Crypto Weekly 10/20/24
A weekly summary of the latest crypto news...
Crypto weekly is authored by maaria and serdave
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.47T): +7% / +39%
- BTC ($68,581): +9% / +61%
- ETH ($2,700): +9% / +18%
- SOL ($160): +8% / +57%
- UNI ($7.64): -1% / +5%
- POL ($0.38): +4% / -61%
- Tether Mkt Cap ($120B): 0% / +31%
- USDC Mkt Cap ($35.0B): 0% / +43%
- BTC / ETH Dominance: 55% / 13%
THIS WEEK IN CRYPTO
- Stripe is in advanced talks to acquire stablecoin platform Bridge. Bridge raised a $40 million Series A this past summer, in a round led by Sequoia. Link.
- Bitcoin spot ETFs received $2 billion in inflows this past week, hitting a total net asset value of over $66 billion - nearly 5% of bitcoin's total market cap. Link.
- Kamala Harris's transition team is reportedly vetting candidates with more favorable views on crypto to replace current SEC Chair Gary Gensler. This includes Georgetown Law professor Chris Brummer and Chair of PCAOB Erica Williams. Link.
- Ethereum co-founder Vitalik Buterin laid out plans to achieve 100,000 transactions per second (TPS) on L1 and L2s ("The Surge"), as well as plans to minimize proof-of-stake centralization ("The Scourge"). Link. Link. Surge Blog Post. Scourge Blog Post.
- World Liberty Financial, a DeFi project associated with Donald Trump, launched its governance token this week, raising less than 10% of its $300 million target. The token is non-transferable and only available to accredited investors. Link.
- Italy plans to increase capital gains taxes on cryptocurrencies to 42%, up from 26%, in order to fund social programs. Link.
- The market cap of PayPal's PYUSD stablecoin has fallen 40% over the past six weeks to $618 million, after Solana lending protocol Kamino reduced staking rewards. Link.
- Ethereum’s monthly staking revenue has fallen 30% since March to $174 million. Staked ETH rose 10% over the same period, and currently sits at 1.1 million ETH. Link. Link.
- Bitcoin’s monthly trading volumes have averaged $2 trillion YTD, up 76% from last year. Link. Report.
- Donald Trump's campaign received $5 million in digital currencies between July and the end of September. Link.
- The FBI arrested a man suspected of hacking the SEC’s official twitter account in January to prematurely announce the approval of multiple bitcoin ETFs. Link. Announcement
- FTX engineering director Nishad Singh is requesting no prison time in his sentencing due to his cooperation in the cases against FTX founder Sam Bankman-Fried and executive Ryan Salame. Singh pled guilty to six charges and will be sentenced on October 30th. Link.
- Robinhood plans to support bitcoin and ethereum futures trading as part of a broader rollout of futures products. Link . Announcement.
- Grayscale filed paperwork with the SEC to convert its current Digital Large Cap Fund, which includes Bitcoin, Ethereum, Solana, XRP, and Avalanche, into an ETF. Link.
- Polymarket betting volume on the US presidential election crossed $2 billion this week, with Donald Trump's odds of winning the election growing to almost 60%. Link. Link. Link.