for criminals. Moreover, many crypto executives lack robust physical security measures, making them easier targets.
In a strange twist, the kidnapping occurred on the same day WonderFi announced a remarkable 153% increase in its Q3 earnings compared to the previous year. WonderFi now controls more than $1.35 billion in assets and owns companies like Coinsquare and Bitbuy, which has elevated its position in the crypto market. This rapid growth may be one of the reasons criminals view executives like Skurka as valuable targets.

Detroit is introducing a new tax payment option in partnership with PayPal, allowing residents to pay municipal fees using digital assets. This service will be offered through a secure platform, marking the first time such payments are available for city taxes.

Enhancing Security And Transparency

Although the exact launch date is yet to be determined, Detroit plans to roll out the service in mid-2025. In addition to cryptocurrency payments, Detroit officials have been engaging with blockchain entrepreneurs to explore additional ways blockchain technology can be integrated into local government operations.

They are particularly interested in how blockchain can enhance transparency, secure data, and improve the efficiency of public services. In fact, quite a few U.S. cities, such as Williston, North Dakota, and Miami Lakes, Florida, have already enabled residents to pay utility bills with cryptocurrency. 

Rising Cryptocurrency Adoption

Besides Williston, North Dakota, and Miami Lakes, and Florida, other states like Colorado, Utah, and Louisiana also allow crypto payments for certain state taxes. While cities like Miami and New York have shown interest in adopting cryptocurrency, neither has implemented a crypto payment system yet.

Regardless, the initiative by Detroit comes amid growing momentum in the cryptocurrency sector, especially with the election of pro-crypto president Donald Trump. This development is expected to drive broader adoption of crypto and inspire more innovative solutions for civic services. As blockchain technology continues to advance, it holds the potential to significantly improve efficiency and transparency in government administration.

Ripple Labs CEO Brad Garlinghouse has laid out a bold cryptocurrency agenda for President-elect Donald Trump, calling for significant changes to the Securities and Exchange Commission (SEC) and urging the administration to provide clarity on the status of ETH/USD.

After congratulating Trump on his victory, Garlinghouse outlined a set of priorities he believes should be tackled in the first 100 days of the new presidency. At the top of his list is removing SEC Chairman Gary Gensler, whom Garlinghouse criticized for his handling of crypto regulation.

Time For Change

Brad recommended replacing Gensler with one of three candidates he sees as more crypto-friendly, namely former CFTC Chairman Chris Giancarlo, former Acting Comptroller of the Currency Brian Brooks, or ex-SEC Commissioner Daniel Gallagher. According to Garlinghouse, any of these individuals would be a vast improvement in terms of restoring trust and clarity to the regulatory environment.

Garlinghouse also called on Trump to advance the digital asset market structure bill in the Senate, pushing for bipartisan support to ensure its passage. In addition, he urged the administration to clarify whether ETH should be classified as a security, an issue that remains unresolved and central to the ongoing debate around cryptocurrency regulation.

Why This Matters

The recommendations by Garlinghouse reflect his continued commitment to advocating for a regulatory environment that supports cryptocurrency innovation. His push for a bipartisan approach aligns with Ripple adopting a broader strategy of fostering cross-party collaboration on crypto policy.

Interestingly, Ripple has had a complicated political landscape, with executives making donations to candidates across party lines. While Ripple co-founder Chris Larsen supported Kamala Harris during the election, its legal head, Stuart Alderoty, made contributions to Trump-aligned groups.

Moreover, the advocacy by Ripple comes against the backdrop of its long-running legal battle with the SEC over the status of its native token, XRP. The outcome of this case could have far-reaching implications for the entire industry.

The French National Gaming Authority is reportedly considering blocking Polymarket, the blockchain-based platform for prediction markets that recorded $3.5 billion in trading volume during the U.S. Presidential Election.

Earlier this year, Societe Generale FORGE, a subsidiary under the umbrella of the venerable French banking institution Societe Generale, began working on EUR CoinVertible (EURCV), a stablecoin linked to the Euro and deployed on the Ethereum blockchain.

A Personal Gamble

Regulatory scrutiny arose after a French trader named Théo made multimillion-dollar wagers on Donald Trump winning the election, resulting in a $47 million payout when Trump won a second term. The potential ban is based on the ability of the regulator to block access and domain names, and it could also exert pressure on media outlets that direct users to the platform.

France is well known for its stringent policies and regulations, with Pavel Durov, the founder and CEO of Telegram, being detained in the country just a few months ago. Polymarket reportedly contacted Théo, noting his substantial trading experience and background in financial services. After investigating, the platform concluded that the betting activity was motivated by what Théo considers personal views on politics.

The Scrutiny Continues

Polymarket has also faced mounting scrutiny globally, with the U.S. Commodity Futures Trading Commission investigating the platform as early as 2021. The CFTC later proposed new rules aimed at regulating prediction markets to reduce manipulation risks.

Despite regulatory challenges, Polymarket continues to attract substantial betting volumes. The platform raised $74 million in early investments, including backing by Ethereum co-founder Vitalik Buterin, though it remains unavailable to users in the U.S.

Polymarket has also seen significant activity surrounding the 2024 U.S. election, with over $294 million in trading volume on November 5th, 2024 alone. While concerns about insider trading persist, Polymarket has successfully predicted major election outcomes, such as Biden withdrawing and Trump winning, weeks ahead of time.

Over the weekend, a major controversy erupted surrounding Binance and Coinbase, two of the largest centralized cryptocurrency exchanges, after accusations that they were demanding excessive listing fees.

The issue came to light when Simon Dedic, CEO of Moonrock Capital, questioned the listing practices of these exchanges. Dedic claimed that a Tier 1 project, which had raised nearly nine figures in capital, faced difficulties when trying to list on Binance.

The Controversy Continues

According to Dedic, after a lengthy due diligence process, Binance allegedly requested that the project give up 15% of its token supply in exchange for a listing. This fee, which could range anywhere between $50 million to $100 million, sparked significant debate within the crypto community, with many questioning whether such high charges were warranted.

The controversy intensified when Coinbase CEO, Brian Armstrong, responded to Dedic by asserting that Coinbase did not charge listing fees. This statement prompted a quick rebuttal by Andre Cronje, founder of Sonic Labs, who alleged that Coinbase had demanded up to $300 million in listing fees by his company.

Cronje also pointed out that Binance did not impose any fees on Sonic Labs. Supporting Cronje, Tron founder Justin Sun shared his own experience, revealing that Coinbase had requested 500 million TRX tokens (worth around $80 million) and a $250 million deposit in BTC for Coinbase Custody. These revelations raised concerns about potential inconsistencies in how different projects were treated.

Call For Unity

On Monday, former Binance CEO Changpeng Zhao (CZ) responded, expressing appreciation for what Sun had to say but advising against fueling public disputes within the industry. He stressed that projects should focus on development rather than prioritizing exchange listings, citing Bitcoin as an example, as it never paid any listing fees. Sun agreed, reinforcing that building strong projects was the key to success.

Binance co-founder Yi He also addressed the accusations, dismissing them as unfounded and urging the community to rely on factual research rather than rumors. She emphasized that the listing criteria for Binance are transparent and clear before outright rejecting the notion of a 20% listing fee.