In It For The Memes

GM! As we approach the end of this year, we find ourselves at a crucial juncture in the world of crypto. This period will undoubtedly be remembered by those in the crypto community as a defining moment of transition. While many have speculated about what the future holds, the reality will soon unfold in the coming weeks! Strap in because it’s going to be a wild ride! 

Pretty much in the bag at this point anon.

ICYMI

• Judge Manish Shah approved the settlement agreement between Binance and the CFTC. Binance founder CZ will have to pay a $150M fine, and Binance will pay a $1.35B

• Crypto custody firm Copper launches settlement network for institutional clients

• Abu Dhabi crypto fund Venom Ventures silent on their investments

• Ripple issues whitepaper on CBDCs

• Central Banks can hold up to 2% of their reserves in crypto starting Jan 2025 

• Tether onboard FBI, DOJ and Secret Service to platform

• 3AC Liquidators question Su Zhu in court over hunt for billions of dollars in assets 

• VanEck’s CEO expects the SEC will approve all spot BTC ETF applications at the same time

Good Meme

Narrative of the week: Memecoins Explode

We find ourselves on the brink of the ETF approval, and despite occasional hints of weakness that quickly rebound, the market seems to be holding strong. The imminent ETF approval has most closely monitoring the markets. 

While most attention is on the confirmation of the spot ETF and significant gains in other market areas, the regulatory front has witnessed significant milestones. Tether is now collaborating with the FBI, DOJ, and Secret Service, which many crypto natives view as contradictory to the industry's principles. However, it underscores crypto's growing significance and its gradual integration into the financial system. 

Other noteworthy regulatory updates include Ripple issuing a whitepaper for CBDCs, a development that is progressing steadily. Additionally, the Bank of International Settlements has stated that central banks can hold up to 2% of their reserves in crypto starting from January 1st, 2025.

Shifting gears, Layer 1 blockchains such as Solana, Avalanche, and projects related to Cosmos are maintaining their positions and experiencing significant price movements, while AI-related crypto projects continue to remain a popular narrative. 

The star of the past week has to be memecoins, which have exploded across multiple chains, with Solana and Avalanche leading the charge with coins like $BONK, $COQ, $TOSHI, $HUSKY, and many more seeing exponential gains. Memecoins have always evoked mixed sentiments among investors, viewed by some as a joke and by others as profitable trading assets. One thing is certain: this trend appears to be here to stay and will continue to appeal to the gambling instincts of many. It will be interesting to observe the ecosystems that emerge around meme coin projects in the future and how successful they become. 

Another notable market trend is the continuing surge in inscriptions, initially a feature of the Bitcoin ecosystem but now spreading across various chains and protocols. BitcoinFI tokens such as $MUBI, $DOVA, $BSSB, $TURT, and many others have seen incredible gains, and inscriptions across different chains are garnering immense interest as this market segment continues to develop.

In closing, it will be intriguing to see how the market responds once the ETF is confirmed and how it shapes the industry. One thing is certain: the crypto landscape will undergo a radical transformation once institutions formally enter the space.

SymBytes & M6 Labs

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Industry

The SEC has postponed its decision on multiple Ethereum ETFs proposed by Hashdex, Grayscale and others till May indicating ongoing intense regulatory deliberations. Meanwhile, BlackRock has made notable progress with its proposed spot Bitcoin ETF, now labeled under the ticker IBIT, as revealed in an amended S-1 filing. This update follows recent discussions between BlackRock and SEC officials. Similarly, firms like Ark 21Share's and WisdomTree have submitted amended S-1 filings,. Concurrently, analysts forecast a potential surge in Bitcoin's value to $160K by 2024, fuelled by factors including the anticipated Bitcoin halving event and heightened demand for Bitcoin spot ETFs in the U.S.

• Deutsche bank Taurus starts tokenizing German SME loan

• Grayscale considering tax implications for spot Bitcoin ETFs

• Ireland grants Ripple VASP license

• Revolut to suspend crypto services for UK businesses amid regulatory overhaul

• Ripple, Coinbase, a16z Pledge $78 Million to Support Pro-Crypto Candidates in 2024 US Elections

• Montenegro court cancels extradition approval for Do Kwon

• ​​Fnality starts first phase of payment operations using funds at Bank of England

• Critical Twitter bug allows hackers to gain full access to your account by simply clicking a link

Projects

EigenLayer has recently expanded their global Liquid Staking Token cap to a remarkable 500K ETH, simultaneously introducing six LSTs to their platform. These include osETH, swETH, AnkrETH, EthX, oETH, and wBETH, marking a significant advancement in their offerings. Meanwhile, in the realm of EVM chains, Polygon has emerged as a leader, boasting the highest number of inscriptions at an impressive 161M. This figure notably surpasses that of the second-placed chain, BNB, which recorded 78M inscriptions. In another development, Avalanche users have contributed $16.7M in AVAX transaction fees over the past week, with a substantial 75.45% of this amount being spent on inscriptions. Remarkably, all of the $16.7M in AVAX collected as gas fees during this period have been burned, setting a new record for the platform.

• Helium Mobile cracks down on Mobile token farmers 

• Former Lido holder files class action lawsuit against Lido DAO for crypto losses

• L1 Blockchain Zilliqa stated that the network encountered a technical problem, causing block production to be interrupted

• Solana phone sales surge as traders chase $BONK airdrop

• Jupiter airdrop set for January with a billion JUP for Solana Defi users 

• Solana game 'Aurory' suffers $830K exploit

• The NFT fragmentation protocol Flooring Protocol was suspected of being attacked

• Kira announce Chaos Network amid price surge

• MongoDB hacked  

• Circle has deployed EURC natively to Solana

Interesting thoughts from an OG crypto investor

How many of us were expecting much lower lows before the recent highs?

Don’t fade AI crypto projects anon