Coin Bureau Insider

🚨New Video Alert!!🚨

Everyone is feeling the buzz lately. With every new ATH that Bitcoin puts in, the sense of euphoria is heightened. There will be some out there already thinking about what colour Lambo they want. And the most exciting thing? We’re only getting started.

To help get a sense of what comes next for BTC and the rest of the crypto market, Glassnode and Fasanara recently collaborated to bring us their Q4 2024 report. As you’ll know, we’ve seen a lot of developments in the space throughout this year, so we figured it’s the perfect time to break this report down for you.

So, come with us as we go through the best parts of this report, take a look back at the state of the market, and tell you where we could be heading next. Spoiler alert: it’s incredibly bullish.

Enjoy!!

🔔 MARKET MOVING NEWS! (20/11/24)

1️⃣ Bitcoin Makes New All-Time High of $94,000 as ETF Options Go Live 🔼

The price of BTC hit new all-time highs on Tuesday as BlackRock's iShares Bitcoin Trust (IBIT) became the first spot Bitcoin exchange-traded fund to be approved for options trading. According to Bloomberg Intelligence ETF analyst James Seyffart, the final tally of $IBIT's 1st day of options saw “just shy of $1.9 billion in notional exposure traded via 354k contracts.” Of these, 289k were call options and 65k were put options. Bloomberg senior ETF analyst Eric Balchunas also commented that “1.9b is unheard of for Day One.”

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2️⃣ US Crypto Exchange Gemini Launches in France After DASP Registration 🔍

Crypto exchange Gemini has announced the launch of its platform in France just weeks before the European Union's Markets in Crypto Assets (MiCA) regulations kick in. Notably, the launch comes after Gemini received the digital asset service provider (DASP) registration from the French markets regulator, Autorité des Marchés Financiers (AMF), in January. The launch allows local users to deposit, trade and store at least 70 digital assets on web or mobile devices.

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3️⃣ Trump Picks Howard Lutnick as Commerce Secretary 🔥

According to a Wall Street Journal report, United States President-elect Donald Trump has chosen Cantor Fitzgerald CEO Howard Lutnick to be his Secretary of Commerce. Lutnick is currently the co-lead of the Trump transition team and was seen as the most likely candidate for the Cabinet position. The Secretary of Commerce is charged with advancing US business both domestically and abroad.

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4️⃣ Grayscale to Launch Bitcoin ETF Options Following BlackRock’s Record Debut 🚀

Crypto asset manager Grayscale Investments reportedly plans to roll out options trading on its spot Bitcoin ETFs on Wednesday. Notably, the announcement comes just a day after BlackRock’s iShares Bitcoin Trust (IBIT) achieved record-breaking activity on its first day of options trading. Specifically, Grayscale will launch options trading on GBTC (Grayscale Bitcoin Trust) and BTC (Bitcoin Mini Trust) to “further [develop] the ecosystem around our US-listed Bitcoin ETPs.”

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5️⃣ Coinbase Delists Wrapped Bitcoin wBTC, Citing 'Listing Concerns' 👀

Crypto exchange Coinbase announced that it has begun phasing out wBTC, and that it will suspend trading on Dec. 19. This move comes after Coinbase launched a competitor to wBTC called cbBTC. It cited "listing standards" as the cause for delisting.

The announcement reads,

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET. We have moved our wBTC order books to limit-only mode. Limit orders can be placed and cancelled, and matches may occur.

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6️⃣ Rumble Shares Rise 9% as Founder Mulls Scooping Up BTC 🔼

Video-sharing platform Rumble is reportedly the latest company to explore the possibility of adding BTC to its balance sheet. Its founder and CEO Chris Pavlovski made a poll on social media platform X, asking: “Should Rumble add Bitcoin to its balance sheet?” About 29,000 people answered “Yes” and Rumble (RUM) shares gained as much as 9% after the query. He was also offered help with the potential move from Jack Mallers, CEO and founder of Bitcoin payment provider Strike and Michael Saylor, chairman of MicroStrategy.

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🚨 New Video Alert!! 🚨

Is the US planning a strategic Bitcoin reserve?

Just a few weeks ago it was a very long shot. But now the president-elect is a crypto activist, all bets are off, and nothing is far fetched any more. But will he or won’t he? And should we be excited or concerned?

Join us as we find out about US reserve assets past and present - plus, how BTC might be their future.

🔔 MARKET MOVING NEWS! (19/11/24)

1️⃣ Kraken, Tether-Backed Dutch Firm Rolls Out MiCA-Compliant Euro, U.S. Dollar Stablecoins 🚀

Netherlands-based fintech firm Quantoz has announced the launch of two regulatory-compliant stablecoins pegged to the euro (EURQ) and U.S. dollar (USDQ) on the Ethereum blockchain. The firm claims that it is regulated and licensed by the Dutch Central Bank as an Electronic Money Institution, and that the stablecoins are fully backed by fiat and "highly liquid financial instruments" like government bonds. Notably, Quantoz has secured investments from venture capital firm Fabric Ventures, crypto exchange Kraken and stablecoin behemoth Tether.

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2️⃣ Crypto Lender Polter Finance Halts Operations After $12M Hack 💥

DeFi lending and borrowing platform Polter Finance has reportedly paused its operations and involved law enforcement after a hack drained $12 million worth of assets on the Fantom blockchain deposited in the platform. According to Web3 security firm TenArmor, the hacker executed a flash loan attack on its newly launched SpookySwap (BOO) market. The protocol investigated the stolen funds and traced them to wallets on the crypto exchange Binance.

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3️⃣ Goldman Sachs Prepares To Spinout Digital Assets Business 🔍

According to a Bloomberg report, investment banking giant Goldman Sachs is speaking with potential partners about spinning out its digital-assets platform into a new company focused on creating and trading financial instruments on blockchain networks. Tradeweb Markets, an electronic trading platform, will reportedly be among the new entity’s strategic partners. The report also notes that Goldman Sachs’ long term goal is to execute the spin-out within the next 12 to 18 months, subject to regulatory approvals.

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4️⃣ Heather 'Razzlekhan' Morgan Sentenced To 18 Months For Role in Bitfinex Heist 🔒

A federal courthouse in Washington, D.C. has reportedly sentenced Heather Morgan (aka "Razzlekhan") to 18 months in prison for her role in the Bitfinex crypto exchange hack. This follows Morgan's husband, Ilya "Dutch" Lichtenstein’s sentencing last week. Lichtenstein received a sentence of five years in prison for his role in the crime. Prosecutors reportedly recommended a shorter sentence than Lichtenstein's due to Morgan’s smaller role in the money laundering conspiracy.

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5️⃣ MicroStrategy Plans $1.75 Billion Convertible Notes Offering to Expand Bitcoin Holdings 💸

Business intelligence firm MicroStrategy has announced plans to raise $1.75 billion from senior convertible notes at a 0% interest rate to buy more BTC for “general corporate purposes.” The zero-interest senior notes will mature in 2029 and be offered to qualified institutional buyers. MicroStrategy could buy another 19,065 BTC at current prices if it were to spend the entire $1.75 billion on the asset.

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6️⃣ Binance Clarifies 'Rewards-Bearing' BFUSD Asset Is Not a Stablecoin ❓

Crypto exchange Binance announced the upcoming launch of an asset named ‘BFUSD’ on Monday. Notably, many X users noted that the asset’s description resembled a high-yield stablecoin similar to Terraform Lab’s failed algorithmic stablecoin. However, the 0crypto exchange has clarified that the asset, which will pay a 19.55% annual percentage yield, is not a stablecoin despite the "USD" suffix in its name.

It stated,

BFUSD is not yet launched. To be clear, it is not a stablecoin but a reward-bearing margin asset for futures trading.

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Apologies for the audio issues during our livestream. We'll be back next week with a banger! 🔥

🔔 MARKET MOVING NEWS! (18/11/24)

1️⃣ Polymarket Bettors See Lutnick as Treasury Secretary Favourite After Musk Endorsement 📊

The odds of Cantor Fitzgerald CEO Howard Lutnick becoming Trump’s pick for Treasury Secretary have reportedly increased on the predictions market platform Polymarket. This follows Elon Musk's recent endorsement of Lutnick on X. Notably, Lutnick is an outspoken Bitcoin advocate whose company serves as a custodian for billions of dollars worth of Tether's reserves.

The New York Times reported that several leading crypto executives have been in contact with Trump's transition team, likely lobbying for Lutnick's appointment. This includes the likes of Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and executives at Circle. While Lutnick currently has the edge with 49% odds on Polymarket, American investor and hedge fund manager Scott Bessent trails close behind at 45%.

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2️⃣ Senator Lummis Says Treasury Should Convert Gold For Bitcoin Reserve 🔍

According to a Bloomberg report, Republican Senator Cynthia Lummis of Wyoming is advocating for the United States Treasury Department to establish a Bitcoin strategic reserve by converting a portion of its gold holdings into BTC. Lummis claimed that by converting gold certificates held by the US Treasury into BTC, the immediate effect on the US government's balance sheet would remain "neutral," as opposed to spending approximately $90 billion to purchase the Bitcoin at current market prices. This is part of the Strategic Bitcoin Reserve bill that Senator Lummis introduced to the Senate. However, the report notes that market watchers believe Lummis’ bill, which currently has no co-sponsors, faces an uphill battle. Predictions platform Polymarket currently shows a 31% probability that Trump will create a Bitcoin reserve. 

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3️⃣ Starknet To 4X TPS Within 3 Months 🔼

At the DevCon 2024 conference held in Bangkok last week, StarkWare CEO Eli Ben Sasson told Cointelegraph that he expects transaction speed on the firm’s Ethereum layer 2 Starknet to increase four-fold while fees fall “5x” over the next three months. Specifically, he claimed the network improvements will mostly come from “better compilation and faster execution” on Starknet’s native smart contract language 'Cairo.' This could see it competing with the likes of Solana as it would see Starknet cross the 1000 transactions per second (TPS) milestone - Solana typically processes a non-vote TPS between 800 to 1050.

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4️⃣ Solana-Based DApps Rake In Record Fees as Memecoin Frenzy Returns 💰

According to a recent X post from DeFi commentator Patrick Scott, who cited DefiLlama data, five out of the top 10 protocols by fees in the last 24 hours were on Solana. The data shows that on Nov 17th,  Solana-based AMM Raydium notched a record $11.31 million in fees, the liquid staking protocol Jito saw its third-highest day of fees at $9.87 million and the memecoin launchpad pump.fun saw its seventh-highest day of earnings, netting $1.65 million in fees. The record fees for several Solana protocols come amid a frenzy of speculation on memecoins and a major price move for SOL itself, which pushed to its highest price of $242 since November 2021.

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5️⃣ Polish Presidential Candidate Pledges Support For Strategic Bitcoin Reserve 💸

Polish Presidential candidate Sławomir Mentzen has reportedly promised to create a Bitcoin reserve if he wins next year’s election. Mentzen also reiterated this promise in a post on X that claims Poland will become more crypto-friendly if he becomes president.

The X post reads,

If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators. BTC to the Moon.

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🚨 New Video Alert!! 🚨

He calls himself The Tariff Man.

But will working people in the US learn to love import taxes as much as Donald Trump?

Join us as we dig deep into the President-elect’s plan to impose yuge tariffs on foreign goods entering the United States. Will they make America finally be great again? Tune in to find out.

🔔 MARKET MOVING NEWS! (17/11/24)

1️⃣ DeFi Protocol Thala Recovers $25 Million Following Successful Hacker Negotiation ☄️

Aptos-based DeFi protocol Thala has reportedly recovered the $25.5 million in tokens that a hacker stole from its liquidity pools on Friday. The protocol worked with theft recovery groups SEAL 911 and Ogle Security Group to negotiate a bug bounty with the hacker. Specifically, the hacker appears to have agreed to a $300,000 bug bounty in exchange for the return of funds.

A member of SEAL 911 said the recovery was surprisingly straightforward after the group made contact with the hacker. He stated,

[SEAL 911] identified the white hat hacker within minutes (i.e. name, location etc.) due to obvious onchain links. Fortunately, the white hat hacker reached out themselves a little bit later and returned the funds minus a bounty themselves. It was a very easy win in that case, since no real negotiation was needed.

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2️⃣ Polymarket Whale Loses $3.6 Million On Tyson Bet 🔽

A Polymarket whale, who reportedly made a profit of $11 million betting on Trump's victory, has given up nearly a third of that sum after betting on 58-year-old legend Mike Tyson in Friday night's heavily publicised boxing match between himself and 27-year-old influencer-turned-boxer Jake Paul. Notably, prior to the match, Polymarket displayed Paul's odds of victory at about 63.5%, Tyson's chance of victory at 29.5% and the chance of a draw at 8.5%. The Paul/Tyson prediction market saw $63 million in volume, and the match’s outcome has once again proved the accuracy of the odds displayed on Polymarket.

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3️⃣ Spot Bitcoin ETF Options Are One Step Closer To Going Live ⚡️

The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) reportedly issued a staff advisory on Friday that said ETF options on spot commodity funds are "cleared and settled by the Options Clearing Corporation as the sole issuer of all equity options." Notably, this brings options trading on spot bitcoin exchange-traded funds one step closer to going live.

The CFTC advisory states,

[I]n light of relevant precedents in the courts, it is substantially likely these spot commodity ETF shares would be held to be securities. Therefore, DCR’s position is the listing of these shares on SEC-registered national securities exchanges does not implicate the CFTC’s jurisdiction, and therefore, the clearing of these options by OCC would be undertaken in its capacity as a registered clearing agency subject to SEC oversight.

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4️⃣ Chainlink Introduces The 'Chainlink Runtime Environment' Framework ‼️

Decentralised oracle network Chainlink has launched the "Chainlink Runtime Environment" — a standard framework for connecting traditional financial architecture, payment systems, and legacy institutions with blockchain protocols and smart contracts within a unified ecosystem. Chainlink stated that the unified Chainlink Runtime Environment will encompass the runtime framework previously established by the Common Business-Oriented Language (COBOL) standard. It will also reportedly supersede the Java Runtime Environment (JRE) architecture. The oracle provider claimed that the ultimate goal behind Chainlink Runtime Environment was to provide a streamlined and efficient user experience.

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Next Week in Crypto: Key Events to Watch (Nov 18th -24th, 2024) 🗓

Next week is filled with a variety of events, ranging from token unlocks to US economic data—here’s what to keep on your radar:

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🔐 November 18 – AVAX Token Unlock

Avalanche (AVAX) will unlock 1.67 million tokens, worth approximately $57 million, representing 0.41% of its total supply.

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💎 November 19 – Bitwise Aptos Staking ETP Launch

Bitwise is set to launch the first-ever Aptos Staking ETP (APTB) on the SIX Swiss Exchange, providing European investors access to staked Aptos (APT). The ETP is physically backed and stakes the underlying APT to generate a yield of approximately 4.7%.

This marks Bitwise's second staking ETP, following its Ethereum offering, and underscores the growing interest in Aptos from institutional and retail investors alike.

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🔐 November 20 – ENA Token Unlock

Ethena (ENA) is scheduled to unlock 12.86 million tokens, valued at approximately $7 million, representing 0.45% of its total supply.

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📊 November 21 – Initial Jobless Claims (US)

With last week’s CPI proving to be sticky and Fed Chair Jerome Powell stating that the Fed does not need to be "in a hurry" to reduce interest rates, the odds of a December rate cut have shifted, increasing the likelihood of a pause.

While several data points between now and then will shape the Fed's decision, one key indicator to watch is the weekly Jobless Claims data, which has been trending downward in recent weeks. If this trend continues, it would signal strength in the job market, reinforcing the likelihood of a pause in December. This could be interpreted as bearish for markets, though jobless claims alone are not a strong enough indicator to determine the December rate outlook.

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That’s all for this week’s action! Be sure to keep an eye on these events, and we’ll be back with more updates in the next week’s roundup.

🚨New Video Alert!!🚨

Michael Saylor is one of Bitcoin’s most prominent figures. He’s well known for being one of the most bullish people in the world - possibly even Bitcoin’s biggest permabull. His company, Microstrategy, has just completed yet another massive purchase of BTC, bringing its total holdings to 279,420 BTC. Who knows, that number could be even higher by the time this goes out.

Recently, MicroStrategy announced a major part of its roadmap to expand its massive BTC reserve, and to say this is a bullish development would be an understatement. The so-called “21/21 Plan” could be a key catalyst to push up not only its MSTR stock price, but also the price of BTC. You might recall that this is exactly what happened back in 2020.

Today, we’ll give you the latest news from MicroStrategy, and tell you what this could mean for both MSTR and BTC.

Enjoy!!

🔔 MARKET MOVING NEWS! (16/11/24)

1️⃣ Ethena Adopts Fee-Sharing Proposal For ENA Token 🔼

The Ethena Foundation’s risk committee has reportedly approved Wintermute's proposal to share a portion of the DeFi protocol’s revenues with token holders.

The Foundation stated,

The Ethena Foundation is pleased to share that the Wintermute proposal to enable an ENA fee switch has been approved by the Risk Committee. The Foundation will be working with the Risk Committee to crystallize parameters for fee switch activation by 30th November, with precise implementation mechanics to follow.

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2️⃣ Dogecoin Lawsuit Against Elon Musk Dropped Amid Market Surge 🕯

A group of Dogecoin investors, who filed a class-action lawsuit in 2021 against billionaire Elon Musk on market manipulation allegations, have reportedly filed to withdraw the lawsuit and not seek any post-judgment relief from Musk. They also waived their right to appeal the case in any United States court, and both sides have agreed to drop motions to sanction the other side over the lawsuit.

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3️⃣ South Korea’s Upbit Under Probe For At Least 500,000 KYC Violations: Report 🔍

According to local media reports, South Korea’s Financial Services Commission has found that crypto exchange Upbit failed to properly implement KYC procedures for over 500,000 identifications. The financial watchdog reportedly made the discovery during Upbit’s license renewal review. The report claims one user account was opened despite a blurred identification card. Under South Korean laws, KYC rule violations can result in fines of up to 100 million won ($71,740).

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4️⃣ Hong Kong Regulator Takes Aim At Crypto Firms Posing As Banks ❓

The Hong Kong Monetary Authority has reportedly warned citizens that two overseas cryptocurrency firms are misrepresenting themselves as banks. Specifically, the HKMA noted that one overseas crypto firm represented itself as a bank and the other firm described the card product offered on its website as a bank card. The HKMA did not disclose the names of the two firms.

The regulator stated,

The HKMA is concerned that such claims by these firms mislead consumers to believe they are licensed banks in Hong Kong and are under the HKMA’s supervision, and such products and services are provided by licensed banks in Hong Kong. Such acts may constitute a contravention of the Banking Ordinance.

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5️⃣ Goldman Sachs Discloses $710 Million Bitcoin ETF Holdings in SEC Filing ‼️

In a Nov. 14 filing with the United States Securities and Exchange Commission, Wall Street giant Goldman Sachs revealed that it holds $710 million in holdings across eight Bitcoin exchange-traded funds (ETFs). The largest position is a $461-million investment in BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust ETF (IBIT). This represents an 83% increase from its previous filing in August of 6.9 million shares, valued then at $281 million. The filing also shows Goldman boosting its positions in other major Bitcoin ETFs.

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6️⃣ Pennsylvania Lawmakers Want a Strategic Bitcoin Reserve 💸

House Representatives in Pennsylvania have reportedly introduced a bill that would see a strategic Bitcoin reserve at the state level. Specifically, the bill would allow the state Treasurer to invest “up to 10%” of the State General Fund, Rainy Day Fund, and the State Investment Fund into BTC. This move reportedly seeks to protect Pennsylvania's funds against inflation which has eroded the state’s purchasing power in recent years.

The legislative memo reads,

Inflation has impacted Pennsylvania’s purchasing power by nearly 20 percent over the past 4 years, and we need solutions that can offer stability in uncertain economic times. Bitcoin, which has appreciated significantly over the years, can help Pennsylvania keep pace with inflation and economic change.

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📢 New Video Alert on Coin Bureau Trading! 📢

Are we in one of the biggest bull traps yet? And where is Bitcoin heading this weekend?

Mariano just dropped another banger on the Coin Bureau Trading channel.

This you need to watch! 👇