Trump to create crypto role at the white house?

Weekly Nov 21, 2024

That’s it. The Bull Market euphoria is in full swing — crypto is being legitimized from every angle:

  • Traditional firms get back into the space (McDonald’s, Lamborghini, Stripe..)
  • Companies rush to add BTC to their balance sheet to steal MicroStrategy’s popularity
  • The soon-to-be president of the United States, arguably the most influential government on earth, is considering a crypto-related role in the White House administration
  • The first non-crypto friends are coming up to you asking whether it’s the right time to start investing, and which coins they should pick

To me, this doesn’t feel like the top. But euphoria is certainly there. If you stuck around since the bear as this newsletter did, congrats. You deserve these gains ~ however, don’t get shaken out.

As markets gets more and more overheated, everyone starts feeling like a genius. People increase leverage, make rushed decisions, and throw risk management out of the window because “everything’s going up”. This is the perfect way to get rekt while all your friends make life-changing gains during the bull.

Thing is: as prices and euphoria increase, the effective risk does too, usually ending with a nasty leverage flush and a 30% correction. On the other hand, the risk perceived by investors does the opposite, it decreases. Notice that, and adapt accordingly.

Manage risk. Take profits (gains aren’t real until they hit the bank). Take care of your health: sleep enough, eat well, and hit the gym.

This is a marathon, not a sprint. You likely have 6 to 9 months of this frenzy ahead of you. Get the end of it!

Happens on-chain

  • Tether launches ‘Hadron’, an RWA platform to ‘tokenize everything’ — The Block
  • The Bonk DAO aims to burn 1T tokens by Christmas — 𝕏/bonk_inu
  • Coinbase to delist the wrapped version of Bitcoin by BitGo wBTC, as their newly created cbBTC reaches $1.5B market cap — The Block

Traditional rails

  • SEC is engaging Solana ETF applicants, sparking optimism for approval — The Block
  • Microstrategy acquires another 51780 Bitcoin for $4.6B, taking holdings to 331200 BTC — The Block
  • First day of Options Trading for Blackrock’s Bitcoin ETF sees $2B in volume — 𝕏/JSeyff
  • Trump to meet privately with Coinbase CEO Brian Armstrong — Cointelegraph
  • Trump team mulls creating first-ever white house crypto role — Bloomberg
  • Trump is set to pick a new chair for the SEC, and seemingly 4 people are on the list — The Block
  • Trump media company in talks to buy crypto exchange Bakkt — CNBC
  • China expelled head of Central Bank Digital Currency Institute from CCP over alleged corruption through cryptocurrencies — The Block

Bhutan mined $1B worth of BTC, accounting for 34% of its GDP

  • Switzerland’s 21Shares introduces Ethereum Staking in Ethereum Core ETP — binance.com
  • Bitcoin mining company MARA to raise $700M for BTC purchases — mara.com
  • Dogecoin investors drop lawsuit against Elon Musk where they alleged market manipulation — The Block
  • OpenAI wanted to do an ICO in 2018, but Musk shot it down — The Block
  • 18 U.S. states sued the SEC and Gary Gensler alleging crypto regulatory overreach — Decrypt
  • Shaquille O’Neal signs $11M settlement for Astral NFTs & Galaxy tokens lawsuit — DLnews
  • Coinbase Wallet introduces 4.7% APY for USDC holders — The Block
  • South Korea’s largest exchange UpBit under probe for at least 500K KYC violations — The Block
  • Shangai court says crypto ownership is legal in china — scmp.com
  • Bitfinex hacker Ilya Lichtenstein sentenced to 5 years in prison for attempting to launder 120K Bitcoin — The Block
  • Kraken & Tether backed company Quantoz launches MiCA-compliant stablecoins USDQ, EURQ — The Block

99.3% of Bitcoin holders are in profit. This euphoric phase usually lasts 3-12 months — 𝕏/ki_young_yu

Security & Development

  • Aptos protocol Thala suffered a $25.5M hack, but negotiated a $300K bounty resulting in a full recovery — 𝕏/ThalaLabs
  • Lido Co-Founders set to launch WorldCoin competitor ‘Y’, providing alternative to eye-scanning orbs — CoinDesk
  • Injective launches iAgent SDK to automate blockchain tasks with Ai-powered agents — blog.injective.com
  • Lead dev Jeffy Yu launches ZerePy framework to launch AI agents, directly competing with AI16Z — 𝕏/jyu_eth
  • Stripe integrates Aptos as Circle enables native USDC on the chain — CoinDesk
  • Sui Network faced 2-hours outage — The Block

Where’s the money flowing?

Upcoming events

  • December, 5-6: Emergence conference in Prague
  • January, 20: Inauguration Day for Donald Trump
  • Not eager to go risk-on, but holding stable looks boring? Check out JLP, a liquidity pool composed of different crypto assets and stablecoins managed by Jupiter, used as a counterparty for their trading platform. It offers a 57.97% APY derived from the fees it generates.
  • Just use Aave! Earn a 56.63% APY supplying FRAX on Ethereum, 19.71% APY supplying USDS in Lido’s market, or a 20.26% APY supplying DAI on Arbitrum.
r/cryptocurrencymemes - If you know, you just know.

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Thank you for reading and see you next week!

Disclosure: Authors may own crypto assets named in this newsletter. Stay on-chain is meant for informational and educational purposes only. It is not meant to serve as investment advice. Please consult your investment, tax, or legal advisor before making investment decisions.

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Jakob

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