On March 4, 2025, Bybit CEO Ben Zhou confirmed that $1.07 billion of the stolen assets from the recent $1.4 billion breach could still be traced. The hack occurred on February 21, 2025, when hackers managed to steal over 499,000 ETH along with other tokens.
3.4.25 Executive Summary on Hacked Funds: Total hacked funds of USD 1.4bn around 500k ETH, 77% are still traceable, 20% has gone dark, 3% have been frozen. Breakdown: – 83% (417,348 ETH, ~$1B) have been converted into BTC with 6,954 wallets (Average 1.71 btc each) . This and…
Most of these stolen funds were quickly laundered using THORChain, a decentralized platform designed for cross-chain asset swaps. While a portion of the funds has been successfully tracked, much of it remains hidden due to the sophisticated methods the hackers used to cover their tracks.
The swift laundering process demonstrates how decentralized platforms can be exploited for criminal activities. In this case, THORChain, which allows seamless transactions between different blockchains, became a crucial tool for the hackers to move the stolen assets.
The decentralized nature of THORChain made it difficult for authorities to halt the laundering process in real time, further complicating efforts to recover the stolen funds.
THORChain played a central role in the hackers’ laundering operations. According to Bybit, the attackers converted approximately 83% of the stolen assets—around 417,348 ETH—into Bitcoin (BTC). They then spread the funds across 6,954 wallets, which made tracking and recovery significantly more difficult.
The surge in transaction volume on THORChain following the hack, which reached over $5.8 billion, raised red flags about the platform’s involvement in facilitating these illicit activities.
Volume on Thorchain | Source : Thorchain
Critics of THORChain’s system, including blockchain security expert Taylor Monahan, argue that the platform’s decentralized nature allows it to operate within a “bubble” that inadvertently enables money laundering.
This isolated ecosystem benefits insiders and criminals who find ways to exploit the system for illicit gains. The incident has sparked a wider debate about the need for tighter regulations and security measures within decentralized finance (DeFi) platforms.
Efforts to Freeze and Recover Stolen Funds
Despite the hackers’ attempts to cover their tracks, Bybit’s investigation into the breach has led to some recovery of stolen assets. Zhou reported that $42 million of the stolen funds had been successfully frozen. Additionally, 11 independent bounty hunters received a total of $2.1 million in rewards for their role in helping track down and freeze assets.
Platforms like Mantle, Paraswap, and blockchain expert ZachXBT have contributed significantly to this effort, but much of the stolen funds remain unaccounted for due to the complexity of the laundering methods.
This situation has shown that, despite improvements in blockchain analytics and tracking technology, the nature of DeFi platforms presents significant risks for asset security.
The Implications for Crypto Security and Industry Response
The Bybit hack underscores the critical need for stronger security protocols in the cryptocurrency industry, particularly within decentralized platforms. Experts suggest that solutions like off-chain transaction validation could help mitigate similar breaches in the future.
By improving security measures and fostering better collaboration between crypto firms, regulators, and cybersecurity professionals, the industry can better protect itself from increasingly sophisticated attacks.
Bybit’s quick response to freeze the stolen funds and launch recovery efforts highlights the importance of proactive security measures. However, as decentralized finance continues to grow, platforms like THORChain will need to implement more robust security features to prevent such breaches.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
On March 7, 2025, President Trump will lead the inaugural White House Crypto Summit, gathering key figures in the industry to establish the regulatory framework for cryptocurrencies. The summit’s goal is to encourage innovation while ensuring the sector remains secure and well-regulated.
President Trump will host the first White House Crypto Summit on Friday March 7. Attendees will include prominent founders, CEOs, and investors from the crypto industry. Look forward to seeing everyone there! pic.twitter.com/PEynzDuAOt
This event serves as an important platform for both government representatives and crypto experts to collaborate. By working together, they aim to create policies that promote industry growth, attract investments, and ensure market stability.
With this summit, the US government demonstrates its commitment to fostering a strong and dynamic crypto ecosystem. The discussions held will lay the groundwork for future cooperation, creating a more secure and prosperous crypto market.
Trump’s Vision for a Leading Crypto Nation
Trump’s administration is taking significant steps to ensure the US remains at the forefront of the global crypto market. Plans are in place to establish a national crypto reserve and regulate stablecoins, creating a solid foundation for digital assets to thrive.
These regulatory moves are designed to increase investor confidence and solidify the US’s leadership in digital finance. With a stable regulatory environment, the crypto market is expected to attract further investment and innovation.
This new approach marks a pivotal moment for the US crypto industry, enabling rapid growth and providing businesses with the security needed for long-term success.
Government Support Provides Crypto with a Bright Future
The White House Crypto Summit highlights the increasing backing from the US government for the crypto industry. By establishing clear and balanced regulations, the government aims to protect consumers and foster an environment that nurtures innovation.
With these regulatory frameworks in place, the market can grow with more security and opportunities. The US is positioning itself as a global leader in how digital assets should be regulated, ensuring a stable and thriving ecosystem.
This government support will likely speed up the industry’s growth and bring more stability to the crypto market, allowing innovation to continue driving the future of digital finance.
On February 28, 2025, Bitcoin took a sharp dive, falling to $78,197. However, it quickly reversed course, bouncing back by over 5%, rising past $82,000. This swift recovery came after the release of positive US economic data, with the PCE index for January showing inflation concerns were easing.
Chart $BTC | Source : TradingView
The market responded positively to the recent inflation data, with the Core PCE Price Index coming in at 0.3%, as expected, signaling inflationary pressures were easing. However, Personal Spending showed a slight decline of -0.2%, below the forecast of 0.1%.
he macroeconomic data for the PCE | Source : TradingView
This contributed to a weakening of the US dollar, which further boosted optimism in the market. As a result, analysts are hopeful that Bitcoin’s recovery will continue into March, with the cryptocurrency climbing above $82,000 and possibly starting a new upward trend.
Looking at the chart, Bitcoin’s bounce from $78,197 to over $82,000 illustrates a 5% recovery in a short period. This movement has sparked optimism that Bitcoin could continue to rise, especially if broader market conditions remain favorable.
Analysts See Bitcoin’s Potential for Continued Growth
With financial conditions improving, Bitcoin’s growth outlook has become more promising. Experts, including Julien Bittel from Global Macro Investor, believe that Bitcoin has already priced in the effects of past financial tightening.
There’s a lot of noise in the market right now – conflicting narratives everywhere.
But here’s the reality – or at least my take on what’s really going on:
Everything happening in markets right now, especially in crypto, is a direct consequence of the tightening of financial… pic.twitter.com/iLPqiyw3LX
Despite the volatility, Bitcoin’s low RSI indicates it could be an excellent time for accumulation. With inflation concerns subsiding and the US dollar weakening, many analysts predict Bitcoin could break past $90,000 in the coming weeks.
At the crucial $80,000 support level, Bitcoin’s RSI of 23 signals it might be oversold, making this an attractive buying opportunity. If the market stabilizes, Bitcoin could see a solid upward move.
Despite the recent dip, Bitcoin’s bullish trend remains intact. The drop below $80,000 is seen as a typical correction in an ongoing bullish market. Technical indicators, like the Stochastic RSI, suggest Bitcoin is currently oversold, presenting a prime opportunity for accumulation.
Chart $BTC | Source : TradingView
With the Stochastic RSI at low levels, the chart indicates Bitcoin could soon rebound. As long as Bitcoin holds key support levels, analysts are optimistic it will break through resistance and possibly surpass $90,000.
Chart $BTC | Source : TradingView
Overall, Bitcoin’s outlook remains positive. The bullish sentiment is expected to carry into March, setting the stage for further growth as long as key levels are maintained.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
On February 26, 2025, Pump.fun’s X account was hacked. The attackers promoted a fake $PUMP token, falsely claiming it was the platform’s official governance token. The fraudsters used an image from Pump.fun’s mobile app launch video and a fake Solana contract address.
Pump.fun’s post regarding meme coin | Source : ZachXBT
Pump.fun’s co-founder, Alon Cohen, quickly alerted users to avoid interacting with the compromised account. While the team has not regained access, they are working to restore control. The hacker continued promoting fraudulent tokens during this time.
@pumpdotfun account has just been compromised. Please don’t interact
Cohen confirmed that all security protocols were followed, but he suspected the issue was internal to X itself. Blockchain investigator ZachXBT supported this, linking the hack to similar incidents with other projects like Jupiter DAO and Dogwifhat.
This hack raises serious concerns about security in the memecoin space. Platforms like Pump.fun, which enable quick token launches, are targets for hackers.
The wallets connected to the hacker’s wallet | Source : ZachXBT
ZachXBT suggested that social engineering was likely involved in this attack. Hackers may have deceived platform employees with fraudulent documents or communications.
As interest in meme coins grows, so does the risk of attacks. The industry must strengthen its security measures to protect users and platforms from these threats. The crypto space must adapt to safeguard assets and reduce the risk of exploitation.
After the hack, Pump.fun promised to investigate the incident and restore control of their X account. They continue monitoring the situation and working on improvements.
we've regained access to this account. Based on current information, the extent of the compromise was limited to this X account.
TL:DR: the security protocols taken by the team to secure the X account were thorough, relied on industry best-practices, and focused on minimizing…
While Pump.fun followed standard security protocols, the attack shows the need for better defenses. Stronger social media security and better account protections could help prevent similar breaches in the future.
This incident serves as a reminder for users to verify any information they see. The Pump.fun hack highlights the ongoing risks in the crypto industry, calling for improved platform security and informed users.
Editor’s Note: This article does not represent financial advice. Please do your own research before investing.
The FBI has confirmed that North Korean-backed hackers, Lazarus Group and TraderTraitor, were responsible for the $1.5 billion theft from Bybit. The attack took place on February 21, 2025, during a routine cold wallet transfer.
FBI report regarding Korea behind Lazaru | Source : FBI
The stolen funds were rapidly converted into Bitcoin and distributed across numerous blockchain addresses. The FBI has warned crypto firms to block transactions linked to the flagged addresses to prevent further laundering.
So far, $43 million has been recovered, and Bybit is offering $140 million in bounties to track the stolen assets.
The Lazarus Group has been behind several major crypto thefts, and this attack is part of their ongoing efforts to fund North Korea’s state operations.
These cybercriminals have stolen billions of dollars, and the stolen funds are believed to support North Korea’s nuclear weapons program, bypassing international sanctions.
The FBI’s confirmation of Lazarus Group’s involvement highlights the growing use of cyberattacks for state operations. Authorities have issued warnings to crypto firms to block transactions from addresses tied to the hackers.
North Korea’s increasing success in crypto thefts raises concerns about the vulnerability of global exchanges. The growing threat emphasizes the need for enhanced security and collaboration between crypto firms and authorities.
Recovery and Future Implications for Crypto Security
Despite the scale of the theft, recovery efforts are making progress. Bybit has managed to recover $43 million, with blockchain firms playing a key role in tracking the stolen assets. Bybit has also offered rewards for help in retrieving the remaining funds.
The breach underscores weaknesses in crypto security, particularly with cold wallet transfers. As the cryptocurrency market expands, ensuring the safety of digital assets from sophisticated hackers becomes crucial. Bybit’s recovery efforts and the FBI’s involvement highlight the importance of securing the crypto space.
As Lazarus Group continues targeting exchanges, the crypto world must strengthen its cybersecurity measures. Bybit is focusing on enhancing security protocols to protect users and prevent future breaches.
Editor’s Note: This article does not represent financial advice. Please do your own research before investing.
Metaplanet, a Tokyo-listed investment firm, purchased 135 BTC for $12.9 million, boosting its total Bitcoin holdings to 2,235 BTC. This acquisition happened just before Bitcoin’s price dipped below $91,000. Despite the drop, Metaplanet’s strategy has proven successful, with a 12% unrealized gain since it began accumulating Bitcoin last year.
Metaplanet has acquired 135 BTC for ~$13 million at ~$96,185 per bitcoin and has achieved BTC Yield of 23.2% YTD 2025. As of 2/25/2025, we hold 2235 $BTC acquired for ~$182.9 million at ~81,834 per bitcoin. pic.twitter.com/IxCCvR0zWC
By acquiring Bitcoin at $95,961 per coin, Metaplanet stays focused on its long-term vision. The firm’s aggressive strategy aims to reach 10,000 BTC by 2025 and 21,000 BTC by 2026.
Metaplanet’s quick response to market changes continues to set it apart in the growing world of institutional crypto investment. Their strategy is a clear sign of confidence in Bitcoin’s future value.
El Salvador also took advantage of Bitcoin’s dip. On February 24, President Nayib Bukele announced the purchase of 7 BTC, bringing the country’s total holdings to 6,088 BTC. This purchase reassures critics that El Salvador remains committed to its Bitcoin strategy, despite IMF pressures to slow down Bitcoin acquisitions.
Bitcoin purchase chart. Source : nayibtracker
Since November 2022, El Salvador has consistently purchased one Bitcoin per day. This latest purchase, though a break in routine, strengthens the country’s position as a Bitcoin-driven economy.
El Salvador’s ongoing commitment to Bitcoin reflects a strategic approach that sees cryptocurrency as a valuable tool for future economic stability. Buying Bitcoin during dips aligns with their long-term financial goals.
Metaplanet’s Bitcoin Strategy Pays Off
Metaplanet’s Bitcoin strategy continues to deliver solid results. The firm reported a BTC yield of 23.2% for Q1 2025, putting it on track to meet its 35% yield goal. CEO Simon Gerovich has emphasized that maximizing Bitcoin yield is central to their strategy, which also includes a goal to reach 10,000 BTC by 2025 and 21,000 BTC by 2026.
By acquiring Bitcoin at a low average cost, Metaplanet has built a robust portfolio. The firm’s growth mirrors that of MicroStrategy, another leader in Bitcoin adoption.
Metaplanet’s strategy is focused on long-term growth, using Bitcoin as a treasury asset. Its performance highlights the potential for corporate investors in cryptocurrency to thrive during market fluctuations.
Bitcoin’s price recently fell by 5%, but it has since rebounded to $86,895.12. Despite these fluctuations, Metaplanet and El Salvador are still confident in Bitcoin’s long-term potential. Both continue to accumulate more Bitcoin, betting on its future appreciation.
Chart $BTC. Source : TradingView
Metaplanet now holds 0.01% of Bitcoin’s total supply, securing its spot as one of the top Bitcoin holders globally. Similarly, El Salvador’s increasing Bitcoin reserves demonstrate its belief in Bitcoin’s future value, even amid market dips.
For both Metaplanet and El Salvador, Bitcoin remains a core part of their financial strategies. Their continued investments reflect their unwavering confidence in Bitcoin’s long-term potential.
Metaplanet and El Salvador remain committed to their Bitcoin accumulation strategies. Metaplanet’s goal of reaching 21,000 BTC by 2026, along with El Salvador’s ongoing daily purchases, shows their dedication to Bitcoin as a long-term asset. Despite market fluctuations, both entities continue to position themselves for future growth.
These strategies align with the broader trend of institutional and governmental adoption of Bitcoin. As more entities follow their lead, Bitcoin’s role as a global financial asset continues to strengthen.
For both Metaplanet and El Salvador, Bitcoin represents more than just a market play. It’s a strategic investment that will provide long-term financial stability and growth.
Editor’s Note: This article does not represent financial advice. Please do your own research before investing.
Bybit, one of the largest crypto exchanges, was hit by a massive hack on February 21, 2024, losing $1.4 billion in $ETH. But Bybit didn’t waste any time. CEO Ben Zhou quickly announced that the exchange had already bought back $742 million worth of $ETH within two days, according to Lookonchain.
Zhou reassured users that Bybit’s assets are fully backed and promised a new proof-of-reserve audit, showing that everything is secure and 1:1. The exchange’s prompt action and transparency helped rebuild trust, especially after such a huge breach.
Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6
This rapid response proved Bybit’s commitment to protecting its users. Despite the breach, the platform kept running smoothly, and the support from the wider crypto community demonstrated just how resilient Bybit truly is.
Bybit’s Quick Actions Restore Confidence
After the hack, Bybit’s $ETH reserves plummeted from 439,000 to just 61,000 $ETH. But in less than a week, Bybit managed to restore over 446,000 $ETH—most of it coming from OTC trades. This swift recovery proves Bybit’s ability to bounce back from even the biggest setbacks.
Since being hacked, #Bybit has received ~446,870 $ETH($1.23B) through loans, whale deposits, and ETH purchases.#Bybit has nearly closed the gap. pic.twitter.com/0oz3ytLi4X
Industry giants like Binance and Bitget also jumped in to help, sending 100,000 $ETH to Bybit in emergency liquidity. This support made it clear that the crypto world is united when it comes to protecting platforms and their users.
Binance and Bitget just deposited 50k+ ETH directly into Bybit's cold wallets. Bitget's deposits are especially interesting; its 1/4 of all of the exchange's ETH! (that I can see)
Since they skipped a deposit address, these funds were coordinated directly by Bybit themselves pic.twitter.com/yimpcYpLx7
Bybit’s fast recovery and transparency have earned them serious respect. Withdrawals quickly surged, showing users still have faith in the exchange. Thanks to its quick response, Bybit has proven that it’s ready to handle any challenge.
Lazarus Group’s Stolen $ETH: What’s Their Next Move?
Data Lazarus Gruop | Source : Arkham Intellegence
The Lazarus Group, a North Korean hacker group, is suspected of orchestrating the $1.4 billion hack. Experts think the stolen $ETH might not hit the market anytime soon. Instead, Lazarus may sit on it for a while, keeping it out of circulation to avoid causing a crash in $ETH prices.
Lazarus’ public wallet currently holds over $82 million in crypto, including $3.52 million in $ETH. However, this is just a small fraction of the $1.34 billion they’re estimated to have stolen last year. According to Chainalysis, Lazarus was responsible for over 60% of the crypto stolen in 2024.
Data of crypto stolen in 2024 | Source : TradingView
Given Lazarus’ history, it’s likely that they’ll hold onto the stolen $ETH for the long term. This strategy would prevent a flood of stolen assets from hitting the market all at once, keeping $ETH prices from dropping further.
What’s Next for $ETH and Bybit?
Although the hack caused $ETH to dip by 7%, the coin has bounced back to $2,765. Bybit’s continued $ETH purchases, including $295 million worth from OTC trades, have played a key role in this recovery.
Chart $ETH | Source : TradingView
To fully reverse its recent downtrend, $ETH needs to push past the $3,000 mark. The $2,700 to $3,000 range is the key resistance point, but growing institutional interest and a shrinking supply of $ETH on exchanges could help fuel a rally.
If $ETH manages to break through this resistance, it could spark a major price surge. The crypto world is watching closely, and the momentum is building to push $ETH even higher.
Bybit’s quick recovery and $ETH’s rising price are great signs for both. Bybit has proven it can handle tough situations and bounce back stronger, while $ETH’s solid fundamentals make it a top contender for future growth.
With the swift recovery of both Bybit and $ETH, the future is looking bright. As these two continue to grow and evolve, we can expect even more positive momentum. The road ahead is filled with promise for both.
Editor’s Note: This article does not represent financial advice. Please do your own research before investing.
XRP is coming from behind and making a strong recovery and capturing the interest of everyone around. It has outshined Solana and Tether to become the third largest coin by market capitalization.
With the market capitalization of $139. 7 billion XRP has now positioned itself in the third position after Bitcoin and Ethereum. It has surged to $2. 46 and the daily volume has surged to a staggering $31. 8 billion.
This isn’t just about big numbers or flashy headlines. It’s a story of resilience. After spending years under the weight of the SEC lawsuit, XRP is proving it’s here to stay. Investors, including the big players, are starting to see its real potential.
So, what’s driving this excitement? A big reason is the news that Gary Gensler is stepping down as SEC Chair. This announcement has sparked fresh hope for fairer regulations and a new chapter for Ripple. There’s a lot to unpack here, and we’ll dive into it in the next segment.
When the news broke on November 22, 2024, that Gary Gensler was stepping down as SEC Chair, the crypto world lit up. For XRP, this was a big moment. Its price skyrocketed from $1.12 to $2.05 in just a few days. That is a massive 123 percent jump. This was not just a coincidence.
On January 20, 2025 I will be stepping down as @SECGov Chair.
Gensler had always been tough on crypto, and Ripple Labs often found itself in the spotlight for all the wrong reasons. His resignation gave investors a fresh sense of hope. Many started to believe that a new SEC leadership could bring a friendlier approach to crypto.
So what does this mean for XRP in the market now? With its price climbing and trading activity through the roof, confidence in XRP seems stronger than ever. But the numbers always tell the real story. Let us dive into the price, market cap, and trading volume in the next segment to see just how far XRP has come.
XRP Breaking Records and Gaining Momentum
With all the excitement building around XRP, it’s time to dive deeper into what’s really happening in the market. From skyrocketing prices to growing trading volumes, XRP is making waves like never before. Let’s break down its latest performance and what it means for the future.
• Price Growth XRP’s price has jumped from $1.12 to $2.46 in just a few days. That’s an impressive 123% increase, showing how much excitement and confidence is building around it.
Price chart | Source : TradingView
• Market CapXRP XRP’s market cap has hit $139.7 billion, putting it ahead of Tether and Solana. It’s now the third-largest cryptocurrency, proving it’s back in the game in a big way.
Market cap chart | Source : TradingView
•Trading Volume XRP’s daily trading volume has reached $31.8 billion. This huge activity shows that more people, from small investors to big players, are getting in on the action.
Volume chart | Source : TradingView
•Comparison to Historical Highs XRP is climbing closer to its 2018 peak when it was the second-biggest crypto. The recent rally has everyone wondering if this token is gearing up to break new records.
Price chart from 2018 – now | Source : TradingView
XRP’s recent performance has been impressive. Its soaring price and growing market dominance show confidence in the token is stronger than ever. Ripple’s progress and regulatory optimism have put XRP back in the spotlight.
As XRP climbs higher, everyone is watching closely. Is this a new chapter or just the beginning? Time will tell, but for now, XRP is undeniably on a winning streak.
Pump.Fun is making waves right now, but not for the best reasons. Its livestream feature, designed to help users promote their tokens, has spiraled into controversy.
From shocking threats to extreme stunts going viral, the memepad has become the center of a heated debate in the crypto community. Some users have resorted to posting alarming threats, pushing harmful narratives, or orchestrating extreme stunts to gain attention.
PUMPFUN LIVE STREAMING FEATURE HAS BEEN DISABLED
In recent days, troubling events on the platform https://t.co/E7kdtQDM96 have raised serious concerns about the ethical and moral state of some in the crypto community.
Despite the drama, Pump.fun remains a big player in the game. Launched in January 2024, this Solana-based memepad has racked up an impressive $227.16 million in revenue and led the charge in the memecoin trend, with millions of tokens created monthly.
Disabling the livestream feature wasn’t an easy decision, but it shows that Pump.fun is listening and taking the criticism seriously. Turning off the livestream feature was a bold move, but it shows Pump.fun is listening and trying to make things right.
It is a critical juncture that demonstrates how success is always accompanied by challenges that cannot be ignored. However, before exploring the controversies and challenges, it is important to first understand what Pump.fun is and what has made it such a significant phenomenon!
As a platform, our mission is to best serve our users' long-term interests. To accomplish this, we must adapt to new market realities, and that begins with our brand
Thus, we're excited to announce our rebranding from pump fun to just "fun"
Pump.fun is a memepad built on the Solana blockchain. It simplifies the process of creating and launching tokens by handling all technical details. Users only need to choose a name, symbol, and image for their token. With this ease of use, this platform becomes an excellent choice for beginners eager to explore token creation.
Pump.Fun is not just a platform for creating tokens but also accelerates market access. On this platform, tokens created can be instantly traded on the Solana network. Thanks to its exceptional speed and the absence of minimum transaction fees, Pump.Fun is highly efficient and accessible for users.
In conclusion, this platform provides an intuitive platform for anyone eager to explore the growing memecoin trend. So, what exactly makes this memepad stand out? Let’s uncover its unique features in the next segment!
After understanding what Pump.fun is and why it’s gaining popularity, let’s dive into the standout features that make it such a powerful memepad. These features are the backbone of its success, offering users a seamless experience and setting it apart in the competitive crypto landscape.
User-Friendly Interface The platform simplifies token creation by handling all the technical details. Users only need to input a name, symbol, and image, making it accessible to anyone, including beginners.
Creative Freedom Pump.fun fosters creativity by allowing users to design tokens inspired by memes, culture, or personal ideas, making the platform a vibrant space for innovation.
Fair Launch Mechanism Pump.fun ensures a level playing field with no pre-allocations or presales, giving all participants an equal chance to acquire tokens right from the start.
Demand-Based Bonding Curve Prices of tokens on Pump.fun are dynamically adjusted based on demand through a bonding curve, encouraging organic growth and rewarding early adopters.
Instant Liquidity Tokens launched on Pump.fun are immediately tradable on Solana-based DEXs like Raydium, providing instant access to the market.
Low Transaction Fees Leveraging Solana’s high throughput and low costs, Pump.fun ensures token creation is affordable and efficient for all users.
These features highlight Pump.fun’s appeal, but how does it perform in the market? Let’s dive into the data in the next segment!
In the last two weeks alone, Pump.fun saw a jaw-dropping $4.2 billion in trading volume. It’s safe to say it’s become a favorite spot for memecoin action.
Since March 2024, Pump.fun has racked up $274.4 million in total fees. Talk about making an impact—it’s one of the most profitable platforms out there.
On November 28 alone, 244,000 active users joined the fun, along with 140,000 brand-new addresses. That’s proof the platform isn’t just popular—it’s growing like crazy.
These numbers highlight Pump.fun’s impressive influence in the memecoin space, but it’s not the only player in this evolving market. Let’s take a look at other memepads making waves across different networks!
Beyond Pump.Fun, there are plenty of other networks bringing their own exciting memepads to the table. Let’s dive into three standout platforms that are making waves!
• SunPump
SunPump
SunPump is TRON’s first memepad, created by the SunSwap team. It allows fair token launches with direct liquidity integration into SunSwap.
• Etherfun (Ethereum and Layer 2s)
Etherfun
Etherfun brings the excitement of memecoin creation to Ethereum and Layer 2 networks. As a leading platform, it stands out with its native token and takes full advantage of Ethereum’s scalability.
• Seipex (Sei Network)
Seipex
Seipex supports fair launches on the Sei Network. Tokens meeting thresholds gain liquidity on DragonSwap, ensuring smooth trading.
These platforms highlight the growing diversity in memecoin creation, each offering unique features tailored to their respective blockchain networks. Together, they underscore the evolving landscape of memepads across the crypto world.
Polymarket has been creating quite a buzz lately. It is a platform where you can place bets on real events like elections or the outcome of a big game. With blockchain making everything secure and transparent, it is simple and easy to dive in.
Just last month, in October 2024, Polymarket hit a huge milestone. Almost $2 billion in trades went through the platform, with over 294,000 people joining the action. Compare that to June, when it was just $110 million and 30,000 users. It is clear this platform is becoming a favorite for so many.
Right now, the 2024 US Presidential Election is one of the most popular markets. People have already bet $2.6 billion to predict the winner. It is not just about the money. It shows how much people trust Polymarket to turn their insights into real profits.
Polymarket is growing fast and this is just the beginning. Next, let us dive deeper into why this platform has everyone talking.
What is Polymarket?
Polymarket is a platform that allows users to engage in betting on real-life events such as elections, sports results, and even news outcomes. This is made possible through its integration with USDC, a stablecoin tied to the US dollar.
The use of USDC ensures stability, keeping prices constant and avoiding the volatility commonly seen in the crypto market. Polymarket also supports other tokens like USDC.e, USDT, DAI, and WETH, offering users flexibility and reliability when placing their bets.
Feature in Polymarket
This stability is one reason why Polymarket is easy to use for everyone, whether you are new to prediction markets or have experience. Polymarket also stands out with its diverse range of topics. From political debates and sports events to trending pop culture questions, there is something for everyone. So, why not join in and see what all the buzz is about?
Polymarket makes prediction markets more flexible and user-friendly. For example, one of its best features is letting you close your position before the event ends. As a result, you can take profits or cut losses based on how the market is moving, without waiting for the final result.
Bet in Polymarket | Source : Polymarket
Take the example in the chart above, where users can bet on the Fed’s December 2024 decision. Here, you can predict outcomes like interest rate changes and, in turn, adjust your bets as new information comes in. This feature not only puts you in control but also allows you to react quickly to market updates.
Furthermore, Polymarket keeps things stable by using USDC and other reliable stablecoins. Consequently, you do not need to stress over crypto price swings—your funds stay consistent. Moreover, the platform’s decentralized setup ensures you are always in charge of your money.
Whales and Big Wins on Polymarket During the 2024 Election
Polymarket was also instrumental in the 2024 US Presidential Election where it played a big part in the election process. The 2024 US Presidential Election wasn’t simply a political process; it was a massive event and a form of gambling on Polymarket. Whales or big investors led the market and bet in millions of dollars for Donald Trump to win.
The most successful bettor was a whale with 100000 dollars called “Theo4” which was a member of a group called “Trump Whale”. Along with “Fredi9999” “PrincessCaro,” and they were responsible for more than $40 million in positions. Thus, “Theo4” earned more than $20m while “Fredi9999” earned $15,6M.
While Polymarket continues to grow, it faces challenges from regulatory restrictions in several countries. Some have banned the platform, raising questions about the future of decentralized prediction markets. In the next segment, we’ll explore how Polymarket is responding to these challenges.
Polymarket’s Global Challenges: Bans, Restrictions, and the Road Ahead
Building on the excitement of the 2024 US Presidential Election, Polymarket faces global challenges, with regulatory hurdles leading to bans and restrictions in countries like the United States and France. These issues raise questions about its ability to navigate the changing legal landscape.
United States: Polymarket was fined $1.4 million by the Commodity Futures Trading Commission (CFTC) in 2022 for operating an unregistered derivatives trading platform. As a result, U.S. users are banned from accessing the platform.
France: The French National Gaming Authority (ANJ) has investigated Polymarket’s compliance with local gambling laws. This led to Polymarket blocking access for French users, especially after a French trader made significant profits from betting on the U.S. presidential election.
Other Countries: Various other countries with strict gambling regulations have raised concerns or placed restrictions on decentralized platforms like Polymarket, further complicating its global reach.
Despite facing these regulatory hurdles, Polymarket continues to thrive in regions where it remains accessible. As it adapts to changing regulations, Polymarket’s future will depend on its ability to balance user demand with legal compliance.
Hyperliquid made waves in the DeFi world with the launch of its new token, HYPE, on November 29, 2024. Starting at just $2.01, the token skyrocketed by over 250% in a few hours, reaching a peak of $7.05. This rapid rise clearly shows how much excitement the community has for this project.
In 24 hours, HYPE’s trading volume exceeded $658 million, while its market cap climbed to $2.24 billion. A big part of this success comes from their fair distribution strategy. They allocated 31 percent of the total supply, which is one billion tokens, to the community through an airdrop.
What really stands out is how HYPE avoided the usual sell-offs after a large airdrop. Instead, demand kept climbing, showing that the community believes in the long-term potential of the Hyperliquid ecosystem.
So, what makes Hyperliquid different from other projects? Let’s take a closer look at the platform and see why it is becoming such a big name in DeFi.
Hyperliquid makes decentralized finance (DeFi) simple and accessible for everyone, offering tools that suit all experience levels. You trade perpetual contracts by taking long or short positions based on your market insights. Hyperliquid using USDC as margin.
1/ Welcome to Hyperliquid, your new home to trade perps on DeFi
Hyperliquid is an order book based perpetual futures decentralized exchange. The DEX runs on the Hyperliquid chain, an L1 built on Tendermint that enables full transparency, low costs, and impeccable execution. pic.twitter.com/TXIhOK4Uu1
The platform lets you earn passive income through vaults by profiting from strategies like market making and liquidations. You use features like Take Profit, Stop Loss, leverage up to 50x, and TWAP automation to trade securely and seamlessly.
Introducing: TWAP orders
You can now split a large order into smaller suborders that are executed every 30 seconds. pic.twitter.com/yWk75Uhz1N
Hyperliquid runs on a high-performance Layer 1 (L1) that powers a fully on-chain financial ecosystem. Hyperliquid can processes every order, trade, and liquidation transparently, with block latency under 1 second. Plus, it can handle up to 100,000 orders per second, keeping everything fast and efficient.
Hyperliquid delivers cutting-edge technology and innovative tools to transform DeFi. Ready to see what sets Hyperliquid apart? Let’s explore the standout features that elevate your trading experience.
The Most Notable Feature of Hyperliquid
Features on Hyperliquid not only make the user experience smoother but also position Hyperliquid as an exciting choice in the DeFi world. Let’s take a look!
1. Impressive Transaction Speed Imagine completing transactions at a lightning-fast speed of nearly 200,000 transactions per second! That’s what Hyperliquid brings to the table. With this kind of speed, you never have to worry about transaction delays or inflated fees.
2. HyperEVM Compatible with Ethereum
The Hyperliquid L1 will support a native EVM.
The EVM will be augmented to atomically compose with native components on the Hyperliquid L1: HIP-1 assets, spot trading, perp trading, and other defi primitives.
For those familiar with Ethereum, the HyperEVM feature will feel like home. Hyperliquid uses Ethereum Virtual Machine (EVM), making it compatible with Ethereum-based applications.
The HYPE token on Hyperliquid isn’t just any regular token. It plays a dual role that keeps the network running smoothly. Not only is it used for staking (so you can help secure the network and earn rewards), but it also serves as the gas token to pay for transactions.
4. Decentralization and Top-Notch Security Security and decentralization are top priorities on Hyperliquid. With a proof-of-stake consensus mechanism, Hyperliquid relies on the community and stakers to keep transactions secure and the network running smoothly.
So, these are just a few of the awesome features that set Hyperliquid apart in the DeFi space. All of these features are designed to provide the best possible experience for users while supporting a more efficient and secure blockchain ecosystem. Pretty exciting, right?
Why Hyperliquid’s Growth Has Skyrocketed?
ONE MILLION COLD HARD UNITED STATES DOLLARS FOR 1 HYPERLIQUID AIRDROP@chameleon_jeff, @KingJulianIAm, and the rest of the Hyperliquid team changed my life FOREVER:
Hyperliquid successfully captured attention through its clever token distribution strategy. Hyperliquid allocated 38.888% of its tokens to the community, with the details provided below. This approach quickly built trust and generated significant interest in the platform.
The platform’s Total Value Locked (TVL) has already surpassed $171 million, with $146 million coming from the Hyperliquidity Provider (HLP) vault offering an APR of 17.53%. This highlights the high level of user engagement and confidence in the ecosystem.
Hyperliquid also gained traction through airdrops for early users. This approach helped build a loyal community and increased visibility. The combination of high TVL, attractive rewards, and strong community support has propelled Hyperliquid to stand out in the DeFi space.
Can Hyperliquid Become the Biggest DeFi Platform?
Given its rapid growth, it’s definitely possible. The platform has gained attention with its smart token distribution strategy and cutting-edge technology. With fast transactions and Layer 1 infrastructure that can handle hundreds of thousands of transactions per second, Hyperliquid leads in speed and efficiency.
What’s exciting is the strong, growing community. With a rising TVL and innovative trading features, the platform is well-positioned for success in DeFi. If Hyperliquid continues to innovate it could very well become the biggest DeFi platform. We’ll see how it shapes the future of decentralized finance.
Japanese investment firm, Metaplanet plans to raise ¥9.5 billion ($62 million) to expand its Bitcoin holdings. The company will use Moving Strike Stock Acquisition Rights to raise the funds. These rights will be allocated to EVO FUND.
*Metaplanet Announces Issuance of Moving Strike Stock Acquisition Rights to Raise Up to ¥9.5 billion ($62 million) for Accelerated Bitcoin Accumulation* pic.twitter.com/bL7rs6Qkk4
This strategy follows the approach of MicroStrategy, the leading corporate Bitcoin holder. Metaplanet’s CEO, Simon Gerovich explained the benefits of this method. It helps the company grow its Bitcoin holdings without heavily diluting shareholder value.
Metaplanet is setting its sights on becoming Asia’s first Bitcoin Treasury Company. This move shows how much faith they have in the future of digital assets.
Metaplanet’s statement as Asia’s first Bitcoin Treasury Company | Source : Metaplanet
Metaplanet aims to protect its purchasing power as the yen weakens by adopting this strategy. It also seeks to capitalize on Bitcoin’s growth potential. This move secures the company’s financial stability. It further supports their vision of leading the Bitcoin economy.
Metaplanet is turning its attention to Bitcoin after it reached a record price of $99,645 on November 22, 2024. With the yen continuing to weaken against the US dollar, they see Bitcoin as a strategic way to safeguard their finances and hedge against inflation.
Since May 2024, Metaplanet has invested $75.3 million to purchase 1,142 BTC. The weakening of the yen against the dollar has been a key factor in this decision, as Bitcoin offers a way to hedge against inflation and secure their financial position.
For Metaplanet, Bitcoin is more than just a financial asset. It is a tool to protect against inflation and tackle the challenges of a weakening yen. Additionally, Metaplanet uses Bitcoin as preparation for the future.
This move highlights Metaplanet’s confidence in Bitcoin. They are fully committed, making it a central part of their long-term plans.
Metaplanet’s Growing Bitcoin Reserves and Fund Allocation
Metaplanet’s statement as Asia’s first Bitcoin Treasury Company | Source : Metaplanet
Metaplanet is focused on increasing its Bitcoin reserves, planning to raise ¥9,167 million ($62 million) to buy more Bitcoin. The purchases are set to take place between December 2024 and June 2025.
Metaplanet will raise these funds through the issuance of Stock Acquisition Rights, with a total expected amount of ¥9,507 million. The breakdown of the funds is as follows:
Purchase of $BTC ¥9,167 million (December 2024 – June 2025)
Working Capital: ¥340 million (December 2024 – December 2025)
Metaplanet will allocate ¥340 million for working capital to be used from December 2024 to December 2025. By balancing operations with a focus on growth, they are building a stronger and more innovative future.
Metaplanet Strengthens Its Presence in Asia
Metaplanet’s Portfolio | Source : Bitbo
Metaplanet has grown its $BTC holdings to 1,142 BTC as of November 20, 2024. This achievement highlights their dedication to digital assets and strengthens their position as one of Asia’s leading corporate Bitcoin holders.
Right now, their $BTC is worth $111.29 million, with an average purchase price of $65,972 per BTC. Thanks to this smart approach, they have made a 47.68 percent profit.
Globally, Metaplanet ranks 15th among public companies with the largest $BTC holdings. Building on this success, they have outpaced several major corporations, showing other companies in Asia how digital assets can become a valuable part of their strategies.
Jeffrey Wilcke, one of Ethereum’s co-founders, drew attention after transferring 19,990 ETH worth $72.56 million to Kraken, according to Arkham data. This move sparked discussions in the crypto community. Known for co-creating Go Ethereum, Wilcke has been less active in recent years but continues to manage his crypto portfolio carefully. However, with this recent transfer to Kraken, the big question remains: what is he planning to do?
Large transfers like this can signal selling, as sending ETH to exchanges like Kraken often suggests liquidation, impacting prices and sentiment.
This transfer got people talking about how Ethereum’s co-founders handle their wealth, especially with prices on the rise. It’s a reminder of just how much influence these early builders still have in shaping the market.
Ethereum Price Drop Following Jeffrey Wilcke’s Transfer
Ethereum’s price when Jeffrey transferred 19,990 ETH to Kraken | Source : TradingView
Ethereum saw its price drop by 4.5 % from $3.645 to $3.528 shortly after Jeffrey Wilcke, one of its co-founders, transferred 19,990 ETH to Kraken. The massive transfer, worth around 72.56 million dollars, raised concerns among traders about a potential sell-off.
This was one of the biggest transactions seen in recent weeks and immediately caught the attention of the crypto community. Many saw the 19,990 ETH transfer as a potential market-moving signal.
Some thought it might be part of a sell-off plan, while others guessed it could be Wilcke’s way of restructuring or balancing his portfolio. While the market reacted noticeably, analysts believe this kind of price drop is pretty common in the volatile crypto world.
Exploring Jeffrey Wilcke’s Portfolio
After seeing the massive transaction made by Jeffrey Wilcke, one of Ethereum’s co-founders, let’s take a closer look at his portfolio.
Arkham data shows he holds 106,006 ETH worth $380.69 million, plus 1.134 million SNT, 951 ENS tokens, and smaller amounts of XDATA, USDT, DAI, and PEN.
Jeffrey Wilcke’s portfolio grew by $73.76 million to $460.98 million on November 29, 2024, driven by a 19.04% rise in Ethereum (ETH), adding $73.73 million.
On the other hand, Vitalik Buterin, the most well-known face of Ethereum, approaches his wealth a little differently.Vitalik uses his assets to fund Ethereum projects and support social causes.
Exploring the Portfolio of Vitalik Buterin, Founder of Ethereum
Vitalik Buterin’s portfolio centers on Ethereum (ETH), holding 240.095 ETH worth $862.23 million, the bulk of his $881 million total. He holds 2.864k AETHWETH, 8.34 trillion DOG tokens, and smaller stakes in KNC, EBULL, and ESTEE.
Over the past week, Vitalik Buterin grew his portfolio by $142.73 million, reaching $899.67 million as of November 29, 2024. Ethereum (ETH) drove most of the increase, rising 19.04 percent and adding $139.88 million. Other assets, such as AETHWETH and DOG, contributed $1.65 million and $253.34k, respectively.
Vitalik Buterin’s portfolio growth mirrors Ethereum’s impressive performance throughout November 2024. Starting the month at $2,355, ETH reached a peak of $3,688, marking a substantial increase.
Ethereum saw a remarkable rise in November 2024, starting at $2,350 and reaching a peak of $3,709. The 57.8% increase showcased growing investor confidence and highlighted Ethereum’s resilience in a bullish market
Ethereum’s Price | Source : TradingView
Ethereum’s price rally was accompanied by notable trading volume spikes. Based on the chart, daily volumes exceeded 1.2 billion during key bullish moments in November. These peaks indicate heightened interest from both retail and institutional investors, reflecting the strong liquidity and appeal of ETH.
Volume’s Price | Source : TradingView
November was a big month for Ethereum, with soaring prices and record trading activity showing strong trust in its future. As its ecosystem grows and improves, Ethereum continues to lead the way, paving the path for even bigger possibilities ahead.
Vancouver’s mayor, Ken Sim, has come up with a bold plan to make the city more Bitcoin friendly. During a council meeting on November 26, 2024, he pitched an idea called “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin friendly city.” Basically, he wants to add Bitcoin to the city’s investment portfolio to help protect its finances.
The council is set to dive deeper into the proposal on December 11, 2024. This all comes as Bitcoin is breaking records, hitting over $99,000 in November 2024. He is no stranger to the crypto space either, having accepted cryptocurrency donations during his 2022 mayoral campaign.
While the proposal is still waiting for approval, it is already making waves. If it goes through, Vancouver could set an example of how cities can use Bitcoin to boost their finances.
The Vision Behind Ken Sim’s Plan
Ken Sim’s idea to bring Bitcoin into Vancouver’s finances is all about keeping the city’s future secure. He wants to use Bitcoin to help protect the city’s purchasing power and create a safety net against global inflation.
Diversifying the city’s investments is a smart way to stay ahead and Bitcoin, with its limited supply and independence from traditional systems.
This plan is not just about money though, it is about making Vancouver stand out. Sim wants the city to be seen as a leader in innovation, attracting forward thinking businesses and investors who are excited about bold ideas like this.
Bitcoin is everywhere these days, and Vancouver wants to join the trend. Mayor Ken Sim believes it could be a game changer for the city’s finances. So what’s the plan, and how could it shape Vancouver’s future? Let’s take a closer look!
Hedge Against Inflation: Bitcoin’s scarcity makes it a strong option to protect Vancouver’s finances.
Proven Growth: With Bitcoin reaching $99,000, Sim sees it as an unmissable opportunity.
Driving Innovation: Adopting Bitcoin positions Vancouver as a leader in innovation.
Managing Risks: Sim plans a careful approach to balance Bitcoin’s potential and risks.
Ken Sim’s Bitcoin plan is ambitious and full of possibilities. Up next, let’s talk about whether Vancouver could follow in El Salvador’s footsteps and what that might mean for the city.
President Nayib Bukele recently shared an exciting update about El Salvador’s Bitcoin portfolio through his Instagram Story. The portfolio has reached an impressive value of over $573 million, with profits surpassing $305 million, reflecting a 108.85 percent increase.
According to the latest data, El Salvador currently holds 6,170 BTC bought for a total investment of $139 million. The average purchase price is $44,572 per BTC, which is significantly lower than the current market price of $96,333. By using a Dollar Cost Averaging strategy, the country managed to navigate price swings and achieved a portfolio value of $547 million with a total profit of 116.02 percent.
El Salvador’s Bitcoin purchases began on September 6, 2021, with initial transactions at prices ranging between $47,249 and $52,677 per BTC. These consistent purchases, even during market dips, have resulted in substantial long-term gains. This success highlights El Salvador’s role as a global pioneer in Bitcoin adoption.
Bitcoin’s price has been like a rollercoaster lately. It just hit an All Time High of $99,850, but then suddenly dropped all the way to $90,600, its lowest point in days. For a lot of people, it’s definitely disappointing. Bitcoin was so close to hitting that dream $100,000 mark, but it just didn’t make it. Still, if you’ve been following the crypto world for a while, you know this kind of up and down movement is totally normal here.
Bitcoin chart | Source : TradingView
This drop didn’t really surprise some analysts. When prices shoot up too quickly, it’s pretty normal to see a correction, and this time it was a pretty big one. Whales, the big players in the market, seem to have cashed out at the top, which added even more pressure on the sell-off.
Bitcoin chart | Source : TradingView
Right now, $90,000 is a key level to watch. If Bitcoin falls below this, it might slip into a longer bearish phase. But if it can hold steady at this support, there’s still a chance for a recovery and maybe another shot at breaking that $100,000 milestone everyone’s been waiting for.
Dropping Volume and Most of the Top 20 Cryptos in the Red
Bitcoin Volume Chart | Source : TradingView
When Bitcoin’s price dropped, trading volume shot up. This shows just how active the market was during that time. Big spikes in volume like this usually happen when the market is going through a correction phase, with big players like institutions and whales adjusting their portfolios.
Bitcoin’s drop had a ripple effect across the entire crypto market, especially on the top 20 coins. Almost all of them ended up in the red. Ethereum (ETH) fell 1.21%, Binance Coin (BNB) dropped 3.27%, and Cardano (ADA) was down 1.83%. Even Dogecoin (DOGE), which often moves differently from others, slipped by 3.08%.
Top 20 crypto
The hardest hit was Stellar (XLM), which fell a massive 14.51% in just 24 hours. Solana (SOL) and Shiba Inu (SHIB) also saw significant drops.
Bitcoin ETFs Stay Busy Amid Volatility
Bitcoin ETF Flow | Source: Farside
In the midst of the bearish market conditions discussed earlier, Bitcoin ETFs continue to show robust activity. The iShares Bitcoin Trust (IBIT) is leading the charge, recording a trading volume of $3.47 billion, despite experiencing a price drop of 4.29%. Similarly, the Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) also reported significant volumes at $399.21 million and $622.73 million, respectively.
Overall, the total trading volume for Bitcoin ETFs currently stands at $5.25 billion. This suggests that institutional investors remain highly engaged in the market, even as Bitcoin’s price faces downward pressure. A key highlight is the high turnover rate of ETFs like IBIT, which reached 7.75%.
However, the sell-off pressure is evident across the ETF market, with most ETFs experiencing price declines of around 4% to 5%. Despite this, the combined market capitalization of Bitcoin ETFs remains solid at $100.47 billion.
The Ethereum price chart shows some interesting movements over the past few days. It has been bouncing between $3,158 and $3,370, with the current price sitting around $3,359. The chart highlights how Ethereum is still facing a lot of pressure, but it’s managing to hold its ground near the $3,300 support level.
Ethereum Chart | Source: TradingView
Looking at the pattern, it seems like Ethereum is trying to recover after some recent dips. The slight uptick near the end of the chart could be a positive sign, suggesting that buyers are stepping in to push the price back up.
For traders, this range could offer opportunities, especially if Ethereum manages to stay above $3,300. It’s not a breakout yet, but it’s also not breaking down further, which is encouraging.
What Should Traders Do in This Market?
Let’s face it, the market’s been a bit crazy lately. Prices are all over the place, and it feels like the bears are in control. But hey, it’s not all doom and gloom. This could actually be a great time to take a step back, refocus, and make some smart moves. The trick is staying calm and not letting the chaos mess with your head.
First things first, keep an eye on those support and resistance levels. Think of them as your guideposts. If prices hold steady at key supports, it might be a sign things are stabilizing or even gearing up for a rebound. But if they fall further, you’ve got to be ready to adjust. Also, watch out for spikes in volume and what the whales are up to.
Most importantly, don’t rush. Patience is your best friend right now. If you’re in it for the long haul, this might be the perfect chance to pick up some solid assets at a discount. If you’re trading short-term, stick to your plan, set clear goals, and don’t forget to manage your risks.
Pump.fun is in the spotlight lately, but for all the wrong reasons. Its livestream feature, introduced as a way for creators to promote their tokens in an engaging and interactive manner, has turned into a source of major controversy. What was meant to foster creativity has instead been exploited for extreme actions and inappropriate content that has sparked widespread criticism.
There have been some truly shocking incidents linked to the misuse of this feature. Live threats of violence, acts of self-harm, and even cases involving vulgar content and animal abuse have surfaced, all in a bid to boost token prices. These incidents have raised serious questions within the crypto community about Pump.fun’s ability to moderate and manage its platform responsibly.
With criticism mounting, Pump.fun finds itself in a difficult position. The platform is now under pressure to overhaul its moderation system and introduce clearer guidelines to take meaningful steps that create a safer space for its users.
Before diving deeper, let’s take a closer look at Pump.fun and what it offers. Pump.fun is a blockchain-based platform built on Solana, designed to make it easy for anyone to create their own memecoins. With its “fair launch” concept, users can launch tokens without the need for presales, team allocations, or advanced technical skills.
This straightforward process has made Pump.fun a top choice, with over 3.8 million tokens launched on the platform to date. Many believe that Pump.fun contributes to an oversaturated market filled with low-value tokens, and the platform has also faced challenges with content moderation.
Despite these issues, Pump.fun remains a favorite among creators thanks to its flexibility and ease of use. To maintain its credibility, the platform will need to continue innovating and addressing these concerns to retain the trust of the crypto community.
Pump.fun’s livestream feature was initially introduced to help creators connect directly with their audience and promote their tokens. However, it quickly became a focal point of controversy due to widespread misuse. Instead of fostering creativity and engagement, the feature has been exploited for inappropriate and harmful content, drawing sharp criticism from the crypto community.
Pumpfun needs to shut down. These are literally crazy people, willing to do any crazy shit, like school shooting, torturing, exposing body…
Some of the most shocking incidents include livestreams involving threats of violence and self-harm. One creator threatened to harm themselves if their token didn’t reach a specific market cap.
In addition to these cases, there have been other disturbing examples of content misusing the livestream feature:
Burning the Israeli Flag – A livestream featured a user provocatively burning a flag.
Guy streams himself burning Israel's flag and doing the nazi salute
4. PumpFans – This livestream featured explicit content to lure viewers into buying tokens.
PUMPFUN LIVE STREAMING FEATURE HAS BEEN DISABLED
In recent days, troubling events on the platform https://t.co/E7kdtQDM96 have raised serious concerns about the ethical and moral state of some in the crypto community.
Pump.fun gained significant attention not only for its innovative features but also due to the controversial Quant token incident. A Gen Z creator used the livestream feature to attract investors, only to rug pull and pocket tens of thousands of dollars, leaving buyers at a loss.
Shockingly, the same creator repeated the scheme with two more tokens, exposing Pump.fun’s vulnerability to misuse. The scandal harmed investors and tarnished the platform’s reputation, raising questions about its ability to prevent unethical behavior.
A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K!
Despite the backlash, the incident brought more attention to Pump.fun. While some saw it as a cautionary tale, others were drawn to the platform’s potential for quick profits, creating both challenges and opportunities for its future.
In response to the backlash, Pump.fun has now officially shut down its livestream feature. The team stated that this decision was made to address safety concerns and give them time to improve their moderation systems.
While some see this as a step in the right direction, others believe it might be too late to repair the damage. Pump.fun is now under significant pressure to prove that it can create a safer environment and regain the trust of the crypto community.
Between November 23-25, 2024, Bitcoin faced a sharp drop after failing to break the psychological $100K level. After reaching $99K on November 22, its price tumbled to $95K by November 25. This decline didn’t just halt the steady gains seen since November 19 but also reinforced $100K as a major resistance point, making it clear that the bullish trend dominating the market was losing momentum.
Bitcoin price chart | Source : TradingView
Bitcoin’s climb started on November 19, steadily rising from $87K and hitting new all-time highs (ATHs) every day until November 22. Charts showed a clear ascending channel, which reflected strong optimism across the market. Traders were betting heavily on Bitcoin breaking $100K, but on November 23, things began to shift. Many traders started locking in profits around $99K, leading to a wave of profit-taking that weakened Bitcoin’s upward momentum.
Bitcoin volume chart | Source : TradingView
However, the trend shifted on November 23 as profit-taking by large traders began to dominate the market, particularly around the $99K level. Alongside the profit-taking, trading volume experienced a sharp decline. From its peak of over $3.25 billion on November 22, the volume dropped dramatically to below $750 million by November 25.
This steep decline in volume reflected waning momentum and reduced participation in the market, which left Bitcoin more vulnerable to selling pressure. The combination of heavy profit-taking and the significant drop in trading volume underscores the market’s sensitivity to psychological levels like $100K.
Massive Liquidations and Sharp Volume Decline
Over the past 24 hours, the Bitcoin market recorded a total liquidation of $492.96 million, involving 192,943 traders. This wave of liquidations was dominated by long positions, which accounted for $356.95 million, while short positions made up $136.01 million.
The largest wave of liquidations occurred over a 12-hour period, totaling $192.62 million. Of this, $106.27 million came from long positions, while $86.35 million came from short positions. Much of this pressure arose as Bitcoin’s price dropped from its peak of $99K on November 22 to $97K on November 23.
Breaking down the data by exchange, Binance saw the largest liquidation volumes, with $15.32 million in long positions and $89.81 thousand in short positions wiped out. Bybit followed with $3.31 million in long liquidations, while OKX and HTX recorded $1.67 million and $1.12 million, respectively. Even smaller platforms like CoinEx were not spared, with $391.92 thousand in long positions liquidated.
This price drop was further exacerbated by a dramatic decline in Bitcoin’s trading volume. From its peak of $3.25 billion on November 22, trading volume plunged below $750 million by November 25. The combination of massive liquidations and the steep decline in trading volume accelerated Bitcoin’s downward trajectory, showing how a lack of volume can leave the market more vulnerable during significant pressure points, especially at critical levels like $100K.
Bitcoin or Altcoins? The Tug of War in Market Dominance
Between November 23-25, 2024, Bitcoin Dominance (BTC.D) went on a rollercoaster ride amidst a major sell-off in the cryptocurrency market. Starting at 60.5% on November 22, BTC.D dropped to 59.34% on November 24, signaling a shift as traders poured their funds into altcoins during Bitcoin’s price dip. However, by November 25, BTC.D climbed back up to 59.58%, suggesting that Bitcoin wasn’t ready to give up its lead just yet.
BTC Dominance | Source : TradingView
So, what exactly is BTC.D? Bitcoin Dominance measures Bitcoin’s share of the total cryptocurrency market capitalization. When BTC.D rises, it shows that investors are leaning more towards Bitcoin, often as a “safe bet” during market uncertainty. On the other hand, a dip in BTC.D signals growing interest in altcoins, which, although riskier, can offer higher potential returns during bullish periods.
BTC Dominance | Source : TradingView
The dip in BTC.D to 59.34% on November 24 suggests that altcoins gained traction as Bitcoin faced selling pressure near the $100K mark. Yet, the subsequent rise to 59.58% on November 25 shows that Bitcoin still holds its ground as the go-to asset, especially when the market starts to calm down.
BTC.D isn’t just a number! it’s a key indicator of how traders and investors are shifting their capital. Its fluctuations can hint at big market movements, whether Bitcoin is reclaiming its throne or altcoins are stealing the spotlight.
Bitcoin Dominance Declines as Stellar Shines, But Focus Returns to Bitcoin
The drop in Bitcoin Dominance (BTC.D) from 60.5% on November 22 to 59.34% on November 24 signaled a shift in capital from Bitcoin to altcoins during the market correction. When BTC.D decreases, investors tend to explore opportunities in altcoins with higher potential returns, albeit with greater risks.
Stellar $XLM price chart | Source : TradingView
One altcoin that stood out during this period was Stellar (XLM). Its price surged from $0.1 on November 12 to $0.6 on November 24, marking a 500% increase in less than two weeks. This remarkable rise highlights the strong interest from investors in altcoins perceived as undervalued and offering significant growth potential, particularly when Bitcoin faced selling pressure near the psychological $100K level.
The sharp increase in XLM’s price demonstrates how altcoins can shine during times of uncertainty in the broader crypto market. However, as BTC.D rebounded to 59.58% on November 25, the trend indicated that the market was refocusing on Bitcoin. This reflects investors’ confidence in Bitcoin as the primary and more stable asset amidst market volatility.
Have you ever had the feeling that the volatility of cryptocurrency prices is too much to manage?
One moment they are soaring, and the next they are plummeting rapidly. Stablecoins fill that role. Consider stablecoins as that reliable friend who remains calm even amidst chaos. But what exactly are they and why do they hold such significance? Let’s jump in and discover!
What Are Stablecoins?
Stablecoins are like the steady option in the world of digital money. Unlike Bitcoin or Ethereum, which can go up and down in price, stablecoins are linked to real-world assets like dollars, euros, gold, or even smart algorithms. This makes their value more predictable, giving people a reliable choice in the ever-changing crypto space.
Why Are Stablecoins Important?
Imagine you’re an international trader or a business owner handling transactions across borders. Bitcoin might sound like a great option, but its value could jump 20% one day and drop just as much the next. It’s exciting, but not exactly practical for stable busines. This is why they are commonly used for:
Transferring money overseas: Quicker and more cost-effective than previously.
Safeguarding your possessions: Ensuring they are secure from fluctuations in the market.
DeFi and lending: Acting as a steadier form of collateral in decentralized finance applications.
A Bridge Between Two Worlds
Tablecoins are more than just a different form of digital currency. They act as a functional link between conventional finance and the changing realm of digital currencies. By keeping their value steady, they enable users to enter the crypto market without worrying about unexpected price changes.
Stablecoins provide simplicity and accessibility to the digital economy, whether used for everyday transactions or investment management. They merge the trustworthiness of traditional currencies with the inventive capabilities of blockchain technology, producing a distinct financial instrument that attracts a wide range of people.
What is your opinion? Is it possible that stablecoins are the solution for a safer and more equitable financial future?
Stablecoins are not just USDT and USDC!
Stablecoins are much more diverse than just the big names like USDT and USDC. They offer a range of options for users depending on their preferences and needs, from fiat-backed to algorithmic models. Each type has its own way of maintaining stability and playing a unique role in the broader financial system.
1. Fiat-Backed Stablecoin
Fiat-backed stablecoins are among the simplest and most popular. Their value is tied directly to traditional currencies like the US Dollar or Euro, with reserves held in trusted financial institutions.
Examples: USDT, USDC, BUSD How They Work: For every stablecoin, there’s an equal amount of cash or similar assets sitting in reserve. Why They’re Stable: Because they’re backed 1:1 with real money, their value stays consistent, making them a great choice for payments or savings.
2. Crypto-Backed Stablecoins
These are backed by cryptocurrencies instead of cash. Since crypto prices can swing a lot, these stablecoins use extra collateral to make sure they stay steady.
Examples: DAI, sUSD How They Work: People lock up more crypto than the stablecoin is worth to handle any price changes. Why They’re Stable: The extra crypto acts like a safety cushion, keeping their value steady even if the market moves.
3. Algorithmic Stablecoins
Algorithmic stablecoins use technology rather than reserves to manage their value. These coins rely on smart contracts to balance supply and demand, with some models incorporating partial reserves for extra security.
Example: Frax How They Work: Algorithms adjust the supply of the stablecoin to maintain its target value. What Keeps Them Stable: Programmatic interventions help balance market forces and ensure consistent value.
Differences Among the Three Types of Stablecoins
The differences between the three types of stablecoins.
Differences between stablecoin type | Source : Chaindebried
What’s Next for Stablecoins?
The stablecoin market is rapidly evolving, with hybrid models like Frax gaining traction for combining decentralization and stability. These innovations appeal to users seeking alternatives beyond traditional approaches.
However, fiat-backed stablecoins continue to dominate due to their simplicity and strong cash backing, offering safety and reliability. The future of stablecoins will depend on balancing innovation with the trust and stability users demand.
Top 5 Stablecoins by Market Cap in 2024
According to CoinGecko, stablecoins are becoming a big deal in the crypto world. They’ve changed the way we handle transactions and save money, giving us some much-needed stability in a market that’s usually all over the place.
In November 2024, CoinGecko’s rankings highlight the top stablecoins that dominate the market, showcasing their vital role in the ever-growing blockchain econom Let’s dive into the top five stablecoins by market capitalization!
With the dominance of stablecoins clear, two names consistently stand out as the giants of the market: USDT (Tether) and USDC (USD Coin).
In the next segment, we’ll explore what makes USDT and USDC the go-to choices for traders, investors, and institutions alike. From their mechanisms to their global impact, get ready to uncover the driving forces behind these leading stablecoins!
Dive Deeper to USDT, The King of Stablecoins
When it comes to stablecoins, USDT or Tether is undoubtedly at the top. Its reputation for stability and unmatched liquidity has made it the preferred choice for traders, businesses, and even institutions. But what sets USDT apart from the rest? Let’s break it down.
USDT, or Tether, is more than just another stablecoin. It is the backbone of the cryptocurrency market. With an impressive market cap of $132 billion in 2024, it does not just lead among stablecoins but also stands as one of the most actively traded cryptocurrencies globally. So, what makes USDT such a dominant force
Key Reasons Behind USDT’s Popularity
1. Unmatched Liquidity
USDT consistently leads in trading volumes, making it one of the most in-demand stablecoins for both individual traders and institutions.
2. Multi-Chain Integration
Tether USD Top 100 Token Holders | Source: Etherecan.io
Operating on multiple blockchains like Ethereum and Binance Smart Chain, USDT ensures accessibility and smooth liquidity, supported by major exchanges such as Binance and OKX
Each USDT token is fully backed 1:1 by reserves such as cash and short-term investments, with regular transparency reports reinforcing trust and reliability.
Use Cases USDT
Use case USDT | Source: Tether
For Individuals
Offers a stable store of value, especially during volatile A safe haven during volatile market conditions.
A convenient option for traders hedging risks or engaging in arbitrage.
For Businesses
Simplifies cross-border payments with lower fees and faster transaction times compared to traditional banks.
Offers a way for merchants to accept crypto payments without worrying about price swings.
For DeFi and Exchanges
Essential for decentralized finance as collateral and trading pairs.
A key liquidity provider, ensuring smooth operations for both exchanges and traders.
What Makes USDT Special?
USDT offers unique advantages that have made it a cornerstone in the cryptocurrency world:
Works Everywhere: USDT is compatible with multiple blockchains, making it accessible and flexible.
Highly Liquid: Its massive trading volumes ensure users can always trade or exchange it easily.
Global Reach: Accepted and trusted by users across the globe.
Backed by Real Assets: Each USDT is fully supported by cash and short-term reserves.
Regulation Ready: Complies with financial standards to ensure user confidence.
Transparent Operations: Regular updates on reserves build trust and credibility.
Always Available Support: Reliable assistance is provided whenever users need it.
What’s Next for USDT?
USDT isn’t just for traders. It has become a vital part of financial innovation, bridging the gap between traditional systems and the crypto world. Its steady growth and strong reputation suggest it will continue to lead the stablecoin market while introducing new features that keep it relevant and trusted.
Up next, we’ll take a closer look at USDC, a competitor with its own strengths and unique approach.
USD Coin, or USDC, stands as a strong contender to Tether (USDT), carving out its place as a trusted and regulated stablecoin in the crypto world. With a market circulation of $38.86 billion, USDC is often seen as the “digital dollar” that blends reliability with compliance.
Launched in 2018 by Circle in collaboration with Coinbase, USDC is backed 1:1 by US dollars held in reserves. These reserves, comprised of cash and short-term U.S.
Market Growth: Since its inception, USDC has achieved a remarkable $18.16 trillion all-time trading volume, reflecting its rapid adoption across the crypto ecosystem.
Liquidity at Its Best: Boasting a $42.18 billion 24-hour trading volume, USDC simplifies trading for institutions and retail investors, ensuring smooth transactions at any scale.
One of the key features that sets USDC apart is its wide availability across 16 major blockchains. This includes popular networks like Ethereum, Solana, Polygon, and Avalanche, ensuring seamless integration and flexibility for users across various platforms.
Expanding Global Reach
USDC’s availability in 100+ countries cements its role as a stablecoin for global use.
Why Pick USDC?
USDC is known for being clear and trustworthy, with regular checks and strong support from regulations. It’s a popular choice in the crypto world because it’s easy to use and reliable. Whether you’re trading, using DeFi, or sending money abroad, USDC gives you a stable and dependable option.
As the stablecoin debate heats up, the next focus will be on a closer look at the competition: USDT VS USDC. Which one truly dominates?
USDT vs USDC in the Stablecoin World
While USDT and USDC are both designed to offer price stability and simplify transactions, they cater to different priorities and user needs. Here is a comparison to help you decide which one fits best:
Feature
USDT (Tether)
USDC (USD Coin)
Market Capitalization
$132 billion
$38.86 billion
Transparency
Backed by cash, equivalents, and other assets with limited audit transparency
Fully backed 1:1 by cash and U.S. Treasury bonds with monthly audits
Blockchain Support
Available on major blockchains like Ethereum, Solana, Tron, and Binance Smart Chain
Supports 16 blockchains including Ethereum, Solana, Polygon, and Avalanche
Use Case
Preferred for high-volume trading and liquidity
Favored by institutions and DeFi users for compliance and transparency
Choosing between USDT and USDC really depends on what you’re looking for. If you value flexibility and easy access, USDT might be your go-to. But if trust and solid regulatory support are more your thing, USDC is a strong choice. Both are major players in the growing crypto space, and platforms like PEXX are making it even easier to bridge the gap between crypto and traditional finance.
PEXX, Revolutionizing Stablecoin Payments in Indonesia
As stablecoins like USDT and USDC continue to revolutionize the financial ecosystem, platforms like PEXX stand at the forefront of this transformation. Designed to bridge the gap between cryptocurrencies and traditional banking, PEXX offers seamless cross-border payment solutions, including direct transfers to banks in Indonesia.
PEXX’s innovative platform provides several key advantages that make it a game-changer in global money transfers:
Speed: Transactions are completed in under 5 minutes, ensuring efficiency.
Affordability: Transparent Google Finance rates with zero hidden fees.
Global Access: Supports transfers to 50+ countries in 16 currencies.
User-Friendly Interface: Designed for all users, from crypto experts to beginners.
Enhanced Security: Partners with Fireblocks to provide top-tier asset security.
Tailored for Indonesian Users
In Indonesia, PEXX supports transfers to major banks like BCA, BNI, BRI, Mandiri, and Permata, with transaction limits of up to USD 1 million per transfer. For other banks, users can transfer up to IDR 100 million per transaction, making PEXX ideal for both personal and business needs.
With such tailored support, PEXX opens up a world of possibilities for Indonesians to leverage stablecoins in a practical, secure, and efficient manner. Whether you’re an entrepreneur managing international payments or an individual seeking a reliable remittance option, PEXX offers a solution that simplifies global money movement.
You can start your journey with PEXX here and enjoy fast, secure, and affordable cross-border transfers!
Bitcoin has been setting new all-time highs (ATH) almost every day this week. Based on the latest data, Bitcoin recorded several significant price surges, as marked by the red arrows on the chart. Each surge highlights strong bullish momentum amid heightened market enthusiasm.
Chart Price of Bitcoin | Source: TradingView
On November 19, Bitcoin reached an ATH of around $94,600. This bullish trend continued on November 20, with the price climbing to $96,800, driven by increased demand from large-scale investors. On November 21, Bitcoin hit another ATH at $98,000 before experiencing a minor correction, maintaining an overall upward trajectory.
The peak came on November 23, when Bitcoin hit its highest price of $99,906, inching ever closer to the psychological milestone of $100,000. This remarkable achievement underscores market optimism, as Bitcoin appears to be on the verge of breaking through to new record levels.
Chart Price of Bitcoin | Source: TradingView
Although there was a slight pullback after touching $99,906, the strong momentum driven by institutional interest via ETFs and retail demand continues to support the price. These daily price surges not only reflect the market’s confidence in Bitcoin but also indicate sustained buying pressure from diverse market participants.
Volume Surge and Stock-to-Flow Alignment
Chart Volume of Bitcoin | Source: TradingView
Bitcoin’s trading volume has shown impressive numbers over the past few days, reflecting a highly active market. In the last 24 hours alone, trading volume reached $2.86 billion, signaling strong interest from both institutional and retail investors.
This increase in volume serves as a key indicator of rising demand for Bitcoin. Strong buying activity is evident not just in trading volume but also in the growing positive sentiment among market participants. Sustained high volume is playing a crucial role in maintaining the stability of Bitcoin’s upward price trend.
The Stock-to-Flow (S2F) model further validates this price trend. According to S2F, which uses Bitcoin’s scarcity as the core factor, the current price trajectory aligns closely with post-halving predictions. The model illustrates that after each halving, Bitcoin’s price tends to experience significant growth over the following months or years. Currently, S2F projects Bitcoin to reach $100,000 to $120,000 during this cycle.
The combination of high trading volume and validation from the S2F model provides greater confidence to the market. With these two indicators, Bitcoin showcases strong fundamentals to continue its trajectory toward the psychological milestone of $100,000.
Bitcoin Leads the Market as Ethereum Struggles to Keep Up
Market Cap of Bitcoin | Source : CoinMarketCap
Bitcoin continues to dominate the cryptocurrency market with a market capitalization of $1.95 trillion, far surpassing its closest competitor, Ethereum, which holds a significantly smaller market cap of $401 billion. Over the past few days, Bitcoin’s market cap has consistently risen, fueled by its price rally nearing the $100,000 mark.
Market Cap BTC Dominance | Source : TradingView
Bitcoin’s market dominance, currently at 59.67%, remains substantial despite a slight dip from its peak of 61%. This indicates that the majority of capital in the cryptocurrency market is still concentrated in Bitcoin. The recent decline in BTC dominance may be attributed to capital rotation into other cryptocurrencies, such as altcoins.
Ethereum, on the other hand, is showing a declining trend in its dominance. ETH dominance currently stands at 12.27%, down from higher levels earlier this week. This decline suggests that Ethereum has not yet garnered enough momentum to challenge Bitcoin’s lead.
The disparity in market cap and dominance between Bitcoin and Ethereum highlights their distinct roles in the cryptocurrency market. While Bitcoin commands attention as “digital gold,” Ethereum focuses on innovation within DeFi and NFTs.
Top Crypto Gainers by Market Cap and Percentage
Building on Bitcoin’s dominance and Ethereum’s steady performance discussed earlier, the spotlight now shifts to how altcoins are carving their own paths in the market. While Bitcoin and Ethereum maintain their leadership in market cap, several altcoins are solidifying their positions with robust growth and increased adoption. Bitcoin remains unmatched with a staggering $1.95 trillion market cap, while Ethereum continues to play a critical role with $401 billion. Among the rising stars, Solana (SOL) and Binance Coin (BNB) have shown remarkable resilience, securing the 4th and 5th spots with market caps of $120 billion and $92 billion, respectively.
Top Crypto Gainer by Market Cap | Source : CoinMarketCap
Other notable mentions include XRP, holding strong in the 6th position with an $88 billion market cap, buoyed by positive legal developments and key partnerships. Meanwhile, Dogecoin (DOGE) retains its appeal among retail investors, ranking 7th with $63 billion in market cap.
Top Percentage Gainers This Week
In terms of weekly performance, Stellar (XLM) leads with a remarkable 200.82% increase, driven by expanding adoption and strategic initiatives that boosted its appeal among investors. Hedera (HBAR) also made significant strides, gaining 93.47%, supported by its institutional partnerships and innovations within its blockchain network. Meanwhile, Cardano (ADA) recorded a solid 45.93% increase, reflecting its consistent technological progress and strong developer community.
Top Crypto Gainer by Percentage | Source : CoinMarketCap
Other standout performers include Cosmos (ATOM), which rose by 45.08% due to its growing influence in blockchain interoperability, and Quant (QNT), which gained 41.12%, driven by rising demand for its blockchain-based solutions in enterprise data integration. VeChain (VET) also saw a 42.25% increase, signaling renewed interest in its enterprise applications.
Speaking of "100" milestones, the US bitcoin ETFs hit $100b in assets (altho more like $104b given the price surge overnight) w/ YTD flows flirting with $30b (double our estimate). They're now 97% of way to passing Satoshi as biggest holder and 82% of way to passing gold ETFs. pic.twitter.com/Y3070yW7Jx
The surge in Bitcoin’s market dynamics has been matched by the rapid growth of Bitcoin ETFs, which recently achieved a remarkable $108.28 billion in total assets under management (AUM). Leading the charge is iShares Bitcoin Trust (IBIT), with an AUM of $47.93 billion, firmly establishing itself as the largest player in the space. Other ETFs such as GBTC and FBTC follow, showcasing significant investor interest, with volumes reaching $3.71 billion and $622.36 million, respectively.
This surge in Bitcoin ETFs signifies the growing trust in regulated investment products linked to Bitcoin. Funds like ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) have gained traction, offering competitive expense ratios of 0.21% and 0.25%, respectively. Meanwhile, the consistent performance of ProShares Bitcoin ETF (BITO) and VanEck Bitcoin ETF (HODL) underscores the expanding variety of Bitcoin-related investment vehicles catering to diverse investor needs.
The ETF flow data further underscores this trend, revealing notable inflows across leading funds. IBIT, for instance, recorded a massive inflow of $1,119.9 million on November 6, 2024, the highest among all funds during this period. November 11 also marked a significant total inflow of $1,114.1 million across the board, reflecting a consistent pattern of investor confidence.
Bitcoin continues to showcase impressive performance, fueled by surging institutional interest and growing retail participation. Significant inflows into Bitcoin ETFs have become a key catalyst, driving its price closer to all-time highs. This reflects the increasing recognition of Bitcoin as a premier investment asset.
The prospect of Bitcoin reaching $100,000 is bolstered by a combination of factors. Steady inflows, the upcoming halving event, and its rising popularity as “digital gold” provide strong positive momentum. However, market volatility and regulatory risks remain hurdles that cannot be ignored.
While reaching the $100,000 level cannot be guaranteed in the short term, the long-term trend remains optimistic. Bitcoin continues to solidify its position in global finance, symbolizing transformation and innovation amidst the evolving economic landscape.
Tron founder Justin Sun made headlines with his $6.2 million purchase of Maurizio Cattelan’s “Comedian,” a banana duct-taped to a wall. The unconventional artwork, auctioned at Sotheby’s, has become a symbol of modern art’s ability to blur the lines between humor, culture, and value. Sun described the piece as a bridge between art, memes, and the cryptocurrency community.
I’m thrilled to announce that I’ve bought the banana !!! @SpaceX@Sothebys I am Justin Sun, and I’m excited to share that I have successfully acquired Maurizio Cattelan’s iconic work, Comedian for $6.2 million. This is not just an artwork; it represents a cultural phenomenon… pic.twitter.com/lAj1RE6y0C
What set this apart was Sun’s declaration that he plans to eat the banana as part of a unique artistic experience. This act would add a performative layer to the artwork, emphasizing the temporary nature of its physical form. Sun’s bold move not only captured attention but also ignited debates about art and its evolving role in modern society.
“Comedian” allows the banana and tape to be replaced as they degrade, meaning Sun essentially purchased the concept and its certificate of authenticity rather than the banana itself. This aspect of the artwork questions the essence of ownership in art, making it as much about the idea as the physical piece.
Since its debut in 2019, the artwork has sparked fascination and controversy. Sun’s purchase at an unprecedented price cements its place as a cultural icon, further blurring the lines between traditional art and digital culture.
The auction for “Comedian” was a spectacle in itself. Starting at $800,000, the bidding quickly escalated over six minutes as six competitors battled for ownership. By the end, Sun secured the piece with a $5.2 million bid, plus $1 million in fees, bringing the total to $6.2 million. The final price was more than four times its pre-sale estimate.
The auctioneer added humor to the event with banana-themed jokes, quipping, “It’s slipping through the auction room,” and urging bidders not to “let it slip away.” These remarks lightened the tension in a room filled with bidders willing to spend millions on a duct-taped banana.
Sun’s win drew significant attention, not just for the artwork’s price but for his plans to eat it. This announcement elevated the sale beyond the art world, creating a viral moment that resonated across social media platforms. His decision made “Comedian” more than an auctioned item—it became an event.
The lively atmosphere and Sun’s involvement turned the auction into a cultural phenomenon. It wasn’t just about purchasing art; it was about creating a moment that would be remembered long after the banana is gone.
Sun’s purchase and the subsequent memecoin market reactions underscore the evolving relationship between art, crypto, and culture. “Comedian” serves as a symbol of humor and speculative value, reflecting the changing ways we perceive worth in both physical and digital assets.
The artwork’s viral appeal and Sun’s involvement highlight the growing intersection of traditional art and blockchain culture. Memes, often dismissed as trivial, are increasingly becoming vehicles for cultural and financial value. Sun’s purchase amplifies this shift, connecting art and crypto in a way that resonates globally.
However, the speculative nature of memecoins tied to the artwork reveals the risks of this fusion. While “Comedian” captured attention, its associated tokens saw dramatic losses, reminding investors of the unpredictability of such trends.
Ultimately, Sun’s $6.2 million banana is more than just an art piece; it’s a statement on the cultural forces shaping our time. Whether seen as genius or folly, it has left a lasting impact on the worlds of art and crypto.
Gary Gensler, Chair of the Securities and Exchange Commission (SEC), has announced his resignation, effective January 20, 2025. The announcement coincides with the inauguration of Donald Trump as the 47th President of the United States.
On January 20, 2025 I will be stepping down as @SECGov Chair.
In his statement on social media, Gensler described his tenure as “the honor of a lifetime” and reaffirmed his commitment to maintaining the integrity of U.S. capital markets. This decision has sparked significant reactions in financial markets, particularly within the crypto sector.
Press Release | SEC
During his leadership, Gensler became known for his stringent regulatory approach, including aggressive actions against major crypto companies like Binance, Coinbase, and Ripple. This approach was often criticized for stifling innovation within the blockchain ecosystem.
Gensler’s resignation also marks the end of one of the most controversial periods in the SEC’s history, especially regarding cryptocurrency regulations. Many market participants hope that his successor will adopt a more balanced policy that encourages crypto adoption while ensuring adequate investor protection.
Shortly after Gary Gensler announced his resignation, XRP experienced a sharp price increase of nearly 27.47%, reflecting growing market optimism. This sudden surge is seen as a direct reaction to Gensler’s departure, which many believe could lead to a more favorable regulatory environment for Ripple and other crypto projects.
Chart $XRP | Source: TradingView
Ripple CEO Brad Garlinghouse responded to the news with a playful yet telling post on social media. “This Thanksgiving, I’m thankful for…” he wrote, sharing Gensler’s resignation announcement. The comment, though brief, speaks volumes about the tensions between Ripple and the SEC under Gensler’s leadership.
The friction primarily stemmed from the SEC’s lawsuit against Ripple, which accused the company of selling XRP as an unregistered security. The legal battle has been a major obstacle for Ripple, creating uncertainty and hindering XRP’s growth. Garlinghouse’s reaction reflects the sense of relief within Ripple’s community, as many believe Gensler’s resignation could pave the way for a more balanced regulatory approach.
With Gensler stepping down, investors are hopeful that the SEC might soften its stance on XRP under new leadership. Garlinghouse’s post has only added to the growing speculation that Ripple could achieve a more favorable resolution to its ongoing legal challenges.
Bitcoin Celebrates Gensler’s Exit by Reaching $99,000
As Gary Gensler announced his resignation, Bitcoin made its own statement by surging to an all-time high of $99,000. This record-breaking milestone reflects the market’s optimism about the potential for a more supportive regulatory landscape under new SEC leadership.
Chart Bitcoin | Source: TradingView
The surge also highlights Bitcoin’s ongoing appeal as a store of value and a hedge against regulatory uncertainty. Earlier this year, the approval of Bitcoin spot ETFs laid the groundwork for increased institutional adoption, and Gensler’s exit appears to have amplified the bullish momentum.
Reaching $99,000 brings Bitcoin closer to the coveted $100,000 milestone, a goal long anticipated by the crypto community. This rally is seen as a symbolic victory, not just for Bitcoin, but for the broader industry, as it looks forward to a regulatory environment that supports innovation and growth.
Gensler’s Legacy and the Crypto Industry’s Criticism
Data of spent in defensive litigation when SEC under chair Gary Gensler | Source : blockchainassociation
Gary Gensler’s time at the helm of the SEC was marked by an unprecedented focus on enforcement, with the agency targeting numerous crypto firms. This aggressive stance led to skyrocketing legal expenses across the industry, as companies sought to defend themselves against regulatory actions. By November 2024, the cumulative costs for defensive litigation had reached a staggering $429 million, underscoring the heavy toll of Gensler’s enforcement-heavy approach on the crypto ecosystem.
Record number of action targeted against the digital currency | Source : blockchainassociation
Under Gensler’s leadership, the SEC initiated a record 104 enforcement actions against the crypto industry through 2023. These actions ranged from lawsuits against major players like Ripple, Binance, and Coinbase to smaller, lesser-known projects. The sheer number of cases highlights the SEC’s focus on enforcement over dialogue with the industry, a strategy that many believe hindered growth and innovation.
Survey results showcasing voter preferences on the SEC’s approach to regulating the digital asset industry | Source : blockchainassociation
Adding to the criticism, recent surveys show that 65% of crypto voters prefer a shift away from enforcement-driven regulation in favor of clearer rules and frameworks. This sentiment highlights the disconnect between Gensler’s policies and the industry’s needs. The data also reveals a strong demand for transparency and consistent guidelines, which are seen as essential for fostering growth and investor confidence in the blockchain sector.
With Gensler’s departure, the crypto community is hopeful for a more collaborative approach under new SEC leadership. Clearer regulations and reduced reliance on enforcement could create an environment where innovation thrives without sacrificing investor protection.
President-elect Donald Trump is advancing a groundbreaking initiative to create a dedicated White House role for cryptocurrency policy. This “Crypto Czar” position is designed to simplify blockchain regulations and establish the U.S. as a global leader in digital asset innovation.
The role aims to act as a central bridge between Congress, the SEC, the CFTC, and the White House. Trump’s campaign promises, including reducing regulatory barriers for blockchain companies and creating a National Bitcoin Reserve, reflect his focus on fostering innovation over restrictive policies.
Key industry figures, including Coinbase CEO Brian Armstrong and Cardano founder Charles Hoskinson, have been consulted about this role. Hoskinson has endorsed Armstrong for the position, praising his ability to unite the crypto industry and drive government action, including passing pro-crypto laws.
With respect to the idea of a Crypto-Czar at the Whitehouse, I feel the role needs to be filled with someone who is neutral, works with all the protocols, and has a deep understanding of why crypto is special as well as what the US government under Biden has done wrong.
Hoskinson also highlighted his success in Wyoming, where he helped pass 31 crypto laws. He emphasized the need to replicate these efforts federally to eliminate regulatory hurdles and enable blockchain to flourish. This initiative signals a new era of collaboration between government and the crypto industry.
Forging a National Crypto Alliance
In addition to the Crypto Czar role, the Trump administration is exploring the establishment of a National Crypto Council. This council is envisioned as a collaborative platform where government policymakers and blockchain industry leaders can come together to develop innovative and unified blockchain strategies. The initiative aims to strengthen the U.S.’s position as a global hub for crypto development.
The council is expected to address jurisdictional overlaps between agencies such as the SEC and CFTC, which have long caused confusion for crypto companies. By centralizing regulatory oversight under a single body, the council seeks to reduce bureaucratic hurdles and provide clearer guidance for blockchain enterprises operating in the U.S.
Key responsibilities of the council include drafting national crypto policies, coordinating legislative initiatives, and fostering partnerships between the public and private sectors. Supporters argue that this structure will drive innovation, attract international investments, and bolster the U.S. blockchain ecosystem.
If successfully implemented, the National Crypto Council could become a cornerstone of U.S. blockchain policy, fueling significant economic growth and positioning the nation as a global leader in digital asset development.
Influential Figures Driving Trump’s Crypto Vision
The Trump administration is rallying influential leaders from the blockchain industry and beyond to spearhead its crypto strategy. These individuals bring diverse expertise, blending private-sector innovation with public policy experience, to shape a forward-thinking regulatory framework.
1. Elon Musk – Co-leader of the Department of Government Efficiency (DOGE), leveraging blockchain to streamline federal operations and reduce waste.
3. Brian Brooks – Former Binance.US CEO and Acting Comptroller of the Currency, a strong candidate for SEC Chair, advocating for innovation-friendly policies.
Whoever @realDonaldTrump appoints as SEC chair won’t be starting from scratch. In his last administration President Trump built the infrastructure for two ATH cycles. Remember: https://t.co/qFpkneiOuF
4. Howard Lutnick – Appointed Commerce Secretary, tasked with integrating blockchain into national trade policies.
Thank you, President Trump for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the US has ever seen and unleash our full economic potential. pic.twitter.com/CTr0sdH6nt
5. Brian Armstrong – CEO of Coinbase, providing strategic input on crypto policies and advising on cabinet appointments.
HOROWITZ: "The Biden regulators lied about Crypto and said "we have to protect consumers," but as they were terrorizing every compliant and legal company, they let all the crazy fly-by-night memecoins and scams run, because they wanted to destroy the industry and destroy trust… pic.twitter.com/TExk1UNSwl
These key figures illustrate Trump’s commitment to aligning government initiatives with industry expertise. By involving leaders with deep roots in blockchain and technology, the administration aims to create policies that foster innovation while ensuring regulatory clarity.
This assembly of talent reflects a strategic approach to balancing innovation and oversight, ensuring the U.S. remains competitive in the global blockchain economy.
President-elect Donald Trump’s relationship with SEC Chair Gary Gensler has been marked by direct criticism and a pledge for regulatory change. Trump, who has openly opposed Gensler’s enforcement-heavy approach, views his policies as stifling innovation in the blockchain industry. Trump’s campaign promise to replace Gensler underscores his commitment to fostering a pro-crypto regulatory environment.
Speculation is growing that Gensler may resign voluntarily, aligning with the tradition of SEC chairs stepping down after a presidential election. A tweet from legal analyst MetaLawMan highlighted this pattern: Mary Jo White resigned after Trump’s 2016 election, and Jay Clayton stepped down after Biden’s victory in 2020. With Trump’s 2024 re-election, the crypto community is calling for Gensler’s departure, signaling a demand for change in SEC leadership.
Time to say Goodbye Gary!
Nov. 8, 2016: Trump elected Nov. 14, 2016: Mary Jo White (SEC Chair) announces her resignation
Nov. 3, 2020: Biden elected Nov. 16, 2020: Jay Clayton announces resignation
If Gensler does not step down, Trump is expected to appoint a pro-crypto figure to replace him. Potential successors include industry-friendly candidates such as Brian Brooks, Paul Atkins, and Dan Gallagher, who advocate for balanced policies that prioritize innovation while addressing regulatory concerns.
This anticipated leadership shift reflects Trump’s broader strategy to align federal regulatory agencies with the needs of the blockchain sector. By removing barriers like Gensler, the administration aims to create a regulatory framework that encourages growth and innovation in the digital asset industry.
Pro-Crypto Congress Lays the Foundation for Trump’s Blockchain Revolution
The pro-crypto surge in the 2024 elections bolsters President-elect Donald Trump’s push to integrate blockchain policies into the federal government. With initiatives like the creation of a Crypto Czar and the proposed National Crypto Council, the new Congress, dominated by pro-crypto lawmakers, provides robust legislative support for Trump’s blockchain-focused agenda.
Data on Pro-Crypto Regions in the US | Source: standwithcrypto
Data from Coinbase’s Stand With Crypto (SWC) initiative reveals that 247 pro-crypto candidates were elected to the House of Representatives and 15 to the Senate. These victories significantly outnumber anti-crypto lawmakers and signify a major legislative shift. Key wins, such as Senator-elect Bernie Moreno’s victory over crypto skeptic Sherrod Brown in Ohio, demonstrate the growing influence of blockchain advocates in shaping U.S. policy.
This alignment between Congress and the executive branch creates the groundwork for pivotal legislative reforms, including the proposed transfer of digital asset oversight from the SEC to the CFTC. Such a move would address jurisdictional overlaps and streamline regulatory processes, fostering a clearer and more innovation-friendly environment for blockchain companies.
With a pro-crypto Congress now in place, Trump’s administration is well-positioned to implement sweeping reforms. This collaboration is expected to unlock significant economic potential, attract global blockchain investments, and solidify the U.S.’s role as a leader in the global digital economy.
Wrapped Bitcoin (wBTC) is an ERC-20 token on the Ethereum network that represents Bitcoin with a 1:1 backing ratio. This structure allows BTC holders to use their assets within the Ethereum-based decentralized finance (DeFi) ecosystem engaging in lending, staking, and trading without having to sell or move their Bitcoin to another blockchain.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET.
On November 19, 2024, Coinbase announced plans to discontinue trading support for Wrapped Bitcoin (wBTC) effective December 19, 2024. According to Coinbase, this decision followed a routine review of assets listed on its platform, concluding that wBTC no longer meets their listing standards.
The announcement was met with surprise across the crypto community, as wBTC is one of the most popular tokens in the DeFi sector, with a total value locked (TVL) exceeding $13.5 billion.
wBTC Team’s Reaction to the Delisting Announcement
Following Coinbase’s announcement to delist Wrapped Bitcoin (wBTC) from its platform, the wBTC team quickly expressed their disappointment in an official tweet. They described the decision as surprising and unexpected, especially given that wBTC has long been regarded as one of the most decentralized and transparent BTC tokenization products on the market.
We regret and are surprised by Coinbase’s decision to delist WBTC. As the core team behind Wrapped BTC, we have always been committed to providing the community with the most compliant, transparent, and decentralized BTC tokenization product.
The wBTC team reaffirmed their commitment to maintaining strong regulatory and decentralized standards in all aspects of wBTC management, aiming to provide a trustworthy product for the DeFi community.
In the tweet, they urged Coinbase to reconsider its decision and expressed their willingness to engage in further discussions to address any concerns related to compliance or transparency.an produk alternatif Coinbase, yaitu Coinbase Wrapped Bitcoin (cbBTC), yang tampaknya akan menggantikan wBT.
Justin Sun’s Involvement in wBTC
Coinbase has not specified why wBTC failed to meet its listing standards, but external factors are thought to have influenced the decision. One major concern is the governance of wBTC, which became complex after BitGo partnered with BiT Global, an entity linked to Justin Sun. This partnership gave Sun partial control over wBTC, raising compliance and transparency questions.
Sun’s involvement has caused unease in the crypto community due to his controversial governance practices. Many worry this influence could undermine wBTC’s decentralized principles, impacting its reputation in DeFi.
The shift in wBTC’s governance has also led DeFi platforms like MakerDAO and Aave to reconsider supporting it as collateral or a liquidity asset. As these platforms re-evaluate, the future of wBTC in DeFi remains uncertain.
Exploring wBTC and Its Impact on the DeFi Universe
Wrapped Bitcoin (wBTC) is a groundbreaking crypto token that represents Bitcoin (BTC) on the Ethereum network. Created in the ERC-20 format, wBTC allows Bitcoin holders to tap into Ethereum’s decentralized finance (DeFi) ecosystem—think lending, staking, and liquidity pools—without needing to sell or transfer their BTC to a different blockchain.
Each unit of wBTC is backed 1:1 by Bitcoin stored securely with a trusted custodian, meaning that the value of wBTC closely follows that of Bitcoin. This backing guarantees that users can exchange 1 wBTC for 1 BTC at any time, making wBTC an appealing choice for those looking to use their Bitcoin in Ethereum’s DeFi platforms.
Uses of wBTC:
Allows Bitcoin to be used in DeFi applications on Ethereum, such as lending and staking.
Acts as collateral in DeFi protocols, enabling users to borrow other cryptocurrencies or stablecoins.
Provides a way to earn returns by supplying Bitcoin liquidity to DeFi pools, where users can collect transaction fees and rewards.
Lets Bitcoin be traded within Ethereum-based protocols without requiring network switching.
Goals of wBTC:
Brings Bitcoin liquidity to the Ethereum ecosystem, driving greater activity in the DeFi space.
Bridges the Bitcoin and Ethereum ecosystems, expanding Bitcoin’s accessibility within Ethereum applications.
Gives Bitcoin holders options to optimize their assets without having to sell or convert them to other assets.
Boosts DeFi adoption by making Bitcoin usable within Ethereum-based protocols, attracting more users to DeFi.
While wBTC has many strong use cases and goals that contribute Bitcoin liquidity to Ethereum’s DeFi ecosystem, it now faces a new challenge from Coinbase’s recently launched token, Coinbase Wrapped Bitcoin (cbBTC). Designed as a more transparent, integrated option within Coinbase, cbBTC is stepping up to compete with wBTC for a share in the DeFi market.
Competition with Coinbase Wrapped Bitcoin (cbBTC)
Coinbase Wrapped Bitcoin (cbBTC) is an ERC-20 token launched by Coinbase in September 2024 as an alternative to Wrapped Bitcoin (wBTC). Like wBTC, cbBTC is backed 1:1 by Bitcoin reserves, but it is fully managed by Coinbase.
cbBTC allows users to access BTC liquidity within the Ethereum ecosystem, offering high transparency and regular audits conducted by Coinbase. This token is designed to provide users with a safer, more seamless way to transact and leverage their BTC in decentralized finance (DeFi) applications that integrate with the Coinbase platform.
Key differences between cbBTC and wBTC:
Custodian: cbBTC is fully managed by Coinbase, whereas wBTC is managed by BitGo in collaboration with multiple partners, following a community governance model.
Transparency: cbBTC undergoes regular audits directly by Coinbase, while wBTC follows a decentralized structure with more limited transparency.
Accessibility: cbBTC is directly integrated with Coinbase, making it easily accessible to Coinbase users; meanwhile, wBTC has broader availability across various DeFi platforms.
Governance Approach: wBTC takes a decentralized approach with community participation, though its partnership with BiT Global has raised governance concerns. cbBTC, on the other hand, is centrally managed under Coinbase’s full control.
With these different approaches, cbBTC and wBTC offer distinct wrapped Bitcoin options tailored to users’ preferences, whether they prioritize centralized security or a more open, community-governed ecosystem.
Coinbase’s decision to delist Wrapped Bitcoin (wBTC) has sent waves through the decentralized finance (DeFi) ecosystem. For years, wBTC has been a go-to asset, bringing Bitcoin liquidity seamlessly into the Ethereum world. With over $13.6 billion in total value locked (TVL), wBTC plays a crucial role in several major DeFi platforms, including:
MakerDAO – where wBTC serves as collateral for minting the stablecoin DAI, providing stability and assurance to users.
Aave – offering users access to lending markets, enabling Bitcoin borrowing and lending in DeFi.
Uniswap – where wBTC in liquidity pools allows users to earn yield by participating in decentralized exchanges.
However, with the introduction of Coinbase Wrapped Bitcoin (cbBTC), there has been a major market shift. In just weeks after its launch, cbBTC quickly gained traction on Aave, with its market share in synthetic Bitcoin rising from 3% to 17%. Incentive programs like Aave’s October Merit reward program accelerated this transition by rewarding users for depositing cbBTC and borrowing USD Coin (USDC).
Coinbase’s move not only creates an integrated, secured alternative but also introduces a new “star” to the wrapped Bitcoin market. Now, users face a choice between the stability and security of Coinbase-audited cbBTC or the freedom and decentralization of wBTC. This shift has the potential to reshape the DeFi landscape, positioning cbBTC as a leading choice for users who prioritize certainty and security within Coinbase’s ecosystem.
MicroStrategy recently made another bold move in the crypto world. On November 18, 2024, they announced a massive purchase of 51,780 BTC at an average price of $88,627 per BTC, totaling approximately $4.6 billion.
MicroStrategy Announces Proposed Private Offering of $1.75B of Convertible Senior Notes. $MSTRhttps://t.co/dBJMUvfjj1
This purchase solidifies their position as the largest BTC-holding company, with a total of 331,200 BTC. Their portfolio’s current value stands at about $30.29 billion, with an unrealized gain of around 82.67% from their total investment of $16.58 billion.
MicroStrategy Announces Its Largest Purchase Yet: $4.6 Billion for 51,780 $BTC!
“This mega-deal brings significant updates to the stats:
– BTC Holdings: from 279,420 #BTC to 331,200 BTC – MSTR Realized Price: from $42,692 to $49,874 – MSTR MVRV: from 2.12 to 1.80 – Percentage… pic.twitter.com/gNT4IY1fX9
MicroStrategy’s commitment to Bitcoin is evident from this massive investment. Michael Saylor believes Bitcoin is a long-term asset that will protect the company’s value against inflation and global economic uncertainty.
Unique Convertible Notes Offering
To fund this Bitcoin purchase, MicroStrategy raised $1.75 billion through convertible notes set to mature in 2029. These notes have a 0% interest rate, meaning there are no interest payments to investors. However, they can be converted into shares or cash, giving flexibility to investors.
For investors, this is a unique opportunity to gain exposure to Bitcoin through MicroStrategy’s stock. MicroStrategy’s stock price (MSTR) often moves in tandem with Bitcoin prices, making it an appealing alternative for those who want to benefit from BTC’s price increases without directly buying Bitcoin.
This approach demonstrates how MicroStrategy employs innovative strategies to raise capital. By avoiding interest payments, they can manage cash flow more flexibly while still supporting their Bitcoin-first mission.
Michael Saylor’s Conviction in Bitcoin
Michael Saylor has unwavering confidence in Bitcoin’s long-term potential. He believes Bitcoin is the “digital gold” of the future, one that will continue appreciating in value.
Saylor views Bitcoin as the best store of value, especially amid global economic uncertainty and market volatility. In various interviews, Saylor has emphasized that gold or fiat currencies don’t match Bitcoin’s potential as a corporate reserve.
He believes Bitcoin can shield the company from value erosion due to rising inflation, which is one of the main reasons MicroStrategy consistently accumulates BTC.
MicroStrategy has accumulated 331,200 BTC at a total cost of approximately $16.58 billion. With Bitcoin’s price rising, their portfolio’s value has now reached $30.29 billion, providing substantial unrealized gains. This is not just about profit but also reflects the company’s long-term strategy towards Bitcoin.
The average purchase cost per BTC stands at $50,071, giving them a significant gain over their initial investment. With such a large position, MicroStrategy has become a leader in Bitcoin accumulation among public companies, showing their readiness to hold BTC despite market fluctuations.
Data on Dollar Cost Average, total Bitcoin holdings, Bitcoin purchases, and Bitcoin gains of MicroStrategy | Source : Saylotracker
This move illustrates that MicroStrategy does not view Bitcoin merely as a speculative tool. Instead, they see it as a core asset to preserve the company’s value. This confidence has made them one of the largest “whales” in the Bitcoin world, influencing the market with every major acquisition.
Consistent and Significant Bitcoin Purchases
MicroStrategy has acquired 51,780 BTC for ~$4.6 billion at ~$88,627 per #bitcoin and has achieved BTC Yield of 20.4% QTD and 41.8% YTD. As of 11/17/2024, we hodl 331,200 $BTC acquired for ~$16.5 billion at ~$49,874 per bitcoin. $MSTRhttps://t.co/SRRtRrB2jO
This year’s acquisitions have been monumental for MicroStrategy. On November 18, 2024, the company bought 51,780 BTC for $4.6 billion, averaging $88,627 per BTC. Just a week earlier, on November 11, 2024, they acquired 27,200 BTC for $2 billion at an average price of $74,463.
The acquisition streak also includes 8,742 BTC bought on September 20, 2024, at an average price of $61,750, totaling $458.2 million. On September 13, 2024, MicroStrategy made another significant purchase of 18,300 BTC at $60,408 per BTC, worth $1.1 billion. These large-scale purchases demonstrate the company’s strategy to leverage Bitcoin’s appreciation, even amid market volatility.
For MicroStrategy, these acquisitions go beyond immediate profits. With over $16.58 billion invested in Bitcoin, Michael Saylor and his team are strategically positioning the company for sustained relevance in the digital age.
MicroStrategy’s stock (MSTR) continues to show significant gains in line with the company’s growing investment in Bitcoin. On November 19, 2024, MSTR traded around $385.17, up 1.74% in a single day. This increase coincides with the recent large-scale BTC purchase announced by MicroStrategy, which added 51,780 BTC to its holdings.
Traditional investors seeking Bitcoin exposure through conventional means are increasingly drawn to MSTR, as its stock price closely correlates with Bitcoin’s performance. When BTC appreciates, MicroStrategy’s stock tends to follow suit, making it an appealing alternative for investors who want to benefit from Bitcoin’s price appreciation without directly purchasing BTC.
In the world of prediction betting, one well-timed decision can make all the difference. This was certainly the case for “zxgngl”, a whale on Polymarket, who scored an impressive profit by betting on Donald Trump’s victory in the 2024 U.S. presidential election.
Profit of “zxgngl” in the U.S. Election Bet | Source: Polymarket
By buying Trump shares at an average price of 61¢ and later selling them at 99¢, zxgngl walked away with a remarkable gain of $11,226,887.92, or about 62.28%.
JUST IN: Polymarket user "zxgngl" has bet $18 million on Trump, with a potential payout of $29.5 million.
This win wasn’t just luck; it was a calculated move based on smart strategy and timing. The success placed zxgngl firmly in the spotlight within the Polymarket community. In a competitive environment where every decision counts, zxgngl demonstrated boldness and a sharp eye for opportunity amid the political uncertainty surrounding the election.
In the leaderboard of Polymarket’s top traders, zxgngl currently holds the fourth spot, with an impressive profit total of $7.8 million. Though not the highest—behind other notable figures like Theo4 at $22 million and Fredi9999 at $16.6 million and zxgngl’s success has cemented their position among the top players. This substantial gain underscores their skill in navigating Polymarket’s complex prediction markets..
Optimism on the Tyson vs. Paul Fight
The odds have hardly moved since this fight started.
After scoring big on the Trump bet, zxgngl decided to go all-in again, this time betting on Mike Tyson in his highly anticipated match against Jake Paul. Confident in Tyson’s abilities, zxgngl placed a hefty $3.6 million wager on Tyson, purchasing over 11 million shares at an average price of 33¢ each.
Account “zxgngl” after Mike Tyson’s Loss | Source: Polymarket
Looking at Polymarket data, the market leaned toward Jake Paul before the fight. Prediction charts showed Paul’s odds of winning hovering around 63.5%, while Tyson’s odds stayed below 30%.
Market Condition in the Jake Paul vs. Mike Tyson Bet | Source : Polymarket
The prediction market saw over $63 million in trading volume, highlighting the intense interest in this match. Despite the odds favoring Paul, zxgngl remained optimistic, willing to take a significant risk against the dominant market sentiment that leaned heavily toward Paul.
Unfortunately, zxgngl’s massive bet on Tyson didn’t pay off. In the eight-round fight, Jake Paul emerged victorious with a unanimous decision from the judges, while Tyson appeared fatigued in the later rounds.
Account “zxgngl” after Mike Tyson’s Loss | Source: Polymarket
The $3.6 million zxgngl wagered on Tyson ended in a total loss, erasing almost a third of the profits previously gained from the Trump bet.
Transaction of “zxgngl” in the Jake Paul vs. Mike Tyson Bet | Source : Polymarket
According to transaction data, zxgngl made multiple purchases of Tyson shares at various prices and volumes, showing a high level of confidence despite the unfavorable odds. Some of the major purchases included 60,988 shares at 48¢ for $26,123.20 and 39,935 shares at 65¢ for $29,574.35.
In the end, all these shares were wiped out after Tyson’s defeat, underscoring the substantial risk involved in prediction betting, where even experienced traders like zxgngl can face significant losses on a single event.
While zxgngl faced a major setback, another whale on Polymarket managed to come out on top with a well-placed bet on Jake Paul’s victory.
Account “thatdawg” after Jake Paul’s Win | Source: Polymarket
User “thatdawg” placed a significant wager on Jake Paul winning the fight against Tyson, and this choice proved highly profitable. Thatdawg acquired Paul’s shares at different prices and amounts, demonstrating confidence in Paul’s abilities.
Transaction of “thatdawg” in the Jake Paul vs. Mike Tyson Bet | Source : Polymarket
Data reveals that thatdawg purchased shares at 59¢ in multiple large transactions, such as 13,000 shares worth $7,670.00 and 176 shares worth $104.11. Other smaller purchases included 99 shares for $58.40 and 150 shares for $88.50. In total, thatdawg secured a profit of $78,635.45, with a final position value of $109,682.58, marking him as one of the biggest winners in this prediction market.
With a trading volume exceeding $290,000, thatdawg cemented his status as a savvy and strategic player on Polymarket, taking substantial gains from a carefully calculated bet on the younger and more favored fighter.
Coinbase CEO Brian Armstrong has shown strong support for the DOGE initiative, describing it as a “once-in-a-lifetime opportunity” to enhance economic freedom in the United States. In his November 17 post on X, Armstrong emphasized that excessive government spending is a significant problem in the U.S. economy and suggested capping federal expenditure at 10% of the nation’s GDP.
Armstrong believes that with stricter budget controls, the U.S. economy could experience healthier growth without being weighed down by fiscal burdens. Armstrong also proposed innovative ideas to align incentives towards long-term fiscal discipline.
. @DOGE is a once in a lifetime opportunity to increase economic freedom in the U.S. and cut the size of government back to health.
The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over…
For instance, he floated the idea of a constitutional amendment to limit government spending or creating a U.S. sovereign wealth fund, where every citizen has a stake. This fund would allow budget surpluses to be distributed as dividends to citizens, encouraging them to have a personal interest in the nation’s fiscal health.
Trump’s Bold Move for a More Efficient Government
President-elect Donald Trump recently announced a new department called the “Department of Government Efficiency” or DOGE, surprising many. This department is designed to streamline federal spending and cut back on regulations that are seen as barriers to economic growth.
By creating DOGE, Trump hopes the government can reduce the budget burdens that often slow growth and build a more efficient, responsive system for public needs.
To lead this new department, Trump chose two prominent figures, Elon Musk and Vivek Ramaswamy, both known for their backgrounds in technology and economic deregulation.
DOGE will soon begin crowdsourcing examples of government waste, fraud, & and abuse. Americans voted for drastic government reform & they deserve to be part of fixing it. https://t.co/iRXmgT6ZuQ
Musk, with his track record in tech, and Ramaswamy, a strong advocate for reducing government interference, are expected to bring a fresh vision to government management.
Trump created DOGE to tackle issues that he believes hinder the federal government’s effectiveness, specifically inefficient spending and overregulation. In fiscal year 2024, the U.S. government spent $6.75 trillion, an increase of 10%, or $617 billion, compared to the previous year.
U.S. Government Spending in Fiscal Year 2025 | Source: Fiscal
Trump believes that this level of spending could highlights the need for a major shift in how the country’s finances are managed. He thinks that excessive bureaucracy and complicated regulations have made the government less responsive to public needs and more of a drain on the budget.
With DOGE, Trump plans to eliminate what he sees as wasteful spending and overhaul regulations that he believes are excessive.
“The government should focus on core priorities that serve the people, not allow budget waste to continue,” Trump said.
DOGE is expected to bring spending back in line with essential priorities and ease the pressure on the economy. By making the government more efficient, it will be better prepared to face future challenges and secure long-term financial stability.
The name DOGE was inspired by Dogecoin, a popular cryptocurrency supported by Elon Musk. While there’s no direct link to Dogecoin, the name suggests innovation and change, much like how Dogecoin grew from an internet joke to a global phenomenon. DOGE has a positive association and reflects a desire to overhaul government bureaucracy, turning it into a more modern, efficient system.
DOGE’s Main Functions and Goals
DOGE serves as an advisory body and works closely with the White House and the Office of Management and Budget (OMB) to find ways to save $2 trillion in federal spending. Its main goals include:
Identifying and eliminating wasteful spending,
Cutting back on regulations that hold back innovation, and
Restructuring federal agencies to be leaner and more results-focused.
Big Ambitions and Challenges
Elon Musk believes that DOGE could cut around $2 trillion from the federal budget, though it’s unclear if this would be achieved in one year or over a longer period. Jamie Dimon, CEO of JPMorgan Chase, also supports DOGE, seeing it as a promising step toward better government competency. However, some have raised concerns about a potential conflict of interest, as Musk’s companies, such as SpaceX, are contractors for the U.S. government.
The announcement of DOGE and Musk’s involvement had a huge impact on Dogecoin’s price and market cap. Here’s a breakdown of the events and how they affected Dogecoin’s value:
1. September 7, 2024 – Elon Musk Tweets about DOGE
Elon tweeted about D.O.G.E (7 September) | Source: TradingView
On September 7, 2024, Elon Musk tweeted for the first time about DOGE, posting a picture of himself holding a sign that said “D.O.G.E.” The tweet sparked excitement among crypto fans, who saw DOGE as more than just a government program and viewed it with the same spirit of innovation as Dogecoin.
Impact: Dogecoin’s price quickly jumped from $0.10 to $0.13 within hours. Trading volume surged on the charts, showing strong market interest in the token.
2. November 12, 2024 – Trump’s Official DOGE Announcement
On November 12, Trump officially announced DOGE and Elon Musk’s role as its leader. Musk shared this on social media, and the market reacted positively.
Impact: Dogecoin’s price soared again, from $0.13 to around $0.25 in a single day, marking a gain of over 90%. Dogecoin’s market cap also surged, rising from $16 billion to around $32 billion as interest in DOGE and Dogecoin grew.
3. November 13, 2024 – Musk’s Follow-Up Tweet about DOGE
Market impact after Trump’s statement about D.OG.E | Source : TradingView
On November 13, Musk tweeted about DOGE again, calling it “the future of efficient government.” This message strengthened positive sentiment in the market, leading to a significant price increase.
Impact: Dogecoin’s price rose from $0.25 to $0.36, with a visible rise in trading volume on the chart. Dogecoin’s market cap hit around $54 billion, making it one of the best-performing crypto assets during this period.
Summary of Market Cap and Price Impact on Dogecoin:
November 7, 2024: Price rose from $0.10 to $0.13 after Musk’s tweet.
November 12, 2024: Trump’s announcement boosted the price from $0.13 to $0.25; market cap increased from $16 billion to $32 billion.
November 13, 2024: Musk’s second tweet drove the price up from $0.25 to $0.36, with market cap reaching around $54 billion.
With Musk’s support and the DOGE announcement, Dogecoin successfully captured market attention, driving its price and investor confidence higher. This surge in price and market cap shows that the DOGE program is impacting not only government reform but also the global crypto market.
As Trump returns to the White House, stablecoin issuers will likely brace for significant changes in the next 4 years. The Trump election could influence the crypto stablecoin market in various ways. In this article about Donald Trump’s return and its implications for the stablecoins market, we will explore Trump’s economic policies and their potential impact on the stablecoin market. Let’s dive in!
First thing first, will there be a crypto-friendly regulatory framework?
When Trump hit the headlines at Bitcoin Nashville in July 2024, he pledged to create a ‘crypto presidential advisory council’ and make America the world’s capital of cryptocurrency. Today, the crucial question remains: will his administration actually champion a crypto-friendly environment for stablecoins in particular?
If Trump fulfils his promise, we will hopefully see his advisory council help shape supportive crypto regulations and increase stablecoin adoption in traditional finance. As a result, there would be more off-ramp options and wider usage of stablecoins in both business and everyday scenarios, further influenced by the Trump election crypto stablecoin policies.
As of now, we have reasons to be positive on this prospect, for Trump has also declared his stance on a relevant yet competing subject: US Central Bank Digital Currency (CBDC).
A Halt on CBDC Efforts
During Biden’s presidency, he raised the possibility of releasing the government-backed CBDC. Trump, however, has taken a strong opposition, describing it as a “dangerous threat to freedom”. Their debates continue to cause repercussions around the Federal Reserve and SEC’s responsibility in policy making and regulation, especially after the failure of Silicon Valley Banks in 2023.
If Trump’s administration decides to halt CBDC efforts, this could benefit existing stablecoin providers by removing a strong competitor from the market. Stablecoin issuers would then have a unique opportunity to fill this gap, driving growth both in US domestic and international markets.
Another policy to watch is Trump’s approach to rate cuts. He has reiterated that he would lower interest rates to increase economic growth and improve infrastructure investment.
It’s worth noting that the rate hikes in July 2022 led to a 10% drop in stablecoin capitalisation, according to a study by the European Central Bank. Therefore, if Trump’s policies lead to sustained lower interest rates, we are likely to see potential growth in the stablecoin market.
So far, Trump’s victory seems to only send out positive signs. However, it’s also important to consider the full picture and hidden risks.
Protectionism Adds Uncertainties
Trump is known for his “America First” approach, and we are yet to find out its implications for the crypto industry.
It’s worth noting that Tether, who currently holds over 70% of the stablecoin market share, is not a US company. Additionally, Trump’s stance on immigration may affect stablecoin payments in Central America, where remittances from the US make up over 15% of the GDP in countries like El Salvador, Honduras, and Guatemala.
If Trump’s protectionist policy stretches to the crypto industry, it may cause substantial uncertainties for stablecoin issuers both in terms of changing market shares and demand volatility. On top of that, intensified geopolitical relations will also complicate regional market dynamics.
Geopolitical Conflicts as a Catalyst
As an advocate of US isolationism, Trump’s foreign policy could significantly weaken multilateral collaboration and increase global rivalries of superpowers.
Under this circumstance, the stablecoin market could go both directions. On one hand, rising geopolitical tensions may increase demands as individuals and businesses look for alternative assets or capital preservation. On the other hand, they may cause certain countries to take specific measures against a US-dollar pegged stablecoin solution.
In October 2024 BRICS Summit, Russia proposed a new system named the BRICS PAY. It aims to provide member countries with a new settlement mechanism that solely uses their national currencies and mitigates risks associated with the US dollar. In the context of Donald Trump’s return, this new initiative could further diversify the landscape for the stablecoins market.
Although it’s hard to tell how significant geopolitical factors could become for the stablecoins market, a more volatile future for cross-border payments is likely inevitable.
In Summary
Trump’s economic policies, if implemented, could positively impact existing stablecoin issuers, especially those based in the US. At the same time, his isolationist foreign policy may escalate global tensions, potentially driving up stablecoin demand in countries facing economic or political pressures.
However, Trump’s “America First” approach will likely intensify the competition between US and non-US issuers and influence the role of stablecoins in international remittances.
As his policies unfold in the next four years, the Trump election crypto stablecoin market will likely experience a mix of exciting opportunities and complex challenges amidst geopolitical and economic uncertainties.
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Bitcoin (BTC) maintained its dominance as the leading asset class for 2024. While the broader market took a beating in Q3, Bitcoin managed to cling to its crown as the best-performing asset class year-to-date. However, its lead has shrunk significantly, marking a sharp stark contrast to the bullish sentiment that prevailed earlier in the year.
According to a recent report by NYDIG, Bitcoin has gained a respectable 49.2% so far in 2024. While that may seem impressive on its own, the third quarter of 2024 was a particularly challenging period for Bitcoin.
Source: NYDIG, Bloomberg
Despite a slight uptick in September, the cryptocurrency’s overall performance was lacklustre, with gains of just 2.5%. This stands in stark contrast to the previous quarter, when Bitcoin experienced a significant decline.
Several factors contributed to Bitcoin’s underwhelming performance. The distribution of funds from the Mt. Gox and Genesis bankruptcies, totalling nearly $13.5 billion, created a significant selling pressure. Additionally, large-scale sell-offs by governments, such as those in the United States and Germany, further dampened the market.
Moreover, the growing correlation between Bitcoin and US stocks has raised concerns about its diversification potential. As the US economy faces uncertainties, Bitcoin’s performance may become more closely tied to the broader market, reducing its appeal as a safe-haven asset.
Source: NYDIG
Corporate Investors Remain Bullish on Bitcoin
Despite these challenges, Bitcoin has continued to attract interest from corporate investors. Companies like MicroStrategy and Marathon Digital have increased their holdings of Bitcoin, demonstrating their confidence in the long-term prospects of the cryptocurrency.
The political landscape has also played a role in shaping Bitcoin’s trajectory. The unexpected embrace of the crypto industry by former US President Donald Trump has boosted investor sentiment. Additionally, global monetary easing measures, including rate cuts by the Federal Reserve and stimulus initiatives by China’s central bank, have provided a favorable environment for risk-on assets like Bitcoin.
Looking ahead, the upcoming US presidential election in November could have a significant impact on Bitcoin’s performance. If Donald Trump wins, his pro-crypto stance is expected to fuel further gains for the cryptocurrency. Conversely, a Kamala-Harris administration may adopt a more cautious approach, potentially limiting Bitcoin’s upside.
Overall, while Bitcoin remains a dominant force in the cryptocurrency market, its recent performance has been mixed. The challenges posed by geopolitical events, regulatory uncertainties, and market volatility have tempered the enthusiasm around the asset. As we head into the fourth quarter, it remains to be seen whether Bitcoin can defy the negative sentiment and deliver a strong bullish run to end 2024 and solidify its position as a leading investment.
The famed “Uptober” for the crypto markets and Bitcoin (BTC) in particular hasn’t materialized yet. Historically, October popularly renamed Uptober by crypto enthusiasts has always been a bullish month for cryptocurrencies.
Add in the upcoming US elections with both Donald Trump and Kamala Harris leaning pro-crypto, October was poised to deliver fireworks in the crypto markets. However, Bitcoin and other leading cryptocurrencies have produced underwhelming price actions so far.
For the week starting October 6th, Bitcoin began on a bullish note, rising quickly to $64,500 by Monday, 7th October. However, the bearish pressure at the $64,700 zone saw a sharp pull back for BTC to the closest support level at $61,780.
Further selling pressure at the support level saw another dip to $60,000 with a strong 4-hour candle on Wednesday, 9th October. This dip to the $60,000 level signalled a growing bearish sentiment on the lower timeframes, although BTC’s daily and weekly timeframe remained bullish.
On the four-hour timeframe, the outflow of capital from BTC was marked by the Chaikin Money Flow (CMF) hitting a negative value of -0.06. Accompanying this capital outflow was the Relative Strength Index (RSI) continuing to stay under the neutral 50 mark.
With a lack of buying pressure along with capital outflows, sellers look favourites to extend the short term dip till the $58,000 support level. Shorts will need to book profits at this level, as the $58,000 has displayed solid bullish strength in times past.
Mixed Signals on Bitcoin ETF
On October 7, the total net inflow of Bitcoin spot ETFs was $235 million with Fidelity ETF FBTC having an inflow of $104 million, and BlackRock ETF IBIT with an inflow of $97.883 million. However, on October 8, the total net outflow of Bitcoin spot ETF was $18.663 million.
This was according to data by Sosovalue with the mixed signals in the spot ETF market signaling a cautious approach by investors in the short term.
Satoshi’s Identity Remains a Mystery
The hyped HBO documentary which was supposed to reveal the true identity of Satoshi Nakamoto fell flat. The documentary by investigative filmmaker Cullen Hoback alleged Bitcoin developer Peter Todd to be the man behind the Satoshi Nakamoto moniker. However, the evidence put forth in the documentary did little to convince the crypto community. In addition, Peter Todd denied the claim via his X handle.
Many Bitcoin enthusiasts have always leaned strongly toward having the identity of Satoshi remaining anonymous forever. Time will tell, if that will be the case or if we will see another attempt to uncover the true identity of Satoshi.
DBS Bank, a leading financial institution in Asia, has made another significant stride into the crypto market. The bank has announced plans to offer its institutional clients over-the-counter (OTC) options trading for Bitcoin and Ethereum, as well as structured notes. This move marks a pivotal moment for the region’s financial industry, signaling a growing acceptance of digital assets within traditional financial institutions.
More crypto offerings from DBS
DBS’ decision to expand its crypto offerings is a testament to the bank’s commitment to providing its clients with innovative and cutting-edge financial solutions. By introducing OTC options trading, DBS is empowering investors to hedge their positions in Bitcoin and Ethereum, mitigating the risks associated with the volatile cryptocurrency market.
DBS’ foray into crypto options trading is not surprising. The bank has been actively involved in the digital asset space since launching its DBS Digital Exchange (DDEx) in 2020. This latest move demonstrates the bank’s commitment to staying at the forefront of financial innovation and meeting the evolving needs of its clients.
Options trading offers investors a unique way to manage risk and potentially profit from price fluctuations. By entering into contracts that derive their value from the price of cryptocurrencies, traders can protect themselves against adverse market movements. This flexibility is particularly valuable with the volatile nature of cryptocurrencies.
Structured Notes: A new investment opportunity
DBS’ structured notes provide investors with another avenue to participate in the cryptocurrency market. These debt securities are issued by financial institutions and offer investors exposure to the underlying asset class without the direct ownership of the asset itself. Structured notes can be tailored to meet specific investment objectives, making them an attractive option for both individual and institutional investors.
Overall, DBS’ announcement is a significant development for the Asian financial market. As one of the region’s largest banks, DBS’ move is likely to encourage other financial institutions to explore similar offerings. This could lead to a more mature and sophisticated cryptocurrency market in Asia, providing investors with greater access to digital assets and investment opportunities.
Crypto has a bright future in Trad-Fi
DBS’ foray into crypto options trading and structured notes is a clear indication that traditional finance is embracing the digital asset revolution. As more banks and financial institutions follow suit, we can expect to see a growing convergence between the worlds of crypto and traditional finance. This convergence could lead to the development of new financial products and services that combine the best of both worlds.
In conclusion, DBS Bank’s decision to offer OTC options trading and structured notes for Bitcoin and Ethereum is a landmark moment for the Asian financial industry. This move signals a growing acceptance of digital assets within traditional financial institutions and paves the way for a more integrated and innovative future for the cryptocurrency market.
MicroStrategy Doubles Down on Crypto; Now Holds 1.17% of Total Bitcoin
MicroStrategy, the corporate titan known for its business intelligence software, has once again made headlines for its bold bet on Bitcoin. The company added another 18,300 BTC to its already impressive stash, bringing its total holdings to a staggering 244,800 Bitcoin.
This latest purchase, valued at approximately $1.11 billion, comes on the heels of a similar acquisition in August. MicroStrategy’s unwavering commitment to Bitcoin has solidified its position as a pioneer in the corporate world, embracing the digital currency as a strategic asset.
But why is MicroStrategy so bullish on Bitcoin?
The company’s founder and executive chairman, Michael Saylor, has been a vocal advocate for Bitcoin, often comparing it to digital gold. He believes that Bitcoin’s decentralized nature, scarcity, and potential for value appreciation make it a compelling investment.
By acquiring Bitcoin, MicroStrategy is essentially hedging against inflation and diversifying its balance sheet. The company’s strategy is a departure from traditional corporate practices, where investments are typically made in stocks, bonds, and other more conventional assets.
According to Ecoinometrics, a crypto data analysis firm, MicroStrategy’s Bitcoin stash dwarfs holdings of even the biggest Bitcoin ETFs like Grayscale’s GBTC and Fidelity’s FBTC.
This insatiable appetite for Bitcoin isn’t new. Since their first purchase way back in August 2020, MicroStrategy has been on a relentless Bitcoin buying spree, making headlines with each acquisition.
According to Saylor’s Sept. 13 update, MicroStrategy has so far achieved a BTC yield of 4.4% QTD (Quarter to Date) and 17.0% YTD (Year to Date) on its entire Bitcoin purchase. Currently, MicroStrategy holds 244,800 BTC acquired for nearly $9.45 billion at $38,585 per Bitcoin.
Despite Saylor’s big bet on Bitcoin, the number one cryptocurrency continued to experience sharp fluctuations in its price, ahead of the Federal Reserve’s widely predicted interest rate cut.
At press time, BTC was trading at $59k, up from $57.5k over the past 24 hours. The first U.S. rate cut in more than four years could signal looser financial conditions, which favor riskier assets like cryptocurrencies.
According to the most recent CoinShares report, digital asset investment products experienced a reversal, with inflows hitting $436 million following a period of outflows of $1.2 billion.
Jury still out on MicroStrategy’s Bitcoin gameplan
While some critics argue that MicroStrategy’s Bitcoin strategy is risky, the company has so far demonstrated its commitment to the long-term potential of the cryptocurrency. With each additional purchase, MicroStrategy is reinforcing its belief in Bitcoin’s future and solidifying its place in the history of digital assets.
As the crypto market evolves, it remains to be seen whether MicroStrategy’s bold bet on bitcoin will pay off. However, one thing is certain: the company’s unwavering commitment to the digital currency has made it a major player in the crypto space.
Remember Friend.Tech? The Web3 social network that had everyone buzzing just a year ago? It seems the party’s over. The platform, known for letting users buy “keys” to access the feeds of crypto influencers, has effectively shut down after its developers walked away.
It was a meteoric rise for Friend.Tech. Launched in August 2023 on the Coinbase-backed Base network, the platform quickly captivated the crypto community. Just weeks later, it was raking in more daily earnings than Ethereum itself, with users shelling out big bucks for exclusive access to feeds. The project even secured funding from a major crypto VC firm, Paradigm.
But the good times didn’t last. According to data from Dune Analytics, trading activity started to sputter after the initial frenzy, after the platform’s developers raked in at least $20 million in fees. Then came Version 2 (v2) of the platform and a token airdrop. While there was a temporary user bump, it wasn’t enough. Protocol fees – a key indicator of user engagement – plummeted, with the platform barely generating $60,000 since June.
Here’s where things get interesting – and a little controversial. On September 8th, the Friend.Tech team threw in the towel. They essentially locked the platform’s smart contracts, the self-executing code that powers the platform, by transferring control to an inactive address. This means no new features, no tweaks, and no way for anyone (including the original developers) to take the reins.
So what happened? Theories abound. Some speculate that the underwhelming v2 launch and a scrapped plan to migrate to a new blockchain called “FriendChain” dampened user enthusiasm. Others point to comments by Friend.Tech’s co-founder, the pseudonymous “Racer,” who expressed a desire to move off the Base network.
Whatever the reasons, Friend.Tech’s sudden demise highlights the volatile nature of the crypto space. Projects can explode in popularity overnight, only to fizzle out just as quickly. It also raises questions about the sustainability of these “play-to-earn” models, where users invest for potential rewards.
But Friend.Tech’s story isn’t entirely without a silver lining. While the platform itself may be on life support, its underlying technology – those locked smart contracts – remain as an inspiration for future development. Who knows? Maybe a new team of developers will emerge, unlock the potential of this codebase, and breathe new life into the Friend.Tech concept.
One thing’s for sure – the saga of Friend.Tech serves as a cautionary tale for crypto investors and enthusiasts alike. In the crypto space, staying informed and keeping a watchful eye on project development is crucial. After all, in the world of Web3, the line between groundbreaking innovation and abandoned experiment can be shockingly thin.
PEXX, an innovative fintech startup specialising in stablecoin cross-border payments, is excited to announce the acquisition of Singapore-based blockchain media platform, Chain Debrief for an undisclosed amount, following its successful raise of $4.5 million led by TNB Aura and ANTLER. This strategic move aligns with PEXX’s commitment to expanding its footprint and fostering deeper engagement within the global blockchain community.
“The acquisition of Chain Debrief represents a significant milestone in PEXX’s journey to revolutionise the global financial landscape. By integrating Chain Debrief’s rich content and community insights, we are not only enhancing our platform but also empowering our users with the knowledge and tools they need to navigate the complex world of blockchain and cryptocurrencies. This strategic move underscores our commitment to expanding our influence and fostering greater engagement within the Southeast Asian blockchain ecosystem, while staying true to our mission of making cross-border payments fast, affordable, and accessible to all.” — Marcus Lim, CEO of PEXX
Through this acquisition, PEXX plans to enrich its platform by integrating Chain Debrief’s extensive library of content including articles, tutorials, and expert analyses directly into the PEXX user experience. This will provide users with easy access to the latest information on blockchain technology, cryptocurrencies, and regulatory developments to aid them in making informed decisions.
Additionally, the acquisition of Chain Debrief serves as a vital channel for PEXX to enhance its community, particularly in Southeast Asia. By continuing Chain Debrief’s mission of crypto education, PEXX will provide users with the resources needed to navigate the rapidly evolving world of cryptocurrency. This move also supports PEXX’s broader vision of encouraging crypto investment and adoption across the region.
“We’ve always been passionate about educating and empowering our community with the latest in blockchain and crypto. Now, with PEXX’s innovative approach to cross-border payments and their commitment to expanding financial access, we have the opportunity to bring our content and insights to an even broader audience. ” — Jacky Yap , Founder of Chain Debrief
As PEXX continues to grow and expand its offerings, the acquisition of Chain Debrief represents a significant milestone in its journey. The company remains committed to its mission in providing fast and affordable cross-border payment transfers, while also contributing to the wider blockchain ecosystem through education and thought leadership.
About PEXX
PEXX is a pioneering stablecoin cross-border payment platform that simplifies global money transfers. By offering secure, fast, and cost-effective solutions, PEXX enables users and businesses to off-ramp stablecoins like USDT and USDC to fiat in 16 currencies directly into bank accounts. PEXX’s innovative platform bridges the gap between traditional finance and the world of cryptocurrencies, making global money transfers seamless and efficient.
Singapore, July 16, 2024 – PEXX, a pioneering fintech startup specialising in cryptocurrency and blockchain technology, today announced the successful closure of a $4.5 million seed funding. This significant investment will propel the development of the company’s innovative stablecoin-to-fiat payment platform, set to revolutionise the way people transfer currencies across borders.
The funding included one round led by TNB Aura, with participation from global early-stage VC Antler. It also included further strategic investment from EMO Capital, early backers of Filecoin and other notable VC and crypto investors, highlighting strong investor confidence in PEXX’s vision and potential.
PEXX’s payment platform allows users holding stablecoins from Tether (USDT) and Circle (USDC) to transfer their assets directly to a bank account globally. This platform will enable individuals and businesses to transfer value across borders with ease, without the need for intermediaries or bank accounts.
“We’re thrilled to have secured this significant funding, which will enable us to further develop our stablecoin-to-fiat payment platform,” said Marcus Lim, CEO and founder of PEXX. “The growth for stablecoins is exponential and we expect to see the demand from users who want to convert their USDT and USDC directly to a bank account to grow accordingly as stablecoins become more ubiquitous over the coming years.”
The funding will be used to bolster the company’s engineering and product teams, as well as to expand its marketing and business development efforts, starting in Southeast Asia.
In addition to funding, EMO Capital, a research-driven investment player, will look to support PEXX in its Web3 marketing, branding, and strategic partnership efforts and play a pivotal role in their business expansion, scaling , and user acquisition.
Angelina Tu, co-founder at EMO Capital said, “While many are building to bring traditional Internet users into the Web3 world, PEXX is building a compliant, respected, and protected bridge between the Web3 world and the real world, giving everyone a swift and easy access to converting their digital assets into their everyday purchases. This is what everyone in the Web3 world needs and where PEXX finds EMO’s staunch support.”
Vicknesh R, Partner at TNB Aura said, “PEXX addresses a critical need in the B2B cross-border Web3 payments space. With Marcus at the helm, we are excited to support their journey in transforming the financial landscape,” said Vicknesh R Pillay, Founding Partner of TNB Aura.
“We are excited to back PEXX as they build a transformative platform that bridges the gap between stablecoins and traditional banking. Their approach to simplifying cross-border payments align perfectly with our vision of fostering innovative fintech solutions,” said Jussi Salovaara, Co-founder and Managing Partner at Antler.
The AUSTRAC registration, obtained in May 2024, ensures that PEXX adheres to the regulatory standards, allowing PEXX to operate as an independent remittance dealer and digital currency exchange provider. This achievement underscores PEXX’s commitment to stringent compliance, robust security measures, and fostering customer trust.
PEXX offers a seamless solution for users and businesses to convert stablecoins (USDT and USDC), into 16 different fiat currencies. PEXX enables direct transfers into bank accounts, streamlining the crypto-to-fiat conversion process and allows users to send money to bank accounts in minutes instead of days with traditional banking solutions. To date, the platform has transacted close to US$3,000,000 and onboarded customers and businesses ranging from Web3 companies, exchanges and media companies
About PEXX
PEXX is a pioneering stablecoin cross-border payment platform that simplifies global money transfers. By offering secure, fast, and cost-effective solutions, PEXX enables users and businesses to off-ramp stablecoins like USDT and USDC to fiat in 16 currencies directly into bank accounts. PEXX’s innovative platform bridges the gap between traditional finance and the world of cryptocurrencies, making global money transfers seamless and efficient.
Everyone who gambles online using crypto has thought about trying their hand at poker, the most popular card gambling game out there. Poker has the smallest edge in favor of the casino and players can win by playing strategically and paying attention to their opponents.
In this article, we’ll go over the best strategies for beginners that you can use at any of the crypto & Bitcoin poker sites, regardless of the size of your bets or who you’re playing against. None of these will guarantee a win, but they mean a lot especially when you use all of them.
Know the Hand Ranking
The obvious first step in winning a game of poker is to have a firm understanding of the basic rules. You don’t want to have to think too much about what to do with your hand, once it’s dealt to. There are 10 possible hands you could have in a poker game, starting from no pair to Royal Flush.
Most Bitcoin poker sites provide this information to the players in the form of a tutorial or a set of rules. Players should know these before they actually start betting in the first place.
Start Betting With Low Stakes
Bitcoin poker sites come in many shapes and sizes and this includes a great variety of bet sizes. The best way to go for a beginner in the game is to start playing on low-stakes sites. The gameplay, the odds, and the overall gameplay are the same as they would be for a bigger bet, but there’s less risk involved.
Many sites also allow players to play for tokens and simply learn without actually spending any money. However, playing for low stakes, but with real money, makes the game more real and mimics the experience you’ll have when you bet big.
Play Tight
This is a concept that many new players have trouble with and it’s important to master it early on. Many amateurs play the game too widely and open too many hands. Instead, the best practice for a new player is to only bet on the hands they are reasonably sure they can win.
This still allows the players to bet aggressively and to raise their bets when they find it appropriate. The key is not to do it too often. That way the player can practice their discipline early on.
Find the Best Version
There are a lot of different versions of poker and they differ in both the gameplay and the chances of winning. Players shouldn’t stick to Texas Hold’Em just because it’s the most popular version. It’s best to look for poker sites that provide a variety of versions and have your options open once you’re ready to change things up.
There’s also a big difference in speed and how dynamic the game is between different versions of poker. That’s something players should take into account since long gameplay has its downside and it can cause you to lose focus.
Remember How Important Position Is?
When playing Texas Hold’em poker, your position at the table is of utmost importance. Bitcoin poker sites usually let the players choose a seat from one of the available ones based on when they apply for the game. The position at the table determines how tightly a player should handle the game since it affects how many cards have been dealt previously.
EP- the first position and the one that requires the players to play tightly and to open with strong hands only. MP – A somewhat better position allowing players to add more hands to their opening range. CO – This is a much better position and the one that allows you to steal blinds. BTN – The best position to get at a poker table. In this position, a player can open about 50 percent of their hands aggressively. SB – Small blind can be used to open about 60 percent of the hands but it requires a complicated strategy not suitable for novice players. BB – Big blind is the last position at the table. It puts players at a disadvantage, but it does mean you win automatically when everyone else folds.
Start With Just One Table
Multiple table poker games are great and fun to play, but they are too demanding for novice users. Many new players try them out as a way to win big and at once, but chances are that you won’t be at your best at these tables.
Instead, start with one table only and with low stakes and move on from there as you’re ready to bet on bigger amounts. The winnings will increase incrementally and it will take longer, but it’s a safer and more responsible way to play poker.
Learn About the Odds
Poker isn’t a guessing game, the odds are pretty clearly defined based on how many cards are in the deck. A player should know the odds for each pot. This information is available online and the player should take the time to memorize it.
Here’s a quick list of how many outs you have to improve each hand depending on what’s in the pot:
Gutshot – 4 outs
Two overcards – 6 outs
Open-ended straight draw – 8 outs
Flush draw – 9 outs
Flush draw & gut-shot – 12 outs
Straight flush draw – 15 outs
These numbers can easily be turned into percentages telling what your chances of getting a better hand in a game of poker are.
Consider Your Opponent’s Hand
Bitcoin poker sites provide an opportunity for players to gamble against real opponents in real-time. This is probably the most fun thing about a poker game – it’s a battle of minds. This concept is also somewhat difficult for novice players because they need to consider both their own hands and that of the opponent.
The main things to consider are:
· The position your opponent has at the table.
· How the opponents react after the flop.
· The time the player takes to make a decision can be an indicator of how sure the opponent is in their hand.
Don’t Rely On Bluffs Too Much
Bluffs are an important part of a poker game and crypto players should use it to their advantage, but it’s important not to overdo it. The bluff won’t get you out of a bad hand too many times, and competitors will notice if someone bluffs all the time.
In the end, the game is about using a strong hand and folding when your hand is bad. Novice players try to overcompensate by playing every hand like they have a winner and it can turn into a habit.
Conclusion
Bitcoin poker sites are always popular with players because poker is a game of skill and these sites allow the players to bet against real opponents in real time. This is an opportunity to set up strategies and implement them to make actual profit in crypto.
Some of the strategies on our list are simple and others will require the player to learn and adapt, and most of practice. If you stick to the outline strategies and keep in mind that this is a methodical game, you’ll do fine. The winnings made in this manner are incremental but steady.
NFT enthusiasts would be familiar with Imaginary Ones – a collection which took just four minutes to mint it during its public mint back in 2022.
Its unique art and project success also caught the attention of HUGO BOSS, which led it to be the first Asia-born NFT project to partner with an international fashion label.
New advisor and investor announcement
Earlier today, Imaginary Ones announced that it has onboarded Kuek Yu-Chuang, who is currently the Vice President at iQIYI, as their strategic advisor and investor. Kuek was also the Managing Director of Asia Pacific at Netflix. With Kuek’s support, Imaginary Ones is looking to make headway into the entertainment industry.
Kuek Yu-Chuang, Image Credit: iQIYI
Clement Chia, Co-Founder of Imaginary Ones, shared, “Our dive into TV and film is more than a venture; it’s a manifestation of our vision for transformative storytelling. Collaborating with Kuek elevates our mission, enabling us to craft content that not only entertains but leaves a lasting mark in the entertainment world.”
Ambition in the entertainment and gaming space
Other than its ambition in the entertainment industry, Imaginary Ones is also pushing into the casual gaming space in its bid to reach more mass audience.
The brand recently launched a beta test of “Bubble Rider”, a runner mobile game which allows player to collect bubbles and cover as much distance as possible to earn points. Over 200,000 users signed up for its pre-launch.
Its been a half a year of production. So many late nights. So many re-iteration. So much re-doing and trying again.
And finally we are getting closer to launching Bubble Rangers.
Seeing the community enjoy the beta testing so far brings so much fulfilment.
The Monetary Authority of Singapore (MAS) has just issued nine-year prohibition orders against the two directors of now defunct hedge fund Three Arrows Capital (TAC), Zhu Su and Kyle Livingston Davies.
According to the release by MAS, Zhu Su and Kyle will be prohibited from performing any “regulated activity and from taking part in the management of, acting as a director of or becoming a substantial shareholder, of any capital market services firm” under Singapore’s Securities and Futures Act 2001.
Zhu Su held the position of Chief Executive, while Kyle Livingston Davies served as Chairman of Three Arrows prior to its forced liquidation in June of the previous year. Both individuals also served as directors of the fund.
These prohibition orders were issued by MAS following the regulator’s rebuke of Three Arrows for providing false information to the central bank, failing to inform MAS of changes to Zhu and Davies’ roles as directors and their shareholdings, and surpassing the allowable assets under management limit for a registered fund management company.
Earlier in February, Zhu Su announced the launch of his new exchange and marketplace called OPNX. The platform will be primarily used for trading claims and derivatives related to funds stuck on failed exchanges.
At the moment, it is unclear which jurisdiction OPNX is operating under. From Zhu’s X’s activities, it seems like the prohibition orders from MAS did not dampen his spirit and business seems to be as usual for him.
Day traders adopt a mindset of swift closure, focusing on single entry and exit points – one shot in, one shot out.
This approach is also prevalent among many investors. Nevertheless, dividing that one-shot trade into multiple smaller trades could potentially yield a more favorable average price for both the position and the exits.
The concept of dollar-cost averaging represents the typical method for scaling entries. However, it necessitates buying during selloffs, which often contradicts the momentum-based trading strategy.
Day traders prefer to see immediate profits upon entering a trade, but scaling in often means initiating the trade with a negative balance.
What Exactly is Scaling?
Scaling in trading refers to the gradual adjustment of the number of crypto assets in a position based on one’s trading strategy. (in other words a more fancy dollar-cost average)
This approach provides traders with greater adaptability, allowing them to aim for the most favorable average pricing on their positions.
However, practicing scaling demands a disciplined and assertive approach to ensure positions do not become excessively large in case the market conditions deteriorate.
Moreover, it requires the willingness to act against the prevailing trends, either buying when others are selling or selling when others are buying. Achieving success with scaling depends on striking the right balance between conviction and flexibility – a delicate equilibrium that traders must carefully navigate.
Examples of Scaling
Scaling in usually means buying multiple positions at different times to reduce the risk of your trade, while scaling out just happens by selling multiple positions at different times to reduce the risk of a change in price action.
In the above picture, the trader scaled a position 3 times according to his trading strategy (moving average, dollar-cost averaging, liquidity grab, etc), and exited 3 times to minimize risk.
As a rule of thumb most trader’s usually only risk about 2% of their capital when scaling in. This is because losing all your capital is the easiest way to make losses when trading. This is because it’s easier to trade with a larger sum of money as compared to a smaller sum of money.
Common Misconceptions
Scaling is one of the best ways to trade safely and properly, and minimize both upside and downside.
Scaling however does not constitute to increase your capital at each position. This sounds good in theory because you have larger purchasing power, but in reality, there are a lot of issues that arise with this.
Top Mistakes When Scaling
Issue:
The main concern with scaling in trading lies in the liquidity of your position. As you gradually increase your position size, there is a risk that your trades could backfire, inadvertently causing a market impact when it comes time to exit.
For example, if you scale into a significant 10,000 coin position of a coin using smaller increments of 300 to 500 coins, you may achieve a better average price per coin.
However, attempting to sell all 10,000 coins with a market order after the coin rises by $0.25 could lead to bids collapsing as other sellers panic, ultimately resulting in getting filled at a loss.
Solution:
To address the challenges associated with scaling in trading, a prudent solution is to scale out of the position gradually, while carefully timing your exits with momentum spikes in your favor.
Additionally, it’s crucial to choose coins that offer sufficient liquidity to support your position, even during periods of low volatility.
Rather than selling all 10,000 coins at the market, having the right tools to gauge momentum allows you to scale out of the position in smaller increments of 500 to 1,000 shares over the course of a day or two, thus taking advantage of potential buyers and reducing the risk of a market impact during the exit process.
By implementing this approach, traders can navigate the challenges of scaling more effectively and increase their chances of successful trades.
Growth Cap:
Issue: One potential problem a trader may encounter is that their trading strategy may not perform as effectively at larger scales.
There could be a limitation on the growth potential of the strategy, especially in the case of a very large successful trade when facing the challenge of limited liquidity, making it nearly impossible to achieve significant growth, such as 10X gains.
For instance, mid to large-cap cryptocurrencies such as BTC and ETH generally offer more liquidity, making it feasible to execute larger trades.
On the other hand, small-cap cryptocurrencies often have thinner liquidity, and traders can unknowingly become “bag holders” when they mistakenly assume higher liquidity during a high-volume day that quickly dries up the next day.
This is why trading meme coins often have huge returns and huge losses, because the liquidity is low, and the growth cap exponential is incredibly high with just a small amount of liquidity. (Just that not everyone can exit)
Solution:
To navigate growth cap issues, traders should always assess the historical and average volume of the underlying cryptocurrency and consider the type of growth cap they might encounter.
A good website to check this is CoinMarketCap. This is especially important when trading lower cap coins that are not on centralized exchanges like Binance or Crypto.com
Cryptocurrencies falling in the small-cap category with an average daily volume under 500,000 USDT should raise a warning flag due to their thin liquidity. Trade at your own risk.
In addition, it is essential to be aware that small-cap stocks may exhibit heavy volume on days with catalyst-based price movements, creating the illusion of substantial liquidity.
However, this elevated volume and liquidity can quickly evaporate the very next day due to rotational trading. To avoid potential pitfalls, traders must always check the average daily trading volume beforehand to gauge the normal liquidity levels.
Never assume that elevated volume and liquidity will persist in small-cap stocks, as they can be highly unpredictable in this regard.
Being cautious and well-informed about liquidity will help traders make more informed decisions and avoid undesirable outcomes when dealing with growth cap challenges.
Front Running:
This issue generally doesn’t happen to most people, but can still happen when you’re executing larger trades in the market. This also usually happens to lower cap coins
Issue:
As you become more adept at the intricacies of scaling in and out of positions, you start noticing instances of slippage during your order executions.
Despite your efforts to fine-tune entries and improve the timing of your orders, you observe discrepancies in fills, availability of borrows, and delays with trade confirmations.
Solution:
There isn’t really a very clear solution for this. When you trade on an exchange, you will always go through a market maker, in this case the exchange’s market maker.
To explain it a little better, let’s bring in traditional finance.
In stocks, there are commission brokers and non-commision brokers.
Although zero-commission brokers may seem attractive for scaling into positions, it’s essential to recognize that their interests are tied to order flow agreements with third-party liquidity providers.
Consequently, your orders will always be routed at the broker’s discretion, which means that your order can be easily front-runned.
To gain more control over your orders, seasoned traders opt for direct access brokerage platforms that allow them to route orders to Electronic Communication Networks (ECNs) of their own preference.
In crypto, professional scalers or frequent traders sometimes establish their own blockchain node.
This is a similar strategy that is seen with MEV trading, a combination of MEV bots and blockchain nodes.
To prevent this, the rule of time is to execute large volume trades on high liquidity coins, but try to avoid large volume trades on low-liquidity coins as there is often significant slippage.
Conclusion
Scaling in and/or out of trades can offer significant benefits to your trading approach. However, it’s essential to acknowledge that this technique may not always guarantee improved results.
There will be instances where refraining from scaling could have led to better outcomes. Nonetheless, it doesn’t imply that scaling should never be utilized. In my view, more often than not, scaling proves advantageous.
Scaling in and/or out of trades introduces an element of flexibility and allows for imperfection in execution. Nevertheless, in situations where a trade could have been executed flawlessly (e.g., buying at the low and selling at the high), scaling might not provide additional benefits.
SINGAPORE — 25 August 2023 — TOKEN2049, Asia’s premier Web3 and crypto conference, announced an international DJ line-up for AFTER 2049, the official closing event of its upcoming Singapore edition. Headlined by award-winning DJ and producer Shimza, house icon Enzo Siffredi and Hong Kong’s Leon, Milam and Mo-Shi, AFTER 2049 takes place on Friday, 15 September as the largest Formula 1 Singapore Grand Prix pre-weekend party of the year.
Taking over the 57th floor of Singapore’s most iconic building, Marina Bay Sands, AFTER 2049 will occupy both the expansive rooftop observation deck alongside celebrated nightlife institution CÉ LA VI. Featuring unparalleled views of the famous Garden City skyline, AFTER 2049 will be hosted in tandem with the practice rounds of the Formula 1 Singapore Grand Prix — located right at the heart of thrilling night race action and entertainment.
Raphael Strauch, Founder of TOKEN2049 said: “We are thrilled to once again be hosting AFTER 2049 at the iconic Marina Bay Sands rooftop. We have carefully curated a unique DJ lineup which features some of the largest names in electronic music, alongside a specially crafted stage and set-up to create an atmosphere that’s simply unmatched. We expect AFTER 2049 to be an absolute highlight.”
A limited number of tickets for AFTER 2049 will be sold via Resident Advisor from 29 August onwards.
TOKEN2049 Singapore marks the conference’s largest edition ever with over 10,000 attendees, which runs from 13 to 14 September 2023, ahead of the Singapore Grand Prix race weekend. Sponsors of AFTER 2049 include innovative digital ecosystem for blockchain and banking solutions CrossFi;a globalized interactive platform for digital assets BIB Exchange; The Open Network (TON), building a Web3 ecosystem on Telegram; Zetrix, public infrastructure for governments and cross-border trade; Smobler, a turnkey metaverse architect focused on gamefi, phygital engagement and education;global market-making and algorithmic trading firm Auros;blockchain for better — vechain; the global leader in residence and citizenship by investment Henley & Partners; global crypto derivatives exchange and home of the OX community OPNX and the leader in blockchain security, Quantstamp.
Attendees will be able to hear from some of the industry’s foremost pioneers, prolific thought leaders and founding innovators on all aspects of the broader Web3, blockchain and crypto arena, as it continues to redefine the world of traditional finance and banking. As part of TOKEN2049 Week, attendees can expect to be treated to a full line-up of 300+ side events, conferences, networking events, workshops, and parties taking place throughout 11-17 September across the city-state.
Decentralized Exchanges (DEXs) use Automated Market Makers (AMM) to execute trades autonomously.
Here the user trades against liquidity pools, which are provided by liquidity Providers (LP). Liquidity pools are primarily in pairs e.g. ETH/USD.
Trading fees generated by the DEX incentivize liquidity providers
Providing liquidity for DEXs is a type of yield farming and some investors see it as more profitable than just buying and holding because LPs receive rewards from trading fees.
However, LPs lose money due to Impermanent Loss (IL).
What is Impermanent Loss?
This occurs when LPs deposit into a liquidity pool and the price of the tokens change.
The larger the change in price of the tokens compared to when they were deposited the larger the loss.
For example:
Luke is a liquidity provider who wishes to commit $200 to a liquidity pool that contains ETH/USDC pair.
This is a 50/50 pool which means that both tokens in the pair must be equivalent in value.
If 1 ETH is $100 and 1 USDC is $1 therefore 1 ETH is 100 USDC. Luke will commit his $200 to the pool by 1 ETH/ 100 USDC.
Now there is a total of 10 ETH/10,000 USDC in the pool deposited by other LPs Luke is therefore entitled to 10% of the liquidity pool.
After Luke commits his $200 the price of ETH rallied to $400 this creates a discrepancy in the price of ETH in the pool and the price of ETH in the market (other exchanges). As ETH in the pool is cheaper than ETH in the market.
This creates an arbitrage opportunity, arbitrage traders will add USDC to the pool to get ETH until the ratio reflects the current price of ETH.
Now the ratio between ETH/USDC in the pool has changed and there is now 5 BTC and 2,000 USDC in the pool.
If Luke withdrawal his 10% from the pool he will now get 0.5 BTC and 200 USDC both will give him $400
He made a profit right? Well if Luke had just simply used $100 to buy BTC and USDC and hodl he would have now had $500 in total.
So this difference of $100 is his impermanent loss the opportunity cost of him providing liquidity instead of holding.
Well technically the loss becomes permanent if Luke exits the pool but if he does not withdraw his deposit from the pool, there is a chance that the price of BTC will return back to 100 USDC hence why it is called impermanent loss.
So in other to not end up like Luke in this example and the other 50% of LPs who are losing funds here are ways to avoid and mitigate impermanent loss.
Provide Liquidity for Stablecoins
Remember in the example change in price (volatility) create arbitrage opportunity so it is wise to provide liquidity for stablecoin pairs where is hardly any price movement which reduces the risk of IL.
Provide liquidity for tokens that move hand-in-hand
One way to mitigate impermanent loss is by providing liquidity for tokens whose price action correlates i.e. they move the same way. This will make it hard for the changes in price to be taken advantage of by arbitragers.
Provide liquidity for one-sided pools
Some protocols like Bancor allow users to provide liquidity for one-sided pools, here a token is not paired with another and they earn fees for the LP for committing his token to the protocol.
But beware of the volatility of that token quick example:
If Luke commits 1 BTC to a protocol that offers a 10% reward in fees annually and 1 BTC is worth $100 all things being equal at the end of the year Luke will have 1.1 BTC worth $110.
But if the price of BTC falls to $50, Luke will still get his 10% reward which will amount to 1.1BTC but will only be worth $55 this is a loss.
Provide liquidity in pools that are not in a 50/50 ratio
Generally, liquidity pools offer a 50/50 ratio as they prioritize creating a balance pool and the chance of impermanent loss is higher with this ratio.
Some DEXs like Balancer allow Liquidity providers to commit their funds to different ratios like 80/20 or 70/30
This way the more volatile of the pair will be in a small ratio helping LP mitigate against IL.
Provide liquidity into reputable DEXs
Apart from impairment loss LPs can also lose funds to malicious actors who pose will pools will high returns also for liquidity providers only to get rug pulled as malicious developers drain the liquidity within the pool causing LP to lose their deposit.
The Bottom Line
All in all, when looking to provide liquidity you should be looking for tokens with low volatility in such a way that in the face of price changes, the trading fees paid to LPs will outweigh the impermanent loss and you will still be in profit.
Tako Protocol has raised a $2 million Pre-Seed round from Mask Network, DWF Ventures, UOB Venture, Signum Capital, AC capital, SmrtiLab, HashBrown Research, RSS3 and other angel investors.
Tako Protocol aims to build an open social recommendation infrastructure protocol for Web3 social networks. Developers can leverage Tako to create dApps featuring recommendation algorithms, advertising systems, curation mechanisms, and referral economies more efficiently.
This facilitates users in participating within decentralized social networks, enabling them to generate, share, discover & match value. Tako Protocol has fostered strategic collaborations with major Web3 social networks like Lens protocol and Farcaster. In the coming month, Tako will initiate product testing in partnership with each of these social networks.
About Tako
Tako Protocol is building an open social recommendation layer in Web3, an innovative layer that will play a key role in distributing recommended content across various protocols and ecosystems! Tako Protocol aims to enhance the sense of use for Web3 Social users, create a seamless interaction experience, and facilitate valuable content discovery.
Do you recall the once famous Daniele Sesta and his Wonderland Money? It was the largest fork of Olympus DAO that amassed a whopping USD 1.8B in Total Value Locked (TVL) and had an astounding 80,000% APY!
From its peak price of USD 10k per token, the price of Wonderland’s native token $TIME has declined to just under USD 20.
As for this once popular Play-to-Earn (P2E) game Axie Infinity that boasted more than 2.3M daily active players, there are currently only 255k daily players!
Wonder why? In this article, we will uncover the top 3 crypto trends that faded away, why they lost steam and examine if they are likely to make a comeback.
Top 3 Crypto Trends That Faded Away
Yield Farming with high and unsustainable APYs
Yield farms, once touted as the rocket fuel of DeFi, have fallen out of favour with crypto investors as the yields offered have dramatically fallen.
In early 2020, Compound Protocol first began issuing its native $COMP tokens to reward early users of the platform.
Since then, it sparked off hundreds of yield farms randomly named after food and animals on many L1 blockchains that offered insanely high APYs for staking Liquidity Provider (LP) tokens and the projects’ own reward tokens.
The main problem lies in the lack of utility for the reward tokens, this led to excess supply of tokens which ultimately led to the collapse in prices of these rewards tokens.
Worth the risk now?
Traditional Profile Picture (PFP) NFTs
CryptoPunks, Bored Ape Yacht Club, Azuki, Doodles and Moonbirds are arguably some of the top PFP NFT projects around.
It takes at least a decade to build a recognizable brand and global community. These projects do have a real shot at proving their staying power and popularity over the longer term.
Beyond airdrops, they are focused on executing and delivering exclusive experiences for their respective communities based on a solid roadmap.
However, many of the PFP NFT collections that followed are mere derivatives of these projects that lack any form of utility.
The floor prices for many of such projects are unlikely to recover and we will probably not hear of them in time to come.
NFTs are not dead, but PFP NFTs are losing their appeal, most are controlled by a centralized group or “founder” and offering more than a hoodie/ staking is needed to maintain long term interest imo
Innovative tech and finding solutions for things we didn’t know we need will…
The number of unique active gaming wallets provides great insight to the state of the blockchain gaming industry.
Since 2022, the number of wallets that interacted with blockchain games have declined significantly from its peak of more than 1.2M wallets to around 200k wallets. This represents a 83% decrease in unique active gaming wallets!
So what went wrong? In order to examine why most P2E games faded and died off, it is crucial to first understand how and where the money or tokens earned by players is derived.
Resembling that of a ponzi scheme, money is pumped into the ecosystem by new players. For example, in the case of Axie Infinity, players must first pay to buy an Axie, a character used in the game. The money invested by new players is used to fund existing players when they cash out. Many other games such as Aavegotchi, STEPN and Sweatcoin adopt such a model.
They need to consider introducing and diversifying revenue streams such as having advertisements that raise monthly revenue and channel these funds to rewarding skilled players.
What do traditional games such as World of Warcraft, Call of Duty and League of Legends have in common? These games are actually fun to play! This is in stark contrast to games such as CryptoKitties, Splinterlands and DeFi Kingdoms that lack functionality and a captivating gaming experience.
Can These Crypto Fads Make A Comeback?
The popularity of these 3 crypto trends were purely driven by hype, founders of many of these projects capitalized on the bull run to attract many users but failed to provide any unique value proposition.
While yield farming with high APYs is likely to resurface in some shape or form in the next bull run due to human greed, there is no doubt that pure PFP NFT projects that rode on the NFT hype in the last 2 years or so will fade into irrelevance.
Only those PFP NFT projects that seek to create a global brand that offer real world utility and experiences are the ones that are likely to make a strong comeback and prove their staying power.
As for blockchain gaming, the key to creating sustainable Web 3 games very much depends on how far these games succeed in creating a compelling storyline, improving the game design and quality of graphics to attract more Web 2 gamers.
In the digital age, Bitcoin has emerged as a trailblazer, leading the charge towards decentralized financial systems. As global digitization accelerates, the appeal of cryptocurrencies, particularly Bitcoin, continues to soar.
Bitcoin mining stands out as a sector witnessing remarkable growth and potential. This article explores the burgeoning fascination with Bitcoin mining companies and their potential to be a cornerstone in your investment endeavors.
The current state and future growth of Bitcoin.
Since its launch in 2009, Bitcoin has carved a niche for itself in the financial world. Its moniker, “digital gold,” aptly captures its essence. Just as gold has been a trusted store of value for millennia, Bitcoin, in its relatively short existence, has garnered trust and recognition.
Its decentralized framework ensures that no single entity has control over it, and its capped supply at 21 million coins ensures scarcity, further solidifying its position as a digital counterpart to gold.
The stance of regulatory bodies plays a pivotal role in the adoption and legitimacy of cryptocurrencies. The former chairman of the SEC’s remarks about the potential approval of the spot ETF is a testament to this — an endorsement from such a significant regulatory body can be a game-changer. It not only provides a sense of security to individual investors but also paves the way for institutional investors, who often tread cautiously due to regulatory uncertainties.
The future trajectory of Bitcoin is a topic of intense debate and speculation. However, several financial entities and experts have weighed in with optimistic forecasts.
Predictions, such as the one suggesting a value of $120,000 by the end of 2024, underscore the bullish sentiment surrounding this digital currency. As more people and institutions recognize its potential, Bitcoin’s journey upward may well continue, solidifying its position as a premier digital asset.
As Bitcoin continues to solidify its position in the global financial landscape, it’s essential to understand the driving forces that could further boost its prominence and value.
These catalysts, rooted in both historical patterns and emerging trends, have the potential to shape Bitcoin’s trajectory in the coming years.
Let’s delve deeper into these pivotal factors that could propel Bitcoin to unprecedented heights.
Bitcoin Halving
The concept of Bitcoin halving is intrinsic to its design. Every 210,000 blocks mined, or roughly every four years, the reward for mining a new block is halved. This mechanism ensures that Bitcoin’s total supply will never exceed 21 million.
Historically, these halving events have been precursors to significant bull runs. For instance, post the 2016 halving, Bitcoin saw a dramatic surge, reaching its then-all-time high in 2017.
The next halving, slated for 2024, is widely anticipated by investors and enthusiasts alike. If past patterns hold true, this event could usher in another period of substantial price appreciation for Bitcoin.
Analysis of the Bitcoin price action timeline with the coming halving
Regulatory Clarity
The world of cryptocurrencies has often been described as the ‘Wild West’ due to its lack of clear regulatory guidelines. However, as the sector matures, there’s a growing need for defined regulations to ensure investor protection and market integrity. The potential approval of the Bitcoin spot ETF is a significant step in this direction.
An ETF, or Exchange Traded Fund, would allow investors to buy Bitcoin without actually holding the cryptocurrency, providing a more accessible entry point for many. This approval would signal a nod of confidence from regulatory bodies, potentially attracting more institutional investors.
For example, when the U.S. SEC approved the first gold ETF in 2004, it opened the floodgates for institutional money, leading to a surge in gold prices.
Mainstream Adoption
Bitcoin’s journey from being a fringe asset to a mainstream financial instrument has been nothing short of remarkable. As more businesses, from tech giants like Tesla to local coffee shops, begin accepting Bitcoin as a payment method, its utility and demand are set to rise.
Furthermore, its role as a ‘store of value’ is gaining traction. Countries like El Salvador have even adopted Bitcoin as a legal tender, showcasing its growing acceptance on a national scale.
As more people become familiar with and trust in the technology, and as infrastructure like Bitcoin ATMs becomes more widespread, we can expect a surge in both individual and business users, driving up demand and, by extension, its price.
Spotlight on profitable Bitcoin mining companies.
Bitcoin mining companies are making waves in the cryptocurrency world. Core Scientific, a leader in this arena, boasts a staggering year-to-date increase of over 1000%. Another notable miner, Clean Spark, has also reaped significant financial rewards. These successes stem from enhanced mining efficiencies and reduced energy costs.
As technology advances, mining operations become more streamlined, and with the global push towards renewable energy, operational costs have decreased.
With Bitcoin’s price on an upward trend, now is a prime time to invest in Bitcoin mining companies. These entities are poised for even greater profitability, making them attractive prospects for investors.
Why these companies present good investment options
In the Bitcoin mining industry, certain companies have distinguished themselves as leaders, consistently outperforming their peers and setting industry standards. Here are three such trailblazers that have showcased resilience, innovation, and impressive returns:
1. Core Scientific
Core Scientific (CORZQ) stands out as a titan in the Bitcoin mining industry. With a year-to-date increase of over 1000%, it’s evident that the company has mastered the art of optimizing its mining operations.
One of the primary reasons behind Core Scientific’s success is its commitment to innovation. The company has invested heavily in state-of-the-art mining equipment, ensuring that they remain at the forefront of the mining race.
Additionally, their strategic partnerships and focus on sustainable energy sources not only reduce operational costs but also position them as a forward-thinking player in a rapidly evolving industry. For investors, Core Scientific offers the promise of high returns combined with the stability that comes from a company that’s leading in its sector.
2. Clean Spark
Clean Spark (CLSK) has made headlines not just for its impressive financial gains but also for its unique approach to Bitcoin mining — its emphasis on clean energy solutions for mining operations sets it apart.
By leveraging renewable energy sources, Clean Spark ensures that its mining activities are both cost-effective and environmentally friendly. This sustainable approach not only reduces operational costs but also appeals to a growing demographic of eco-conscious investors.
Furthermore, Clean Spark’s diversified services, including energy software solutions, provide an added layer of stability to the company’s revenue streams. Investing in Clean Spark means betting on a company that’s not only profitable but also aligned with the future of sustainable business practices.
Clean Spark (CLSK) financial results for Q3 FY2023
3. Riot Platforms
Riot Platforms (RIOT) is another heavyweight in the Bitcoin mining industry. The company’s consistent expansion of its mining capacity showcases its aggressive growth strategy. By continuously updating its mining hardware, Riot ensures that it remains competitive in the ever-evolving mining landscape.
Moreover, Riot Platforms’s transparent operations and regular updates to shareholders instill confidence in potential investors. The company’s growth trajectory, combined with its commitment to operational excellence, makes it a prime candidate for those looking to invest in the promising world of Bitcoin mining.
While the companies highlighted above are exemplary in their operations and returns, there are numerous other Bitcoin mining companies that also offer great value.
The key for potential investors is to identify companies that exhibit core strengths similar to those mentioned above, ensuring a blend of profitability, sustainability, and forward-thinking strategies.
What are the profit prospects from investing in BTC mining companies
The world of Bitcoin mining offers a unique intersection of technology and finance, and the profitability of companies operating in this space is intrinsically linked to the performance of Bitcoin itself.
As the premier cryptocurrency, Bitcoin’s price trajectory can significantly influence the bottom line of mining companies. Current market analyses and expert predictions hint at a bullish future for Bitcoin, which, in turn, paints a promising picture for these mining entities.
As these companies continue to refine their processes, leveraging technological advancements and tapping into cost-effective energy sources, they are poised to see enhanced profit margins. This operational efficiency can translate to increased returns for investors.
However, it’s crucial for potential investors to approach this with a balanced perspective. While the outlook seems favorable, the cryptocurrency market is known for its volatility. Investing in Bitcoin mining companies, like all investments, carries inherent risks and is subject to market dynamics.
It’s advisable for investors to consider these as long-term holds, keeping in mind the cyclical nature of markets and the potential for both ups and downs. Always conduct thorough research and perhaps seek financial advice before making investment decisions.
Closing thoughts
Bitcoin mining companies offer a unique investment opportunity in the ever-evolving world of cryptocurrencies. Their success is a testament to Bitcoin’s growth and the potential of blockchain technology.
While the future is promising, it’s essential for investors to stay informed, understand the market dynamics, and make decisions that align with their financial goals and risk tolerance.
The journey of Bitcoin and its associated industries is a testament to the transformative power of technology and innovation in the financial sector.
Is cryptocurrency here to stay or is it a passing fad?
With the next BTC halving expected to come in April 2024, the block rewards will fall from 6.25 BTC to 3.125 BTC. Traditionally, this means volatility, and optimistically, new ATH’s for BTC.
Regardless, we still have a long way to go as we continue to range indecisively on whether or not we are in a bull or bear market. With that in mind, many of us are hoping we can create generational wealth within the next few years with cryptocurrency. That begs the question, is it possible for BTC to hit 1 million by 2030, or if so, how much BTC would we need to be millionaires.
Am I the only one that just sees another influencer pumping her bags when Cathie Woods predicts BTC between $650k-$1.5 million by 2027?
I mean, if we stick to the 4 year cycles that would put us smack in the middle of the next bear market. pic.twitter.com/8JHkVGHknM
Of course, many of the statements can be considered contradictory, misleading, or inaccurate. Here’s my thoughts on what BTC will be valued at by 2030.
A Primer on Valuing $BTC
Here’s my theory. There are many traditional and tangible methods of valuing cryptocurrency. For example, TradeFi valuation methods (that actually apply), veTokenomics, FDV and so on and so forth.
I believe that cryptocurrency is valued highly if enough people agree that it is valuable. It’s a game of supply and demand, and economics. Traditionally, public companies in the stock market are valued by their P/E ratio, their revenue per quarter, or their market capitalization.
In crypto, it’s a different ball game. Most crypto products are pre-revenue, meaning their valuation falls on intangible benefits, and not so much on tangible benefits. That means we can’t compare it the same way we value Web 2 companies.
For example, have we ever tried to value an NFT, say for example Azuki.
Many of us would think long and hard, trying to justify why it is priced as such. Eventually, hardcore believers come to the basis of community benefits, and most importantly, airdrops.
Apart from that though, there isn’t really much rationale behind holding one of these coveted blue-chip NFTs. The price of the NFT is therefore determined by supply and demand, and the “intrinsic” value of the NFT. This was evident when Azuki Elementals crashed the entire collection to a lower price due to poor execution of the mint.
The same can be said for BTC. While it remains one of the more stable cryptocurrency blue-chips, its price-action is largely dependent on market demand, and not any traditional methods of valuation.
A More Complex View on Pricing
There have been many predictions such as Plan B which predicted $100K BTC, but ultimately failed. However, this model could still be valid for the next halving . Despite the price surge in 2023, long-term investors have refrained from selling.
However, the profits of short-term holders do suggest a risk of further correction.
If we follow the stock-to-flow model based on BTC halving cycles, BTC could see significant price appreciation after the next halving in April 2024.
Source: Jesse Myers
Myers, a Standard MBA graduate and fund manager suggests that “it takes longer than four years for the changed stock-to-flow reality of each halving to be fully digested by the world”
That being said, what if we were to form another approachto valuing bitcoin instead of supply side valuation (Stock-To-Flow model)?
Let’s look at demand side valuation, in other words, adoption of the asset.
Modern network effect theories suggest adoption is created by unique value propositions. For example, we use social media such as Twitter, Instagram, or LinkedIn because they provide a value proposition of communicating and sharing content.
Similarly, BTC was created to provide alternative modes of payments as its basis. Overtime, it has evolved to other use cases such as NFTs. This is similar to other features of social media that have developed over time.
Source: Fidelity Investments & World Bank
Adoption curves are a strong indication of demand and vary significantly per industry. BTC currently follows a curve quite similar to internet industries.
Source: World Bank
For example, if we take a look at an analysis by Fidelity Investments, we can note that BTC addresses vs. cellphones have very similar trends, and this is a useful proxy because of Metcalfe’s Law.
Metcalfe’s law, which was proposed in 1980, states that the financial value or influence of a telecommunications network is proportional to the square of the number of connected users.
That means we could see adoption similar to cell phones, and from there we can extrapolate out a price relationship.
If we hypothesize it out even further, modeling the price of BTC as a monetary asset through market forces, we could see any of the following scenarios, weighing in competition.
Chart of BTCDOMUSDT (1 Week Timeframe)
I’m predicting that BTC will have a monopoly in the long term as most alt-coins die off (BTC has always had stable and significant price action), and coupled with decreasing supply and increasing demand in the long term, we will see a supply shock.
Therefore, we can predict prices to be around pM valuation, if we put all cryptocurrencies on a supply demand axis to predict competition and price.
Closing Thoughts
I am personally not a huge fan of price prediction. Cryptocurrency is a very volatile asset and unlike stocks, often does not have rationale behind price movements apart from market sentiment.
However, based on all of this analysis, I believe that $100K BTC is definitely possible, which means you would need about 10 BTC to be a millionaire by 2030. My thesis can be broken down into these parts:
We still have 2 more halvings before 2030 (The halving was initially designed as a countermeasure to inflation. However, it now acts as a speculation event since price will increase even if demand is the same, due to increased difficulty to increase supply (mining rate))
Digital assets generally appreciate overtime. However, due to psychological acceleration in society today, I believe digital assets will follow a path of innovation theory. In other words, faster technological adoption and higher prices
BTC is a fundamental currency that drives economies and trades in less-developed countries.
These are just my thoughts. It is always good to make your own judgment call before investing for the short term or long term.
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Have you ever found yourself facing the daunting task of making ends meet in the ever-changing and unpredictable world of financial markets? It’s no secret that earning money can be incredibly challenging, especially during ranging markets which are confronted even more with market uncertainties as compared to bear markets.
I recently undertook a challenge to turn $500 into $10000 in just one month. What were the results?
In this article, I will share tips, tricks, and mistakes to avoid that I learned through my transformative journey.
Choosing the Right Exchange:
Before delving headfirst into the thrilling world of futures trading, it’s of utmost importance to find a service provider that you can trust and that aligns with your unique needs. When seeking out an exchange to begin your trading journey, I would recommend reputable platforms like Binance for centralized trading or DyDx for decentralized options.
These exchanges provide user-friendly interfaces, a wide range of futures trading opportunities, and robust security measures to safeguard your assets. If your not sure if you should start with CExes or DEXes, you can check out this article here: https://chaindebrief.com/cex-vs-dex-crypto-trading/
Evaluating different platforms can be carefully assessed through factors such as fees, funding rates, and the overall reputation and reliability of the exchange. Choosing the right exchange is an essential step that can significantly impact your trading experience and, ultimately, your long-term profitability.
For example, I prefer a more UI/UX friendly experience and don’t mind paying more for funding rates. This is why I stick with Binance and DyDx, as liquidity is generally stable with good UI/UX, limiting the number of independent variables that could affect your trading decisions.
It’s important to note that I do have some experience trading futures, and after some evaluation, I personally think Binance tops them all for this journey due to its UI/UX, which I believe is crucial when trading for the long-term
The Secret Sauce:
It is important to note that there is no get rich quick scheme, or any shortcut to success. You may chance upon a lucky or game changing trade, but ultimately you will lose to the market without proper discipline and execution.
Everyone also has their own style of trading, mine for instance uses less technical analysis (TA), and more sentiment prediction. For example, this includes looking at things such as feed activity on Twitter, particular news that could affect token prices, and funding rates.
From what I have learned from the 30 days, let me share with you an easy 3-step mentality framework for you to get started.
Step 1: Take Calculated Risks When Starting Out
It’s no brainer that you’ve heard of the saying, you need money to make money. That’s why it’s a lot easier to trade with a much larger sum of capital because of an exponential effect. This was something I experienced when starting out with $500.
For example, if you put $100 into a 20x trade and make a 300% ROI, you would only make $300. Conversely, if you put $500 into a 20x trade and make a 100% ROI, you would already make $500. My point, take calculated risks when necessary, when starting out, because it is nearly impossible to grow that capital without taking some degree of higher risk.
While this may prove to be disastrous if you predict the market’s movement wrongly, you can mitigate the percentile of losses with a Stop Loss. This is something I strongly advise all traders to do.
Taking calculated risks can come in a variety of forms. For example, a 100x long may actually be safer than a 10x long. For instance, take a 100x long on ETH with $50 capital, as compared to a 10x long with $500 capital.
While a 10x long may be good especially in the current ranging market, you may miss out on the opportunity to trade if you have to hold your position underwater. As compared to a 100x long, these positions are extremely risky, so exchanges usually set a tighter liquidation threshold.
For example,if you enter a long at $1750, your liquidation price is $1740, even if it means you only lose 50% of your capital. Therefore, if you set a SL at $1741 and it hits, you only lose $25 which is 50% of your capital, instead of losing 100% of your capital if you hit your liquidation price. You risk little capital for exponential upside, while in the previous scenario, you risk a majority of your capital for little upside.
For instance, let’s break down the rationale I used for my first trade. We started off the day looking for shorts in the market, and at that time, the entire market seemed to be fueled by the $ARB airdrop (sentiment). Naturally, we look to short any airdrop coin especially in a bear market.
Timing is key.
Before I short this coin, it’s important to note that there isn’t really much historical data, so TA doesn’t really help in the calculation of risk.
Instead, we look at price action. After noticing a correction towards ~1.2, we can notice that the funding rate was skewed positively. +0.07. It would be foolish to short at this given the lack of understanding of price action.
We can also notice that there was huge resistance at $1.5, which is a strong indication that the market would look to try and “break” that point of resistance. This is when we observe the trade, and sure enough it tried to break this PoC. Again we look at the funding rate, which is extremely positive for a second time 0.047%. This indicates late shorts coming into the equation, which is a good time to short.
This is because the market will often try to find liquidity, and in this case it’s at the bottom of the range.
By setting adequate and reasonable TP’s with this micro-analysis, we made about a 160% ROI in a few hours.
There are many strategies that many people utilize and this is just one of the methodologies I follow, but it’s all about taking that calculated risk to grow capital.
Here, I risked about $180 (from Stop Loss) to earn $733, a reasonable trade to grow your capital initially.
Step 2: Follow Liquidity in Any Trade
What exactly do I mean by this? From what I’ve learned, ranging markets mean no one wins, unless you are doing grid trading. For example, I’ve held a position on $SUI a while back, but it was inconsistent and not performing well. Within the days of holding to trade, I was at net delta neutral, simply because the market was not moving.
Furthermore, there was extremely low liquidity, so a single whale entering $SUI can just send a market order, significantly expediting the price and hitting my SL.
These low liquidity coins may have strong fundamentals, good traction, and a good development team, but I can tell you to scrap that because a good product doesn’t mean anything in crypto.
Follow liquidity instead.
Instead, look for high-liquidity coins, aka the top 24hr gainers to make your trades. Not only are these a lot more volatile, but it is also easier for you to make a successful trade. When following liquidity in this market, I suggest not utilizing TA because the coin is unpredictable but instead use sentiment as a more accurate gauge.
The goal is to not be the last one out. I usually use the funding rate as a good indication for myself when predicting sentiment. A general rule of thumb is to think opposite of what the market thinks, but there are many exceptions to this as well.
For example, ID was a coin that was pumped simply because of an exchange listing, and the general sentiment is that it will definitely go down.
Therefore, liquidity is at the bottom of the range from a basic understanding, and this can be validated with a liquidity void analysis (more advanced concept) indicating that it is a good time to short. Learning how to grab liquidity is essential, coupled with an understanding of when to think against the market and when to think with it.
Step 3: Don’t Avoid the Noise, Sift Through It
Almost every crypto trader has two mentalities. One, the moonboys, who think everything will go up and two, the group that always says to avoid the “noise”.
In 30 days, I’ve realised that you shouldn’t avoid the noise, but instead you should sift through it to see what is real, what is not, and what you can take advantage of.
For example, I frequently like to join speculative groups to validate my decision. There was as group I joined that frequently shilled low-cap coins that made absolutely no sense.
However, this wasn’t all just noise. Some coins ride the trend of meme coins, e.g. $PEPE (which I regret not buying), while others just slow rug.
The key is to remember that if there is enough demand, any exchange will list a token because it is popular and consumers want to make money. The goal of exchanges is not to make you money, but to ensure that you stay on their platform.
A thesis I like to stick to is that “normies” will often outperform your rational portfolio by entering at the right time. By this I mean, investing in things like DOGE, SHIBA, and PEPE. If everyone is in disbelief of $PEPE going up, and wants to short it, then perhaps it’s time for you to enter a long. Sift through the noise to make a decision, not avoid it and be uninformed.
Similarly, when opening positions, utilize this noise for your trade thesis. This is something I did for my winning $ARB trade. A lot of people were calling a FDV similar to MATIC due to its strong ecosystem (which I agree on for the long term), but I disagreed because there simply wasn’t enough liquidity in the market. While everyone was entering a long, I decided to enter a short instead.
Closing Thoughts
Trading is an intensely personal journey, and each individual develops their unique style and approach over time. While sentiment trading and price action analysis have been instrumental in my personal trading success, it’s important to acknowledge that finding your own style is a process of exploration and adaptation. With the right method, you can achieve results like this:
Embrace the opportunity to experiment, learn from both successes and failures, and continually adapt your approach to align with evolving market conditions. It’s crucial to get burned to achieve results when trading.
Also remember that what works for someone else may not necessarily work for you. It’s crucial to remain open-minded and willing to discover your own edge and trading strategy that resonates with your strengths and preferences. If you’re interested in delving deeper into sentiment trading or seeking additional insights, I encourage you to explore reputable resources available to enhance your understanding but avoid paid resources as these are often scams or loophole references.
Pendle,a decentralized yield tokenization protocol, has integrated support for two titans of the Real-World Assets (RWA) sector: MakerDAO’s Boosted Dai Savings (sDAI) and Flux Finance’s fUSDC. This strategic move enables users to tap into the booming potential of RWA yields, propelling Pendle into the spotlight as a key player in this fast-growing sector.
The fundamental concept behind real-world asset (RWA) tokenization revolves around establishing a virtual investment mechanism on the blockchain that is linked to tangible assets such as real estate, precious metals, artworks, and collectibles.
For DeFi, this would mean on-chain access to traditional finance instruments such as the U.S. Treasury Bonds, and the chance to deploy these tokenized assets for use in Dapps.
TN Lee, the Co-founder and CEO of Pendle, shared, “Fixed Yield and RWA have some of the largest addressable markets that remain untapped in DeFi. I firmly believe these will play a key role in attracting huge, offchain institutional investors onchain. Yes, RWA is already in DeFi, and now Pendle is able to offer a suite of tools that lets you properly hedge or manage these yields. Interest rate derivatives, swaps, fixed income…all these products that TradFi institutions love, they’re already here.”
Pendle’s unique value proposition extends to both retail and institutional clients, offering an easy-to-use platform to manage yields on-chain. These functionalities not only enhance users’ ability to navigate the dynamic DeFi environment, but also unlock the full capital potential of their assets. Now, that support has extended to the burgeoning realm of RWA.
RWA is already making waves, with its growth trajectory pointing skyward. It’s a sleeping giant in the world of DeFi, and Pendle with their strategic maneuvers and forward-thinking approach, is not just ready for it – they’re leading the charge.
Pendle Secures Investment from Binance Labs to scale DeFi Opportunities
Binance Labs, the venture capital and incubator arm of cryptocurrency exchange giant Binance, announced yesterday that they have invested an undisclosed amount with Pendle Finance in order to “Scale DeFi Yield Opportunities and Drive Adoption for LSDfi”
We're excited to announce that we'v invested in @pendle_fi!
Pendle Finance is a yield derivative protocol that enables users to execute advanced yield strategies, bringing the TradFi interest derivative market to DeFi.https://t.co/CDDXCWRCbQ
The announcement follows Pendle’s successful listing on Binance, which saw the already industry-leading project propelled to new heights.
“Binance Labs is always looking for projects that are spearheading innovation in DeFi sectors that will enable access to a wider audience. Pendle Finance’s focus on multi-chain expansion and innovative yield strategies align with our vision for the future of DeFi. We look forward to working closely with Pendle Finance and supporting their journey of reshaping the DeFi landscape towards a more inclusive ecosystem” commented Yi He, Co-Founder & Head of Binance Labs.
Concurrently, Pendle has since expanded not only to the BNB Chain, but also to the Optimism Network, where they qualified as an Optimism Grants Finalist.
Cryptocurrencies led by Bitcoin have experienced a remarkable surge in popularity and widespread adoption since their inception.
What initially began as a somewhat rebellious alternative to traditional fiat currency in 2009 has grown to the extent of catching the eyes and attention of mainstream corporations and multinational companies.
One of such companies is Paypal, an American multinational financial technology company that enables payments between parties through online money transfers.
PayPal enables digital payments on behalf of merchants and consumers worldwide.
They allow consumers to send and receive payments in over 200 countries/regions and support 25 currencies.
Headquartered in San Jose, California, USA, the company was founded in 1998 and is currently valued at8 billion by market cap, while also serving an extensive user base of more than 430 million accounts worldwide.
Leading the helm as president and CEO is Dan Schulman.
Now for those who use Paypal and utilize their services, here is how to buy crypto on PayPal along with the various cryptocurrencies they currently support.
From its peak of USD 400M in May 2022, NFT sales have fallen dramatically below USD 50M, what might have happened?
The last NFT bull run was primarily driven by speculation, NFT traders boasted about their astronomical gains on Crypto Twitter (CT) through flipping NFTs.
Crypto influencers led their followers to ape into the NEXT BIG NFT project, promising life-changing gains.
However, it is evident that such hype and speculation was unsustainable. The NFT projects poised to survive and thrive are those that provide real-world utility.
How do NFTs confer real-world utility and what are some of these projects that do so?
How NFTs Accrue Value From Real-World Utility
NFTs can confer utility in a myriad of ways, ranging from gym memberships to exclusive dining experiences and enhancement of the gaming experience.
Fitness Fiends
Where NFTs meet fitness enthusiasts, paving the way for fitness in the metaverse!
The Fitness Fiends NFTs serve as membership cards that provide holders exclusive access to real-world benefits.
These include access to a real-world gym in London with state-of-the-art equipment as well as discounts on fitness gear and personalized training programs.
Through the introduction of virtual reality technology, Fitness Fiends also seeks to create an immersive environment for gym-goers from around the world to interact with one another.
Having launched their NFT membership collection back in January 2022, LinksDAO has recently rebranded to the Links Golf Club.
Having sold out all their NFTs and raising USD 10.5M in the process, they seek to unite a community of golf lovers from across 40 countries and have a goal to purchase a Top 100 golf course through crowdfunding.
The membership tiers offered by Links Golf Club can be found here.
The biggest names in golf – One membership
Update your gear, elevate your game, and play the best courses with Links Golf Club. pic.twitter.com/rYLuwqCshL
Fancy a hangout with Gary? A Flyfish Club membership offers you that opportunity!
The Flyfish Club is the world’s very first members-only private dining club where membership is purchased in the form of an NFT.
There are two membership tiers – a regular tier that offers access to the main room of the restaurant and cocktail bar as well as another more exclusive Omakase tier where holders can enjoy an unparalleled culinary experience.
As the first ever real world horse racing NFT game, each Silks horse NFT represents an actual real life thoroughbred race horse.
Players stand a chance to earn rewards and prizes when their race horses win races, they also stand to receive rewards when breeding and grooming the horses.
The fluctuation in floor prices of NFTs is a distraction to the projects’ focus on providing long-term utility to its holders.
The key to the longevity of any NFT project is to build a credible long-lasting brand by providing its holders with exclusive experiences and products, creating a tight-knit community in the process.
Here’s the hard truth that most NFT founders have to eventually learn.
You think you’re selling a product and people are buying it because they love what you’re doing and want to own one.
But 99% are really just speculating/gambling and have no interest in what you’re actually…
The main challenges that lie ahead for NFT founders is for them to stay true to their mission as well as values, to remain steadfast in delivering on their promises according to the roadmaps.
Jam, the first dApp introducing the concept of “Friends Token” to Lens and Farcaster.
Just like Friend.tech, this feature will enable users to purchase and trade shares of content creators and their posts directly within the social dApps. But that’s not all; users will also have the ability to trade shares of the actual content itself.
Launched in 2022, Jam quickly gained popularity and now stands as the second most widely used client on Farcaster, just trailing behind the default client Warpcast.
The whitelist application for beta testing will be open starting from August 28.
Jam Token will be airdropped to foster a thriving creator community, incentivize creators from various communities including Lens and Farcaster.
Friend.tech users will also be part of this airdrop initiative, and other Web3 Social Communities in the future to build a better creator community.
Additionally, Jam will unveil its proprietary DAO token in the future, allowing the community to actively partake in governance initiatives.
About Jam: Jam is a community-driven Web3 Social dApp, with the primary objective of fostering the creator economy, incentivizing content creators within Web3 social networks, and spearheading the advancement and innovation of decentralized social networks.
The importance of increasing safety in the web3 space cannot be overstated.
In 2022, hackers stole an estimated $3.8 billion from cryptocurrency businesses – the biggest year ever for crypto hacking, and it is only going to get worse.
As the crypto market grows, so too will the number of hackers and the sophistication of their attacks. Investors in the space desperately need protection from these risks, and this goes way further than improving the technology.
The question is not whether or not hacks will happen, but rather when.
Crypto insurance solutions promise to be there, picking you up when you fall.
What is Crypto Insurance?
Crypto insurance is a type of insurance that protects investors against losses caused by theft, fraud, hacks, and other events that can result in the loss of cryptocurrency assets.
Crypto insurance is a policy made to protect investors against losses associated with web3 scams.
There are a variety of solutions available, most in the form of platform native solutions. Coinbase and Binance, for example, provide some insurance policies to the digital assets they hold for their customers.
An increasing number of insurance providers are created in the space, however, promising more dedicated, personalized and streamlined solutions.
— inSure DeFi – The Future of Web3 Insurance (@InsureToken) March 16, 2022
As a space, it is receiving increasing attention, and innovation is occurring.
From centralized to decentralized solutions, where web3-native principles such as the right to identity are being utilized, there is movement in the space to meet the urgency.
Artificial Intelligence is now changing our everyday lives, and currently one of the least used sectors to implement it is the insurance industry.
AI in Decentralized Insurance Use Cases
AI can be deployed in any of the Decentralized Insurance processes, including product… pic.twitter.com/lHgXn9Zrd1
This all sounds good, but there is a massive bottleneck. According to this Oliver Wyman report, only 1% of crypto assets are insured.
And this is to be expected. The industry as a whole is very intricate, and a vast lack of familiarity with the inner workings of the sector hold traditional insurance players back from getting involved in the space. Due to its nascency, there is also not much historical data to go off to develop risk models which means that the risk vs reward equation can’t be succinctly developed. As the cornerstone to the strategy of any insurance-based business, this is a major setback.
The lack of regulation of the space, shown by the recent FDE fiasco, makes it impossible to classify crypto assets, and hence horrendously challenging to generate rules around insuring them(underwriting, in insurance industry lingo).
As crypto is not legal tender, for example, it cannot be insured like stocks, bonds, and other financial instruments.
Finally, the anonymity in the space, frequent lack of KYC performed and lack of coherent identity solutions, certainly does not help.
Hot, warm, and cold crypto wallets each have different levels of risk. Did you know that until we did it, there was no standard definition of hot vs. warm? Standards development is one way insurance helps emerging markets mature.https://t.co/5OtqpLa8Oh
Simply being the first to figure out an effective way to insure crypto assets will provide a massive first mover advantage in this blue ocean opportunity. There is huge unmet demand from retail and institutional investors, and whoever figures out how to underwrite prudently for the space and achieve this at scale, will win.
Outside of this, there is a massive potential for web3 tech to revolutionize the space itself. Smart contracts, for example, promise an ability to automate policies for certain types of risk, where third-party data can be used for the real-time evaluation of claims. This could make insurance operations radically more efficient.
Being a lot more customer focused through utilizing web3-native incentives can also rapidly improve the customer experience of many of these firms and lead to macro business-model innovation.
Overall, crypto insurance is a space that many are begging for to grow, and one with many opportunities for both the insured, and the insuring.
A space to watch, and for the chosen, to innovate within.
Crypto assets present “novel and complex risks” to the banking sector that are “difficult to fully assess,” according to the Federal Deposit Insurance Corporation 2023 Risk Review for the banking sector.#CryptoNews#FDIChttps://t.co/qn4QNF2KvN
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