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- Bitcoin, Ethereum, Cosmos and more Week 45 2024
Bitcoin, Ethereum, Cosmos and more Week 45 2024
Keeping you updated on crypto, web3 and blockchain
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TL;DR
Bitcoin Soars on Trump’s Pro-Crypto Presidency Win
Fed Cuts Rates, Bitcoin and Equities Surge
Michigan Pension Fund Invests $10M in Ethereum ETF
Ethereum Researchers Resign from EigenLayer Advisory Roles
Injective & ASI Launch AI-Powered DeFi Integration
Drop Launches On-Chain Validator Referrals
Pro-Crypto Candidates Dominating U.S. Elections
Binance Labs Invests in BIO Protocol to Revolutionize DeSci
and much more!
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Bitcoin Highlights of the Week
Following Donald Trump's presidential victory, Bitcoin reached an all-time high of over $75,000, driven by investor optimism around Trump’s pro-Bitcoin stance. Known for supporting deregulation and potentially beneficial tax policies, Trump has pledged to make the U.S. a global cryptocurrency hub, sparking excitement across digital asset markets.
His administration views Bitcoin as a strategic asset, countering foreign influences like Russia’s growing mining activities. With analysts forecasting significant future growth—some even eyeing $200,000 by 2025—Trump's win has fueled expectations that his policies could usher in a transformative era for Bitcoin and broader crypto adoption worldwide.
Following Donald Trump’s pro-Bitcoin election win, BlackRock’s iShares Bitcoin Trust (IBIT) saw an unprecedented trading volume of over $4.1 billion, surpassing major stocks like Berkshire Hathaway and Netflix. Trump’s victory sparked optimism in Bitcoin markets, driving IBIT to a record day and prompting net inflows of $621.9 million across 12 spot Bitcoin ETFs.
With Trump's commitment to pro-crypto policies, including SEC reform and a national Bitcoin reserve, Bitcoin surged to $76,500, raising its market cap to $1.48 trillion. This momentum may continue as political support bolsters investor confidence, pushing Bitcoin ETFs toward further growth in 2024.
The U.S. Federal Reserve reduced interest rates by 25 basis points to a 4.50%-4.75% range, driving Bitcoin and major stock indices higher. Bitcoin's price increased, reaching over $76,000 following Trump’s presidential victory, while the S&P 500 and Nasdaq also rose. The Fed cited ongoing economic expansion and progress on inflation control, though inflation remains slightly elevated.
Future rate decisions will hinge on economic indicators, labor conditions, and global developments. deVere Group’s CEO expressed concerns that Trump could push for further rate cuts to stimulate growth ahead of 2026 midterms, potentially seeking greater influence over the Fed’s policies.
A UK pension fund has become the first in the country to add Bitcoin to its balance sheet, allocating 3% of its portfolio to the cryptocurrency. This move, recommended by pensions advisory firm Cartwright, reflects Bitcoin's impressive long-term growth, with a nearly 100,000% increase in price since 2013.
Cartwright's director, Sam Roberts, hopes this groundbreaking decision will inspire other UK institutional investors to follow suit, similar to the trend seen in global markets. As institutional adoption of Bitcoin grows, Cartwright compares this shift to the adoption of equities by pension funds in the 1970s.
Joltz and Eulen have announced the launch of DePix, Brazil’s first stablecoin on the Bitcoin network using the Taproot Assets protocol. This innovative stablecoin integrates with Brazil’s popular PIX payment system, enabling secure, instant transactions.
DePix empowers users with greater financial autonomy, offering an alternative to traditional banking while prioritizing privacy and decentralization. Joltz's infrastructure enables seamless integration with the Lightning Network, ensuring low-cost, fast transactions.
Ethereum Highlights of the Week
The State of Michigan Retirement System disclosed a $10 million investment in Grayscale's Ethereum ETF, marking it as the first pension fund to buy into this ETH-based financial instrument since its debut in July. Michigan’s holdings make it a top-five stakeholder in Grayscale’s Ethereum Trust and show a greater Ethereum allocation compared to its $7 million Bitcoin ETF holdings.
This move signals a growing trend among U.S. pension funds and states investing in crypto. Notably, other states like Wisconsin and Florida have also made substantial crypto investments, underscoring increased institutional interest in digital assets.
Following Donald Trump’s election win, Ether (ETH) is positioned for a breakout, with analysts targeting a rise to $3,200. Positive inflows into Ether ETFs reached $132 million in two days, highlighting renewed investor interest, especially as Bitcoin’s dominance nears 60%, potentially paving the way for Ether’s growth.
Bitfinex analysts report a spike in open interest, further supporting expectations for an imminent price surge. A pro-crypto stance from the new administration may also expedite the approval of a staked Ether ETF, enhancing ETH's appeal. The combination of these factors could propel Ether beyond its long-term accumulation range.
Prominent Ethereum researchers Justin Drake and Dankrad Feist resigned from their advisory roles at EigenLayer, addressing concerns over potential conflicts of interest. The controversy began in spring when the researchers' involvement with EigenLayer, an ETH restaking protocol, raised questions about ethical boundaries, as they were offered EIGEN token allocations in exchange for their roles.
Both Drake and Feist apologized to the community, with Drake committing to avoid future advisory or investment positions. Their decision reflects Ethereum’s emphasis on transparency and integrity, prioritizing the community's trust over personal gain.
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The U.S. SEC is evaluating a proposal to list options tied to Ether-based ETFs on the NYSE American, potentially signaling a shift in its crypto stance following Donald Trump’s election win. The options under review include Bitwise’s Ethereum ETF, Grayscale’s Ethereum Trusts, and any trusts holding Ether.
This follows approvals in recent months for Bitcoin ETF options on NYSE, Nasdaq, and Cboe. If approved, additional oversight from the CFTC and OCC is required before trading can commence. The SEC also postponed its decision on Cboe’s Ethereum ETF options until December, and it's reviewing broader ETF proposals, including altcoin baskets.
The Ethereum Foundation has launched the Mekong testnet, a temporary environment allowing developers to test new user experience (UX) and staking updates before Ethereum's upcoming Pectra fork. Announced on Nov. 7, Mekong offers a "playground" for wallet developers to explore UX changes and for stakers to test new workflows, including enhancements to staking deposits and exits.
This testnet includes all Ethereum Improvement Proposals (EIPs) planned for Pectra. While Mekong won’t affect the mainnet or other testnets, it provides valuable insights to refine Pectra’s deployment across Ethereum's broader ecosystem.
Cosmos Highlights of the Week
The Injective network and the Artificial Superintelligence Alliance (ASI)—a collaboration by Fetch.ai, SingularityNet, and Ocean Protocol—have activated Inter-Blockchain Communication (IBC) channels to integrate AI within decentralized finance (DeFi).
This move, backed by both communities through Governance Proposal 30, grants Injective users access to ASI’s $FET token and AI capabilities, enhancing DeFi applications with advanced AI-driven strategies. ASI users can now engage with Injective’s DeFi features like liquidity provisioning and trading.
Drop is introducing on-chain validator referrals, allowing users to stake with their preferred validators while maintaining liquidity for DeFi use. Validators, crucial to security and governance in the Interchain ecosystem, often have established communities. Drop enables users to stake with trusted validators without compromising liquidity.
By using unique referral codes, users can support validators and keep assets liquid for DeFi activities like earning Droplets or restaking. After a successful beta, Drop is fully launching this program to streamline staking and liquidity flow across validators and decentralized finance.
Mantra Chain (@MANTRA_Chain) has integrated with Range Security, providing its community with access to advanced features like Range’s block explorer, IBC Explorer for tracking $OM, and wallet monitoring and alerting capabilities.
This integration enhances the user experience on the purpose-built RWA blockchain by enabling seamless tracking and monitoring of activities across the network. With these tools, the Mantra community can now access improved security and real-time insights into their blockchain interactions, strengthening the ecosystem’s overall functionality.
Persistence One has partnered with Bitlayer to integrate its wrapped BTC variant into the upcoming cross-chain interoperability solution. This collaboration aims to reduce fragmentation in the BTCfi ecosystem by enabling efficient BTC swaps across various Layer 2 (L2) Bitcoin networks.
Bitlayer, known for its innovative BitVM architecture, provides scalable, secure solutions with Ethereum compatibility and a trustless asset bridge using Optimistic Discreet Log Contracts (OP-DLC). By enhancing cross-chain functionality, Persistence One’s solution simplifies BTC swaps, boosting user experience and adoption within the BTCfi ecosystem.
Stargaze has launched Marketplace v2, introducing new features to enhance flexibility and security for creators and collectors. Creators can now price their collections in ATOM, USDC, TIA, OSMO, or STARS, broadening their reach. Real-time pricing, tracked by Constellations, ensures accurate exchange rates for seamless transactions.
UI updates include a token price toggle to USD and filters for tokens, floor prices, and categories, improving browsing efficiency across listings. These upgrades create a more versatile trading environment for the Stargaze community.
Other Highlights of the Week
The 2024 U.S. elections saw a decisive victory for pro-crypto candidates, with 253 securing seats in the House of Representatives, while 115 candidates with anti-crypto stances were elected. In the Senate, 16 pro-crypto figures were voted in, surpassing the 12 anti-crypto candidates.
This shift signifies a growing influence of crypto-friendly policy across 45 states, with key races in Arizona, Michigan, and Nevada still concluding. The results mark a historic moment for the crypto industry, as more supportive officials are set to influence future U.S. policy and legislation surrounding cryptocurrency.
Binance Labs has entered the decentralized science (DeSci) sector with an undisclosed investment in BIO Protocol, a platform aiming to disrupt early-stage scientific research funding and commercialization. BIO enables decentralized biotech DAOs to fund, develop, and co-own drug projects, particularly in areas like rare diseases and longevity.
The platform uses blockchain for crowdfunding and decentralized ownership, providing new avenues for research without relying on centralized institutions. With over $13 million raised, including a recent $6 million round, BIO plans to expand its ecosystem, integrate AI, and foster open-source scientific collaboration, aiming to create autonomous infrastructure for scientific funding.
A French Polymarket whale, known as "Théo" or "Fredi9999," has earned an estimated $78.7 million in profits from U.S. election bets, mainly predicting a Trump victory. The trader's success has raised concerns, with reports of potential market manipulation via multiple accounts.
Polymarket's decentralized platform, which saw $3.7 billion in trading volume during the election, may face a ban in France due to its non-compliance with gambling laws. The French gambling authority, ANJ, is investigating the platform, potentially restricting access in the country amidst growing interest in decentralized betting.
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