Starting December 1st, 2024, Coinbase will stop offering rewards to users in the European Economic Area (EEA) for holding USDC on its platform, in response to the upcoming European Union Markets in Crypto-Assets (MiCA) regulations.

New Rules

The Coinbase USDC Earn program will officially end for EEA users on November 30th, with final payments expected to be distributed within the first ten business days of December. This change, first reported by Cryptoslate, is a result of new rules governing electronic money tokens, including stablecoins like USDC.

Currently, the program is available in over 100 jurisdictions, offering different annual percentage yields (APYs) based on where users are located as well as their individual daily USDC holdings. Recently, Coinbase Wallet enabled users to earn 4.7% APY on their USDC holdings, marking a significant expansion of its global rewards program. This new feature, announced in their latest press release, allows users to earn rewards on their USDC assets without the need for lock-up periods, offering flexibility and convenience.

Adapting Is Mandatory

As part of the MiCA regulations, which aim to create a unified regulatory framework for digital assets in the EU, crypto companies must adapt to comply. In October, Coinbase announced it would delist non-compliant stablecoins in MiCA-regulated regions. Other companies have followed suit, as Bitstamp, for example, removed the stablecoin EURT for failing to meet MiCA requirements.

Tether, the issuer of EURT, is also adjusting by discontinuing support for the stablecoin to focus on developing new MiCA-compliant tokens like EURQ and USDQ. The MiCA framework seeks to improve transparency and stability in the crypto market, requiring businesses to ensure their operations meet the new compliance standards. These changes represent a major shift for the cryptocurrency industry in Europe, with companies like Coinbase already taking steps to comply.

Ken Sim, who has served as the mayor of Vancouver since 2022, has proposed integrating Bitcoin (BTC) into the local balance sheet to diversify the overall investments of the city. During a city council meeting on November 26th, Sim announced his intent to introduce a motion through which he wants Vancouver to become a more crypto friendly city.

A Domino Effect

Bitcoin advocate and author Jeff Booth mentioned in a November 26th discussion on X Spaces that the motion aims to position Bitcoin as a reserve asset for Vancouver. However, Mayor Sim had not commented on the matter by the time of publication.

Furthermore, it remains uncertain whether the initiative was influenced by U.S. governments considering Bitcoin reserves. Following the 2024 elections, some lawmakers in Pennsylvania and the U.S. Senate have proposed holding Bitcoin as a reserve asset, especially since President Trump himself said he would consider making the flagship crypto a strategic reserve asset for the United States.

Big Promises

The campaign by Mayor Sim previously embraced cryptocurrency, with his political party, A Better City, accepting crypto donations to showcase its commitment to technology. Sim also expressed interest in incorporating cryptocurrency into city hall operations if elected.

Although Sim has made limited public comments on cryptocurrency adoption as mayor, a recent Global News interview revealed a copy of The Bitcoin Standard by Saifedean Ammous in his city hall office. This book, a key reference for Bitcoin proponents since its 2018 publication, often informs ideas supporting cryptocurrency adoption.

It is unclear if the aforementioned motion will garner sufficient support in the Vancouver City Council. However, the mayor stated that he has achieved over 70% of the total 94 pledges since taking office two years ago.

MetaMask users in the U.S. can now buy cryptocurrency directly using Venmo through the MetaMask app or browser extension. This integration simplifies crypto purchases by allowing users to link their Venmo accounts as a payment method.

Ease Of Access

MetaMask announced this feature via their X account, stating it is widely available across the U.S., with the exception of New York and Texas due to regulatory restrictions. A tutorial video accompanied the announcement, demonstrating how users can select Venmo as their payment option when purchasing cryptocurrency.

The integration with Venmo makes buying crypto easier and more accessible for its user base. Venmo, in collaboration with MoonPay, recently enabled crypto transactions within its app, allowing users to send, receive, and manage cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and PayPal USD (PYUSD).

Streamlining Crypto Purchases

As a leading Ethereum wallet for decentralized finance, MetaMask has often been seen as complex for newcomers. The integration with Venmo provides an intuitive option for users familiar with Venmo and their user-friendly interface, enabling seamless crypto purchases.

With over 80 million active Venmo users, MetaMask now reaches a broader audience. Users can fund their MetaMask wallets through their Venmo balances or linked bank accounts. This development aims to encourage crypto adoption among everyday users who may have been hesitant to navigate traditional crypto exchanges.

Kraken recently revealed plans to shut down its NFT marketplace by February 27th, 2025. Starting November 27th, the exchange will suspend most services related to the marketplace, including bidding, listings, and NFT sales. However, users will still be able to withdraw their funds before the shutdown.

A Kraken spokesperson explained that this decision was made to reallocate resources toward developing new products and services. The platform assured customers that they were informed of the upcoming changes and that Kraken would assist in transferring assets to other wallets in addition to also not delisting USDT following updated MiCA regulations.

A Broad Strategy

In October, Kraken laid off around 15% of its workforce following the appointment of a new CFO and co-CEO. The NFT market, once a booming sector, has faced a challenging year. June saw a major slump, with NFT trading volumes across leading blockchains such as Bitcoin, Ethereum, and Solana dropping by over 50%, according to the crypto analytics platform Artemis.

Paul Thomas, CEO of Somnia, commented earlier this year that the initial excitement around NFTs had faded, with a growing focus on utility even for NFTs. He identified a key issue in the space, the lack of originality. Additionally, many prominent figures in the crypto industry, including billionaire Mark Cuban, began selling off their NFTs earlier this year.

Earlier on in the year, specifically in August, Deepak Thapiyal, CEO of Chain, sold a high-value CryptoPunk NFT, though some industry insiders speculated it sold for a significantly lower price than expected.

A Mixed Bag

Despite market uncertainties, a Techreport analysis on August 21st predicted that the NFT market could grow beyond $2.8 billion by 2028, with an increase in users to 14.67 million this year. In October, after months of decline, NFT sales surged by 18%, reaching $356 million. This figure was still far below the peak of $1.6 billion in March, with DMarket leading the way with over $33 million in trading volumes.

November has seen a slight rebound in activity, with Bitcoin and Ethereum seeing significant NFT sales. However, recent data by CryptoSlam indicates a 16% drop in sales volume, with Ethereum and Bitcoin experiencing declines of 29% and 35%, respectively. On the other hand, Polygon has seen a massive surge, with sales up by over 420%.

Bitwise Asset Management has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin-Ethereum exchange-traded fund (ETF). If approved, the ETF will allow investors to gain exposure to Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies, without needing to directly hold them.

The plan is for the ETF to be listed on NYSE Arca, although its ticker symbol has not yet been revealed. Previously, Bitwise made a notable update by revising its S-1 form and setting a fee of 0.20% for its Ethereum Spot ETF application. The move came shortly after the U.S. SEC approved Ethereum Spot ETF applications for both ProShares and Grayscale Investments.

Calculating The NAV

The fund will follow a straightforward strategy, simply holding Bitcoin and Ethereum and tracking their combined value, without engaging in active management or derivatives. To ensure accurate pricing, the Trust will rely on benchmarks developed by CF Benchmarks Ltd., which aggregate trading data from platforms like Coinbase, Kraken, and Gemini.

This will significantly help the overall value of the fund reflect the actual market conditions. The net asset value (NAV) of the Trust will therefore be calculated daily based on these benchmarks. Also, shares in the ETF will be issued or redeemed in blocks of 10,000 units, known as Baskets, which will contain specific amounts of Bitcoin and Ethereum, adjusted regularly to account for fees and market fluctuations.

Key Details

The Bank of New York Mellon (BNY Mellon) will serve as the administrator for the ETF, handling tax, accounting, and financial reporting, as well as acting as the cash custodian for the Trust. Foreside Fund Services will manage the marketing and ensure all promotional materials comply with SEC and FINRA regulations.

If the proposal is approved, the Trust might eventually allow shares to be created and redeemed in-kind with Bitcoin and Ethereum directly. For now, all transactions will be settled in cash. Bitwise Investment Manager, a subsidiary of Bitwise, will provide the initial capital to launch the ETF, purchasing Bitcoin and Ethereum ahead of its debut. Once the fund starts trading, shares will be accessible through traditional brokerage accounts.

Rumble, the video-sharing and cloud services platform, has unveiled plans to invest up to $20 million of its excess cash reserves into Bitcoin (BTC) as part of a new strategy aimed at diversifying its corporate treasury.

This move comes as the company seeks to explore alternative asset classes and secure its financial position in a rapidly evolving market. The allocation has been approved by the Rumble Board of Directors and is designed to position Bitcoin not only as a long-term strategic asset but also as a safeguard against inflation.

Still In Its Early Stages

Chris Pavlovski, Rumble Chairman and CEO, emphasized that the company believes Bitcoin adoption is still in its nascent stages, with its growth having been recently accelerated by the election of a U.S. presidential administration that is more supportive of cryptocurrencies and by a surge in institutional investment. Pavlovski expressed confidence in Bitcoin, recognizing its increasing role in the global financial system and its potential as a store of value.

As part of its broader vision, Rumble intends to integrate cryptocurrency more deeply into its platform. The company aims to become a leading video and cloud services provider for the crypto community, further expanding its user base and positioning itself at the forefront of the digital economy.

Developing Independent Infrastructure

This initiative aligns with the long-term mission that Rumble has adopted toward developing independent infrastructure and advocating for an open and decentralized internet. Management will therefore oversee the Bitcoin purchases, making decisions based on a variety of factors, including prevailing market conditions, price movements, and ongoing cash flow requirements.

This flexible approach allows Rumble to navigate the volatility of the cryptocurrency market while strategically increasing its exposure to Bitcoin over time.

In a significant move to strengthen its multi-chain ecosystem, Phantom Wallet has now integrated Base, a Layer 2 solution introduced by Coinbase and built on Ethereum (ETH). This new feature enhances the reach of the company across various blockchain networks, providing users with even greater flexibility and ease of use.

Accessibility And Safety

The integration, which has officially exited beta, allows Phantom users to transfer tokens between Base and other major blockchains like Ethereum, Solana (SOL), and Polygon (MATIC). Users can also purchase ETH and USDC directly on Base within the wallet, and exchange tokens across these chains effortlessly.

With Base support, users can now easily and safely interact with its ecosystem as easily as they do with Solana, Ethereum, Bitcoin, and even Polygon, Phantom explained in a recent post. Originally launched as a Solana wallet, Phantom evolved into a multi-chain platform in May 2023, adding support for Ethereum and Polygon.

Emphasizing Cross-Chain Interoperability

Brandon Millman, Phantom Co-Founder and CEO, emphasized his strong belief that the future of digital asset management lies in cross-chain interoperability, and that Phantom is completely dedicated to giving their users the tools they need to easily navigate and transact across a diverse range of blockchain networks.

Base, while ranking sixth in total value locked (TVL) among blockchain networks, remains the largest Layer 2 chain, with a TVL of around $3.4 billion, edging out Arbitrum and their amount of $3 billion, according to DeFiLlama. This continued growth highlights the prominence of Base in the Layer 2 space, further solidifying its place in the broader crypto ecosystem.

The Permanent Electoral Authority (ROAP) in Romania is utilizing blockchain technology to count and validate votes in the presidential election on November 24th. Ovidiu Damian, a blockchain developer based in Romania, shared the news on X earlier today.

Bolstering Resilience And Efficiency

People globally can track the transactions in real-time on a public ledger, accessible through a dashboard on the official ROAP website. At the time of writing, 83,859 blocks, each containing cryptographically verified votes, have been added to the blockchain. The voting dashboard for the 2024 Romania presidential election is displayed on the website as well.

In addition, the Special Telecommunication Service (STS) in Romania also collaborated on the website, with the system utilizing the European Blockchain Services Infrastructure (EBSI), a network comprising nodes across 27 European nations.

The system aims to bolster the resilience of the electoral process by ensuring traceability and enhancing trust in the integrity of the data. For the first time, the digital signatures of this data will be anchored within the EBSI blockchain network, offering an added layer of security and traceability.

MultiversX Gains Traction

Romania has made notable strides in blockchain development in recent years. In 2023, ICI Decentralized Services, a European government entity, launched an NFT trading platform in collaboration with the MultiversX Foundation, operating on the MultiversX (EGLD) blockchain. Furthermore, in 2024, the Romanian national news agency, Agerpres, published its first official news article as an NFT, permanently recorded on the MultiversX blockchain.

Blockchain enthusiast Andu Tabacu commented on the growing use of blockchain for projects in Romania like the presidential election. MultiversX (EGLD), also based in Romania, has gained international attention, with creators Beniamin Mincu, Lucian Mincu, and Lucian Todea promoting blockchain awareness worldwide. MultiversX is seen as a promising competitor to Ethereum (ETH), with experts recognizing its growth potential.

Prominent investment adviser Gary Black has raised serious concerns about the valuation of MicroStrategy Incorporated (MSTR), arguing that the stock of the company may in fact be significantly overpriced.

In a recent post on X, Black, managing partner at The Future Fund, expressed confusion after pointing out that the Bitcoin (BTC) holdings of MicroStrategy were valued at $31.2 billion at the time, with a net debt of $4.2 billion, resulting in an equity value of around $27 billion. Yet, its market cap stood at an eye-popping $106 billion.

Ascertaining True Value

Black believes the stock should be trading at around $105 per share, 75% lower than its current price. He also criticized the software business of MicroStrategy, which showed a 10.3% year-over-year revenue decline, as failing to drive meaningful growth.

To Black, the strategy which the company has adopted seemed comparable to issuing debt or cash and buying marketable securities, something anyone can do with Bitcoin, making it a questionable basis for long-term growth. Instead of relying on future earnings projections, Black advocates for valuing companies based on their core business and assets. In this case, he combines the value of the aforementioned software operations with the substantial Bitcoin holdings to assess its true worth.

Why This Matters

The critique by Black comes on the heels of a recent BitMEX report that found MSTR is trading at a 256% premium compared to the net asset value (NAV) of its Bitcoin assets. The report suggested that investors, discouraged by financial regulators restricting Bitcoin ETF purchases, may be turning to MicroStrategy as an alternative way to gain exposure to Bitcoin.

The bold Bitcoin acquisition strategy adopted by Micheal Saylor has been the subject of intense media attention in recent weeks. As co-founder, Saylor recently revealed that MicroStrategy was raking in $500 million a day as Bitcoin approached $100,000.

OpenTrade acquired $4M in Extended Seed Funding with help by AlbionVC. OpenTrade provides Web3 treasurers access to on-chain structured financial products backed by investment grade real-world financial assets.

Lnfi Network secured an undisclosed amount in Pre-Seed Funding with assistance by HashKey Capital. Lnfi aims to bring Web3 and tokenization to the Lightning Network through the introduction of LightningFi.

Deblock obtained $16.80M in Seed Funding with support by 20VC. Deblock offers a digital platform combining a current account and a non-custodial crypto wallet. Users can manage both fiat and crypto assets with features like IBANs, instant transfers, physical as well as virtual cards, and currency exchanges.

KGeN Game Partnerships raised $10M in Undisclosed Funding with help by Aptos Foundation. KGeN builds gaming communities across various genres and geography where players connect through shared passion and reputation-building achievements. These verifiable player profiles offer publishers targeted insights to tailor customized experiences and build loyalty.

MARA secured a whopping $1B in Undisclosed Funding. MARA helps solve the challenges of energy transformation by providing innovative solutions such as converting unused or underutilized energy, like excess generation via renewables, and alternative sources, such as captured methane and biogas, into economic value.

Gunzilla Games obtained an undisclosed amount with assistance by Coinbase. Gunzilla Games is a Triple A (AAA) game studio focused on creating their new platform called GunZ, empowering players by granting them complete ownership over their in-game possessions.

Shinami acquired $5.65M in Seed Funding with help by Coinbase. Shinami is building the foundational developer platform for both Sui Foundation and Aptos Foundation. Their products are designed to help teams build apps faster, with better UX and less overhead.

Monkey Tilt raised $30M in Series A Funding with support by Pantera Capital. Monkey Tilt is an innovative online gambling platform that merges the worlds of cryptocurrencies and online betting. Users can earn real money by accurately forecasting if a player will surpass or not meet their statistical expectations.

Rise secured $6.30M in Series A Funding with assistance by Polymorphic Capital. Rise is an all-in-one compliance and payments solution that provides automated routing between fiat and cryptocurrencies.

Canaan Inc. obtained $30M in Undisclosed Funding. Canaan is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment and the supplier of the overall scheme for computer software and hardware of digital blockchain.

Bitcoin (BTC) made several bold attempts to break into the coveted six-figure price range but fell just shy, unable to push past the $100,000 mark, retreating by around $1,000. In the last 24 hours, its dominance over altcoins has slipped significantly, as tokens like DOGE, ADA, AVAX, and DOT surged with double-digit gains.

Struggling At $100K
It has been an exciting week for Bitcoin, which kicked off with a strong push, sending its price above $90,000 on Monday. After a brief dip, Bitcoin roared back, hitting a new all-time high of $94,000 on Tuesday. The momentum did not stop there. By Friday, Bitcoin was charging through the $95,000, $96,000, $97,000, $98,000, and $99,000 levels, each breakthrough creating a buzz in the market.

As Bitcoin neared the $100,000 milestone, expectations soared that it would finally cross into the six-figure territory. But despite coming within just $250 of the mark, the bears held their ground, and Bitcoin failed to break through on Friday.

Since then, Bitcoin has corrected slightly, falling back below $99,000. However, it still boasts a market cap of over $1.95 trillion, solidifying its position as the seventh-largest asset in the world. Despite this, its grip on the altcoin market has loosened, with its dominance dipping to 56%, according to CoinGecko.

Altcoins on the Rise
As Bitcoin wanes, altcoins are making their move. While major players like ETH, SOL, and BNB have not seen much action, other large-cap altcoins have been on fire in the past day. XRP, DOGE, and ADA have all hit multi-year highs, while Avalanche and Polkadot have surged by a staggering 22% each. AVAX is now nearing $44, while DOT is pushing close to $7.5.

Even more striking gains are coming from XLM (up 52%), ALGO (up 33%), and VET (up 31%), signaling that the altcoin market is alive and thriving as Bitcoin faces its resistance. Various meme coins, especially DOGE, have surged lately after Elon Musk joined the Trump administration.

Other Markets

Mexican retailer BBB has exceeded its IPO goals, raising $589 million. However, investors face challenges in predicting the typical stock market rally that follows presidential elections, with history offering little guidance. While stocks rebound, credit demand is high, prompting traders to create short positions. Persistent US inflation is expected to reinforce the Federal Reserve's cautious approach. Goldman Sachs saw a $900 million loss due to Northvolt, as reported by the Financial Times.

In other news, Boon Vanasin, chairman of Thonburi Healthcare, spoke in an interview, while a Thai medical tycoon wanted for fraud has fled to China. Gautam Adani has been summoned by the U.S. SEC to clarify his role in a bribery case. In Beijing, Xi Jinping congratulated Trump and called for stable relations between the United States and China, a sentiment supported by investment firms like Man Group and Abrdn.

The development of a renewable energy park in Khavda is gaining attention, while an Indian solar agency confirmed a key detail in the Adani indictment. Meanwhile, the commercial real estate sector is facing significant challenges, with even top-rated mortgage-backed securities now seeing losses for the first time since the financial crisis.

Dogecoin (DOGE) is experiencing a significant rise this weekend, reaching its highest value in over a week as rumors about Elon Musk possibly adding payment features to his X platform, formerly known as Twitter, resurface.

In the last 30 days, Dogecoin has increased by 189%, peaking at around $0.43 last week. Originally created in 2013 as a playful tribute to the doge meme featuring a Shiba Inu dog, Dogecoin was a joke designed to mock the rapid emergence of alternative cryptocurrencies after Bitcoin (BTC) gained popularity. Currently, Dogecoin is the largest meme coin by market capitalization.

Musk Chimes In

The Tesla CEO shared a screenshot of Joe Rogan and his profile early Friday, where a dollar sign appeared next to the profile picture, sparking speculation about a new feature on the horizon. When an X user pointed out the unfamiliar widget, currently absent for most users, Musk simply replied by saying it was true.

Nima Owji, an independent app researcher, suggested that the dollar sign button could be linked to X Payments, allowing users to send money. DOGE has also risen 4% in the past 24 hours, reaching $0.40, briefly exceeding $0.41 earlier and marking its highest price in over a week. Over the past week, the meme coin has surged by 87% following a strong rally driven by both Musk and Bitcoin reaching new all-time highs.

Gaining Traction

Despite Bitcoin aiming to break the $100,000 per coin mark, various altcoins, including Dogecoin, are gaining traction. DOGE reached $0.4126 early Friday, its highest level in over a week, with a daily gain of nearly 7% and an increase of almost 15% for the week.

The value of the meme coin skyrocketed after Elon Musk began promoting it on Twitter in 2020 through memes, leading to a cult following. It hit an all-time high of $0.73 in 2021 before experiencing a significant decline. The coin has recently gained momentum again, fueled by Musk and his involvement in a new government initiative named the Department of Governmental Efficiency (DOGE).

Musk, who acquired Twitter in 2022 and rebranded it as X, has expressed enthusiasm about integrating payment features into the platform. While crypto was initially excluded in early plans, documents earlier this year revealed that a payment feature was still being developed, though it did not involve cryptocurrency, at least not initially.