𝗖𝗿𝘆𝗽𝘁𝗼 𝗪𝗲𝗲𝗸𝗹𝘆 𝗥𝗼𝘂𝗻𝗱𝘂𝗽

This week in crypto highlights the key market movements, innovations, regulatory updates and major industry events.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄

➜ Bitcoin ($BTC): Bitcoin faced significant volatility this week, dropping to $91,000 after nearing its ATH of $100,000. The dip was primarily due to long-term holders cashing out, but bullish sentiment remains strong, driven by institutional investments and network upgrades. Despite this drop, Bitcoin continues to dominate the market with a dominant market share of 57.07%.

➜ Ethereum ($ETH): Ethereum briefly touched the $3,600 mark as the second-largest cryptocurrency by market capitalization saw a surge following Bitcoin’s rally.

➜ The total cryptocurrency market cap surged to $3.30 trillion, with daily trading volumes in the billions. Extreme greed, reflected in a Fear and Greed Index of 83, has driven significant volatility, while the altcoin index holds at 57/100.

➜ @MicroStrategy, led by Michael Saylor, has further bolstered its Bitcoin holdings, purchasing an additional 55,500 $BTC, valued at approximately $5.4 billion. This ongoing accumulation strategy underscores the company’s long-term belief in Bitcoin as a store of value.

➜ The stock of publicly traded Chinese company SOS saw a significant surge, rising by 100% following the announcement of plans to purchase up to $50 million worth of Bitcoin. This move is seen as a reflection of increasing institutional adoption and interest in Bitcoin.

➜ ZA Bank, Hong Kong’s largest digital bank, has taken a significant step in the integration of crypto into traditional banking by launching crypto trading services for its clients, marking a major development in the region’s regulatory landscape and institutional adoption of digital assets.

𝗣𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹 𝗡𝗲𝘄𝘀

➜ US Senator Ted Cruz has advocated for Texas to become a global center for Bitcoin and cryptocurrency innovation. His support reflects the growing trend of U.S. politicians and states positioning themselves as leaders in the crypto space.

➜ The Trump administration is considering appointing the CFTC to oversee digital asset regulation.

➜ A new bill has been introduced in Brazil's Chamber of Deputies, aiming to establish a strategic Bitcoin reserve for the country.

➜ Morocco is set to legalize cryptocurrencies once again, reversing the ban enacted in 2017. This change in policy could potentially stimulate the country’s crypto industry and provide a favorable environment for businesses and investors in the region.

➜ Mexican-based drug cartels have been allegedly selling $USDT at a discount, knowing its association with illicit activities may taint its reputation. These coins are then sold at higher prices in other countries, such as Colombia.

➜ A Brazilian congressman has proposed the creation of a National Bitcoin Reserve, following the success of similar initiatives in other countries. This move could significantly enhance Bitcoin’s legitimacy in the financial system.

𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁𝘀

➜ @Ripple has announced plans to invest in Bitwise's Physical $XRP ETP, marking a significant move to strengthen the liquidity and accessibility of $XRP for institutional investors.

➜ @MetaMask now supports gasless swaps on Ethereum, enabling token trades without gas fees. This feature is expected to streamline the trading process and make it more user-friendly for newcomers.

➜ @zero1_labs has revealed three deflationary mechanisms for its $DEAI token, as well as an upcoming airdrop for stakers. The project also disclosed that DEAI would serve as the native currency for Cypher, its upcoming blockchain.

➜ @SynFuturesDefi, the first permissionless perpetual contract launchpad, has introduced its token, $F. The token will provide utilities such as voting power, boosts for airdrops, and fee discounts. It is set to be listed on Bybit on December 6, 2024.

➜ @avax has launched Avalanche9000 on testnet, a major upgrade designed to simplify the process of releasing new Avalanche Layer 1s. This is expected to increase the scalability and usability of the Avalanche network.

➜ @LFJ_gg (formerly Trader Joe) has released Token Mill, a novel bonding curve automated market maker on the Avalanche network.

➜ @NATIXNetwork introduced VX360, a novel decentralized physical infrastructure network (DePIN) data collection device for mapping and autonomous driving. This innovation is a step toward enhancing real-world utility for blockchain technology and could accelerate the adoption of decentralized solutions in the logistics and transportation sectors.

➜ @jito_sol's proposal to enable a fee switch mechanism for its $JTO token has gone live, adding a layer of flexibility for decentralized applications and users within the ecosystem.

➜ @SuiNetwork has partnered with $1.5 trillion asset manager Franklin Templeton to support ecosystem builders within the Sui network.

𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲 𝗮𝗻𝗱 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗨𝗽𝗱𝗮𝘁𝗲𝘀

➜ The popular crypto platform @pumpdotfun has disabled its live-streaming feature amid ongoing regulatory concerns and platform adjustments.

➜ The United Kingdom has officially set plans to regulate cryptocurrency by 2026, signaling its intent to create a clear and supportive framework for digital assets and blockchain technology.

➜ Video platform Rumble has announced it will use its cash reserves to purchase Bitcoin, following in the footsteps of other tech companies that have embraced Bitcoin as a store of value.

➜ @coinbase users face delays in $SOL transactions due to network issues and high transaction volumes.

➜ @ethereum has regained its position as the leading blockchain for Tether (USDT), surpassing Tron, with a total supply of $60.3 billion on the Ethereum network. This is indicative of Ethereum’s continued dominance in the stablecoin market.

➜ Crypto exchange @OKX has launched a trading platform and self-custodial wallet in Belgium, expanding its presence in Europe.

𝗢𝘁𝗵𝗲𝗿 𝗡𝗲𝘄𝘀

➜ @elonmusk has suggested that the IRS will be audited by the Department of Government Efficiency (DOGE), offering his usual provocative commentary on governmental practices.

➜ Financial pundit Jim Cramer has endorsed Bitcoin, Ethereum, and other cryptocurrencies, stating that they deserve a place in investors' portfolios due to their potential for long-term growth.

➜ A Shenzhen court has ruled that cryptocurrencies, including USDT, cannot serve as a legal form of wage payment under Chinese labor laws, a decision that may have far-reaching implications for how crypto is used in the workplace.

➜ SEC Chairman Gary Gensler announced his resignation, which could lead to shifts in regulatory approaches for the cryptocurrency market in the United States.

➜ Hyperliquid launched its $HYPE token on November 29, with 31% of the token supply allocated for its airdrop.

➜ pSTAKE Finance is launching a new staking mechanism for its $PSTAKE token, enabling stakers to earn Bitcoin by staking their tokens.

➜ @0xSonicLabs has launched its new Ethereum Virtual Machine (EVM) on testnet. This EVM will enhance interoperability between Fantom and Ethereum, enabling users to move assets more efficiently between the two networks.

𝗡𝗲𝘅𝘁 𝘄𝗲𝗲𝗸'𝘀 𝗲𝘃𝗲𝗻𝘁𝘀

➜ 04-05 December 2024, Wed-Thu

Narva, Estonia

W3N 2024 celebrates Web3, AI, and digital art, bringing together creators, entrepreneurs, and innovators for talks, music, and immersive experiences in Narva. It explores the future of decentralized technologies at the crossroads of history and innovation.

➜ 04-05 December 2024, Wed-Thu

Bangalore, India

India Blockchain Week (IBW), from 2-8 December, is India’s premier blockchain event series, featuring key Web3 events like ETHIndia, Polygon Connect, and Pragma by ETHGlobal, celebrating India’s digital transformation.

➜ 09-10 December 2024, Mon-Tue

Abu Dhabi, UAE

The Bitcoin Conference and Bitcoin MENA 2024 will gather global Bitcoin leaders, investors, and enthusiasts to discuss Bitcoin’s future and innovations within the ecosystem.

SOURCES: Coinbase, Defillama, Watcherguru, Coinmarketcap, Degennews.