Recap Week46 2024: Animal Spirits

Highlights:

Bitcoin kissed 93K. Bernstein vs Cowen so take your pick. Another round of possible US regulatory implications. Bitcoin must scale otherwise it will fail. Korea and memecoins going out of their minds with Trump printing T-shirts while launching the DOGE initiative. Powell somewhat Hawkish comments.

Digital assets “ended” strong on Friday with US Equities at session lows and European equities down for a third week in a row. (Hello Diversification). Impressed in general as USD and US10Y are on the move.

Here we go:

BTC:

• https://www.reuters.com/technology/record-breaking-bitcoin-rally-nears-90000-trump-boost-2024-11-12/?
• https://www.theblock.co/post/325621/blackrock-bitcoin-etf-hits-new-daily-volume-record-as-btc-pierces-88000
• https://www.theblock.co/post/326200/bitcoin-gold-correlation-low-reallocation
• https://protos.com/bitcoin-breaks-93000-amid-rumors-that-saudi-uae-or-qatar-is-buying/
• https://cryptoslate.com/bitcoin-spot-buying-outpacing-futures-despite-leverage-hitting-ath/
• https://www.theblock.co/post/326599/deribit-options-open-interest-reaches-all-time-high-amid-rising-demand-for-bitcoin-calls
• https://cryptoslate.com/insights/bitcoin-miners-transferred-over-4-billion-in-bitcoin-to-exchanges-as-price-hit-90000/?
• https://cryptoslate.com/vaneck-exec-predicts-institutional-tsunami-may-drive-bitcoin-to-180k-within-a-year/

ETH:

• https://protos.com/ethereum-devs-publish-eip-7809-proposal-for-native-tokens/
• https://www.coindesk.com/tech/2024/11/12/ethereum-researcher-justin-drake-introduces-beam-chain-a-total-redesign-of-the-networks-consensus-layer/
• https://cryptoslate.com/ethereum-etfs-surge-after-us-election-approaching-positive-net-flows/?
• https://www.theblock.co/post/326400/ethereum-researchers-unveil-smart-transactions-to-make-the-world-computer-a-reality
• https://www.theblock.co/post/326575/franklin-templeton-expands-tokenized-money-market-fund-to-ethereum
• https://www.theblock.co/post/325565/ethereum-etfs-record-highest-weekly-trading-volume-since-launch

Bitcoin (BTC) must scale, otherwise it will fail:

• https://www.coindesk.com/tech/2024/11/12/just-dont-break-bitcoin-devs-debate-upgrading-tech-behind-top-crypto/

Bernstein vs Cowen:

• https://www.theblock.co/post/325425/trump-fueled-crypto-bull-market-resurgence
• https://www.theblock.co/post/325591/bipartisan-crypto-legislation-more-likely-to-pass-under-trumps-second-term-but-will-not-be-an-initial-priority-td-cowen

US Regulations:

• https://www.theblock.co/post/325347/a16z-crypto-says-tokens-will-likely-be-legitimate-and-lawful-under-new-regulations
• https://www.theblock.co/post/324812/republicans-keep-control-of-us-house-ushering-in-crypto-friendly-lawmakers-to-lead-key-committee
• https://www.theblock.co/post/326788/jpmorgan-crypto-market-trump
• https://cryptobriefing.com/gary-gensler-step-down-sec/
• https://cointelegraph.com/news/new-york-prosecutor-scale-back-crypto-cases

Dogecoin - Korea / Trump:

• https://www.coindesk.com/markets/2024/11/13/dogecoin-craze-grips-korea-fuels-price-premium-on-local-giants-upbit-and-bithumb/
• https://protos.com/trump-sells-doge-shirts-after-musk-appointment-dogecoin-rally/

Department of Government Efficiency (DOGE- There it is….):

• https://cryptoslate.com/donald-trump-taps-elon-musk-vivek-ramaswamy-for-new-department-of-government-efficiency-doge-initiative/

Powell comments:

• https://www.reuters.com/markets/us/powell-says-no-need-fed-rush-rate-cuts-given-strong-economy-2024-11-14/?

MK Opinion

Regarding the rumor Saudi, UAE or Qatar is buying Bitcoin; heard that one before and false at the time. Cannot recall if same source. Bitcoin miners selling as expected.

Regarding the possible revised Ethereum roadmap: another one…

Mike Novogratz (CEO Galaxy) on Bloomberg (Wednesday) headlines talking about slim chance of US strategic Bitcoin reserve and we agree.

And finally, also at an all-time-high, the amount of misinformation on several (social) platforms is out of control and grossly misleading.

Coin | Other News:

NEAR:

• https://www.theblock.co/post/325371/infinex-partners-with-near-foundation-to-integrate-chain-signatures
• https://cointelegraph.com/news/near-plans-to-create-world-s-largest-1-4-t-parameter-open-source-ai-model

Infinex:

• https://cointelegraph.com/news/infinex-to-support-top-500-crypto-assets

Cardano (ADA):

• https://www.coindesk.com/markets/2024/11/10/cardanos-ada-rockets-35-as-hoskinson-says-hes-helping-us-crypto-policy/

Another example of misinformation. Also Hoskinson visited SpaceX leading to another round of speculation.

Algorand (ALGO):

• https://algorand.co/staking-rewards
• https://canablockchaindothat.com/

Microstrategy (MSTR):

• https://www.theblock.co/post/325442/microstrategy-2-billion-usd-bitcoin

Coinbase (COIN):

• https://cryptoslate.com/insights/coinbase-stock-and-app-rankings-soar-amid-crypto-market-resurgence/
• https://www.coinbase.com/nl/blog/coinbase-launches-the-coinbase-50-index-a-global-crypto-benchmark

Finst - Anycoin Direct:

• https://finst.com/en/blog/finst-news/finst-and-anycoin-direct-join-forces

BlackRock Buidl on Aptos, Avalanche, Arbitrum, Optimism and Polygon:

• https://www.theblock.co/post/326288/blackrock-buidl-aptos-arbitrum-avalanche-optimism-polygon

Crypto Asset Managers Arca and BlockTower merging:

• https://www.ar.ca/blog/arca-and-blocktower-intend-to-merge-unlocking-synergies-and-growth-opportunities

Ripple (XRP):

• https://protos.com/ripple-class-action-lawsuit-moves-to-final-judgement-as-xrp-pumps/
• https://cryptoslate.com/societe-generale-expands-its-stablecoin-to-ripples-xrp-ledger-to-drive-further-adoption/?
• https://cryptobriefing.com/xrp-price-surge-amid-rumors/

Hope is no strategy….

Ethena (ENA):

• https://cointelegraph.com/news/ethena-adopts-fee-sharing-proposal-ena-token

Hedera (HBAR):

• https://proveai.com/blog/greyscaleleveragesproveai

Actively Managed Strategy:

Guiding principles:

1. Carefully crafted and well diversified actively managed portfolio based on more than seven years (and ongoing) of fundamental research and analysis. Around 30 high conviction coins in position
2. Clear risk framework on (amongst others) maximum weightings and liquidity constraints
3. Safety and compliance first: Institutional grade Custody and best-in-class partners
4. Experienced team dealing in financial markets and portfolio management for decades
5. Operational excellence and cost-effective

MKs Short Term Risk Report:

• Justin Sun (TRON, Huobi-HTX, WBTC)
• SEC / Regulatory
• Tether (USDT)
• Regulation overkill in both stablecoins and DEFI
• Re-Staking uncertainties: dangerous concept that could lead to mass liquidation and the collapse of the rehypothecated tokens
• Capital Markets in general (Yen Carry Trade, China, Credit Event / Yields, FED not delivering)
• Escalation in the Middle East, Taiwan-China tensions
• Meme coin Frenzy, excessive leverage, Agressive and unsustainable “promised” APY’s
• Hacks / Exploits
• (Liquidity) Fragmentation (L2s)
• Projects running out of runway

The week ahead by Nomura and Livesquawk:

• https://www.nomuraconnects.com/focused-thinking-posts/the-economy-next-week/?
• https://www.livesquawk.com/report/special_ls-focus-on-the-week-ahead

For headlines and breaking news; Follow me on Twitter/X @M2tK_C

Upcoming Events:

Will be attending the following conferences/events:

• 3-4 December 2024: Blockhain for Europe Brussels (online):

https://www.blockchain4eu.eu/

Agenda:

• https://bdc.consulting/calendar
• https://www.bcnl.foundation/events?page=1&sort=-date

Tokens:

Unlocks:

Source:

https://tokenomist.ai/

Have a wonderful weekend, and thanks for reading!

No investment advice. The digital assets discussed within this newsletter are highly volatile and may result in partial or permanent loss of your investment. Before investing, please carefully consider your investment objectives, level of experience and risk appetite. It is important that you consult with your own advisors as to the legal, tax and financial implications of your investments.

This information is not intended as an offer or sollicitation for the purchase of financial instruments or digital assets.

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