MAS has seen strong interest in asset tokenisation in recent years, notably in fixed income, FX, and asset management. We are encouraged by the keen participation from financial institutions and fellow policymakers to co-create industry standards and risk management frameworks to facilitate commercial deployment of tokenised capital markets products, and scale tokenised markets on an industry wide basis.
🔔 MARKET MOVING NEWS! (03/11/24)
1️⃣ US Government Seeks Return Of $13 Million In Political Donations From Former FTX Executives ▶️
According to a new filing in federal court, the U.S. government is negotiating for the return of political donations made by former FTX executives. The government has requested time until January 15 to "discuss with [the PACs] the forfeitability of funds these entities received from the defendant and his co-conspirators."
It named several groups, including Senate Majority PAC, Future Forward PAC and Future Forward USA Action, Emily’s List/Women Vote, and GMI PAC. Data from OpenSecrets shows around $13.25 million in donations were directed to these groups from either Bankman-Fried or former FTX head of engineering Nishad Singh.
Source
2️⃣ Ethereum Researchers Relinquish EigenLayer Roles Over Conflict-of-Interest Concerns 🔍
Ethereum Foundation researchers Dankrad Feist and Justin Drake have reportedly resigned from their advisory roles at Ethereum restaking protocol EigenLayer. Both claimed to have made the move after considering a potential conflict of interest within the Ethereum community. Notably, some community members voiced these concerns months ago when the researchers first made their announcement about joining as advisors. The community members feared that EigenLayer’s payouts to Ethereum foundation researchers was an attempt by the project to influence the broader Ethereum network’s development roadmap.
Feist stated,
While I believe that the role was negotiated in good faith and with the aim of making sure that EigenLayer is well aligned with Ethereum. I understand that the perception of this relationship has been different and that for many the conflict of interest this creates is difficult to reconcile with my role as an Ethereum researcher.
The Union Bank of Switzerland (UBS), the largest private bank in the world, has announced the launch of the "UBS USD Money Market Investment Fund Token" (uMINT) - a tokenised investment fund on the Ethereum blockchain. UBS stated that the fund provides investors access to "high quality money market instruments based on a conservative, risk-managed framework." However, it failed to disclose exactly which financial instruments made up the fund. UBS APAC co-head Thomas Kaegi explained the launch comes after the firm has “seen a growing investor appetite for tokenised financial assets across asset classes.”
Source
🔔 MARKET MOVING NEWS! (01/11/24)
1️⃣ Tether Registers $2.5 Billion In Net Profit For Q3, Bringing Year-To-Date Total To $7.7 Billion 🔍
Tether’s latest attestation report shows that the stablecoin issuer generated $2.5 billion in profit during Q3 2024. This brings its nine-month profit to $7.7 billion, up from $5.2 billion during the first half of 2024. Approximately $1.3 billion of the profits were reportedly derived from yield on U.S. Treasury holdings, while another $1.1 billion was thanks to the unrealised appreciation of the company's gold holdings in the reserve. On that note, the report shows that Tether’s reserves are made up of over $105 billion in cash and cash equivalents, "with a notable $102.5 billion in direct and indirect exposures to U.S. Treasuries."
The report states,
One of the quarter’s highlights is Tether’s Stablecoin issuing companies reaching a new ATH of almost $120 billion USDT in circulation. This represents a 30% growth in USDT tokens issued in 2024 year-to-date or $27.8 billion achieved by the companies and is almost equivalent to the entire market cap of its closest competitor.
A recently published Fortune report claims that the prediction market platform Polymarket is "rife" with wash trading. The report cited separate investigations from Chaos Labs and Inca Digital which allegedly found that approximately 30% of the 2024 United States Presidential election activity on Polymarket is the result of wash trading. Both firms claim the actual transaction volume on the platform was only $1.75 billion, compared to the $2.7 billion reported by Polymarket. The report speculates the alleged wash trades are likely motivated by “airdrop farming” as Polymarket was recently reported to be considering issuing its own token.
Source
🔔 MARKET MOVING NEWS! (30/10/24)
1️⃣ Gemini Receives Preliminary Approval For MPI License In Singapore Amid Asia Expansion ⚡️
Crypto exchange Gemini has reportedly received an in-principle approval for its Major Payment Institution (MPI) license application in Singapore. This allows the firm to provide cross-border money transfer and crypto payment services in the country. In a statement published Tuesday, the firm stated that the preliminary approval from the Monetary Authority of Singapore underscores its "dedication to the Singapore market.” Gemini’s preliminary approval for an MPI license comes after it hired Saad Ahmed as its head of APAC in January. Ahmed previously held leadership roles at Uber and Grab in the region. Gemini has stated that it would continue to work towards a final approval for the MPI license.
Source
2️⃣ Consensys Cuts 20% Workforce, Blames SEC’s ‘Abuse Of Power’ ❓
MetaMask developer Consensys has reportedly laid off 20% of its workforce. Consensys founder and CEO Joseph Lubin announced the move in a blog post published yesterday. The post cited broader macroeconomic conditions and ongoing regulatory uncertainty, including the Securities and Exchange Commission’s (SEC) “abuse of power” in the space.
It reads,
Multiple cases with the SEC, including ours, represent meaningful jobs and productive investments lost due to the SEC’s abuse of power and Congress’s inability to rectify the problem. Such attacks from the US government will end up costing many companies…many millions of dollars.
The decision to let go was a realisation that the company we’ve built is different from the company dYdX must be. We will move forward with clarity and renewed passion. We will create amazing things.
🚨New Video Alert!!🚨
Ethena is a new decentralized stablecoin that offers high yields and is backed partially by BTC. Not surprisingly, this has led to concerns that Ethena is Terra 2.0, and will crash the crypto market.
What is surprising is that these concerns are justified, but not in the way people think. Ethena could fundamentally warp the entire futures market in crypto, resulting in an abnormal increase in leverage.
At the same time however, it could set the stage for an incredible market melt up, and generate record breaking revenues that could send its ENA token up by 40x or more by the end of the bull market.
This is a video you need to watch until the end.
🔥 Rally Report 🔥
DOGECOIN
The price of DOGE has rallied by 13% in the past 24 hours.
WHY?!
☄️ The rally comes after the ‘Dogefather’ Elon Musk mentioned how his ‘proposed’ Department of Government Efficiency (aka D.O.G.E.) would save the U.S. a lot of money.
🎙 The speech was made during a massive Trump rally at Madison Square Garden in New York City yesterday. Notably, Musk also posted a tweet showing a picture of himself with the DOGE avatar.
If you want to buy or trade DOGE, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 Livestream Alert!! 🚨
It’s time for another weekly crypto review!
Today we cover:
- All Roads Lead to Inflation
- Bitcoin to 125k?
- Saying the Quiet Part Out Loud
- Back with the Tether FUD
- AI Meme Madness
- Top Gainers in Crypto
🔥 Rally Report 🔥
MANTRA
The price of OM has rallied by 10% in the past 24 hours.
WHY?!
‼️ The rally follows the recent launch of Mantra’s RWA-focused Layer 1 mainnet.
⚡️ This has led to considerable hype for the token since users can now stake OM, bridge tokens for future airdrops, and earn KARMA by completing new missions on the mainnet.
If you want to buy or trade OM, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🔔 MARKET MOVING NEWS! (04/11/24)
1️⃣ Binance Co-Founder Clarifies Asset Listing Policies, Dispels FUD 👀
Binance co-founder Yi He has reportedly denied negative claims about its listing fee policies recently made by the CEO of Moonrock Capital. Specifically, he claimed that Binance demanded 15% of an unidentified project’s token supply to secure a listing on the centralised exchange. Yi He responded by stating that the company screens projects for listings, but does not charge a percentage of their tokens or a fixed amount. Binance’s listing policy stipulates that all listing fees will be “transparent,” and 100% of the fees are donated to charity.
Source
2️⃣ Crypto Casino Metawin Loses $4 Million To Exploit Of Ethereum, Solana Hot Wallets ▶️
According to blockchain sleuth ZachXBT, crypto casino Metawin's Ethereum and Solana hot wallets have reportedly been compromised and over $4 million of assets have been stolen by the attacker. The hacker reportedly exploited the protocol's "frictionless withdrawal system." ZachXBT also noted that the stolen funds have been transferred to Kucoin and a HitBTC nested service. Metawin has since disabled withdrawals temporarily
Source
3️⃣ Kraken Launches Derivatives for Australian Wholesale Clients After Regulatory Setback 🔍
U.S.-based crypto exchange Kraken has reportedly launched a new suite of crypto derivatives products for Australian wholesale clients. Notably, the launch comes months after Kraken’s domestic operator, Bit Trade Pty Ltd, lost a court case with the Australian Securities and Investments Commission. Regardless, Kraken’s General Manager for Australia, Jonathon Miller, claimed the derivatives broker offering is a response to increasing demand from institutional clients for compliant, high-security trading options. To qualify, the potential customer's net assets must exceed $2.5 million (US$1.64 million) with a gross annual income exceeding $250,000 (US$164,000) for the last two financial years.
Source
4️⃣ Taiwan’s FSC To Heighten Scrutiny Of Crypto Listings On Exchanges In Upcoming January Rules, Official Says ‼️
According to a recent speech by Hsi-Ho Huang, the director of the securities firms division of the Taiwan Financial Supervisory Commission (FSC), the FSC will require “virtual asset service providers” to complete compliance registration with new rules set to take effect in January 2025. Notably, the rules are set to introduce new criteria, covering crypto asset listing, record keeping and custody. The speech was made at the FinTechOn conference in Taipei. Non-compliance may lead to criminal penalties, including imprisonment for up to two years.
Source
5️⃣ Wiz Khalifa’s X Account Apparently Hacked To Promote Sham Memecoin ❌
Hackers reportedly took control of rapper Wiz Khalifa’s X account on Nov. 3. They attempted to dupe his followers by posting a link to scam memecoin with the caption: “working with my team to drop $WIZ for all the crypto fans.” This saw the market capitalisation of the WIZ memecoin rally to a peak of $3.4 million within 15 minutes of launch. It has since crashed to less than $28,000 as early holders unloaded huge sums of the token. Blockchain sleuth ZachXBT claimed the same hacker was responsible for taking over Truth Terminal developer Andy Ayrey’s account on Oct. 29.
Source
6️⃣ Singapore Pushes for Commercialisation of Tokenisation ⚡️
The Monetary Authority of Singapore (MAS) has announced new plans to advance tokenisation in financial services. Its crypto industry group, Project Guardian published two frameworks on the acceptance and implementation of tokenised assets by financial institutions.
Leong Sing Chiong, deputy managing director (Markets and Development) of MAS stated,
🚨New Video Alert!!🚨
Last month, officials from 36 countries met in Kazan, Russia, to participate in the BRICS summit. These officials collectively represented nearly half of the world’s population, and over 1/3 of its GDP.
If you didn’t hear about it, that might something to do with the fact that the so called global south countries are starting to come together in a big way and could challenge the Western led world order.
The few Western media outlets that did report on the BRICS summit seemed to dismiss it as something minor or even as something delusional. In reality, it was one of the most significant events in history.
This is a video you need to watch until the end.
🚨 Big News🚨
Mariano is back with some incredible insights in his latest video on Coin Bureau Trading! 📈 This is a pivotal week with major market events, and Mariano is dropping exclusive alpha that you won’t want to miss! 🤑
From Bitcoin's critical price levels to key market indicators, he’s got everything you need to stay ahead. So if you're serious about crypto trading, hit the link and watch the full video now.
While you're there, make sure to subscribe to Coin Bureau Trading for more weekly updates and expert analysis. Don’t miss out on the latest trends and opportunities – join us now! 🚀
Next Week in Crypto: Key Events to Watch (Nov 4th - Nov 10th, 2024) 🗓
Next week is set to be a very significant one for markets as a whole, with the U.S. election, shortly followed by the Fed’s interest rate decision and FOMC press conference. Due to the absence of any notable crypto-specific events next week, likely due to the election, this week’s post will fully focus on these key events.
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⚖️ November 5 — U.S. Presidential Election
The highlight of the week is, without a doubt, the U.S. presidential election. While markets view Donald Trump as the more pro-crypto candidate, crypto could still prosper under Kamala Harris administration. Here’s why:
With the U.S. crypto industry growing in users and institutional interest, it’s clear that U.S. politicians can no longer delay establishing federal crypto regulations, if they want to keep the industry within its borders. Without clarity, much of it is shifting to jurisdictions with established frameworks, like the EU and UAE.
U.S. politicians seem to be realising this, as shown by recent bipartisan support for overturning SAB 121, which aimed to reverse restrictive crypto policies but was vetoed by Biden. Additionally, the FIT21 bill, designed to establish a crypto regulatory framework, passed the House of Representatives with bipartisan backing in May.
So, while Harris hasn’t voiced pro-crypto views like Trump, she hasn’t taken an anti-crypto stance either, and the odds of crypto receiving regulatory clarity under either administration seem stronger than ever.
That said, while possibly bullish in the long term, elections often bring significant short-term volatility in either direction, so prepare accordingly.
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📊 November 7 — Fed Interest Rate Decision & FOMC Press Conference
Last week’s U.S. economic data presented a mixed picture—GDP and the unemployment rate signaled a robust economy, while PCE aligned with expectations, leaving the overall inflation picture unchanged. However, non-farm payrolls came in significantly below expectations, prompting markets to strongly price in a 25 bps rate cut in the upcoming meeting.
Moreover, weak non-farm payroll data could indicate underlying softness in the labor market, leading to further expectations of an additional 25 bps cut in December. This could be bullish for crypto, as lower rates mean cheaper borrowing costs and increased liquidity in the markets. Whether this holds true will likely be a key topic in the FOMC press conference, where Jerome Powell is expected to address these questions.
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That’s all for this week’s action! A bit different from the usual, but we’ll be back with more crypto-focused content next week.
🚨 New Video Alert!! 🚨
Millionaires are on the move. With visas for sale and cities competing to attract moneyed migrants, it’s never been so easy for the rich to relocate.
But which countries are losing the most millionaires, and why? And what does it mean for a country when its millionaires decide to leave? And is an influx of rich residents all good news for the countries on the receiving end?
Today, we find out - plus, what all this could mean for the markets.
🔔 MARKET MOVING NEWS! (02/11/24)
1️⃣ 21Shares Files Form S-1 With SEC For Spot XRP ETF ‼️
Asset manager 21Shares has reportedly filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch an XRP ETF. If approved, the 21Shares Core XRP Trust will be listed on the Cboe BZX Exchange and Coinbase Custody Trust Company will be its custodian. 21Shares is the latest firm to file for an XRP ETF following Canary Capital and Bitwise.
Source
2️⃣ TON Foundation Launches New Society DAO Governance Model ⚡️
The Open Network (TON) Foundation has announced the launch of ‘Society DAO’ - a decentralised autonomous organisation (DAO) with a new governance model that seeks to create a more decentralised ecosystem. The Society DAO includes four founding members: TON Core, TON Society, Wallet in Telegram and the newly launched developer collective, TON Studio.
Society DAO wants community members to actively participate in decision-making, resource allocation, and project management. TON Foundation President Steve Yun and Ton Society co-founder Jack Booth stated,
TON Foundation is advancing a community model that redistributes resource allocation power back to the community. Under this approach, respected and proven community members are empowered to coordinate vision, goals, and strategies, collectively determining resource allocation in alignment with TON's overall growth.
🔥 Rally Report 🔥
KAIA
The price of KAIA has rallied by 6% in the past 24 hours.
WHY?!
⚡️ Bybit Futures announced the listing of the KAIAUSDT Perpetual Contract with up to 50x leverage.
❓ Kaia is the Layer 1 network launched after a merger between Finschia, the blockchain from the popular Japanese messaging app Line and Klaytn, a network backed by the Korean messaging platform Kakao.
If you want to buy or trade KAIA, we have an exclusive trading fee discount of up to 60% on Kucoin 👇
🔗 https://www.coinbureau.com/deals/trading/kucoin/
🚨 New Video Alert!! 🚨
What proportion of crypto scams are perpetrated by the US government?
I’ll give you a clue: it’s not zero.
This is just one of the perplexing things that we learned from Operation Token Mirror, the FBI’s recently-disclosed foray into the shitcoin market.
Tune in to find out what the feds are doing in the trenches, who they’ve busted, and what this strange episode means for crypto.
🔔 MARKET MOVING NEWS! (31/10/24)
1️⃣ Canary Capital Files For Spot Solana ETF With SEC 🕯
Crypto asset manager Canary Capital has reportedly filed to launch a spot Solana exchange-traded fund (ETF) with the United States securities regulator. Notably, the firm follows the lead of VanEck and 21Shares who filed similar applications in previous months. According to the S-1 registration statement filed by Canary, the spot Solana ETF would track SOL’s price through the Chicago Mercantile Exchange CF Solana index. Canary did not disclose who the custodian of the spot SOL ETF would be, nor did it state what ticker the fund would be listed under.
Source
2️⃣ Coinbase Announces $1 Billion Share Buyback As It Reports Q3 Earnings 🎙
Coinbase Global Inc (COIN) shares dropped 5.2% in after-hours trading as its third-quarter earnings and revenue came in under Wall Street estimates. The crypto exchange blamed “softer market conditions” for underperforming expectations. However, it emphasised the strength of its balance sheet as the company ended the third quarter with $8.2 billion in USD resources, an increase of $417 million from the previous quarter. It also announced that its board of directors have authorised a $1 billion share repurchase program.
The announcement stated,
In October 2024, our board of directors authorised and approved a share repurchase program, which provides for the repurchase of up to $1 billion of our outstanding Class A common stock without expiration. The timing and amount of any repurchases will depend on market conditions.
As we’ve grown north of $1 billion in net revenue as a remote organisation worldwide, we fell into the trap of building organisational layers. We put managers in charge of the successes or failures of the groups they controlled, and we predicated success based on siloed P&Ls […] So, “managers” are incentivized to do the wrong thing. We are making organisational discipline decisions to tackle this problem and eliminate layers. We need to make sure our top contributors are focused on building rather than managing.
🚨New Video Alert!!🚨
Dollar Cost Averaging, or DCA, is one of the most simplistic methods of investing into crypto. As it so happens, it can also be one of the most rewarding - and we’re not just talking about portfolio gains.
Perhaps the biggest reward you can get from a DCA strategy is the fact you can simply set it, and forget it. This is why investors have been Dollar Cost Averaging for generations. It’s also why Kraken, one of the OG crypto exchanges, sent a survey out to crypto investors utilising a DCA strategy.
Today, we’ll tell you everything you need to know about DCA, break down Kraken’s report, and even show you exactly how Dollar Cost Averaging could be an incredibly successful approach for your own portfolio. Make no mistake - this is a video you literally cannot afford to miss!!
🔔 MARKET MOVING NEWS! (29/10/24)
1️⃣ Bitcoin Surges Above $71K as Wild Crypto Market Pump Sees $175M in Shorts Liquidated 🔼
The price of BTC surged above $71,000 in the Asian morning hours Tuesday, following two strong weeks of inflows into the United States spot Bitcoin ETFs. The breakout from the key $70,000 resistance comes with $48 billion in trading volumes, or nearly double the volumes from Monday. It also comes nearly a week before the U.S. presidential elections. Data from CoinGlass shows that the move resulted in over $143 million in short liquidations in the past 12 hours. Specifically, BTC shorts lost $73 million, while ETH shorts lost $39 million. This may have further boosted the rally as traders closed losing bets.
Source
2️⃣ Hacker Exploits Truth Terminal Founder’s X Account, Nets $600K By Promoting A Scam Token 🔓
Andy Ayrey, the creator of the Truth Terminal AI bot, reportedly had his X account hacked due to a SIM swap attack earlier today. The attacker attempted to dupe his followers by posting a contract address for a token with the ticker IB. The token’s deployer account acquired 12.5% of its supply which the hacker dumped as its market cap surged over $25 million. According to DEXScreener data, the hacker profited by over $600,000. The hacker’s dumping of the token also caused the prices to plunge nearly 98%, bringing the market cap down to $500,000. Interestingly, IB’s price has since rebounded due to a “community takeover.” However, Ayrey’s X account appears to remain compromised since it continues to post suspicious messages.
Source
3️⃣ Robinhood Launches US Presidential Election Prediction Market 🕯
Trading platform Robinhood has reportedly become the latest firm to offer prediction market contracts on the outcome of the upcoming U.S. presidential election. Specifically, Robinhood Derivatives will offer two contracts which allow traders to speculate on whether Donald Trump or Kamala Harris will win the election. This launch comes on the heels of an early October federal court ruling in favour of the Kalshi prediction market. For its initial rollout, Robinhood will make election contracts available to a limited number of users who must be U.S. citizens with an active Robinhood individual investing account. Additionally, these users must be qualified for either margin investing or Level 2/3 options trading on its platform. The contracts will reportedly be paid after the election results are certified by Congress on Jan. 6, 2025.
Source
4️⃣ Alchemy Pay Reveals Plans To Launch Layer-1 Blockchain ⚡️
Crypto payment provider Alchemy Pay is reportedly launching a layer-1 blockchain called Alchemy Chain to support the “growing needs” of its business operations. According to the announcement, the new layer-1 blockchain will be built using the Solana Virtual Machine (SVM) architecture and will enable interactions between offchain storage and blockchain-based transactions. The company also plans to integrate layer-2 solutions for account mapping and data synchronisation. It will feature a native utility token with the ticker ‘ACH’ that can be used to pay gas fees on the network. However, the company also added that users will have the option to pay gas fees using fiat.
Source
5️⃣ Rollup Development Platform Gelato Raises $11 Million In Latest Funding Round 💰
Rollup-as-a-Service (RaaS) platform Gelato has reportedly raised $11 million in a Series A+ funding round led by Hack VC. The round also saw participation from other investors such as Animoca Brands, IOSG Ventures and Bloccelerate VC. The Series A+ round was structured as a series of OTC deals with investors, with average valuations above that of its Series A.
Gelato has stated that it plans to use the fresh capital to expand its team and service to support more enterprise-grade rollups. It reportedly aims to become the “go-to platform” for startups to launch their own blockchains. This includes Kraken’s newly unveiled Ink Layer 2 blockchain, which is set to launch on the mainnet in early 2025.
Source
🔔 MARKET MOVING NEWS! (28/10/24)
1️⃣ FTX Settles Lawsuit Against Bybit Exchange For $228 Million 🤝
The FTX bankruptcy estate has reportedly agreed to a $228 million settlement to drop its lawsuit against Bybit, its executives, and investment arm Mirana. Specifically, the settlement agreement will allow FTX to withdraw $175 million in digital assets held on Bybit and sell approximately $53 million in BIT tokens to Mirana Corp. This settlement will help FTX repay its creditors in the coming months.
Source
2️⃣ Base One-Day Stablecoin Transfer Volume Outranks All Other Chains For First Time 🔼
Base, Coinbase's Ethereum Layer 2 blockchain, reportedly achieved the highest one-day stablecoin transfer volume on October 26. It also surpassed Ethereum, Solana, and Tron for the first time. According to data from analytics firm Artemis, Base accounted for 30% of the total stablecoin transfer volume, while Solana and Ethereum followed with 25% and 20%, respectively. Circle's USDC reportedly made up over 62% of the transfers.
Base's Head of DeFi stated,
Stablecoins provide a great opportunity to increase economic freedom. [Base] enables builders to create great products using stablecoins, and those products are rapidly gaining traction.
We are delighted to introduce the HKEX Virtual Asset Index Series to meet the region's growing demand for this fast-emerging asset class. By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions, which will in turn support the development of the virtual asset ecosystem and reinforce Hong Kong's role as an international financial center.